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<ul class="summary-list"><li>Trump's second term likely means changes are on the way that will impact retailers.</li><li>Experts say tariffs are top-of-mind for many companies and would represent new costs for consumers.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">Donald Trump's return</a> to the White House is likely to usher in sweeping changes that will impact retailers like Walmart, Target, and Costco — ranging from new tariffs to tax cuts and a new regulatory environment. Trump's campaign promises, along with his prior term record, offer some insights into what major retailers can expect from his second term.In the lead-up to November 5, companies including TractorTractor Supply Co., Best Buy, and Dick's Sporting Goods said on their earnings calls that the election contributed to a generally more cautious US consumer.However, the unambiguous election result should comfort retailers heading into the critical holiday shopping period."Elections are very distracting for the consumer," Global Data retail analyst Neil Saunders told Business Insider. "It's not massively bad, but it's just not helpful for consumer confidence and the consumer attention.""Retail wants really a clear victory — whichever way," he added. "Then they can understand the policies and how to react, and then the consumer can start focusing on the holidays and opening their wallets."Walmart, which operates thousands of stores in red states and blue states alike, was measured in its outlook in an August earnings call."Good thing about elections is they come along every four years and we get to have a lot of history with seeing the impact of that," Walmart CFO John David Rainey said.With Election Day in the rearview, here are four key areas that retailers will be watching closely during this transition period.<h2 id="c7dc6c7e-c57f-4aeb-a65e-08e99c74d0b6">Tariffs are the biggest question</h2>Top-of-mind for many companies right now is <a target="_blank" class="" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">the question of tariffs</a>, experts said.If Trump follows through on his campaign proposals of 10%-20% tariffs on most imports and 60-100% tariffs on goods from China, it would mean significant change to the way retailers do business."It would be a massive upheaval to most of the cost structures for these companies," said Chris Walton, a former Target executive and founder of Omni Talk.Given the expense of reorganizing supply chains, large retailers are still in the research phase rather than committing to a new strategy, Walton said.While retailers may absorb some of the costs associated with tariffs, US households would likely lose up to $78 billion in spending power per year, according to <a target="_blank" class="" href="https://nrf.com/media-center/press-releases/trump-tariff-proposals-could-cost-americans-78-billion-annual-spending">analysis</a> from the National Retail Federation, a lobby group representing the industry."A tariff is a tax paid by the US importer, not a foreign country or the exporter," said NRF's vice president of supply chain and customs policy, Jonathan Gold. "This tax ultimately comes out of consumers' pockets through higher prices."Still, Johns Hopkins business professor Tinglong Dai said the retail industry has handled prior rounds of tariffs without too much disruption to prices or the flow of essential goods."Retailers have become incredibly adept at absorbing these frictions," he said."You can say it's a negotiating strategy and it won't actually come to pass, or you can say will come to pass, maybe in a diluted form and not that severe, but it's causing a lot of nervousness," Saunders said of Trump's proposals.<h2 id="15b0f877-b89f-47c0-9a3c-6c75bf5bf298">Taxes matter, but take time to see results</h2>Trump is expected to extend his 2017 tax cuts, which are scheduled to expire next year. He's also likely to cut corporate taxes further, backed by his supporters in the House and Senate.Saunders said tax cuts will lead to more disposable income for consumers, which could lift spending."The whole of retail is very dependent on the middle class and what you can eke out of their spending levels," he said.Any changes to the tax code are likely to be less disruptive than tariffs since they will take many months to flow through the economy.Plus, retailers routinely manage tax changes at every level of government from local to national, Walton said."What's different," he added, "is this is of a size and scope that the retail industry hasn't seen in 100 years."<h2 id="1c185c04-3458-4dce-a9eb-401d657f36f1">Immigration presents a mix of challenges</h2>Past <a target="_blank" class="" href="https://www.pewresearch.org/short-reads/2024/07/22/what-we-know-about-unauthorized-immigrants-living-in-the-us/">studies</a> from the Pew Research Center suggest that relatively few of the retail industry's 15 million employees are living in the US illegally, so a crackdown on illegal immigration wouldn't likely complicate retailers' hiring efforts.Still, a widespread deportation effort could negatively impact people throughout the company, as well as customers and communities."Everyone's gonna feel the brunt of that," Walton said. "If that were to happen, it's a tough thing to prepare for, because the collateral damage from it could be pretty expensive."A more pressing concern, Saunders says, is a tightening of legal immigration, including the H1-B visa program for skilled workers, including the tech talent that giants like Amazon, Walmart, and Target increasingly rely on."That's actually very unhelpful for a lot of retailers, especially in areas like technology, which a lot of retailers are involved," he said.Other experts told BI that <a target="_blank" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">concern over national security</a> and the availability of workers is far different from eight years ago, which could persuade Trump to soften his position.<h2 id="47fd7844-d2aa-4d9d-bc9c-0df1c9439146">Regulation down, deals up</h2>Federal Trade Commissioner Lina Khan, who has launched investigations into corporate price-gouging, will likely be one of the first to go under a new Trump administration, Saunders said.In place of her aggressive antitrust posture, a more deal-friendly FTC is likely to emerge, he added.Mergers like the one proposed between Kroger and Albertsons could find a more receptive audience in Washington, and other consolidations may soon follow.While a Republican administration is usually considered to be more business-friendly, Walton said it might not always be so straightforward under Trump."It can wax and wane to whatever the flavor of the month is in terms of where his administration wants to focus or who he wants to benefit," he said.

What Trump's win means for retail giants like Walmart, Target, and Costco

<ul class="summary-list"><li>Wisp, an online pharmacy, said sales of birth control surged after Donald Trump's election win.</li><li>Wisp's CEO told BI that women were "taking action" amid future uncertainty.</li></ul>Wisp, an online pharmacy focused on sexual and reproductive health, says sales of birth control and emergency contraception have surged in the United States in the last week.The company says that's because <a target="_blank" class="" href="https://www.businessinsider.com/abortion-pill-women-stockpile-mifepristone-trump-presidency-experts-2024-4">women are stockpiling reproductive healthcare</a> products now that Donald Trump is headed back to the White House.Wisp, which serves over 1.2 million patients nationwide, reported a 1,000% increase in emergency contraception purchases from November 5 to November 6. Wisp CEO Monica Cepak told Business Insider that women are "taking action as they navigate the uncertainty of these next few years.""This data indicates to us that women are really scared and are using this moment in time to take back agency over their reproductive rights by stockpiling things like emergency contraception and investing in preventive reproductive health," Cepak said.In his first term, Trump put three conservative justices on the Supreme Court, which then <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">overturned Roe v. Wade</a>. The decision undid nationwide abortion protections and allowed 13 states to pass laws that effectively banned abortion.Earlier this year, Trump took credit for ending the decadeslong precedent of legalized abortion nationwide. "I did it, and <a target="_blank" class="" href="https://www.businessinsider.com/trump-abortion-roe-v-wade-supreme-court-gop-primary-2024-1">I'm proud to have done it</a>," he said. "Nobody else was going to get that done but me, and we did it, and we did something that was a miracle."In the 24 hours after Election Day, Wisp said it saw a 1,650% increase in new patients purchasing emergency contraception. There was a 600% increase in medication abortion sales and a 50% increase in birth control sales.Overall, Wisp's reproductive health sales (of emergency contraception, birth control, and medication abortion products) doubled compared to the week prior to the election, the company told Business Insider."We expect that momentum to sustain over the next few weeks and months," Cepak said.The purchases came from women in both anti-abortion states as well as states with widespread access to reproductive healthcare. Emergency contraception purchases surged in Texas, Indiana, and Oklahoma, where there are strict restrictions, but sales also increased in states like California and New York."Despite being states where reproductive rights are fully protected, we're seeing women take precautionary measures as the future remains uncertain," Wisp said in a statement.Amy Hagstrom Miller, the founder of Whole Woman's Health, which operates abortion clinics in multiple states, said her organization is also seeing a surge in demand for contraceptive and abortion medication."We are seeing an increased demand for emergency contraception, long-acting contraception, advanced provision of medication abortion, and we are seeing online telemed provision of these things, which I think has really reached a lot of people in states where abortion is banned," Hagstrom Miller said.The Democrats saw the abortion issue as a strength after performing well in the<a target="_blank" class="" href="https://www.businessinsider.com/midterms-2022-pro-choice-votes-helped-democrats-defy-election-blues-2022-11"> 2022 midterms</a>. As a result, the Trump campaign <a target="_blank" class="" href="https://www.businessinsider.com/abortion-pill-women-stockpile-mifepristone-trump-presidency-experts-2024-4">worked to distance itself</a> from the issue during the presidential election. In March, he floated a national ban at about 16 weeks of gestation. A month later, he said he wouldn't sign a national abortion ban.At a press panel on Thursday for Abortion Access Now, a national coalition advocating for abortion rights, representatives from different reproductive rights organizations reflected on the election results and the path forward."Trump ran from his record and lied about his position on abortion. Even Trump knows how unpopular abortion bans are," Kimberly Inez McGuire, the executive director of URGE: Unite for Reproductive &amp; Gender Equity, said at the panel. "We know that people in this country bristle at the thought of politicians interfering with abortion decisions."On <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Election Day</a>, voters turned out in favor of abortion rights in 7 out of 10 states that had it on the ballot."Abortion was on the ballot, abortion won, but the election and the results, particularly for the White House, make it really clear that the path for reproductive freedom will continue to be a long one," Mini Timmaraju, the president and CEO of Reproductive Freedom for All, said at the panel. "It won't be won or lost in a single election."

Online sales of Plan B and birth control are surging after Trump's election, retailer says

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Are you a fan of the "John Wick" franchise? If so, you owe a big thank you to Eva Longoria. <a target="_blank" href="https://www.businessinsider.com/eva-longoria-producer-john-wick-2024-10">She provided $6 million in gap financing</a> when the first movie ran out of money and was at risk of shutting down.Our sale on a Business Insider subscription also kicks off today. <a target="_blank" href="https://www.businessinsider.com/subscription/limited-offer">Check out the details here</a>.In today's big story, Boeing's new CEO has big plans for the company's turnaround, <a target="_blank" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">including executives rolling up their sleeves</a>.What's on deck:<ul><li>Markets: Breaking down some theories about <a target="_blank" href="https://www.businessinsider.com/trump-election-odds-polymarket-bets-polls-kamala-harris-2024-10">what's motivating the Trump "whale"</a> in the betting markets.</li><li>Tech: Tesla trounced Wall Street's <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">Q3 earnings expectations</a>.</li><li>Business: McDonald's E. coli outbreak has a key difference <a target="_blank" href="https://www.businessinsider.com/mcdonalds-ecoli-outbreak-investigation-update-compared-chipotle-2024-10">from the one that plagued Chipotle in 2015</a>.</li></ul>But first, let's get this flight back on track.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Boeing's comeback pitch</h2><div type="image" title="Collage of Boeing's Ceo and Airplane factory imagery" height="1500" width="2000" msid="114551156" hostid="261" sizebytes="127052"></div>Boeing's new CEO is looking to navigate a turnaround that includes rethinking the aerospace giant's culture.Boeing <a target="_blank" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">reported a $6.1 billion loss in the third quarter</a>, the latest knock for a company that's faced constant setbacks this year, writes Business Insider's Pete Syme.But new CEO Kelly Ortberg has some ideas for how to fix Boeing's "festering of issues." In a memo to employees, he <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">detailed a four-part plan</a> for how Boeing can regain its place as an "iconic company and aerospace leader," BI's Benjamin Zhang reports.You might think a nearly $100 billion company that builds airplanes needs a specific solution. But at its core, Ortberg's plan is something any business can appreciate: focus on the culture and the work being done.For Boeing that means <a target="_blank" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">putting executives on factory floors</a> with the hope it will address safety, communication, and employee trust issues, writes BI's Taylor Rains.Whether you're making sandwiches or 737s, having a front-row seat to how the work is being done often provides a better view of a company's inefficiencies than any boardroom can.Of course, Boeing's problem's are slightly more complicated than perfecting a BLT.Just a few days into 2024, a Boeing 737 Max suffered a blowout incident that tanked the company's stock and drew the attention of Congress. Since then, it has also been dealing with a costly strike and a struggling space program.Plenty of business turnarounds include talking to those in the thick of it.Starbucks' new CEO Brian Niccol, who is trying to stop the coffee chain's sales slide, is looking to <a target="_blank" href="https://www.businessinsider.com/starbucks-new-ceo-looking-to-baristas-as-part-of-turnaround-2024-10">baristas</a> for help.He mentioned fixing some of the biggest problems Starbucks' "green-apron partners" have flagged to executives, like devising a <a target="_blank" href="https://www.businessinsider.com/starbucks-workers-requested-store-changes-new-ceo-2024-10">better way to manage mobile orders</a>.The effort to get direct feedback from the people doing the work is evident in Big Tech, too. The "year of efficiency" has become more of an era as tech giants like Meta and Amazon continue to flatten their organizations.Those efforts have downsides, though. Tech giants' focus on the work has meant a steady stream of layoffs as they keep removing layers. The end result could have an impact on morale.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Boeing workers <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=a8298a7e576b433ea0f7196984a4f62c&amp;_e=qqkmy_Hf1u4jsRXi5OF3USks99Ou68JR3jOdssDRPlgguwdPNY2mS8X3mZIZw5GpyEphrA7hNkNpMdudvCZFnc_DtbV52OwvzBXeV10FXS-rxriu37KsrNumkYx7GpyEL1iG8t4vugjKZjOLrdXxM0CLgNk9LteWKrsthcJe1z7crzeVNAWdlut7kM1xMAFW5nhrkL8jtNAFWa5fh-iebr33_1psA8fQsEpdp7triLcB1FjnwsV78sZDwxxmmw1tdJmeVvncdG_G00EAqIrzFJRQkTXy1w4CEM8KJDPIIt1XJ0NmntpKWVIyCUUPrxhgqeT7UQrc4hvIwxnpN313tZo_nAofCQsG-52PFa0tX9de7r9-SdjyK_wXwt3kFcJF29p-vBs1U8wKNWIJEq-HVWpER8grZe3IsBD4n208Jx2yKS09TlaDyP-fZhUv9lBvwPBigN0PlUJ-VNy7tIq-Lg%3D%3D">reject the company's latest proposal</a>, which included a 35% wage hike.</li><li>WPP's former dealmaker is joining investment bank Canaccord Genuity — <a target="_blank" href="https://www.businessinsider.com/canaccord-genuity-hiring-former-wpp-dealmaker-lance-maerov-2024-10">a sign advertising M&amp;A could heat up</a>.</li><li>This staid software company is kicking butt in AI. <a target="_blank" href="https://www.businessinsider.com/servicenow-ceo-bill-mcdermott-ai-software-2024-10">The CEO explains how</a>.</li><li>The US is facing a drugstore graveyard as stores close. <a target="_blank" href="https://www.businessinsider.com/pharmacies-drugstores-closing-leaves-empty-locations-real-estate-challenge-2024-10">Filling the leftover spaces</a> is the next challenge.</li><li>The CEO of Perplexity said the AI-powered search engine <a target="_blank" href="https://www.businessinsider.com/perplexity-ceo-lawsuits-tensions-dow-jones-2024-10">isn't trying to replace the news</a>.</li><li>Americans are quitting their jobs at the lowest rate in years. <a target="_blank" href="https://www.businessinsider.com/raises-promotions-harder-get-low-quit-rates-interest-rates-2024-10">It's making it harder to get raises and promotions</a>.</li><li>Life after Intel: After rounds of layoffs and buyouts, some Intel insiders are <a target="_blank" href="https://www.businessinsider.com/intel-buyouts-new-ventures-philanthropy-wedding-planning-2024-10">abandoning the corporate grind altogether</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Donald Trump in front of a green upward-trending line" height="900" width="1200" msid="114551160" hostid="261" sizebytes="69384"></div><ol><li>What's going on with the "whale" betting on a Trump win? Here are some theories. Someone has bet roughly $46 million on former President Donald Trump reclaiming the White House on Polymarket. Political and betting-market commentators have speculated it's either an influence campaign, a pump-and-dump scheme, <a target="_blank" href="https://www.businessinsider.com/trump-election-odds-polymarket-bets-polls-kamala-harris-2024-10">or simply a bullish view on Trump's prospects next month</a>.2. Whether it's Trump or Harris, Steve Schwarzman isn't worried about a post-election recession. The billionaire Blackstone CEO has publicly backed the former president, but he doesn't see Vice President Kamala Harris winning as a recession risk. "The economy is pretty strong and both of the candidates <a target="_blank" href="https://www.businessinsider.com/us-economy-recession-outlook-schwarzman-blackstone-trump-harris-election-inflation-2024-10">keep mentioning a lot of stimulative policies</a>," Schwarzman said.3. Apple stock dips on reports of dimming demand for the new iPhone. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/apple-stock-price-tumbles-analyst-says-iphone-16-orders-slashed-2024-10">Apple stock dropped as much as 3% on Wednesday</a> after analyst Ming-Chi Kuo of TF International Securities said Tim Cook's company cut orders by 10 million units. Kuo also saw "no evidence" AI features were boosting demand. Meanwhile, the production of the Vision Pro <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-production-weak-demand-2024-10">is reportedly in flux</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Gif of various floating shapes in blue, green and orange" height="540" width="1080" msid="114551164" hostid="261" sizebytes="39602"></div><ol><li>Introducing AI's power players. Now in its second year, Business Insider's 2024 AI Power list maps out who wields real power in artificial intelligence and machine learning. <a target="_blank" href="https://www.businessinsider.com/ai-power-list-2024">This year's list honors people</a> hoping to effect change and solve problems across the industry, from Groq CEO Jonathan Ross to Google DeepMind COO Lila Ibrahim.2. Tesla did better than expected in Q3. The electric carmaker reported earnings per share of $0.62 — <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-earnings-call-report-live-updates-2024-10">a big beat over analysts expectations</a> of $0.51. It also announced <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-profit-2024-10">the Cybertruck turned a profit</a>, marking a major win for Elon Musk as he enters the electric pickup market. Analysts saw the latest numbers as a clear sign that <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-earnings-analyst-reactions-basics-selling-electric-vehicles-robotaxi-2024-10">Tesla shouldn't neglect its roots</a>.3. A ban on celebrity jet-tracking isn't a bad idea. But Meta still has some explaining to do. This week, the company suspended Threads accounts that shared flight data of figures like Taylor Swift and Donald Trump, citing safety concerns. That seems reasonable, but it doesn't explain why <a target="_blank" href="https://www.businessinsider.com/meta-ban-celebrity-flight-tracker-private-jet-elon-musk-threads-2024-10">Meta chose to wait until now</a> to apply the three-year-old recommendation.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo illustration of person having anxiety dreams about burning money" height="1000" width="2000" msid="114551161" hostid="261" sizebytes="197872"></div><ol><li>Millennials are making a massive financial mistake. If you came of age against a backdrop of two major crises, you might be left a little more risk-averse in your investments. But sitting on your cash <a target="_blank" href="https://www.businessinsider.com/millennials-big-money-mistake-holding-cash-not-buying-stocks-investing-2024-10">will come back to bite you</a> in the long run.</li><li>McDonald's doesn't think its E. coli outbreak will be like Chipotle's in 2015. Execs said Chipotle's cases involved the handling and preparation of food while <a target="_blank" href="https://www.businessinsider.com/mcdonalds-ecoli-outbreak-investigation-update-compared-chipotle-2024-10">McDonald's outbreak was related to potentially contaminated ingredients</a> from a supplier. But that hasn't stopped victims of the recent outbreak <a target="_blank" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-lawyers-lawsuits-quarter-pounder-2024-10">from getting ready to sue the Golden Arches</a>.</li><li>Hollywood's star is fading. Los Angeles is losing ground as the center of the film industry, as the high cost of living and labor drives entertainment jobs to other locales. New York isn't doing too well either — the country's No. 2 entertainment job market also saw its share of jobs dip. The industry's center of gravity <a target="_blank" href="https://www.businessinsider.com/hollywood-losing-dominance-tv-movies-employment-chart-2024-10">appears to be shifting south</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Southwest Airlines, Barclays, Capital One, and other companies report earnings.</li><li>G20 finance ministers and central bank governors meet.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Boeing's turnaround plan is something any business can relate to: focus on the culture and the work

In March 2023, Citigroup CEO Jane Fraser anointed Anand Selva, as the bank's chief operating officer. His mandate: oversee a deeply unsexy yet crucial initiative to regain compliance with regulators. At the time, she praised his "long track record of delivering results."So far, Selva's tenure has been rocky.In July, two regulators <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulatory-citigroup-transformation-2024-7">fined Citi $135.6 million</a> for failing to make enough progress in fixing its data-management issues. The bank had agreed in 2020 to work on this problem and others, including poor risk controls, after <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citigroup-slammed-400-mln-fine-longstanding-deficiencies-regulation-occ-fed-2020-10-1029660295">paying $400 million</a> in fines to the Federal Reserve and the Office of the Comptroller of the Currency. The OCC said in July that the bank had made "meaningful progress overall" but that the agency wanted to ensure Citi allocated enough resources to address the "persistent weaknesses" regarding data.These new fines are despite Citi dedicating massive resources to a firmwide initiative to overhaul the bank's technology. This program, called the <a target="_blank" href="https://www.businessinsider.com/citi-transformation-citigroup-regulatory-fine-anand-selvakesari-2024-7">"Transformation"</a> and overseen by Selva, has about 13,000 employees. Citi spent $7.4 billion on the endeavor from 2021 through 2023. This year's budget has been increased by $250 million, to more than $3 billion.The pressure is on, with Sen. Elizabeth Warren urging the OCC to "impose growth restrictions" on Citi, arguing that it has grown "too big to manage." The regulator and Citi declined to comment."We've always said that progress wouldn't be linear," Fraser said after the latest fines, "and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our Transformation."For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. Selva, who goes by the shortened version of his last name, Selvakesari, joined Citi as an assistant operations manager in Chennai, India, in 1991. He rose through the ranks in Asia before taking over the US consumer bank in 2019. When Fraser was made CEO in 2021, she chose Selva, who's now 57, to replace her as the global head of consumer banking.In his current role, his mandate is to make the bank safer, not to turn a profit. To do so, he has to solve for Citi's <a target="_blank" href="https://www.businessinsider.com/inside-real-reasons-behind-citi-mike-corbat-early-retirement-2020-9">decades of underinvestment</a> in its infrastructure, which affects every business line of the bank.Business Insider talked to 14 current and former Citi employees who have worked under Selva to get a picture of the challenge facing him and why he was put in charge of the bank's No. 1 priority. All but two spoke on the condition of anonymity, citing fear of reprisal or the sensitivity of regulatory matters. Three senior executives pointed to his experience navigating regulation and working with technology from running Citi's consumer bank. Gonzalo Luchetti, Selva's successor as the head of the US consumer business, told BI that serving 70 million customers required handling tremendous operational risk."If we mess it up, usually you don't mess it up for one; you mess it up for hundreds of thousands, if not millions," he said. "You have to be super good at process orientation and making sure that there's high discipline and rigor."Luchetti also emphasized Selva's longevity at Citi and experience across regions."He knows the fabric of the firm very well," Luchetti said. "The Transformation is about really repiping the machine. He's touched a lot of the machine himself."But touching the machine isn't the same as fixing it. Eight employees told BI that they were surprised that Selva was made the head of the Transformation given that he had never held a leadership role in technology or compliance. They described Citi's culture as a cliquey environment that rewards managing up over results, noting that the COO promotion followed dismal performance for the wealth unit he oversaw."The biggest job was given to a guy who with 1 ½ years in wealth wasn't able to do anything," a former managing director said.Selva has also come under scrutiny for a lawsuit filed against him and the bank by an ex-Transformation executive in May. Kathleen Martin, a former interim data chair, alleged that Selva pressured her to hide information from the OCC that would make Citi "look bad" and that she was fired in September 2023 after multiple refusals. Citi denied the accusations and filed a counterclaim in late August, alleging that Martin was fired for underperformance. Citi has recently made leadership changes to Selva's unit. The bank tapped its new tech head, <a target="_blank" href="https://www.businessinsider.com/citi-data-tim-ryan-anand-selva-memo-transformation-regulators-2024-9">Tim Ryan</a>, to lead the data effort alongside Selva and take over management of the 800-employee data team. The work on data, along with risks and controls, is paramount to the Transformation.Splitting the burden may expedite the massive task, which requires coordinating work from employees across the entire bank. Citi declined to specify a timeline, citing the confidential nature of regulatory matters. A managing director in the Transformation estimated that the work required would take about two decades.Mike Mayo, a Wells Fargo analyst, said that until Citi meets the requirements of the OCC and the Federal Reserve, the bank is in "regulatory purgatory.""Citi has thrown over 10,000 people and $3 billion and more at this problem," Mayo told BI in July. "They just have to get it done."Selva does have a long track record at Citi. Born in Madurai, a large city in southern India, he studied engineering and played basketball at the Coimbatore Institute of Technology. He earned his master's in business administration at Madurai Kamaraj University before joining Citi in 1991.Selva made his name at Citi by shaping its consumer-bank businesses across Asia. He led retail banking in China and India before taking over the Asia Pacific market in 2015. His approach was digital-first, eschewing branches for banking apps. Despite closing 60% of bank branches in Asia from 2016 through 2018, Selva grew deposits by 10%.<div type="image" title="Citi's Anand Selva speaking at a panel, seated and wearing a pinstripe suit and a red tie." height="3307" width="4960" msid="114093573" hostid="261" sizebytes="2310830"></div>"He's very tech and digital-oriented," Luchetti said. "We've been to China together to look at startups and firms that were disrupting the world. He was always very connected with learning more about technology, had that curiosity, and then the execution chops to get it done here."In 2019, Selva moved from Singapore to New York, where he now lives with his family, to run the US consumer bank. He assumed the global consumer-banking business from Fraser in 2021. Selva leaned on credit-card and lending offerings, launching products like Citi Custom Cash which allowed customers to pick their reward categories, and Flex Pay, a buy-now, pay-later service. Under Selva, Citi was the No. 2 issuer of credit cards in the US, and deposits grew by more than a third, to about $220 billion.In 2021, Citi started divesting itself of more than a dozen consumer-bank markets across Asia, Europe, and the Middle East. Selva was an important player on both sides of the table, according to Adora Tidalgo, the head of operational risk management at Citi. She said he helped find Asian acquirers that maximized value for Citi while keeping the businesses running smoothly with low attrition."That skill of balancing how much you want to bring in terms of revenue and the credit loss you want to take is really a skill that very much needs to be honed in the consumer space," she said. "That balancing, to me, I have seen Anand over the year been very successful in doing that."There have been some bumps in the road. As part of Fraser's reorganization of the bank in 2021, Selva gained oversight of a newly formed wealth unit and its new leader, Jim O'Donnell. Six current and former managing directors told BI that Selva's approach focused more on scale and digital offerings than high-touch client service. For instance, he didn't approve loans that failed to meet a certain threshold of return, even if it meant losing an important client, two former managing directors said."The way that every private banker on earth thinks about relationships is you need to invest in relationships, and then as you start to do more business with clients, you start getting more and more valuable opportunities with them," one of the former managing directors said. "You have to look at the relationship. You can't just look at every single transaction."Employees argued that Selva's playbook may have worked to build scale in Asia but not to satisfy well-heeled — and much more sought-after — US clients."I think Anand's decisions were comparing everything to what he knew from his time in Asia, and they are completely different markets," another former managing director said. "In Asia, Citi has a very recognizable brand, and people actually want to bank with Citi. You don't have to sell it that hard."<div type="image" title="Citi CEO Jane Fraser testifying at Congress" height="3828" width="5846" msid="114093582" hostid="261" sizebytes="314760"></div>The wealth business' revenue dropped by 6% year over year at the end of 2022. Fraser called the division's performance "disappointing." O'Donnell's reign over wealth was cut short in January 2023, and it was later placed under <a target="_blank" href="https://www.businessinsider.com/andy-sieg-citi-wealth-management-ceo-2024-6">Andy Sieg</a>, the former head of Merrill Wealth Management. With Citi on a campaign to divest itself of 14 international consumer-bank markets, Selva's remit shrank.His appointment as COO thrust him into the spotlight. Tidalgo told BI that he was no stranger to the task of dealing with regulators."When you are the head of a country, you are the face of Citi to the regulators. Good, bad, or indifferent, you have to face them," she said. "That's part of the job."Citi's Transformation and its challenges predate Selva's appointment as COO. It existed as a firmwide initiative before the October 2020 fines but was kicked into overdrive after Citi entered consent orders with the OCC and the Federal Reserve.It can be viewed as two parts. The most visible is the strategy to simplify and modernize the bank, such as divesting Asian consumer businesses, removing five layers of management, and <a target="_blank" href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">reorganizing</a> so that the five business lines report directly to Fraser.The second part is meant to address the 2020 consent orders. The initiative is separated into seven programs, including finance, compliance, and risk and controls. While some 13,000 employees are dedicated to the Transformation, much of this work is carried out by employees across the bank. Selva sits at the center, coordinating these efforts. He's in a tough position, as much of the Transformation's work is executed by employees in other divisions."The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. "The role is really coordinating and getting others to do what they need to do, which is very different from running a business where the entire team follows your lead, you own it, you have the ability to actually get them to do this stuff."When everyone is accountable, effectively no one is, a former senior vice president in the Transformation said. Matters got stuck in bureaucracy, bouncing from one department to another and being debated in committee for months.A senior executive in the Transformation acknowledged that the programs often rely on each other's work. For example, a delay in data work can lead to one for a finance project."When we are asked sometimes why it is challenging to execute on the Transformation, one of the challenges is the interconnectivity of those seven works," she said.The senior executive said the Transformation's successes had been overlooked, partly because the bank is limited in what it can say on regulatory matters. For instance, Citi has retired or replaced a quarter of its applications, halfway to its overall goal. The bank declined to specify the number of existing or terminated applications, but as of July, it had retired nearly 300 applications this year. The senior executive also touted the bank's streamlining its risk-management workflow.But the Transformation has earned a middling grade from Citi itself. The bank evaluates the initiative's success for the purposes of a bonus program applicable to about 200 senior employees, including Selva. In 2022, an internal committee gave it a score of 94%, citing targets it met, such as submitting remediation plans to regulators.For 2023, the score sank to 80%, calculated by measuring the timeliness of executing scheduled work, the percentage of work deemed complete by the bank's internal auditors, and a "qualitative consideration of Citi's cultural change" derived from the bank's employee surveys.<div type="image" title="Headshot of Citi's new tech head Tim Ryan, smiling and wearing a black suit jacket with a light blue shirt" height="739" width="985" msid="114093578" hostid="261" sizebytes="32120"></div>Bringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense. The recruiter Phil Waxelbaum argued that a more traditional candidate to help lead the Transformation would be a seasoned, high-ranking person from a regulatory agency. But someone with a nonbanking background such as consulting or technology can work, too, according to recruiter Jeffrey Warren. Ryan joined Citi in June after seven years leading the US business of PricewaterhouseCoopers."In situations like this when you are looking to drive transformation, you need someone who can work at the intersection of people, processes, and technology," said Warren, managing director at Russell Reynolds Associates. "That includes working from within and likely driving some change with new people who have experience in new technologies or new ways of doing things."Ryan is now sharing data, a significant component of the Transformation, with Selva. Another PwC alum, Citi's head of enterprise risk management, Ashutosh Nawani, will take over the chief data office from one of Selva's lieutenants, Japan Mehta, and report to Ryan. Mehta will move to another role that the bank declined to specify.Employees told BI that they thought bringing in Ryan and Nawani would help."Sure, there might be some reservation that more consultants are coming in to run Citi, but there is a positive vibe of changing senior leadership," the former senior vice president in the Transformation said. "Legacy Citi culture is what got us into this spot in the first place."While the July fines did not meaningfully move Citi's stock, they have placed the bank and the Transformation under greater scrutiny. The OCC has ordered Citi to provide a resource-review plan each quarter to ensure the bank is providing enough resources for the effort. The Securities and Exchange Commission has also required the bank to address the Transformation's progress in future filings.The outstanding issues have also impeded Citi from expanding in China. According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-23/citigroup-s-china-expansion-plan-put-on-hold-by-us-regulators">Bloomberg</a>, the bank is still waiting on a clearance letter from the Federal Reserve to set up a securities office. The bank declined to comment on the process but said it was "fully committed to supporting clients" in China.<div type="image" title="Democratic Sen. Elizabeth Warren of Massachusetts at a hearing on Capitol Hill on January 11, 2024." height="1333" width="2000" msid="114093583" hostid="261" sizebytes="96482"></div>Regulators placing an asset cap on Citi, as Senator Warren has requested, isn't out of the realm of possibility, said Timothy Coffey, an analyst with Janney Montgomery Scott."At what point do the regulators just get fed up with Citi's inability to adequately resolve these issues or stick to the timeline that they've laid out?" he said. "That's an open-ended question."But the consent orders and the lack of progress are distractions in themselves. When Fraser took over Citi nearly four years ago, she said the Transformation was her No. 1 priority and asked for patience. Now her requests for time are wearing thin. Regardless of who leads the Transformation, Fraser is still accountable."This stays out here in terms of headline risk, and I think it puts a cap on the valuation that Citi can achieve," said Stephen Biggar, an Argus Research analyst. "It's an overhang on the stock. It's an overhang on the reputation of Fraser."Do you work for Citi? Have a tip or story to share? Reach out to Hayley Cuccinello at <a target="_blank" href="mailto:hcuccinello@businessinsider.com">hcuccinello@businessinsider.com</a> or 917 740 5340, which works for calls, text, and the encrypted messaging app Signal.

Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order

Regulator for <keyword id="100080" type="General" weightage="20" keywordseo="housing-finance" source="Orion">housing finance</keyword> firms <keyword id="141003" type="General" weightage="20" keywordseo="nhb" source="Orion">NHB</keyword> has asked housing finance companies with asset size of over Rs 1,000 crore to adopt an early warning signals (EWS) framework to check financial frauds and also to prevent accounts from turning into non-performing assets. <keyword id="152130" type="General" weightage="50" keywordseo="national-housing-bank" source="Orion">National Housing Bank</keyword> (NHB), in a recent circular, said analysis of the frauds reported by the housing finance companies (HFCs) has revealed that the reasons behind accounts being identified as fraud accounts are seller impersonation, submission of fake income/ employment documents, submission of fake title deeds, a collusion of the builder and borrower. It has also been observed that such deficiencies are identified only when the borrower stops paying the EMIs after the disbursement of the loans, NHB said. "It has been therefore decided that an Early Warning Signals (EWS) Framework should be adopted by the HFCs so that an alert is triggered before the account turns into non-performing asset (NPA) or declared as a fraud account," it said. NHB circular further said that tracking of the EWS must be integrated with the credit monitoring process in the systems of the HFCs so that it becomes a continuous activity. Through the EWS framework, HFCs will be encouraged to take into account fraud risks in their risk management practices. NHB has asked the housing finance companies to place the circular before their boards for information and to devise an implementation strategy. "The mechanism needs to be put in place by April 1, 2024," it said. The NHB has provided an indicative list of EWS for individual borrowers (retail). This includes 'disbursement of loan done without meeting all pre-disbursement conditions', 'occupation of the borrower has changed', 'adverse developments in the sector in which the borrower is employed', and 'company is unable to contact the borrower during credit monitoring'. The regulator has also suggested an indicative list of EWS for corporate and project loans. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-roll-out-lost-mobile-blocking-tracking-system-pan-india-on-may-17/articleshow/100224875.cms">Govt to roll out lost mobile blocking, tracking system pan-India on May 17</a> <a href="https://www.businessinsider.in/stock-market/markets/news/fpi-bought-equity-worth-rs-18617-crore-in-may/articleshow/100225129.cms">FPI bought equity worth ₹18,617 crore in May</a> <a href="https://www.businessinsider.in/business/telecom/news/pm-modi-wants-us-to-start-building-rd-around-6g-technology-cisco-coo/articleshow/100224961.cms">PM Modi wants us to start building R&amp;D around 6G technology: Cisco COO</a>

NHB asks large housing finance companies to adopt early warning signals framework

As Finance Minister Nirmala Sitharaman unveiled the Union <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, all eyes were on the <keyword id="20024321" type="General" weightage="20" keywordseo="housing-sector" source="keywords">housing sector</keyword>, which has been a focal point for both developers and <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword>. Expectations were high for increased deduction limits on home loan interest repayments, higher principal repayment deductions, and more robust incentives for first-time homebuyers. Last year's budget focused on increasing <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> through the Pradhan Mantri Awas Yojana (<keyword id="19945794" type="General" weightage="20" keywordseo="PMAY" source="keywords">PMAY</keyword>), with a significant allocation to achieve the goal of "Housing for All." The <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> had previously seen incentives for developers building affordable housing, such as tax holidays under Section 80IBA and increased allocation through the SWAMIH fund to improve liquidity for stressed projects. <h2>Major announcements in Budget 2024</h2>As per FM Sitharaman's 2024 Budget announcements, PMAY is set to add an additional 3 crore affordable housing — houses priced under Rs 40 lakh — in rural and urban sections of India. This will be accomplished with Rs 10 lakh crores, which includes assistance of Rs 2.2 lakh crores over the next five years. A provision of <keyword id="21240797" type="General" weightage="20" keywordseo="interest-subsidy" source="keywords">interest subsidy</keyword> to facilitate loans at affordable rates is also envisaged, the FM noted in her speech. “This is certainly pertinent – the affordable homes category has been seeing a decline in overall sales since the pandemic, to approximately 19% in H1 2024 from over 38% in the period before the pandemic in 2019,” notes Anuj Puri, Chairman of ANAROCK Group. “Consequently, this segment’s percentage share of the total housing supply in the top 7 cities also fell to 18% in H1 2024 from nearly 40% in 2019. Any boost to this vital segment is therefore welcome.” As per December 2023 reports, 65% of houses under PMAY-Urban had been completed and delivered to beneficiaries since the scheme was introduced in 2015. This amounts to over 78 lakh pucca houses out of the 1.18 crore sanctioned. The new addition to PMAY will thus attempt to more than triple the quadruple the number. <h2>Tax reliefs and transparent rental policies</h2>This year, the sector expected further <keyword id="20345361" type="General" weightage="20" keywordseo="tax-relief" source="keywords">tax relief</keyword> measures for homebuyers and developers. Key demands are aplenty, including increasing the deduction limit for home loan interest repayment from the current Rs 2 lakhs to Rs 3-4 lakhs for self-occupied properties, reintroducing tax exemptions for first-time homebuyers, standardising the definition of "Affordable Housing", and reducing GST on construction materials like cement and steel. However, there has been only disappointments on this front based on the announcements so far. However, in terms of the tax changes, the Budget has proposed a massive reduction in rental matters for the individual. While the current tax deducted at source (TDS) for Payment of rent by individuals or HUF under Section 194-IB stands at 5%, the new budget is set to bring this down to 2%, effective from October 1, 2024. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div>Further, the government has promised to enable and implement policies and regulations for efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> markets with enhanced availability. <h2>Additional initiatives</h2>Further, dormitory-style accommodations have also been announced for industrial workers in public-private partnership mode with Viability Gap Funding (VGF) support and commitment from anchor industries. VGF is a scheme that helps support important infrastructure projects that may not be financially viable, through grants that total up to 20% of the total project cost. The FM also announced that policies and regulations for efficient and transparent rental housing markets with enhanced availability will be put in place, to ease the rental and home-owning process. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div>Markets are optimistic in the aftermath of these announcements, with many housing finance companies recording healthy gains since the speech. Puri notes that the renewed focus on rural and urban job creation, if effective, may provide some boost to affordable housing in even tier 2 and 3 cities. “The Finance Minister's allocation of ₹10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties,” remarks Divyam Mour, Research Analyst at Samco Securities. ”This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers.”

Budget 2024: More affordable housing, lowered rent TDS — here’s what will change for the housing sector this year

<ul><li>Integrated platform to be set up under insolvency and bankruptcy board to benefit stakeholders</li><li>IBC has recovered Rs 3.3. lakh crore for creditors, 28 cases worth Rs 10 lakh crore also dismissed </li><li>Additional tribunals will be notified</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> in the parliament at 11 am today and has arrived at the parliament with the paperless Bahi-Khata, a practice first followed by the minister while presenting the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union budget</keyword> for 2021-22. This will be the seventh time FM Sitharaman will be presenting the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword>, inching past the record of former <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">finance minister</keyword> Morarji Desai, who had 5 full-fledged and 1 interim budget presentation to his credit. President <keyword id="20109163" type="General" weightage="20" keywordseo="draupadi-murmu" source="keywords">Draupadi Murmu</keyword> had described this budget as historic, in terms of the reforms and announcements it will lay forth. Earlier in the day, the FM had met the president with a copy of the budget. The budget will set forth the tone for Modi's third tenure, and will be an important cornerstone for his vision for India's Amritkal, leading India towards becoming a developed nation, or Viksit Bharat. Sitharaman will begin her budget speech at 11 am in the Lok Sabha. You can watch the presentation live on the official Youtube channels of the government. After her speech, all budget-related documents will be available at indiabudget.gov.in <h2>FM Sitharaman tables <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword></h2>FM Sitharaman, "India's inflation continues to be low, stable, moving towards 4% target. We need to focus on Gareeb, Mahila, Yuva and Annadata (Poor, Women, Youth and Farmers). Budget to focus on employment, skilling, MSME and middle class. Allocations of Rs 1.48 lakh crore have been made for education and skilling in this budget". Productivity and Resilience in Agriculture <ul><li>Aim to develop climate resilient crop varieties. Over next 2 years, 1 crore farmers will be initiated into natural farming through structural support. 10,000 need based bio-resource centers will be established. </li><li>Financing for shrimp farming, processing and export will be facilitated through NABARD </li><li>Rs 1.25 lakh crore set aside for agriculture and allied activities. </li></ul> Employment and Skilling <ul><li>Scheme A: One month wage to all those entering the formal workforce across all sectors. The scheme is expected to benefit 210 lakh youngsters</li><li>Job creation in manufacturing: Incentives given to both employee and employer in the first 4 years of the employment, basis their EPFO contribution.</li><li>Support to employers: The govt. will reimburse Rs 3,000 per month for 2 years for each additional employee hired by employer. The scheme is expected to benefit 50 lakh people</li><li>Establish working women hostels and creches to facilitate women participation in workforce</li></ul>Infrastructure Development <ul><li>Bihar and Andhra Pradesh to receive additional monetary support in the current financial year. Development of new airports, roadways and sports infrastructure to be undertaken in Bihar.</li><li>Grants for backward regions in Andhra Pradesh will be provided</li><li>3 crore additional houses in rural and urban India have been made under PM Aawas Yojana.</li><li>Women led development schemes have received an allocation of over Rs 3 lakh crore.</li><li>Credit support to MSMEs during stress periods</li><li>SIDBI to open new branches in MSME clusters within 3 years and offer direct credit to them. 24 new branches to be opened this year, covering 168 MSME clusters</li><li>To enable MSMEs and artisans to sell products in international markets, hubs to be set up under public-private partnership model. </li><li>Encourage moderation of stamp duties, also consider lowering duties for properties purchased by women.</li><li>Infra investment in economy to stand at 3.4% of GDP</li></ul>Tourism <ul><li>Development of Vishnu Path, Mahabodhi temple corridor</li><li>Support development of Nalanda as a tourist center</li><li>Development of Orissa as a popular tourist destination.</li></ul>Research, Innovation and New Gen reforms <ul><li>Expanding space economy by 5x in the next 10 years via a venture fund of Rs 1,000 crore</li><li>Land management and urban planning to incentivised for timely completion</li><li>Digitisation of terrestial maps will be undertaken</li><li>Establishing land registry and linking to farmer registry as well </li><li>E-shram portal to be integrated with other relevant portals for seamless services </li><li>Shram Suvidha and Samadhan portal will be revamped to enhance ease of compliance</li></ul>Investments Introduction of NPS Vatsalya: Investments can be made on behalf of child. Once they turn 18, this can be converted into a normal NPS account. Budget Estimates 2024-25 Total receipts (sans borrowings) Rs 32.07 lakh crore Tax receipts; Rs 25.83 lakh crore Fiscal deficit at 4.9% of GDP Solar Energy Increase in list of exempted capital goods used for manufacturing solar products No extension in exemption of custom duty for foreign products used for solar manufacturing Income Tax A comprehensive review of the Income Tax Act, of 1961 is in order Merger of two exemptions for charities of donations TDS rate on e-commerce operations to reduce to 0.1% Provisions for reassessment to be simplified. Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" data-type="tilCustomLink" target="_blank">Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> Simplification of capital gains STCG on specified financial assets to be at 20% Other financial and non-financial assets to be taxed at applicable rates Long term capital Gains on financial and non-financial assets to be at 12.5% Annual limit on exemption raised from Rs 1,00,000 Rs 1,25,000 Listed financial assets will be considered long-term if held for more than 12 months. Other taxation highlights Angel Tax to be scraped away Simpler tax regime for foreign shipping companies Security transaction rates on trading in future and options to be increased Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime Deduction for pensioners enhanced from Rs 15,ooo to Rs 25,000 Tax slabs under new regime revised. Employee can save up to Rs 17,500 in income taxes annually. Total revenue foregone is about Rs 8 lakh crore.

Union Budget 2024-25 key highlights: Angel tax to be scraped

<ul><li>The finalisation of the allotment of <keyword id="2614989" type="PERSON" weightage="20" keywordseo="Aptus-Value-Housing-Finance">Aptus Value Housing Finance</keyword>’s public issue will be done on August 18.</li><li>Aptus Housing Finance was subscribed 17.20 times on the last day of bidding.</li><li>The <keyword id="11867411" type="UNKNOWN" weightage="20" keywordseo="retail-focused-housing-finance-company">retail-focused housing finance company</keyword> is looking to raise ₹2,780 crore from the primary market.</li></ul>The finalisation of the allotment of Aptus Value Housing Finance’s public issue will be done on August 18 and initiation of refunds will be initiated on August 20. Transfer of shares to the demat account will be done on August 23. The listing date is likely to be August 24. The <keyword id="35216" type="ENTERTAINMENT" weightage="20" keywordseo="initial-public-offering">initial public offering</keyword> (IPO) for Aptus Value Housing Finance ended on August 12. Aptus Housing Finance was subscribed 17.20 times on the last day of bidding. It received bids for 94.82 crore as against 5.51 crore offered by the company. The retail-focused housing finance company is looking to raise ₹2,780 crore from the primary market. The <keyword id="8894240" type="UNKNOWN" weightage="20" keywordseo="allotment-status">allotment status</keyword> of Aptus Value Housing Finance can be checked on <keyword id="35140" type="CITY" weightage="20" keywordseo="BSE">BSE</keyword> website and <keyword id="11867409" type="UNKNOWN" weightage="20" keywordseo="registrar-kfin-technologies-private-limited">registrar KFin Technologies Private Limited</keyword>. <cmsannotation type="cmsannotation" annotationid="How to check allotment status on the BSE website?" comment="subhead" text="How to check allotment status on the BSE website?">How to check allotment status on the BSE website?</cmsannotation> <ol><li>Open the<a href="https://www.bseindia.com/"> BSE </a>website on any smart device.</li><li>On the website, enter the issue name on the right side and select ‘Equity’ from the drop down list.</li><li>Enter your application number and Permanent Account Number (<keyword id="61610" type="ORGANIZATION" weightage="20" keywordseo="pan">PAN</keyword>).</li><li>Select the box saying ‘Am not a Robot’ and click on the Search option.</li><li>After clicking on search, your IPO status will become available.</li></ol> <cmsannotation type="cmsannotation" annotationid="How to check allotment on the KFin website?" comment="subhead" text="How to check allotment on the KFin website?">How to check allotment on the <keyword id="11867408" type="UNKNOWN" weightage="20" keywordseo="kfin">KFin</keyword> website?</cmsannotation> <ol><li>Open the <a href="https://ris.kfintech.com/ipostatus/ipos.aspx">KFin</a> website on any smart device.</li><li>There will be 5 links to check IPO Allotment, click on any one of them. </li><li>Select the IPO from the drop down menu and then select application number/ DPID/Client ID/PAN. Note: The IPO name will be visible on the finalisation date i.e August 18.</li><li>Then enter your application number and the above number visible on your screen (CAPTCHA).</li><li>Now click at the ‘Submit’ option and your IPO Allotment status will be displayed on your screen.</li></ol> Make sure you enter your details correctly. It will display the number of shares you subscribed and number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/chemplast-sanmar-ipo-how-to-check-allotment-date-and-status-listing-date-and-more/articleshow/85362052.cms">Chemplast Sanmar IPO: Here’s how to check allotment status, listing date and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/windlas-biotech-ipo-makes-a-weak-stock-market-debut-list-at-4-5-discount-on-exchanges/articleshow/85361052.cms">Windlas Biotech IPO makes a weak stock market debut; list at 4.5% discount on exchanges</a>

Aptus Value Housing Finance IPO: Check allotment status, listing date and more

<ul class="summary-list"><li>UBS launched its global "House of Craft" initiative at an event in New York City in October.</li><li>The campaign highlights artisanship in various fields, including the lucrative watchmaking industry.</li></ul>In a SoHo townhouse in New York City, UBS launched its <a target="_blank" class="" href="https://www.ubs.com/us/en/wealth-management/about-us/craft/hocnyc.html">global "House of Craft" initiative</a>, an experiential campaign that honors the tradition of craftsmanship. At the celebration, the Swiss-based global financial firm focused on the watch industry, gathering an array of horologists, timepiece enthusiasts, and executives to discuss the art and commerce behind fine watchmaking.The three-day event, which UBS hosted in partnership with the luxury watch retailer and media company <a target="_blank" class="" href="https://www.hodinkee.com/articles/photo-report-ubs-house-of-craft-nyc">Hodinkee</a>, included fireside chats with celebrities such as former NBA star Carmelo Anthony and actor Daniel Dae Kim.Executives such as Ginny Wright, the CEO of the Americas for Audemars Piguet, and Jean-Claude Biver, a legendary watchmaker and the former CEO of TAG Heuer, also took center stage to talk about leading in the watch industry.<div type="image" title="NBA all-star Carmelo Anthony on stage at UBS' House of Craft event" height="3000" width="2001" msid="114357587" hostid="261" sizebytes="227734"></div>The gathering was the first experiential foray into UBS's overarching 2024 brand campaign, called "Banking is Our Craft," which was rolled out in January. The goal is to align the bank's legacy and expertise with esteemed artisanship.John McDonald, UBS's group chief marketing officer, told Business Insider that his team tested a wide range of messaging before settling on the theme."The creative idea that resonated most effectively for us across clients and prospects and across geographies, was craft — the idea of banking, investing, advice being elevated to a craft," McDonald said. "It was a unique way of summarizing 160-plus years of history, the dedication, commitment to excellence, that's part of the Swiss heritage we have — but also nods to innovation, and to humanity."<h2 id="a5d31c70-cdd1-4d39-bd29-bb0d8488852d">Telling a brand story in the wake of major corporate moves</h2>The "Banking is Our Craft" campaign launched less than a year after <a target="_blank" class="" href="https://www.businessinsider.com/credit-suisse-ubs-offers-up-to-billion-rescue-deal-report-2023-3">UBS acquired the embattled Credit Suisse</a> — at the request of the Swiss government — to help stabilize the global economy. To shepherd the merger, the bank rehired its former CEO, Sergio Ermotti, who left in 2020.Ermotti approached McDonald, who joined UBS in January 2023, to develop a campaign to communicate the bank's position. "He said it would be very important for UBS to make sure we were out talking to clients, prospects, and the broader universe of stakeholders about who UBS is, what we do, and why we're unique," McDonald told BI.The initiative had to be global and work for the whole bank. "That's not exactly a simple task," McDonald said. It was also an accelerated process because the campaign had to launch "as soon as possible," he added.Publicis Groupe and the brand consulting firm Prophet developed the plan with UBS. Budget specifics were not disclosed, but McDonald said the campaign was the biggest launched by the brand since 2015. The campaign rolled out in 10 markets over the course of 60 days; it started on January 23 in the UK and the US and then made its way to Asia and Latin America.UBS's absorption of Credit Suisse hasn't been without complication. Earlier this week, the Swiss regulators <a target="_blank" class="" href="https://www.reuters.com/business/finance/swiss-regulator-tells-ubs-strengthen-its-emergency-plans-2024-10-15/">mandated</a> an overhaul of the bank's emergency plan. This raised the question, why move so quickly with a brand campaign of this size?"If you don't define who you are, others will do it for you," McDonald said. "As challenging as an integration this size is, you have to grab the challenge and make the most of it. It's an opportunity to build a growth platform for the firm. That starts with how you explain who you are and what you do."<h2 id="986eeadb-b577-4bd7-a953-5101158c22c8">Convening around craft</h2>New York City's legacy of fine craftsmanship made it the choice destination for UBS's first "House of Craft" event. Coincidentally, the gathering took place during <a target="_blank" class="" href="https://www.businessinsider.com/advertisers-gen-ai-hype-turning-to-skepticism-2024-10">Advertising Week New York</a>.Among the featured celebrities and executives were local watch enthusiasts. One attendee, James Miller, learned about the event through Hodinkee's promotional efforts.<div type="image" title="James Miller, watch enthusiast, at UBS' House of Craft in New York City" height="4032" width="3024" msid="114357585" hostid="261" sizebytes="590014"></div>Miller told BI that he's an avid collector of micro-brand watches. "The opportunity to see people who are here, getting introduced to UBS, were the opportunities I wanted to take advantage of," he said.Another attendee, Nathan Desloover, discovered the event through his membership in the Horological Society of New York. He said he also wanted to see the session featuring Todd Snyder, a menswear designer.<div type="image" title="Nathan Desloover, a watch enthusiast, attendee at the UBS House of Craft" height="4032" width="3024" msid="114357586" hostid="261" sizebytes="1280512"></div>"I've been going to as many of those events as I can," Desloover said, wearing a cotton-silk stitched sweater from Snyder's eponymous label. "I'm interested in not only the style of watches, but I'm also trying to make some of my own designs."Connecting with people who have a passion for craftsmanship was the goal, McDonald told BI. "This is a brand campaign, but it's one very clearly associated with making sure more people are positively thinking about us," he said. "That turns into a business benefit, a bottom-line benefit. We essentially are priming a group of people who maybe aren't ready to buy UBS services, to make sure that they are familiar with us."

UBS launches its experiential "House of Craft" campaign in New York as Credit Suisse integration continues 

<ul class="summary-list"><li>Warren Buffett is the billionaire boss of one of America's biggest companies.</li><li>Yet Berkshire Hathaway's website looks like it was built in the 1990s and hasn't been updated since.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffett-spends-money-net-worth">Warren Buffett</a> is one of the world's wealthiest people with a net worth of $144 billion, and his Berkshire Hathaway conglomerate is <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-trillion-dollar-valuation-2024-8">worth about $1 trillion</a>. Yet you could never guess that from its website, which looks like a relic from the early days of the internet.The <a target="_blank" class="" href="https://berkshirehathaway.com/">landing page</a> of America's seventh-largest public company — which generates over $350 billion of annual revenue and employs about 400,000 people — is little more than a list of hyperlinks on a white background.Berkshire's "Official Home Page" also features its name and address, a text ad for Geico car insurance, and an invitation to submit feedback by snail mail to headquarters — with a warning the staff is too small to write back.<div type="image" title="A screenshot of Berkshire Hathaway's website" height="1028" width="1919" msid="114188176" hostid="261" sizebytes="56860"></div>Frankly, the website looks like a teenager slapped it together in the 1990s, and hasn't returned since. But it does get updated at least every three months with earnings reports, and occasionally Buffett will decide something warrants a fresh link on the homepage, such as his <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-unaware-microsoft-takeover-activision-blizzard-stock-2022-2">clarification</a> about Berkshire's investment in Activision Blizzard in 2021.Why has Buffett, who <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-defends-propublica-tax-rate-berkshire-hathaway-stock-dvidends-2021-6">cares deeply</a> about Berkshire's public appearance and reputation, never updated his company's antiquated website? He may see it as symbolic of Berkshire's culture."Berkshire Hathaway's bare-bones website reflects Buffett's belief in frugality and decentralization. With a small team in Omaha, it prioritizes efficiency over extravagance," Lawrence Cunningham, the director of the University of Delaware's Weinberg Center on Corporate Governance and the author of several books about Buffett and Berkshire, told BI."Anyone who's managed a website knows: less is often more."Buffett, 94, is famously loath to waste his or his shareholders' money. The billionaire grabs <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-diet-mcdonalds-coke-junk-food-soda-ice-cream-2023-4">breakfast at McDonald's</a> on his way to work, has <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-annual-salary-compensation-40-years-2021-3">requested a $100,000 salary</a> with no bonus or stock awards for more than 40 years, and still <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-homebuying-owning-home-quotes-berkshire-hathaway-investing-wealth-2024-7">lives in the same house</a> he purchased in the 1950s.<div type="image" title="Warren Buffett's house in Omaha, Nebraska." height="681" width="1024" msid="114188178" hostid="261" sizebytes="106700"></div>Berkshire is structured as a sprawling web of autonomous businesses such as Geico, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-dream-business-is-sees-candies-2019-7">See's Candies</a>, Fruit of the Loom, and the BNSF Railway. Its scores of subsidiaries are overseen by Buffett and a couple of dozen people at Omaha HQ, who focus on taking the profits the businesses generate, and allocating them within and outside the company.Berkshire's website has "everything an investor needs in one easy landing page," Chris Bloomstran, the president of Semper Augustus Investments and a longtime Berkshire shareholder, told BI.Bloomstran said he finds the website easy to navigate, and loves having access to decades' worth of financial reports, shareholder letters, news releases and links to subsidiary websites in one place."It goes to Berkshire's culture and minimalist staffing of the Omaha home office. No human resources at the parent. No unnecessary overhead or bureaucracy," he said.Berkshire shareholders "don't need a flashy website or pictures of Warren eating See's Candies in his Fruit of the Looms," Darren Pollock, a portfolio manager at Cheviot Value Management and another veteran shareholder, told BI.<h2 id="2b20deb0-54df-4fe3-bcdd-d1cc2dd220bb">Minimalist</h2>Pollock said the website reflects Buffett's perception of his shareholders as people who value hard numbers over glossy copy and substance over style. In his mind, they appreciate their managers <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-alleghany-acquisition-deals-negotiation-style-philosophy-2022-4">counting every cent they spend</a>, not splashing cash on an unnecessary website upgrade."Berkshire's site is minimalist amidst a sea of flashy web content but it's also just what investors want," he added.David Kass, a finance professor at the University of Maryland who's been following Buffett for nearly 40 years, echoed those sentiments."Berkshire's webpage is investor-oriented, efficient, and user-friendly," he told BI. "Warren Buffett is demonstrating how he minimizes cost at Berkshire. His automobile license plate in Nebraska used to be (and maybe still is) 'THRIFTY.'"

Warren Buffett's company website looks like a relic from the 1990s — but that's on purpose

<ul class="summary-list"><li>Luxury consumption in China might be low, but Gen Z does have its favorite luxury items.</li><li>A consumer expert told BI these are the top five luxury goods popular among China's Gen Z right now.</li></ul>Luxury brands may be having trouble making further inroads into China, but there are still some top items that Chinese Gen Zers are into.Antonello Germano, a Chinese consumer insights manager at Daxue Consulting, gave BI his list of the top products China's Gen Z is currently into.Here are his top picks.<h2 id="8cefd292-68b6-4cd4-a9c3-8968fbcee658">Gucci GG Marmont</h2><div type="image" title="A Gucci Marmont bag." height="683" width="1024" msid="112377728" hostid="261" sizebytes="65572"></div>Germano picked out the hottest items by analyzing sales figures on the Chinese e-commerce site Tmall, trends on the Chinese social media platform Xiaohongshu, and online retailer Dewu.He focused on the handbag category because it "always accounts for a big chunk of luxury sales in China," and shoes because it is a "rising segment."He said there is a shift toward "discreet luxury," a growing distaste of flashy logos, and a liking for secondhand luxury items.The <a target="_blank" href="https://www.gucci.com/us/en/ca/women/handbags-c-women-handbags?filter=%3ANewest%3Aline%3AGG+Marmont">Gucci GG Marmont</a> bag collection, released in 2016, features small-to-medium-sized handbags priced from $980 to $3,980.The line puts Gucci's distinct "GG" emblem front and center, making it instantly recognizable. Germano said Chinese Gen Zers are interested in "brand values, culture, history, and unique design.""They favor trendy or 'hot' brands, are more likely to opt for niche brands, and show interest in vintage or secondhand luxury items," Germano said.<h2 id="df6e4991-3b25-44e7-8c98-b4a7070e97a5">Gucci Horsebit 1955</h2><div type="image" title="A Gucci Horsebit 1955 bag." height="683" width="1024" msid="112377722" hostid="261" sizebytes="21242"></div>The <a target="_blank" class="" href="https://www.gucci.com/us/en/ca/whats-new/gucci-horsebit-1955-c-gucci-horsebit-1955">Gucci Horsebit 1955</a> line, which ranges from about $1,200 to $4,300, doesn't have the "GG" emblem and is more subtle design-wise.That makes sense because, per Germano, Gen Z Chinese buyers are less logo-orientated than their parents' generations."They go beyond the physical attributes of luxury items, seeking recognition from their peers, staying on-trend, and expressing their values," Germano said.He added that, in contrast, "millennials and Gen X prioritize the tangible features of luxury goods, such as brand name, heritage, and product quality."These older Chinese consumers gravitate to "recognizable major brands," he added.Germano said the Horsebit 1955 and GG Marmont collections are "some of Gucci's most iconic lines.""I am not surprised they are so popular in China, especially now that consumers favor timeless and value-retaining luxury goods," he said.<h2 id="86ccb942-9fb6-4943-a060-69efb272b819">Saint Laurent Niki Medium</h2><div type="image" title="The YSL Niki Medium bag." height="3260" width="2000" msid="112377718" hostid="261" sizebytes="92786"></div>Germano's third pick was the Saint Laurent <a target="_blank" class="" href="https://www.ysl.com/en-us/pr/niki-medium-in-vintage-leather-6331580EN041000.html">Niki Medium</a> bag, which retails for $3,150. The simple, sleek bag with metal chains is from the French luxury house Saint Laurent.Germano said that while Chinese brands are on the rise, international brands like Saint Laurent still have a chokehold on the luxury market in China.Saint Laurent and Gucci's bags are "considered safe options" for Chinese consumers, per Germano."Local brands do not enjoy the same perceived quality and prestige as their Western counterparts," he said.<h2 id="3b5c3882-719e-4daa-b1d4-539aefde853f">Saint Laurent Le 5 à 7 Hobo</h2><div type="image" title="The YSL Le 5 a 7 handbag." height="3084" width="2460" msid="112377729" hostid="261" sizebytes="85654"></div>The Saint Laurent <a target="_blank" class="" href="https://www.ysl.com/en-us/ca/le-5-a-7-women?gad_source=1&amp;gclid=CjwKCAjwk8e1BhALEiwAc8MHiAd5xKvvE7XKJ3moZK7dSsTiG8qOmaAjG451uUqydj5JgwKY8xytPRoCz6UQAvD_BwE&amp;gclsrc=aw.ds&amp;sort=price_asc">Le 5 à 7 Hobo</a> handbag, which retails from $1,750 to $5,100, is another one of Germano's picks.The structure of the bags in this line ranges from a more rectangular style to a slouchy and tote-like form in its "supple" variation.The bags all feature a simple Saint Laurent logo and single shoulder straps, evoking the quiet luxury trend that has been popular in China for at least a year.The "<a target="_blank" class="" href="https://www.businessinsider.com/chinese-rich-go-for-quiet-luxury-stealth-wealth-2023-8">laoqianfeng</a>" trend is the Chinese equivalent of the old-money aesthetic in the West. It is characterized by simple, high-quality clothing and accessories while avoiding logo mania.Germano said that the shift toward quiet luxury was largely due to the economic downturn in China, which has reduced the number of aspirational middle-class luxury consumers who gravitate toward bold, obvious logos."As Gen Z resumes spending on luxury items and the middle class in non-tier-1 cities grows, there may be a resurgence of bolder logos."However, it is unlikely that that will happen anytime soon, with China's economy <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-second-quarter-gdp-growth-weak-demand-consumption-exports-2024-7">only growing by 4.7%</a> in the second quarter of 2024 and missing analysts' 5.1% growth forecast.Weak consumption is the main cause of the slowdown, with retail sales expanding just 2% in June from a year ago, according to <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-07-15/china-growth-weakens-more-than-expected-as-outlook-darkens?embedded-checkout=true">Bloomberg</a>.International luxury names like Burberry, Hugo Boss, and Swatch have <a target="_blank" class="" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">reported low sales</a> in the latest quarter.Burberry's sales in mainland China fell 21% year-over-year in the most recent quarter. At the same time, Hugo Boss said in its <a target="_blank" class="" href="https://group.hugoboss.com/en/investors/publications/financial-releases/publication/hugo-boss-announces-preliminary-second-quarter-results-and-updates-its-full-year-2024-outlook">preliminary Q2 financial reports</a> on July 15 that key markets like China and the UK were "particularly challenging."And Bernard Arnault's LVMH, the parent company of Louis Vuitton, Dior, and Givenchy, saw its second-quarter sales <a target="_blank" href="https://www.cnbc.com/2024/07/24/worlds-largest-luxury-group-lvmh-slumps-5percent-after-reporting-revenue-miss.html">drop by 14%</a> year over year, excluding Japan.<h2 id="11b9aa34-4b99-4638-9dee-9a27aa3ba4e2">Maison Margiela Replica sneakers</h2><div type="image" title="A Maison Margiela storefront in Miami, Florida." height="683" width="1024" msid="112377965" hostid="261" sizebytes="28548"></div><a target="_blank" class="" href="https://www.maisonmargiela.com/en-us/maison-margiela/men/shoes/replica/">Maison Margiela's Replica sneakers</a> are trendy among Chinese Gen Z-ers, Germano said. They retail from $670 to $750."In the luxury shoe category, which is particularly popular among younger consumers, Balenciaga 3XL shoes have lost momentum over the past two to three months, while Margiela Replica sneakers are gaining the top position," he said. Like the understated Saint Laurent Le 5 à 7 Hobo, Maison Margiela's Replica sneakers are simple and discreet enough for everyday use."Maison Margiela Replica sneakers became a hit mainly because celebrities and influencers love them," he said.They are also popular because they "align with popular Chinese fashion trends like clean fit, minimalism, and the old money style," he added.

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