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<ul><li>With the stake sale, Ambit will gain access to Daiwa’s global network and be able to take its products and services to global markets.</li><li>On the other hand, Daiwa will also get an opportunity to utilise Ambit’s networks and expand its operations in India.</li><li>Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets, leveraging the Indo-Japan corridor. </li></ul>Japanese investment bank <keyword id="273776" type="General" weightage="20" keywordseo="Daiwa-Securities-Group" source="Orion">Daiwa Securities Group</keyword> on Monday said it will acquire a minority stake in Mumbai-based investment bank <keyword id="6583393" type="General" weightage="20" keywordseo="Ambit-Private" source="Orion">Ambit Private</keyword> that is led by <keyword id="113609" type="General" weightage="20" keywordseo="Ashok-Wadhwa" source="Orion">Ashok Wadhwa</keyword>. The financial details of the deal were not disclosed. With the stake sale, Ambit will gain access to Daiwa’s global network, which is one of the largest regional broking houses in the Asia-Pacific region, and will be able to further take its products and services to the global markets, according to a press release. Ambit will also leverage Daiwa’s institutional broking expertise. On the other hand, Daiwa will get an opportunity to utilise Ambit’s networks and expand its operations in India. “Similarly, Daiwa’s enhanced presence in India with Ambit as its local partner, will allow for clients to access deep domain knowledge, showcase focused India equity research, and therefore build a strong India franchise through the Ambit network,” the release said. Through the partnership, both the companies will collaborate to serve global clients in institutional equities and equity capital markets (IPO, public fund-raising and other related business), leveraging the Indo-Japan corridor. The deal, which was signed on April 26, 2023, will be carried out subject to completion of customary conditions precedent and obtaining regulatory approvals, as may be required. Seiji Nakata, president and chief executive officer of Daiwa, said that the company sees India as a strategically important country, which is expected to grow in the long run. “I’m pleased that Daiwa will be able to offer more investment opportunities to our clients with Ambit Group, thanks to this renewed business partnership,” he said. And considering that Ambit Group has dealt with securities businesses and non-banking finance company (NBFC) businesses, it enables them to provide the most proper solution to various client segments, he added. “We are delighted to partner with Daiwa in this new avatar. Having built a strong and mutually beneficial foundation with Daiwa over the years, I am confident that this continued relationship will be fruitful, not only to our clients, but also to both firms. We see India’s growth story blossoming and with Daiwa on board, investment avenues for clients, further open up. This is certainly a milestone in our journey that we will celebrate,” said Wadhwa, group CEO of Ambit. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/aditya-birla-fashion-and-tcns-clothing-merger-as-per-analysts-merger-was-not-necessary/articleshow/100074154.cms">Aditya Birla Fashion, TCNS Clothing’s shares tank on merger news; analysts say merger was not necessary</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-brokerages-looking-up-to-59-growth-in-one97-communications/articleshow/100070477.cms">Paytm shares surge 5% on sustained Q4 growth, brokerages see up to 59% upside</a>

Japanese investment bank Daiwa to buy minority stake in Ashok Wadhwa’s Ambit

<ul class="summary-list"><li>Some workers called Austin a <a href="https://www.businessinsider.com/tech-workers-moved-to-austin-regrets-2023-8">failed tech hub</a>, but others are standing up for the growing scene.</li><li>They said there's no "toxic ambition" like in San Francisco or New York, allowing work-life balance.</li></ul>Austin is "where ambition goes to die" — or is it?Insider previously reported that many <a href="https://www.businessinsider.com/tech-workers-moved-to-austin-regrets-2023-8">tech employees have flocked to the Texas capital</a> in recent years, only to be let down by the realities of living among its burgeoning tech scene: Few well-paying jobs, stifling heat, and a fake scene because of the rush of newcomers, they claimed.But loads of people <a href="https://affiliate.insider.com?h=b92d02dc2f7f25665e2da2493465fa00912fe6185d4f397f70dede33d92a4326&amp;postID=6532934e3f64add278f7be41&amp;postSlug=moving-to-austin-tech-jobs-texas-startups-no-regrets-2023-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Fhaileyeustace_where-ambition-goes-to-die-these-tech-activity-7103338439269306369-TKAX%2F%3Futm_source%3Dshare%26utm_medium%3Dmember_desktop" target="_blank" rel="noopener">weighed in on social media</a> to rebut those takes. They say the city is where you go to not just work, but also have a thriving social life.Over 137,000 people relocated there during the pandemic, <a href="https://www.austinchamber.com/economic-development/austin-profile/population/overview" target="_blank" rel="noopener">according to the Austin Chamber</a>, a nonprofit that advocates for the interests of businesses in Austin. Many of those people were looking to take advantage of Texas's no personal income tax, elbow room, and lower cost of living. And many of the tech workers who arrived found merit in the work-life balance and opportunities.<div type="image" title="An aerial view of a Union Pacific train entering downtown on April 21, 2023 in Austin, Texas." height="959" width="1278" msid="104607028" hostid="261" sizebytes="223672"></div>"People don't take themselves too seriously, they have a good time, AND they have big ambitions," Hailey Eustace, head of comms and partnerships at BIOS Health Limited and an angel investor who lived in Austin until 2014, <a href="https://affiliate.insider.com?h=d5230e8354c3571d92120d17c1c98deda1bc67cec72b804fdc62ee1640154c1e&amp;postID=6532934e3f64add278f7be41&amp;postSlug=moving-to-austin-tech-jobs-texas-startups-no-regrets-2023-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fposts%2Fhaileyeustace_where-ambition-goes-to-die-these-tech-activity-7103338439269306369-TKAX%3Futm_source%3Dshare%26utm_medium%3Dmember_desktop">wrote on LinkedIn</a>. Evan Baehr, the Austin-based managing partner of Learn Capital, also <a href="https://affiliate.insider.com?h=1a71d5cdb858d22cf7b0375709fa0d78356ead65f7291ab0630c7299b93d2dc3&amp;postID=6532934e3f64add278f7be41&amp;postSlug=moving-to-austin-tech-jobs-texas-startups-no-regrets-2023-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fsearch%2Fresults%2Fall%2F%3Fkeywords%3Dwhere%2520ambition%2520goes%2520to%2520die%26origin%3DGLOBAL_SEARCH_HEADER%26sid%3DHkE" target="_blank" rel="noopener">weighed in on the platform</a>. "Personally I'm excited that we don't have to be just like New York banking (90 hour weeks, terrible health, crazy stress), nor just like San Francisco (long hours, long commutes, terrible environment for kids … )."The people have spoken: There's another side to the story.Five people who currently and formerly lived there and worked in the tech scene told Insider the opportunities are endless, and the social scene others complained of is crucial to the work-life balance that they said Austin has mastered.<h2>There's plenty of talent and ambition, and a lot more on the way</h2>One of the main gripes coming from people who moved to Austin for the growing tech scene was the lack of talent and ambition in the city. Alicia Teagle, the co-founder of UK-based tech and digital recruitment firm SR2, couldn't disagree more.Her company has offices in the UK, Germany, and is soon opening its first US office, in Austin — mainly because of the breadth of talent."We could have chosen anywhere," Teagle told Insider. "A lot of companies choose San Francisco or Miami, and Austin has sort of been left behind a little bit. Now it's in the <a href="https://www.businessinsider.com/where-everyone-in-america-is-moving-to-domestic-migration-2023-4">fastest growing state in the US</a>, so it's got so much opportunity."She added, "Tesla, Apple, and Google have all opened additional offices in Austin to utilize the talent, and I think they've really thrived."<div type="image" title="Wander CEO Jon Andrew Entwistle wears a gray fleece and holds a DSLR camera in front of a beautiful background of dusty mountains and valleys." height="1500" width="2000" msid="104607030" hostid="261" sizebytes="494130"></div>John Andrew Entwistle, the CEO and founder of Austin-based vacation-rental company Wander, said talent's coming to town, but it's a more recent happening linked to <a href="https://www.businessinsider.com/tesla-headquarters-hq">Tesla's December 2021 arrival in Austin</a>.He also mentioned that, because there are so many companies coming to Austin — <a href="https://www.texasstandard.org/stories/texas-economy-boom-california-relocated-tesla-mclaren-musk/" target="_blank" rel="noopener">139 have moved their headquarters to Texas</a> since February 2020, according to Texas Standard — talent is coming with them."Now it seems like there's a ton of really, really impressive people," Entwistle told Insider in July. "Texans have huge ambitions," Eustace told Insider. "But toxic ambition" like Baehr called out in New York and San Francisco, "is not the culture in Austin, and I think that's healthy."The hierarchy of values is arranged differently in the Lone Star State. Austinites still feel connected to the tech scene, but aren't ruled by it."People don't take themselves too seriously — they get to know you as a human being first, and I think it's so refreshing," Eustace said. "I'm friends with people from San Francisco who've moved to Texas and now they have more of a work-life balance. When you're in your thirties or older, you realize the value in that. "<h2>Austin wasn't oversold. For many, it immediately felt like home.</h2>When some tech industry transplants arrived in Austin, they found a city that they said was oversold, a "watered-down" version of other, more well-established tech hubs. On top of that, the traffic was horrible, it was overcrowded, the weather was miserably hot in the summer, and the food and music scene was middling, they said.But other tech workers who arrived in town saw its merits: more elbow room, access to outdoor activities, and a chiller vibe.Texas native Savannah White, who works for a customer engagement software company, lived in New York City with her husband before moving to Austin. They wanted more space, and wanted to "have a car and things like that that we couldn't have in New York City, or not as easily," she told Insider.<div type="image" title="A woman in a backyard with two dogs." height="2500" width="1875" msid="104607032" hostid="261" sizebytes="1017374"></div>"We visited Austin before we moved and just loved the city," she said. "It has a lot of opportunities for jobs, it's a place where there's a lot going on, and it has a younger crowd to it," White said.<a href="https://www.businessinsider.com/moving-to-austin-buy-a-home-texas-tech-jobs-2023-10">Sarah Hollingsworth moved to Austin from San Antonio</a> to take advantage of the job opportunities. Although she said finding a home in the competitive housing market was "defeating," she doesn't hold it against her new home base. She focuses on the positives."One of the things that we were so grateful for is access to outdoor activities," she told Insider. "We can walk down our neighborhood and go jump in Lake Austin." In San Antonio, there was "not a ton to do outside — it's not anything like Austin."<div type="image" title="A man kneeling on the ground with a dog." height="1125" width="1500" msid="104607034" hostid="261" sizebytes="248398"></div>Robert Johnson, a tech entrepreneur, made a home base in Austin in 2022 after traveling the world. He chose the state capital after <a href="https://vansimply.com/" target="_blank" rel="noopener">spending eight months living in a van</a>."Austin was one of the last places towards the end of my time traveling around that I had visited," he told Insider. "I was here for five weeks and I just kind of fell in love with it."He added, "There isn't this work-yourself-to-the-bone-all-night kind of ambition, and to be honest, I love that."

Does ambition die in Austin? These tech workers don't think so.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Here's how to do your good deed of the day, and it doesn't cost you a dime. Amazon will tip your delivery driver $5 if you thank them through the app. <a href="https://www.businessinsider.com/how-to-tip-thank-amazon-delivery-driver-extra-5-free-2023-12" target="_blank" rel="noopener">Here's how to do it.</a>In today's big story, we're looking at the data <a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12" target="_blank" rel="noopener">from a recent poll</a> we conducted on Generation Z's thoughts on the <a href="https://www.businessinsider.com/how-gen-z-is-rewriting-the-rules-of-work-2023-11">workplace</a> and the <a href="https://www.businessinsider.com/gen-z-capitalism-socialism-inequality-healthcare-democrats-republicans-biden-trump-2023-11" target="_blank" rel="noopener">economy.</a>What's on deck: <ul><li>Markets: There's no point waiting for the <a href="https://www.businessinsider.com/housing-market-outlook-us-mortgage-rates-fall-prices-barbara-corcoran-2023-12" target="_blank" rel="noopener">housing market to improve</a>.</li><li>Tech: Some Nvidia employees have gotten so rich <a href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12" target="_blank" rel="noopener">they've entered "semi retirement."</a></li><li>Business: These 10 leaders are <a href="https://www.businessinsider.com/industry-leaders-transforming-business-2023-11" target="_blank" rel="noopener">upending the world of business</a>.</li></ul>But first, let's hear the kid out.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Gen Z by the numbers</h2><a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12"></a><div type="image" title="Graphic of person holding sign that says &quot;Capitalism is&quot; with poop emoji, and cell phone with dollar bills on the screen" height="500" width="1000" msid="106029801" hostid="261"></div>Have you ever had a question about Generation Z you were too afraid to ask? We've got you covered.Business Insider, in partnership with YouGov, surveyed more than 600 Gen Zers on their beliefs.The data, <a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12" target="_blank" rel="noopener">compiled here</a>, provides a fascinating look into the ideology of the youngest generation in the workforce.In many ways, for all its eccentricities, Gen Z is similar to other generations. They're worried about AI. They stress about money. They want a job that pays well. But one area that seems unique to them is <a href="https://www.businessinsider.com/gen-z-capitalism-socialism-inequality-healthcare-democrats-republicans-biden-trump-2023-11" target="_blank" rel="noopener">their preferred economic system</a>.While older generations lean toward favoring capitalism, Gen Zers are almost perfectly split between their support for socialism (28%) and capitalism (29%). It's not a one-size-fits-all approach, <a href="https://www.businessinsider.com/gen-z-capitalism-socialism-inequality-healthcare-democrats-republicans-biden-trump-2023-11" target="_blank" rel="noopener">as BI's Jacob Zinkula reports</a>. Certain capitalist ideas, like private home ownership and entrepreneurship, aren't taboo for Gen Z.But issues arise for Gen Zers when it comes to the high costs of housing and education, the healthcare system, or the general inequality that exists in the country, experts say.<a href="https://www.businessinsider.com/vibe-check-gen-z-survey-data-2023-12"></a><div type="image" title="gen z data" height="740" width="1480" msid="106029802" hostid="261"></div>Regardless of your feelings about Gen Z's economic position, you must take them seriously.The generation has proven adept at making their voices heard in the workplace and never backing down.Millennials largely entered the workforce in the shadow of the financial crisis. And while that event might have made them resent capitalism, they were also happy just to have a job. Gen Z has no such reservations. Emboldened by a relatively strong job market, Gen Zers <a href="https://www.businessinsider.com/how-gen-z-is-rewriting-the-rules-of-work-2023-11" target="_blank" rel="noopener">have questioned workplace norms since the beginning</a>. "I think now we're just going to continue to push the boundaries and ask questions, like is this meeting an effective use of our time or is coming into the office five days a week an effective use of our time?" a Gen Zer told <a href="https://www.businessinsider.com/how-gen-z-is-rewriting-the-rules-of-work-2023-11">BI's Juliana Kaplan and Sarah Jackson</a>.But it'll be interesting to see how Gen Z's ideals evolve as they age and, more importantly, when the economy shifts. White-collar jobs were largely spared during the pandemic, and many junior employees ended up better off financially in the wake of it.If a deeper recession were to hit, as some have predicted, that's unlikely to be the case. And Gen Z might find it harder to speak up when times are tough.<h2>3 things in markets</h2><a href="https://markets.businessinsider.com/news/stocks/fed-meeting-powell-forecast-rosenberg-stock-market-outlook-crash-recession-2023-12"></a><div type="image" title="David Rosenberg" height="960" width="1920" msid="106029803" hostid="261"></div><ol><li>A veteran economist has a pessimistic view on the latest Fed news. While most investors embraced the Fed predicting three rate cuts in 2024, David Rosenberg had a different take. He believes the Fed's latest growth projection indicates it <a href="https://markets.businessinsider.com/news/stocks/fed-meeting-powell-forecast-rosenberg-stock-market-outlook-crash-recession-2023-12" target="_blank" rel="noopener">views stocks as overpriced and a recession on the horizon</a>. </li><li>If things do go south, here's how to invest. Vanguard mapped out seven investments to make to get ahead of a tough 2024. From the type of bonds to focus on to the benefit of investing in non-US companies, <a href="https://markets.businessinsider.com/news/stocks/how-to-invest-2024-stock-market-outlook-economy-recession-vanguard-2023-12" target="_blank" rel="noopener">here's what the firm recommends</a>.</li><li>The housing market won't get better than this. It might be hard to believe, but veteran real-estate investor Barbara Corcoran says you're "dead wrong" <a href="https://www.businessinsider.com/housing-market-outlook-us-mortgage-rates-fall-prices-barbara-corcoran-2023-12" target="_blank" rel="noopener">if you think you'll get a better deal waiting</a> to buy a home. A drop in interest rates will just kick off a feeding frenzy, the "Shark Tank" investor said. </li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12"></a><div type="image" title="Nvidia's CEO Jensen Huang" height="960" width="1920" msid="106029804" hostid="261"></div><ol><li>Nvidia has become a victim of its own success. The tech firm's surge in stock price has led long-tenured employees to get obscenely rich, <a href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12" target="_blank" rel="noopener">leading some not to do their fair share of work</a>. It's become such a problem that Nvidia's CEO Jensen Huang addressed it during a recent company all-hands, according to those in attendance. </li><li>Second thoughts on the Cybertruck. Now that the Tesla truck's full details — and <a href="https://www.businessinsider.com/tesla-cybertruck-replacement-parts-leaked-costs-2023-12" target="_blank" rel="noopener">price</a> — have emerged, some reservation holders are reconsidering purchasing it. <a href="https://www.businessinsider.com/tesla-cybertruck-reservation-holders-reconsidering-price-range-power-2023-12" target="_blank" rel="noopener">Here's what is giving people pause</a>.</li><li>Why the other Altman is stepping down. Jack Altman, brother to OpenAI CEO Sam Altman, is leaving his role as CEO of Lattice, the HR startup he cofounded eight years ago. <a href="https://www.businessinsider.com/jack-altman-steps-down-ceo-cofounder-lattice-2023-12" target="_blank" rel="noopener">He explained why he's moving on</a> after helping the company navigate some hectic times.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/industry-leaders-transforming-business-2023-11"></a><div type="image" title="Photographed left to right: Neal Mohan, CEO of YouTube; Julie Su, acting US Secretary of Labor; Ramki Muthukrishnan, head of US leveraged finance at S&amp;P Global; Janelle Jones, chief economist and policy director at the Service Employees International Union; Eileen Fisher, founder of the brand Eileen Fisher" height="500" width="1000" msid="106029805" hostid="261"></div><ol><li>Meet 10 industry leaders transforming business. From the tech we use (OpenAI's Mira Murati) to the key policies shaping the workforce (acting US Secretary of Labor Julie Su), these people are at the forefront of important issues. <a href="https://www.businessinsider.com/industry-leaders-transforming-business-2023-11" target="_blank" rel="noopener">Read more about the 10 leaders upending business</a>.</li><li>Big changes at GM's Cruise. The self-driving startup subsidiary of General Motors is <a href="https://www.businessinsider.com/gm-cruise-cleans-house-fires-executives-report-2023-12" target="_blank" rel="noopener">cutting executives and laying off nearly 1,000 workers</a>. The shakeup comes after a crash involving a pedestrian and its founder and CEO leaving the company.</li><li>What's next for music on TikTok. The app had its first in-person music event in Arizona over the weekend. Its global head of music partnerships and programming <a href="https://www.businessinsider.com/tiktok-music-exec-why-introducing-concerts-artist-tools-2023-12" target="_blank" rel="noopener">details TikTok's ambitions to add more tools for artists</a>.</li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/hunter-bidens-tax-returns-reveal-debt-kevin-morris-irs-12" target="_blank" rel="noopener">Exclusive: Hunter Biden's tax returns</a></li><li><a href="https://www.businessinsider.com/nasa-elon-musk-spacex-drugs-investigation-outcome-2023-12" target="_blank" rel="noopener">NASA paid $5 million for a probe into drug use at SpaceX after Elon Musk was filmed smoking weed. It still won't say what it found.</a></li><li><a href="https://www.businessinsider.com/mark-zuckerberg-reportedly-building-hawaii-home-with-escape-hatch-bunker-2023-12">Mark Zuckerberg is reportedly building a Hawaii compound with plans for an escape hatch, 'blind doors,' and an underground bunker</a></li><li><a href="https://www.businessinsider.com/bp-ex-ceo-loses-forty-million-over-relationships-with-colleagues-2023-12" target="_blank" rel="noopener">BP ex-CEO loses $40 million over relationships with colleagues</a></li><li><a href="https://www.businessinsider.com/openai-sam-altman-knows-who-to-work-with-10-minutes-2023-12">OpenAI CEO Sam Altman says it takes just 10 minutes to decide if he wants to work with someone 90% of the time</a></li><li><a href="https://www.businessinsider.com/millennial-parenting-rules-boundaries-boomer-grandparents-advice-2023-12" target="_blank" rel="noopener">I wanted my boomer parents and in-laws to respect my parenting choices, so I set boundaries with them. Other millennials should do the same thing.</a></li><li><a href="https://www.businessinsider.com/things-former-employee-would-never-do-at-a-hotel-2023-12" target="_blank" rel="noopener">8 things you should never do in a hotel, according to someone who worked at a popular chain</a></li><li><a href="https://www.businessinsider.com/tipping-slowdown-americans-pull-back-on-paying-2023-12s" target="_blank" rel="noopener">Tipping is continuing to decline as Americans push back against an increase in requests</a></li><li><a href="https://www.businessinsider.com/chris-small-amazon-labor-union-president-not-seeking-reelection-2023-12" target="_blank" rel="noopener">Chris Smalls, Amazon Labor Union president and founder, tells Business Insider he will not run for reelection</a></li><li><a href="https://www.businessinsider.com/us-consumers-best-financial-shape-ever-174-trillion-assets-debt-2023-12" target="_blank" rel="noopener">CHART OF THE DAY: $174 trillion in assets shows that US consumers are in the best financial shape ever</a></li></ul><h2>What's happening today</h2><ul><li>And the Daytime Emmy goes to… The 50th edition of the awards includes 19 nominations for "General Hospital," the longest-running American soap opera in production. </li><li>Happy birthday, Don Johnson! The former "Miami Vice" star turns 74 today.</li><li>Happy Bill of Rights Day! It's the anniversary of the first 10 amendments of the US Constitution becoming effective in 1791.</li></ul><h3>News Quiz</h3><h2>How well do you know the news?</h2>Test your knowledge of the week's top stories with Business Insider's news quiz.<ul><li>From Monday: This OpenAI executive's future at the company is up in the air after playing a key role in Sam Altman's ouster.</li><li>From Tuesday: Which Major League Baseball star recently signed a massive contract that impacted his native country's stock market?</li><li>From Wednesday: How much is former Microsoft CEO Steve Ballmer set to earn in dividends annually from his stake in the tech giant? </li><li>From Thursday: Which Wall Street billionaire paid for the air rights above St. Patrick's Cathedral in New York City?</li><li>From Friday: The former CEO of this giant oil company lost $40 million over relationships with colleagues.</li></ul>Check Saturday's edition of Insider Today for the answers.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

One of the biggest things young workers are split over is their support of capitalism and socialism

Good morning! This is <a href="https://twitter.com/Jeffrey_Cane">Jeffrey Cane</a> filling in today. Third-quarter results from the big Wall Street banks are now behind us, and they were … pretty good, all things considered? Goldman Sachs reported yesterday, and while it may not be the biggest nor the best bank (OK, No. 1 in M&amp;A advising and equity offerings), it gets the most attention because of its history and cachet. We'll turn to Goldman in a moment, but we also have companies that could become <a href="https://www.businessinsider.com/cloud-software-firms-takeover-targets-acquisitions-rbc-analysts-2022-10">acquisition targets</a>, hedge fund billionaires <a href="https://www.businessinsider.com/seth-klarman-interview-principles-how-to-invest-book-2022-10">saying</a> all kinds of <a href="https://nypost.com/2022/10/18/bill-ackman-echoes-elon-musk-call-for-ukraine-to-give-crimea-to-russia/?utm">things</a>, and <a href="https://www.businessinsider.com/james-corden-balthazar-new-york-restaurant-ban-staff-abuse-2022-10">a problematic egg-yolk omelet</a>.Shall we?If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-3q-earnings-beat-strong-trading-revenue-reorganization-confirmed-2022-10"></a>1. Goldman's consumer retreat. Goldman's earnings and revenue for the third quarter were down from a year ago, <a href="https://markets.businessinsider.com/news/stocks/goldman-sachs-3q-earnings-beat-strong-trading-revenue-reorganization-confirmed-2022-10">but were higher than estimates</a> as the firm's trading desks helped save the quarter for the firm. Net revenue from trading <a href="https://www.sec.gov/Archives/edgar/data/886982/000119312522264131/d377385dex991.htm">rose 11% in the quarter,</a> to $6.2 billion. Net revenue in fixed income, currency, and commodities (FICC) rose 41%, to $3.5 billion, helped by repo agreements and mortgage lending.Trading and dealmaking made the reputation of the 153-year-old Wall Street firm, but the spotlight lately has been on its struggling consumer banking unit, Marcus. Under the announced reorganization, Marcus will go into a combined division of wealth and asset management as the firm shrinks from four units to three. Goldman will now focus on existing Marcus customers "rather than seeking to acquire customers on a mass scale," CEO David Solomon said on the earnings conference call, according to a Sentieo transcript.The consumer business "doesn't make money at the moment," Solomon acknowledged, but he added: "The deposits are hugely valuable. And we do believe as the platform scales and you stop the pace of growth that we've had … that what we're doing will deliver accretive returns to the firm."To understand what has been happening inside Marcus, read Insider's Dakin Campbell's deep dives on <a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">what has gone wrong with the consumer banking unit</a>, along with why the bank has been <a href="https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8">contemplating a pivot in strategy</a> for months.In other news:<a href="https://www.businessinsider.com/cloud-software-firms-takeover-targets-acquisitions-rbc-analysts-2022-10"></a><div type="image" title="eric yuan zoom" height="3600" width="4800" msid="94965905" hostid="261" sizebytes="3303864"></div>2. As valuations drop, software companies face becoming takeover targets. RBC Capital Markets analysts identified 16 companies – including Zoom Video Communications – that could <a href="https://www.businessinsider.com/cloud-software-firms-takeover-targets-acquisitions-rbc-analysts-2022-10">attract the interest of a tech giant or a private-equity firm</a>.3. Twitter has locked up employees' equity awards accounts as the Oct. 28 deadline for the company to close a buyout deal with Elon Musk draws near, <a href="https://www.bloomberg.com/news/articles/2022-10-18/twitter-locks-employee-stock-accounts-in-anticipation-of-deal">Bloomberg reports</a>.4. Bill Ackman: Hedge fund manager. Billionaire. Foreign diplomat? Echoing Elon Musk, Ackman tweeted over the weekend that a return to the pre-invasion status between Ukraine and Russia, ceding Crimea to Russia, could be part of a peace deal, <a href="https://nypost.com/2022/10/18/bill-ackman-echoes-elon-musk-call-for-ukraine-to-give-crimea-to-russia/?utm">the New York Post reports.</a> 5. Another hedge fund billionaire, Seth Klarman, talks about the discipline needed for value investing. <a href="https://www.businessinsider.com/seth-klarman-interview-principles-how-to-invest-book-2022-10">Insider has an excerpt </a>of a conversation with the Baupost Group leader from David Rubenstein's book, "<a href="https://affiliate.insider.com?u=https%3A%2F%2Faffiliate.insider.com%2F%3Fu%3Dhttps%253A%252F%252Fwww.amazon.com%252FHow-Invest-David-M-Rubenstein%252Fdp%252F1797145193%252Fref%253Dasc_df_1797145193%252F%253Ftag%253Dhyprod-20%2526linkCode%253Ddf0%2526hvadid%253D598359157175%2526hvpos%253D%2526hvnetw%253Dg%2526hvrand%253D12862870957382857301%2526hvpone%253D%2526hvptwo%253D%2526hvqmt%253D%2526hvdev%253Dc%2526hvdvcmdl%253D%2526hvlocint%253D%2526hvlocphy%253D9004338%2526hvtargid%253Dpla-1652091234136%2526psc%253D1%26amazonTrackingID%3Dnull%26site%3Dbi%26vikingID%3D634827e7386467199609dd59%26platform%3Dbrowser%26sc%3Dfalse%26disabled%3Dfalse%26sessionID%3D16661025733282u5lkfv6%26tag%3Dbisafetynet2-20">How to Invest: Masters on the Craft.</a>"6. D.C. day trading: A Wall Street Journal review of financial disclosures by 12,000 federal employees from 2016 through 2021 <a href="https://www.wsj.com/articles/wall-street-traders-or-washington-officials-sometimes-its-hard-to-tell-11666103385?">found </a>that about seven dozen of them had each made more than 500 trades during that period.7. From Wall Street darlings to prey. Some 76% of more than 400 US companies that went public between 2019 and 2021 (raising at least $100 million) are trading below their IPO price, according to<a href="https://www.ft.com/content/3f3642f4-598d-4f9a-92a7-4980891c766e"> a Financial Times analysis of Dealogic data</a>. The selloff has made many of these companies potential targets for cash-rich private-equity firms. 8. State Street's $3.5 billion deal for the investor services business of Brown Brothers Harriman – <a href="https://www.businesswire.com/news/home/20210907005344/en/State-Street-to-Acquire-Brown-Brothers-Harriman-Investor-Services">announced</a> in September 2021 – is struggling to win regulatory approval. According to a <a href="https://sentieo.com/">Sentieo</a> transcript, State Street CEO Ronald O'Hanley said on Tuesday's earnings conference call: "We believe there's still the possibility that … we can structure this transaction in a way that it will work both for shareholders … But as we've said in the disclosure, the likelihood of that happening is going down." 9. Working from home? Maybe not so much working. A post on the <a href="https://libertystreeteconomics.newyorkfed.org/2022/10/what-have-workers-done-with-the-time-freed-up-by-commuting-less/">Federal Reserve Bank of New York's blog</a>, using survey data, finds that while WFH Americans "may have increased time working in the precise time-slot they used to commute, overall paid-work hours fell" as they spent more time on leisure activities and sleeping.10. Talk about a U-turn. And it didn't happen <a href="https://markets.businessinsider.com/news/currencies/uk-delay-income-tax-cut-pound-finance-minister-jeremy-hunt-2022-10">in the UK</a>. On Instagram, New York restaurateur Keith McNally initially accused comedian and late-night TV host James Corden of being abusive to a manager and server at Balthazar in Manhattan's SoHo. Corden would be banned from his establishment, McNally said. But not long afterward McNally wrote that <a href="https://www.businessinsider.com/james-corden-balthazar-new-york-restaurant-ban-staff-abuse-2022-10">he had reversed his decision, saying that Corden had "apologized profusely."</a> Provoking one of Corden's flare-ups had apparently been an egg-yolk omelet. Vulture has <a href="https://www.vulture.com/2022/10/james-corden-egg-yolk-omelet-balthazar-unbanned.html">a deep dive</a> into this angle of the story.Keep updated with the latest business news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Edited by Dan DeFrancesco (tweet <a href="https://twitter.com/dandefrancesco">@dandefrancesco</a>) and Lisa Ryan (tweet <a href="https://twitter.com/lisarya">@lisarya</a>) in New York.

Goldman Sachs' humbling U-turn on its consumer banking ambitions

<ul class="summary-list"><li>The market cap of <keyword id="6355174" type="UNKNOWN" weightage="60" keywordseo="ford" source="Orion">Ford</keyword> Motors soared to $100 billion for the first time ever on Thursday.</li><li>This milestone makes Ford more valuable than two of its rivals, General Motors and <keyword id="7067009" type="UNKNOWN" weightage="60" keywordseo="rivian" source="Orion">Rivian</keyword>.</li><li>Ford's electric vehicle ambitions have also helped push its stock to a 20-year high.</li></ul>The market capitalization of <a href="https://markets.businessinsider.com/searchresults?_search=f">Ford Motors</a> soared to $100 billion for the first time ever on Thursday as the automaker's electric vehicle ambitions pushed its stock to a 20-year high.Ford's stock spiked by as much as 4.6% to $25.59, propelling its valuation to about $102 billion as of 11:10 a.m. ET Thursday. Shares were last seen hovering around $25.39 as of 12:50 p.m. ET in New York. The milestone makes the 118-year-old company more valuable than rivals <a href="https://markets.businessinsider.com/searchresults?_search=gm" title="Company Overview">General Motors</a> (roughly $90 million) and <a href="https://markets.businessinsider.com/searchresults?_search=rivian">Rivian Automotive</a> (around $75 million). However, Ford is still an order of magnitude behind <a href="https://markets.businessinsider.com/searchresults?_search=tsla">Tesla</a>'s $1 trillion market cap. Ford's latest surge comes a week after the automaker said it would <a href="https://media.ford.com/content/fordmedia/fna/us/en/news/2022/01/04/ford-planning-to-nearly-double-all-electric-f-150-lightning-production-150000-units.html" target="_blank" rel="noopener">nearly double</a> its planned production of the F-150 Lightning electric truck, which is due to be released this spring. The <a href="https://markets.businessinsider.com/news/stocks/ford-stock-price-doubles-f-150-lightning-electric-production-target-2022-1">new target</a> is for 150,000 for per year by 2023, up from a prior goal of 80,000 and an initial one of only 40,000, the Dearborn, Michigan-based firm said. The accelerated push comes after Ford received upwards of 200,000 reservations for the electric pickup, which required a $100 deposit.Ford has seen early success with its EV efforts, with the company also boosting the planned production of its Mustang Mach-E to 200,000 vehicles per year by 2023. But hopes are especially high for the electric version of the F-150, which is the best-selling vehicle in the US.Still, some investors are not as bullish when it comes to Ford's historic upturn. Long-time <a href="https://markets.businessinsider.com/stocks/tsla-stock?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Tesla</a> bull Cathie Wood <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ford-general-motors-stock-ark-invest-tesla-ev-2022-1">last week</a> said electric-forward automakers, including <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword>, are a better buy than the traditional automakers.<a href="https://markets.businessinsider.com/news/stocks/ford-electric-f150-lightning-vs-chevy-silverado-ev-range-price-2022-1?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener"></a>"They soared on those electric vehicle announcements, think about that, that's ridiculous," Wood said, referring to Ford and General Motors.

Ford sees its market capitalization soar to $100 billion for the first time as EV ambitions push stock to a 20-year high

<ul><li>Focus on job creation and investment-driven growth should be a primary agenda in this <keyword id="6358021" type="General" weightage="50" keywordseo="budget" source="Orion">budget</keyword>. Infrastructure projects hold the key to the development of any country. </li><li>Tightening of the <keyword id="6357126" type="General" weightage="20" keywordseo="monetary-policy" source="Orion">monetary policy</keyword> and consecutive rate hikes by the RBI as inflation crept impacted the purchasing power capacity of a large section of the populace, especially in the rural sector. </li><li>In this economic climate, where credit availability is facing global headwinds, the government can offer support via credit stimulus to small and medium enterprises.</li></ul>The Union Budget is one of the most anticipated events, closely watched by market participants. By offering a blueprint for the economic roadmap of the union government, the budget often serves as a catalyst that stimulates overall economic and market growth. As the world battles economic headwinds and recessionary trends, all eyes are on the FM and what she will present on February 1. Being the last full-year budget before the Union Elections in 2024, we expect the government to deliver a growth-oriented budget, offering a roadmap to generate gainful employment opportunities without burning a hole in fiscal health. From a market perspective, any announcement or policy draft to bring the oil and gas sector under GST would be positive. The market will also react favorably to any plan to reduce pending receivables of infrastructure companies from government undertakings via a quick dispute resolution process. Moreover, new measures to prod state governments to improve the financial health of electricity companies will also be received well by the market. The markets, however, would be wary of a full-fledged populist budget or a significant increase in subsidies that impact the fiscal consolidation roadmap. These measures can result in a market correction. A substantial rise in borrowings that can increase long-term bond yields could make markets jittery. We believe that in this budget, the government will remain committed to maintaining macroeconomic stability by adopting a fiscal consolidation path. The government is dealing with slowing global growth and macroeconomic uncertainties threatening domestic growth. Against this backdrop, achieving the right balance between growth and inflation, with a focus on capacity building, is crucial. <cmsannotation type="cmsannotation" annotationid="A push to job creation and infra growth" comment="subhead2" text="A push to job creation and infra growth">A push to job creation and infra growth</cmsannotation> Focus on job creation and investment-driven growth should be a primary agenda in this budget. Infrastructure projects hold the key to the development of any country. An emphasis on infrastructure spending and increasing budgetary allocation to infra projects in the upcoming fiscal will be helpful in the push for growth. Steps towards infrastructure development will augment our job creation capabilities as well. Additional focus on building and improving public infrastructure such as water, metro, railways, defence, digital infrastructure, and green initiatives is the need of the hour. It will showcase our true potential as an investment destination, ensure easy and fast movement of goods and services, and help in employment generation. We hope that the upcoming budget takes steps to provide a fresh impetus to private capital expenditure that has been sluggish in the past few years. It will boost investment activities leading to more production and employment. The PLI scheme that offers production-linked incentives to multiple sectors and industries to manufacture domestically has been a huge success. We hope the government takes steps to include more industries and sectors under the PLI ambit. This move will boost manufacturing in India and help drive growth and employment opportunities. <cmsannotation type="cmsannotation" annotationid="Higher rural spending to beat inflation pressures" comment="subhead2" text="Higher rural spending to beat inflation pressures">Higher rural spending to beat inflation pressures</cmsannotation> Inflation has been relatively high in the last fiscal, driven by global cues. A tightening of the monetary policy and consecutive rate hikes by the RBI as inflation crept has impacted the purchasing power capacity of a large section of the populace, especially in the rural sector. We hope the government offers relief measures for those at the bottom of the pyramid. As the rural economy recovers slowly from the pandemic, more policy measures aimed at offering affordable housing options and expanding the scope of employment guarantee schemes will be helpful. Employment and housing are two core areas where government policy in the budget could bring about lasting change. The Economic advisory council to the Prime Minister has spoken about universal basic income and higher fund allocation for the social sector to reduce inequality. More steps in this direction will help augment rural growth and put the country on the path to prosperity and growth. The government can also offer relief by expanding the current income tax benefits for housing to support growth and affordability in rural areas. <cmsannotation type="cmsannotation" annotationid="Small and Medium enterprises" comment="subhead2" text="Small and Medium enterprises">Small and Medium enterprises</cmsannotation> The Indian economy has come out of the pandemic-induced slump and is a shining light, even as global economic growth stalls. In this economic climate, where credit availability is facing global headwinds, the government can offer support via credit stimulus to small and medium enterprises. The banking system is on the cusp of a good recovery with robust balance sheets, improving asset quality trends, and lower provisioning. A stimulus will help credit growth pick up steam. We hope the budget sets a roadmap to build and bolster the entrepreneurship culture in India with new policies and a push for fresh investments in agriculture and allied activities that can be a focus area. The budget should also focus on developing rural industries and improving the reach of healthcare facilities in rural areas. In a nutshell, the budget must focus on driving and sustaining growth via capacity creation. The government must take steps to build on its capital expenditure by fostering private capital expenditure. Making the atmosphere more conducive for capital market investments will help fulfil the dream of making the 20s truly The Indian Decade. (B Gopkumar is MD &amp; CEO, Axis Securities)

Conducive capital markets will help fulfil the dream of making this India’s Decade

Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>Nasdaq and Intel announced a partnership that could prove key in wider adoption of the <a href="https://www.businessinsider.com/nasdaq-intel-announce-homomorphic-encryption-tech-data-ai-cloud-partnership-2021-4">public cloud on Wall Street</a>.</li><li>The IRS is targeting crypto traders it believes are avoiding <a href="https://www.businessinsider.com/the-irs-wants-names-of-kraken-circle-crypto-traders-coinbase-2021-4">paying taxes on their gains.</a></li><li><a href="https://www.businessinsider.com/stripe-sujatha-srinivasan-goldman-sachs-risk-management-payments-fintech-2021-4">Red-hot fintech Stripe</a> just nabbed a 20-year Goldman Sachs vet. </li></ul><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/nasdaq-intel-announce-homomorphic-encryption-tech-data-ai-cloud-partnership-2021-4">Nasdaq and Intel are teaming up on a new type of encryption that could prove key in speeding up adoption of AI and cloud tech on Wall Street</a></h3><h2><a href="https://www.businessinsider.com/nasdaq-intel-announce-homomorphic-encryption-tech-data-ai-cloud-partnership-2021-4"><div type="image" title="Nasdaq" height="2651" width="3535" msid="81949817" hostid="261"></div></a></h2>The new partnership could provide a solution to concerns surrounding the safety and anonymity of customer data when used by AI. The use of homomorphic encryption, or HE, could also open up the possibility of more financial firms being comfortable using the public cloud. <a href="https://www.businessinsider.com/nasdaq-intel-announce-homomorphic-encryption-tech-data-ai-cloud-partnership-2021-4">Here's how.</a><h3><a href="https://www.businessinsider.com/the-irs-wants-names-of-kraken-circle-crypto-traders-coinbase-2021-4">The IRS is targeting Kraken and Circle users it thinks are avoiding taxes on crypto trades</a></h3><h2><a href="https://www.businessinsider.com/the-irs-wants-names-of-kraken-circle-crypto-traders-coinbase-2021-4"><div type="image" title="2021 03 16T183847Z_1_LYNXMPEH2F1IA_RTROPTP_4_CRYPTO CURRENCY BITCOIN.JPG" height="2565" width="3432" msid="81949821" hostid="261"></div></a></h2>The feds are looking for people who have traded over $20,000 per year - and they think some Kraken and Circle users have been hiding crypto assets. <a href="https://www.businessinsider.com/the-irs-wants-names-of-kraken-circle-crypto-traders-coinbase-2021-4">Here's what else you need to know.</a><h3><a href="https://www.businessinsider.com/stripe-sujatha-srinivasan-goldman-sachs-risk-management-payments-fintech-2021-4">A 20-year veteran of Goldman Sachs just joined Stripe to serve as a top risk manager for the $95 billion fintech</a></h3><a href="https://www.businessinsider.com/stripe-sujatha-srinivasan-goldman-sachs-risk-management-payments-fintech-2021-4"><div type="image" title="stripe app company" height="682" width="910" msid="81949822" hostid="261"></div></a>Sujatha Srinivasan, a 20-year Goldman Sachs vet and managing director, is joining Stripe to serve as the $95 billion fintech's enterprise risk management lead. <a href="https://www.businessinsider.com/stripe-sujatha-srinivasan-goldman-sachs-risk-management-payments-fintech-2021-4">Read more about the hire here</a>. <h2>Odd lots:</h2><a href="https://www.businessinsider.com/female-founders-bias-diversity-legal-tech-lawyers-women-vc-funding-2021-4">These founders left the legal industry to launch their tech startups. They found Silicon Valley even more sexist than Big Law. (Insider)</a><a href="https://www.bloomberg.com/news/articles/2021-04-06/goldman-s-former-head-of-digital-asset-markets-joins-startup?sref=5xrDvJna">Goldman's Former Head of Digital Asset Markets Joins Startup (Bloomberg)</a><a href="https://www.bloomberg.com/news/articles/2021-04-06/credit-suisse-may-let-fund-clients-take-hit-on-greensill-losses?sref=5xrDvJna">Credit Suisse May Let Fund Clients Take Hit on Greensill Losses (Bloomberg)</a><a href="https://www.bloomberg.com/news/articles/2021-04-05/blackrock-breaks-ranks-with-wall-street-in-performing-race-audit?sref=5xrDvJna">BlackRock Breaks Wall Street Ranks With Planned Racial Audit (Bloomberg)</a><a href="https://www.bizjournals.com/cincinnati/news/2021/04/05/cincinnati-investment-firm-becomes-first-ohio-base.html">Cincinnati investment firm becomes first Ohio-based group to join Rockefeller Capital (Cincinnati Business Courier)</a><a href="https://news.bloomberglaw.com/bankruptcy-law/moelis-sues-ferrellgas-over-20-million-advisory-fee-refusal">Moelis Sues Ferrellgas Over $20 Million Advisory Fee Refusal (Bloomberg Law)</a><a href="https://www.businessinsider.com/klarna-niklas-adalberth-philanthropy-impact-investing-billionaire">This Swedish fintech founder could have been a billionaire right now. Instead, he spent nearly all his equity on philanthropy and impact investing. (Insider)</a><a href="https://www.theinformation.com/articles/inside-tiger-globals-deal-machine?utm_source=ti_app">Inside Tiger Global's Deal Machine (The Information)</a>

Wall Street's cloud ambitions brighten

New Delhi, Dec 13 () Brokerage house Ambit Capital has settled with regulator Sebi a case of alleged insider trading in Manappuram Finance shares by paying Rs 6 crore towards settlement charges.
 Sebi agreed to settle proposed adjudication proceedings in the case, pertaining to alleged violation of insider trading norms, after it was approached by Ambit Capital with a plea under the settlement regulations "without admitting or denying the findings of fact and conclusion of law".
 In a settlement order, Sebi said it has disposed of the adjudication proceedings initiated against the applicant -- Ambit Capital.
 It was alleged that Ambit Capital, which is a market intermediary, was in possession of unpublished price sensitive information (UPSI) about Manappuram Finance's quarterly results and the same was circulated to its clients indirectly by way of a negative research report.
 Sebi conducted an investigation into the trading in the scrip of Manappuram Finance, wherein it was observed in 2012-13 there was negative earnings per share (EPS) during the quarter ended March 2013 wherein the company made a net loss of Rs 141.43 crore.
 Further, during the same financial year, there had been a substantial decline in EPS of the company as compared to 2011-12 (from Rs 7.06 to Rs 2.48, a decline of 64.73 per cent). Therefore, the information of negative profit for the fourth quarter of 2012-13 is deemed to be price sensitive information in terms of Sebi's insider trading norms, the regulator noted.
 On March 18, 2013, Manappuram Finance held discussions with Ambit Capital on the quarterly financial results.
 After that meeting, Ambit Capital changed its rating of the Kerala-based firm's stock from "Buy" to "Under Review" and published a research report which was distributed to its clients (broking as well as research) on March 19, 2013 before the market opening hours, Sebi said.
 Pursuant to the applications filed by Ambit Capital to settle the case, Sebi's High Powered Advisory Committee recommended the case for settlement on the payment of over Rs 5.99 crore. This was also approved by the regulator's panel of whole-time members, following which it remitted the amount.
 Accordingly, the regulator has disposed of the adjudication proceedings initiated against the brokerage firm.
 It further said that enforcement actions, including restoring or initiating the proceedings, could be initiated if any representation made by the brokerage firm is found to be untrue. SP ABM
ABM

Ambit Capital pays Rs 6 cr to settle insider trading case with Sebi

Goldman Sachs' consumer-banking unit Marcus has halted hiring plans — at least for back-end roles like engineering, design, and product gigs — and has no plans to use recruiters through the end of this year, a person familiar with Marcus' hiring ambitions told me.Goldman Sachs executives are concerned that too much money is being spent on Marcus. David Solomon, the bank's chief executive, now faces the difficult decision over what is next for the consumer-banking unit.Insider's Dakin Campbell, who has written extensively <a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">about Marcus</a>, has <a href="https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8">the latest</a> on Solomon's effort to bring Goldman Sachs to Main Street.This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8"></a>1. Goldman Sachs is thinking what was once unthinkable. The bank may pivot its ambitions for Marcus — the consumer-banking unit named after founder Marcus Goldman — in a bid to stem burgeoning costs.A pivot, in any way, shape, or form, for Marcus is a hammer blow to Chief Executive David Solomon, who has championed the roll-out of the consumer bank.John Waldron, Goldman Sachs' president and Solomon's longtime lieutenant, reckons the bank needs to rethink its approach to Marcus, and more importantly, how it spends the money being invested in the initiative.A shift in the consumer business carries risk for Solomon, who has made Marcus one of the key pillars in his strategy to lead Goldman Sachs into the future.Marcus is housed under Goldman Sachs' consumer and wealth-management arm, which is run by Stephanie Cohen and Tucker York.Solomon tapped Cohen to craft the digital bank. But she has been on leave for several months. While Cohen has been in regular contact with Solomon, Waldron, and divisional cohead Tucker York, a number of Goldman insiders have wondered where she is at such a critical juncture for Marcus.Read the <a href="https://www.businessinsider.com/goldman-sachs-pivot-marcus-consumer-banking-ambitions-2022-8">full story here</a>.In other news:<a href="https://www.businessinsider.com/private-equity-is-already-hiring-junior-bankers-for-2024-associate-roles-2022-8"></a><div type="image" title="Wall Street street sign" height="3456" width="4608" msid="93905913" hostid="261" sizebytes="772776"></div>2. Private-equity firms from KKR to Thoma Bravo are already recruiting investment bankers for their 2024 associate jobs. The frenzied process has junior bankers interviewing till 2 a.m. and getting their <a href="https://www.businessinsider.com/private-equity-is-already-hiring-junior-bankers-for-2024-associate-roles-2022-8">offers before Labor Day</a>.3. Big Law has a mental health problem, but more lawyers are opening up. Working at a big firm can put emotional health at risk. Attorneys talked about their struggles with depression and about feeling <a href="https://www.businessinsider.com/lawyers-mental-health-work-stress-2022-8">pushed to the brink</a>.4. Special purpose acquisition companies, or SPACs, raised billions of dollars in the last two years. But many of these blank-check vehicles have tackled regulatory slowdowns and weakened public-market conditions in 2022. Insider looked at 10 companies, including <a href="https://www.businessinsider.com/lawsuits-better-vishal-garg-could-threaten-startup-spac-deal-2022-5">mortgage startup Better</a> and bitcoin miner GRIID, that have struggled to close <a href="https://www.businessinsider.com/spac-deals-mergers-with-startups-close-2022-8#mortgage-startup-betters-deal-with-aurora-acquisition-corp-1">merger agreements with SPACs</a>.5. A former marketing director at Angelo Gordon's Twin Brook unit agreed to drop claims of rape and battery against a former executive at the firm. The suit was filed in 2019 with claims of rape, and accused Twin Brook of negligence and breach of contract. Angelo Gordon <a href="https://www.businessinsider.com/accuser-suing-angelo-gordon-unit-former-exec-agrees-to-drop-suit-2022-8">disputed her claims</a>.6. Twitter said an ally of Elon Musk is trying to "flip Twitter the bird" and dodge legal requests regarding his involvement in the agreed-upon $44 billion deal. Silicon Valley investor David Sacks said Twitter was harassing him, but the social-media platform argued that Sacks could have key details on Musk's decision to back out of the <a href="https://www.businessinsider.com/twitter-slams-elon-musk-ally-in-legal-deal-2022-8">agreement to buy Twitter</a>.7. Morgan Stanley has ordered an internal lawyer to supervise the bank's block-trading desk, the Financial Times reported. The decision to install the lawyer — who will monitor banks on its US equity syndicate desk and answer their legal questions — was made after Morgan Stanley placed Pawan Passi, its head of US equity syndicate desk, <a href="https://www.ft.com/content/540567ec-66b9-4858-bbe8-982e643c16fa?campaign_id=4&amp;emc=edit_dk_20220830&amp;instance_id=70617&amp;nl=dealbook&amp;regi_id=162318335&amp;segment_id=102748&amp;te=1&amp;user_id=0162ea8283becc84919a0c458649e40f">on leave last year</a>.8. Financial services is adopting artificial intelligence to reduce bias and make more equitable loan decisions. But the sector needs to be aware of the pitfalls of the process <a href="https://www.businessinsider.com/how-the-finance-sector-uses-ai-to-make-loan-decisions-2022-8">for it to work</a>.9. Wesley Chan, an early investor in Robinhood, has passed on most fintechs. But he is backing X1, a "smart" credit card. Here is the pitch deck that <a href="https://www.businessinsider.com/an-exclusive-look-at-wesley-chan-fintech-x1s-pitch-deck-2022-8">sold Chan on the deal</a>.10. All the warm and fuzzy economic news of late was just a momentary blip. Jobs and inflation data may be looking up, but the US economy is still in trouble and a <a href="https://www.businessinsider.com/global-recession-jobs-inflation-data-economy-federal-reserve-interest-rates-2022-8">recession is on the horizon</a>.Done deals:<ul><li>White Oak Global Advisors said it has <a href="https://www.businesswire.com/news/home/20220830005195/en/White-Oak-Deploys-over-1-Billion-in-Lending-Activity-In-First-Half-of-2022">deployed more than $1 billion</a> in loans across its lending platforms for the first half of 2022. The non-bank lender provides term loans and asset-backed financings to small and medium-sized enterprises.</li><li>Communications infrastructure company Harmoni Towers — a portfolio company of Palistar Capital — has agreed to acquire Parallel Infrastructure from Apollo Global Management. Parallel designs, builds, owns, and operates telecommunications infrastructure.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Goldman Sachs' Marcus has halted aggressive hiring plans as it mulls a sharp pivot in its consumer-banking ambitions

<ul class="summary-list"><li><keyword id="11898782" type="UNKNOWN" weightage="60" keywordseo="michael-burry" source="Orion">Michael Burry</keyword> suggested Elon Musk's grand ambitions in space could cost the SpaceX CEO everything.</li><li>"<keyword id="11930437" type="UNKNOWN" weightage="60" keywordseo="the-big-short" source="Orion">The Big Short</keyword>" investor questioned whether Musk would succeed in space or crash and burn.</li></ul>Michael Burry suggested Elon Musk's extraterrestrial ambitions might be his downfall, and poked fun at <a href="https://markets.businessinsider.com/stocks/gme-stock#:~:text=The%20low%20in%20the%20last,from%20the%2052%2Dweek%20low.">GameStop</a>'s planned stock split, in a pair of now-deleted tweets on Wednesday.<h2>Pride before the fall</h2>"Spaceman or Icarus?" Burry tweeted on Wednesday, tagging Elon Musk in his post. "Not that there's anything wrong with Icarus," he added, linking to a YouTube video of Iron Maiden performing a song called "Flight of Icarus."Musk is the CEO of SpaceX, a spacecraft manufacturer, and has publicly stated he wants to colonize Mars during his lifetime. The story of Icarus is a cautionary tale from Greek mythology, about a young man who takes flight on wax wings. His hubris spurs him to fly too close to the Sun, causing his wings to melt, and he plummets to his death.Burry's tweet raised the prospect that Musk's arrogance might be his undoing, and the world's richest man could lose everything in his pursuit of interstellar travel. The investor also took a <a href="https://twitter.com/michaeljburry/status/1545076190192447488">veiled jab</a> at Musk on Thursday, after Insider <a href="https://www.businessinsider.com/elon-musk-shivon-zilis-secret-twins-neuralink-tesla">broke the news</a> that Musk <a href="https://www.businessinsider.com/big-short-investor-jab-elon-musk-twins-with-neuralink-executive-2022-7">fathered twins</a> with a subordinate at SpaceX.The <keyword id="11915969" type="UNKNOWN" weightage="60" keywordseo="scion-asset-management" source="Orion">Scion Asset Management</keyword> chief has taken aim at Musk and Tesla before. He has <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-tesla-boom-internet-stocks-housing-bubbles-2021-2-1030086573?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">ridiculed</a> the electric-vehicle company's valuation, and <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-elon-musk-tesla-cathie-wood-ark-2021-8?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">bet against</a> its stock. He also <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-elon-musk-tesla-stock-sales-crypto-2021-11?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">accused</a> Musk of selling Tesla shares last year because he needed cash to pay off his personal debts, and wanted to capitalize on his company's overvaluation."Burry is a broken clock," Musk <a href="https://markets.businessinsider.com/news/stocks/elon-musk-big-short-michael-burry-tesla-stock-short-twitter-2022-4">responded</a> to the latter claim, referring to Burry's <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-elon-musk-tesla-gamestop-crypto-crash-2022-1?utm_medium=ingest&amp;utm_source=markets">frequent warnings</a> about asset bubbles and market crashes.<h2>Playing the market</h2>"GME should have announced a 40:1 split for old time's sake," Burry tweeted after <keyword id="11937112" type="UNKNOWN" weightage="60" keywordseo="gamestop" source="Orion">GameStop</keyword>'s board on Wednesday <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1326380/000132638022000100/gme-20220706.htm">approved</a> a four-for-one stock split, scheduled for later in July.The investor of "The Big Short" fame is likely skeptical about the upcoming split, which promises to lower GameStop's stock price and make it more accessible to retail investors. Burry has <a href="https://markets.businessinsider.com/currencies/news/big-short-michael-burry-warns-meme-stocks-crypto-crash-coming-2021-6-1030534935">warned</a> <keyword id="11915972" type="UNKNOWN" weightage="60" keywordseo="meme-stocks" source="Orion">meme stocks</keyword> will inevitably crash, and GameStop shares are still up about 500% since the start of 2021.Burry's tweet nods to the <keyword id="11918411" type="UNKNOWN" weightage="60" keywordseo="short-squeeze" source="Orion">short squeeze</keyword> on GameStop shares in January 2021, which sent the video-game retailer's stock price up as much as 2,500%, from $19 to $483 at its peak.The investor <a href="https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-scion-gamestop-stock-price-frenzy-2021-2-1030050393">inadvertently helped</a> to spark that episode, and the meme-stock mania that followed, by purchasing a stake in GameStop, and flagging the huge short interest in its shares in letters to the company's bosses.However, Burry balked when GameStop's stock exploded upward; he <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-gamestop-stock-price-rally-insane-dangerous-2021-1-1030006593">labeled</a> the saga "unnatural, insane, and dangerous," and <a href="https://markets.businessinsider.com/news/stocks/michael-burry-compares-gamestop-big-short-suggests-cashing-out-2021-2-1030026956">advised</a> those who scored huge gains on the stock to cash out.The Scion boss <a href="https://markets.businessinsider.com/news/stocks/michael-burry-compares-gamestop-big-short-suggests-cashing-out-2021-2-1030026956">later described</a> the GameStop saga as a "uniquely perfect setup," and likened it to his iconic wager against the mid-2000s housing bubble, which was chronicled in the book and the movie, "The Big Short."<div type="image" title="Burry tweet" height="1320" width="910" msid="92735311" hostid="261" sizebytes="36682"></div><div type="image" title="Burry tweet about GameStop" height="1366" width="1170" msid="92735312" hostid="261" sizebytes="75850"></div>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-top-fund-manager-investing-strategy-recommendations-2022-7">A value fund manager who's beaten 93% of his peers over the last 5 years lays out the 3 pillars of his stock-picking strategy — and shares 3 high-quality companies he's betting on now</a>

'Big Short' investor Michael Burry questions Elon Musk's space ambitions &mdash; and pokes fun at GameStop's stock split

<ul class="summary-list"><li><keyword id="12346506" type="UNKNOWN" weightage="60" keywordseo="harry-jowsey" source="Orion">Harry Jowsey</keyword> is an influencer best known for appearing on <keyword id="11892922" type="UNKNOWN" weightage="60" keywordseo="netflix" source="Orion">Netflix</keyword>'s "Too Hot To Handle."</li><li>He plans to invest in companies behind dating apps, phone charging ports and gaming sites.</li></ul>Harry Jowsey is used to winning, sometimes by flouting the rules.Rising to fame in 2020 on the first season of "Too Hot to Handle", the Netflix game show where physical contact resulted in steep financial penalties, <a href="https://www.insider.com/how-every-netflix-too-hot-to-handle-couple-ended-up-2020-4#francesca-farago-and-harry-jowsey-had-a-few-on-screen-blowups-throughout-the-season-but-they-managed-to-stay-together-after-the-cameras-cut-2">Jowsey made his name burning through the prize money</a>.With more than 9 million fans on social media and a weekly live show on Spotify called Dating Harry Jowsey, he's now branching out into angel investing.Australian-born Jowsey aims to invest in about 10 companies including dating apps and gaming sites. Venture capitalists, though, are divided on how startups should respond to his overtures.Jowsey told Insider he was focused on building his brand and wealth after Too Hot to Handle, urging fellow contestants to make a website to understand who their fans are and how to sell to them.He said: "It's really easy to get a brand deal and to make amazing money – but it's really hard to create a company or something that you're passionate about, and don't mind taking a loss on."A social media extrovert with acting ambitions, Jowsey models himself on Ashton Kutcher, <a href="https://www.businessinsider.com/ashton-kutcher-investing-tips-advice-silicon-valley-career">an actor and prankster-turned serial entrepreneur.</a> He has become a successful venture capitalist through his company Sound Ventures, which has backed companies with hundreds of millions of dollars, <a href="https://www.crunchbase.com/organization/sound-ventures/recent_investments">according to Crunchbase</a>. <h2>'Value-add investor'</h2>But becoming the next Ashton Kutcher is easier said than done, venture capitalists told Insider.Like the actor, Jowsey has been backing companies he knows, funding startups linking tech and social media. They include a TikTok-style dating app called Lolly; VersusGame, a betting game backed by Snapchat; a production company; and a phone charging business called ChargeFuze, run by one of his friends."I'm not going to randomly start investing in a hammer company because I don't use hammers," he said of his tendency to back social media-focused companies, where he feels he can offer insights on their marketing and wider direction.Sanjay Wadhwani, founder and CEO of Podium Ventures, who has advised celebrities including pop star Robbie Williams on their investments, told Insider that Jowsey's strategy was not uncommon among <keyword id="11894122" type="UNKNOWN" weightage="60" keywordseo="influencers" source="Orion">influencers</keyword>."The strategy here seems to be the right one - one where there is the opportunity to be a value-add investor and help grow the business beyond a small capital injection," he said. "In each of the cases the rounds have also been participated in by leading names or VCs, which also de-risks the opportunity."Despite the upheaval in the tech sector, with startups including the <a href="https://www.businessinsider.com/scooter-startup-bird-laying-off-23-percent-staff-2022-6">Kutcher-backed Bird</a> laying off large swathes of their workforce, Jowsy has not been put off. "One of my friends said when there's blood in the street it's a good time to buy. There's opportunity wherever you look," he said.<h2>'Idiot money'</h2>This rise of "influencer investing," where schemes are fronted by a celebrity but operated by a team of professionals, can be a minefield.In a withering assessment Iliya Ribchin, a partner at Elixirr Consulting, a management consultancy, said the value an influencer brings to a startup is minimal, and can even damage its reputation. "Frankly, when evaluating a startup it's not as important to look at the startup's <keyword id="11893017" type="UNKNOWN" weightage="100" keywordseo="technology" source="Orion">technology</keyword> or business plan to predict success but whether this startup was foolish enough to take an investment from an influencer," Ribchin said, adding he "seriously questions" the business acumen of any founder that accepts an influencer's investment."I would say that when it comes to influencer investors, you can call it 'idiot money' because these vapid youngsters provide absolutely no value to a startup beyond hard abs, great hair, and a pretty smile," Ribchin said.But Mark Peter Davis, founder of VC firm Interplay, said influencers can add value to their investments if they are surrounded by a good team.Jowsey didn't respond to Ribchin's comments and the startups mentioned in this article didn't respond to a request for comment.

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