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<ul class="summary-list"><li>Idris Elba has shared more on his plans to help build the entertainment industry in Africa.</li><li>The Golden Globe winner has said he planned to build film studios in Ghana and Tanzania.</li></ul><a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/idris-elba-in-therapy-workaholic-2023-10">Idris Elba</a> has set his sights on relocating to Africa, he said in an interview published this week.Speaking to the <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/c98yz7pxrlko">BBC</a> in Accra, Ghana, the 52-year-old actor, known for his roles in hit shows such as "The Wire" and "Luther," said he was committed to promoting the continent's blossoming film industry."I think [I'll move] in the next five, 10 years," he said. "I'm here to bolster the film industry — that is a 10-year process. I won't be able to do that from overseas. I need to be in-country, on the continent.""I would certainly consider settling down here; not even consider, it's going to happen," he continued, adding: "I'm going to live in Accra, I'm going to live in Freetown, I'm going to live in Zanzibar. I'm going to try and go where they're telling stories."Elba, who was born in London to a Sierra Leonean father and a Ghanaian mother, previously announced plans to build a film studio in Tanzania — and he has been granted land on the Tanzanian archipelago of Zanzibar to do so, the <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/c8808gyxr8jo">BBC</a> reported in August.He also reportedly spoke last year about plans to build another studio in Ghana."Currently, we call it West African Studios, but that's a working title. We've been working on this for three or four years to raise a plan that puts a facility at the center of African filmmaking," he said.Africa's film industry is growing rapidly, and certain major streaming successes, such as <a target="_blank" class="" href="https://www.hollywoodreporter.com/movies/movie-features/the-black-book-nigerian-hit-movie-topped-netflix-2023-1235766628/">Netflix's Nigerian crime thriller "The Black Book,"</a> offer increasing optimism for the sector.With the digital revolution enabling creators to directly distribute work and increasing access to more affordable filming equipment, more and more people across Africa are becoming interested in the industry, with new generations of filmmakers "now able to live from the online revenue generated by their work," according to a 2021 UNESCO <a target="_blank" class="" href="https://unesdoc.unesco.org/ark:/48223/pf0000379165.locale=en">report</a>.And that interest seems to be filtering through to audiences. A Digital TV Research report from 2023 said that Africa was expected to reach 18 million Subscription Video on Demand (SVoD) subscriptions by 2029, up from 8 million at the end of last year.The sector could also be key for creating jobs and boosting local economies, according to the UNESCO <a target="_blank" class="" href="https://news.un.org/en/story/2021/10/1102232">report</a>.The report said that Africa's film and audiovisual industries had the potential to create more than 20 million jobs and add $20 billion to the continent's combined GDP.But the industry has also been hampered by issues such as piracy, limits on freedom of expression, and a lack of theaters. In 2021, there was one cinema screen per 787,402 people in Africa, according to the UNESCO report."The film and audiovisual sector in Africa remains historically and structurally underfunded, underdeveloped and undervalued," the report said.Elba, however, believes that's about to change for the entire entertainment industry in Africa."It will grow, and it can grow," he told <a target="_blank" class="" href="https://edition.cnn.com/2024/10/20/economy/idris-elba-entertainment-industry-africa/index.html">CNN</a> earlier this month.

Africa's film industry is ripe to boom. Idris Elba wants to be there for it.

<ul class="summary-list"><li>The crypto industry has injected $119 million into this year's elections, Public Citizen reported.</li><li>Coinbase and Ripple lead contributions to super PACs supporting pro-crypto candidates.</li></ul>The crypto industry is making its mark on this year's elections to the tune of some $119 million.Crypto companies are one of the biggest political spenders on federal elections by a long shot, accounting for almost half the corporate money contributed to this year's races, <a target="_blank" href="https://www.citizen.org/article/big-crypto-big-spending-2024/">according to data from consumer rights advocacy nonprofit Public Citizen</a>.The funding has largely come from two companies — Coinbase and Ripple — which are funneling money into super PACs like Fairshake PAC, which is dedicated to "elevating pro-crypto candidates and attacking crypto skeptics," according to Public Citizen. Corporations don't have limits on the amount of money they invest in political candidates after the Supreme Court's 2010 ruling on Citizens United vs. the Federal Election Commission. However, they must contribute those funds to groups not directly involved with a candidate's official campaign.The crypto industry has especially ramped up spending for the 2024 election, following contributions it made to the 2020 election back when <a target="_blank" href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">Sam Bankman Fried was still its poster child</a>.Now, the stakes are higher. "The industry believes this election is existential," Veronica McGregor, chief legal officer at crypto wallet company Exodus, <a target="_blank" href="https://www.wired.com/story/crypto-political-donations-super-pacs-campaigns/">told Wired</a>. "No matter who gets into office, changes need to happen for our industry to thrive like it should."The money flowing into the presidential election has urged this year's candidates to see crypto as an issue that will turn voters in their favor. It may also be a turning point for an industry that has been criticized for evading laws, and been the subject of federal investigations.At the 2024 <a target="_blank" href="https://businessinsider.mx/trump-bitcoin-stance-2024-7/?r=US&amp;IR=T">bitcoin conference in Nashville in February</a>, Trump — who called bitcoin "highly volatile and based on thin air" in 2019 — said he'd lay out a plan "to ensure that the United States will be the crypto capital of the planet and the bitcoin superpower of the world." Trump has already won the backing of several crypto enthusiasts, including his running mate JD Vance, who <a target="_blank" href="https://www.businessinsider.com/read-jd-vance-financial-disclosure-net-worth-bitcoin-fec-report-2024-8">owns at least $250,000 in bitcoin</a>.Harris, meanwhile, has been more cautious in her support of the industry. "She's going to support policies that ensure that emerging technologies and that sort of industry can continue to grow," one of her <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-21/harris-supports-policies-to-expand-crypto-industry-aide-says">campaign advisers told Bloomberg</a>.Behind the scenes, a new group called Crypto4Harris, spearheaded by PayPal's former head of blockchain strategy, Johnathan Padilla, is working on "developing a nuanced crypto-policy approach for the Harris For President campaign," according to its X page. Padilla hopes the group can bridge the Democratic Party and the crypto industry, which seems to be rallying around Trump. "People are angry. People are concerned," Padilla told Wired. "But I think if you have the reset we are talking about with the Harris campaign, you're in a really good spot to have temperatures simmer down."

Big Crypto is now spending more on US elections than any other industry

<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords">Reliance Industries</keyword>' 2024 annual report revealed that <keyword id="20671686" type="General" weightage="100" keywordseo="JioBharat" source="keywords">JioBharat</keyword>, an affordable keypad smartphone, has achieved an impressive 50 per cent <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword> in the <keyword id="3342432" type="General" weightage="20" keywordseo="sub-rs-1" source="Orion">sub-Rs 1</keyword>,000 segment. Launched with the mission to empower every Indian with digital services, JioBharat has marked a significant step towards digital freedom for the 250 million feature phone users in India, bridging the digital divide like never before. Since its launch a year ago, JioBharat has been transforming lives by offering features and digital capabilities such as UPI, JioCinema, and JioTV, enabling various segments of society to achieve more. This affordable device not only empowers users with smartphone capabilities but also provides high-quality and affordable data, making it accessible to the common people. Despite the recent industry-wide tariff increases, <keyword id="2003276" type="General" weightage="20" keywordseo="Jio" source="Orion">Jio</keyword> has maintained consistent pricing for JioBharat, allowing users to enjoy full digital capabilities at just Rs 123 per month. In contrast, the most affordable plans from other operators start at Rs 199 per month and enables access to limited functionality, restricted to voice and SMS services, as their feature phones do not support data or LTE usage. In his letter to shareholders, <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, Chairman of Reliance Industries Ltd, stated, "The launch of the JioBharat phone is another revolutionary step towards bridging the country's digital divide. A smartphone at the price of a feature phone, the JioBharat phone will go a long way in realizing a 2G-mukt Bharat." In 2016, when Jio was launched, it left no stone unturned to democratise internet access and pass the benefits of technology to every Indian. With affordable high-speed data and a ubiquitous network, technology was no longer a privilege for a select few. The subsequent launch of affordable devices like <keyword id="22711694" type="General" weightage="20" keywordseo="jiophone" source="keywords">JioPhone</keyword> and the availability of affordable wired broadband (<keyword id="20282548" type="General" weightage="20" keywordseo="jiofiber" source="keywords">JioFiber</keyword>) has truly democratised data connectivity. "With the launch of Jio 4G in 2016, we set out on a journey to make digital inclusion in India a reality. Jio turned a Data Dark India into a Data Rich nation, supplying every Indian home with affordable, high-speed 4G data. And this year, Jio has further enhanced the country's digital infrastructure by rolling out its True5G network across India in world-record time," states Mukesh Ambani's letter to shareholders in the latest annual report released on Thursday.

JioBharat captures 50% market share in sub-Rs 1,000 segment: Reliance annual report

Oklahoma's lax marijuana laws made it a green utopia for the cannabis industry. Then came the mass murder.

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi there! Trying to feed a family of six on $100 a week sounds like a game show, but this personal trainer does it. <a target="_blank" href="https://www.businessinsider.com/personal-trainer-best-costco-picks-for-family-under-100-2023-1">Here's their shopping list at Costco</a>.In today's big story, we're looking at the <a target="_blank" href="https://www.businessinsider.com/sports-leaders-invest-billions-into-the-pga-tour-2024-1">red-hot world of sports investing</a>, with one glaring exception.What's on deck:<ul><li>Markets: BlackRock is <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-blackrock-double-upgrades-us-stocks-soft-landing-2024-1">all-in on US stocks</a>.</li><li>Tech: Spotify's new audiobook business <a target="_blank" href="https://www.businessinsider.com/amazon-audible-ceo-spotify-rivalry-hard-to-ignore-2024-1">has caught the attention of one rival CEO</a>.</li><li>Business: Don't worry about watching those reruns of "The Office." Nostalgia is <a target="_blank" href="https://www.businessinsider.com/nostalgia-key-to-happiness-creativity-innovation-future-change-progress-2024-1">actually good for you</a>.</li></ul>But first, it's more than just a game.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>Sports!</h3><div type="image" title="brooks koepka rory mcilroy golf pga tour liv" height="683" width="1024" msid="107267071" hostid="261" sizebytes="90420"></div>Tired: <a target="_blank" href="https://www.youtube.com/watch?v=b5-iJUuPWis">You play to win the game</a>.Wired: You play for a return on your investment.A group of high-profile investors, including billionaires Marc Lasry and Steve Cohen, <a target="_blank" href="https://www.businessinsider.com/sports-leaders-invest-billions-into-the-pga-tour-2024-1">could reportedly pour as much as $3 billion into the PGA Tour</a>, Business Insider's Aaron Mok writes.Fenway Sports Group — which counts LeBron James as a partner — Arthur Blank, Home Depot's cofounder and the owner of the NFL's Atlanta Falcons; and Gerry Cardinale, a former Goldman Sachs' banker who's become <a target="_blank" href="https://www.businessinsider.com/gerry-cardinale-redbird-capital-partners-ac-milan-yankees-2022-12">a top dealmaker in sports</a>, are also involved in the <a target="_blank" href="https://www.pgatour.com/article/news/latest/2023/12/10/policy-board-unanimously-agrees-to-further-negotiate-with-strategic-sports-group-continue-pif-negotiations">proposed deal</a>.It's an example of how sports and their adjacent businesses have become a red-hot industry to invest in for the uber-wealthy.Lasry and Cohen are prime examples of the intersection of Wall Street and sports. Lasry, who runs private-equity firm Avenue Capital Group, <a target="_blank" href="https://www.businessinsider.com/billionaire-marc-lasry-womens-sports-investing-2023-6">previously had a stake in the Milwaukee Bucks</a>. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/who-is-steve-cohen-hedge-fund-mets-billionaire-2021">Cohen's ownership of the New York Mets</a> helped evolve his image beyond being the cutthroat hedge fund boss of Point72.<a target="_blank" href="https://www.businessinsider.com/top-private-equity-firms-investing-in-sports-2022-10">PE firms</a> have grown increasingly interested in cutting deals in sports. From the rise of legalized gambling to being an industry full of live, unscripted content, investors see plenty of opportunities in the space. And <a target="_blank" href="https://www.businessinsider.com/rich-sports-team-owners-investing-private-equity-2023-9">banks are happy to help facilitate deals</a>.But it's not just team ownership that's hot. The <a target="_blank" href="https://www.businessinsider.com/most-promising-sports-startups-to-watch-according-vcs-top-investors-2023-11">startup ecosystem for sports has also exploded</a>, with plenty of <a target="_blank" href="https://www.businessinsider.com/top-vc-firms-investing-sports-startups-tech-gambling-media-2023-9">venture firms keying into the market</a>.<div type="image" title="Taylor Swift and Travis Kelce in front of a Welcome to Las Vegas sign" height="1500" width="2000" msid="107267072" hostid="261" sizebytes="246796"></div>But the ultimate prize in sports is untouchable for all but a select few.The NFL, the most popular league in the US by a long shot, has strict ownership rules against PE firms investing. It also requires the lead investor of a group to pay for at least a 30% stake in the team.That kind of exclusivity comes with downsides. A limited pool of potential owners equals less competition, meaning owners looking to sell might not get the best deal possible.That realization seems to have set in after the recent sale of two teams — the <a target="_blank" href="https://www.businessinsider.com/rob-walton-walmart-heir-life-career-denver-broncos-2022-6">Denver Broncos</a> and the <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-nfl-washington-commanders-owner-bidders">Washington Commanders</a>. The NFL is re-examining its ownership rules, <a target="_blank" href="https://www.washingtonpost.com/sports/2023/09/14/nfl-ownership-rules/">according to a September report from the Washington Post</a>.Potential changes to team ownership come as the NFL's popularity is at an all-time high. Peacock <a target="_blank" href="https://www.businessinsider.com/peacock-nfl-playoff-stream-drew-millions-subscribers-report-2024-1">reportedly nabbed 2.8 million new subscribers</a> after primarily streaming an NFL playoff game on the platform.This year's Super Bowl is also shaping up to be big. The average ticket for the game has <a target="_blank" href="https://www.businessinsider.com/how-much-super-bowl-tickets-expensive-kansas-chiefs-49ers-vegas-2024-1">ballooned up to $11,000</a>. The location (Las Vegas) and participating teams (Kansas City Chiefs and San Francisco 49ers) have played a part. And a certain megastar's likely attendance at the game <a target="_blank" href="https://www.businessinsider.com/taylor-swift-made-nfl-more-popular-in-america-us-2023-9">will drive even more eyeballs</a>.Of course, sports ownership isn't all fun and games. Just ask hedge fund billionaire David Tepper, whose tenure owning the NFL's Carolina Panthers <a target="_blank" href="https://www.businessinsider.com/david-tepper-carolina-panthers-owner-hedge-fund-billionaire-2024-1">has been less than ideal</a>.<h2>3 things in markets</h2><div type="image" title="Jim Esposito of Goldman Sachs" height="1500" width="2000" msid="107267075" hostid="261" sizebytes="61992"></div>1. Jim Esposito is leaving Goldman Sachs after nearly 30 years. The co-head of the bank's global banking and markets division is retiring. We've got the <a target="_blank" href="https://www.businessinsider.com/jim-esposito-to-step-down-from-goldman-sachs-read-memo-2024-1">full internal memo announcing the news</a>. While he didn't share his next move, he told peers he'd "<a target="_blank" href="https://www.businessinsider.com/read-jim-espositos-farewell-letter-to-goldman-sachs-partners-clients-2024-1">bleed Goldman Sachs forever</a>."2. BlackRock makes a bullish call on US stocks. The world's largest asset manager <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-blackrock-double-upgrades-us-stocks-soft-landing-2024-1">issued a double-upgrade for US stocks to "overweight"</a> as the chance of avoiding a recession increases. "We expect the rally to broaden," BlackRock market strategist Jean Boivin said.3. Goldman Sachs says rate cuts need to be on the menu in March. David Mericle, the bank's chief US economist, said the Fed delaying cuts beyond March <a target="_blank" href="https://www.businessinsider.com/next-interest-rate-cut-march-federal-reserve-recession-labor-market-2024-1">could negatively impact the labor market</a>. Meanwhile, market watchers are now almost evenly split on whether the Fed will lower interest rates in March, according to the CME FedWatch Tool.<h2>3 things in tech</h2><div type="image" title="Finger taps the Spotify app on a phone with the Spotify logo blown up in the background." height="3605" width="5419" msid="107267076" hostid="261" sizebytes="147592"></div>1. Amazon's Audible CEO dishes on rivalry in leaked recording. The CEO told employees <a target="_blank" href="https://www.businessinsider.com/amazon-audible-ceo-spotify-rivalry-hard-to-ignore-2024-1">in an all-hands meeting this week</a> that "it's hard to ignore what Spotify's doing," referring to the company's recent launch of free audiobooks for premium subscribers.2. It's a bad time for Apple to be at odds with app developers. Apple needs developers on its side this week as it launches its Vision Pro. But the company's recent App Store changes have <a target="_blank" href="https://www.businessinsider.com/vision-pro-needs-apps-but-apple-seems-to-be-at-odds-with-developers-2024-1">angered the very people it needs most</a>.3. That didn't take long: AI spam is already ruining the internet. Scammers are using the tech to churn out web pages and YouTube videos, and scrape media websites. Garbage results are flooding Google — and that's <a target="_blank" href="https://www.businessinsider.com/ai-spam-google-ruin-internet-search-scams-chatgpt-2024-1">bad news for the search engine</a>.<h2>3 things in business</h2><div type="image" title="A business man sitting in front of a TV with other nostalgic items around him" height="1500" width="2000" msid="107267200" hostid="261" sizebytes="127038"></div>1. Nostalgia is a good thing, actually. Critics have dismissed nostalgia as antithetical to progress — that instead of focusing on the past, we must always look forward. A growing body of research, however, shows that nostalgia <a target="_blank" href="https://www.businessinsider.com/nostalgia-key-to-happiness-creativity-innovation-future-change-progress-2024-1">promotes progress and encourages feelings of hope</a>.2. Entertainment studios are once again licensing shows to Netflix. Studios like HBO and Disney are licensing hit shows like "Sex and the City" and "Grey's Anatomy" to the streamer after a period of keeping the titles to themselves. While studios may benefit from licensing, some insiders <a target="_blank" href="https://www.businessinsider.com/studios-licensing-to-netflix-after-hoarding-content-pros-cons-2024-1">worry it could ultimately make Netflix more dominant</a>.3. Walmart store managers are set to get up to $20,000 in stock every year. The amount of the grant will depend on the store's size, with managers of smaller stores earning $10,000. The stock will push <a target="_blank" href="https://www.businessinsider.com/walmart-store-managers-stock-grant-bonus-20k-2024-1">some workers' total compensation</a> to more than $500,000.<h2>In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/enemy-drone-killed-us-troops-jordan-slipped-past-defenses-report-2024-1">Drone that killed US troops in attack slipped past defenses because there was confusion on whether or not it was American: reports</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/elon-musk-claims-first-human-patient-received-neuralink-implant-2024-1">Elon Musk claims the first human patient has received a Neuralink brain implant</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/recession-outlook-unemployment-hard-landing-soft-inflation-us-economy-2024-1">Unemployment will double by the end of the year with an economic hard landing inevitable, strategist says</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/creators-tiktok-ai-tool-shows-search-sensational-false-narratives-2024-1">TikTok's AI suggested searches are pushing sensational narratives and 'frustrating' content creators</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-missed-bearish-trifecta-signal-suggests-more-gains-2024-1">Why the stock market will avoid a bearish 'trifecta' and continue surging to record highs</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tiktoker-criticizes-gen-zer-who-priorized-personal-time-over-work-2024-1?mrfhud=true">A TikToker apologizes for slamming a Gen Z worker who skipped an 8 a.m. meeting for a fitness class</a>.</li></ul><h2>What's happening today</h2><ul><li>Today's earnings: Microsoft, Alphabet, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting today</a>.</li></ul>The Insider Today team<a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York.Get in touch<a target="_blank" rel="noopener" class="insider-today-blue-link" href="mailto:insidertoday@insider.com">insidertoday@insider.com</a>To read unlimited articles, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/subscription">subscribe</a> to Business Insider.

Sports investing has taken off, but the biggest prize in the industry remains almost untouchable

<ul><li>The enhanced allocation for PM Awas Yojana is a boost for affordable housing, which was flagging, says <keyword id="6420759" type="General" weightage="50" keywordseo="anuj-puri" source="Orion">Anuj Puri</keyword>, chairman of Anarock Group. </li><li>The new tax regime forgoes deductions on housing loans, and cannot be positive for home buying sentiment, says <keyword id="16333859" type="General" weightage="50" keywordseo="akash-pharande" source="Orion">Akash Pharande</keyword>, managing director of Pharande Spaces. </li><li>The Budget gave a boost to rail and air infrastructure, which most experts hope will be a catalyst for real estate demand. </li></ul>This Budget, the government has given a much expected boost to affordable housing – the only segment in the real estate market that did not gain from the pandemic boom. The finance minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> increased allocation to PM Awas Yojana (PMAY), the scheme earmarked for it, by a massive 66% to over ₹79,000 crore. “This (affordable housing) supply will definitely gain momentum along with the Urban Infrastructure Fund and boost development in the surrounding areas of MMR (Mumbai Metropolitan Region) as well as Tier 2 and Tier 3 cities. Ultimately, this will bring in a good supply of affordable housing and drive up the demand in terms of PMAY, thus overall benefitting the housing sector,” Dhaval Ajmera, director at Ajmera Realty &amp; Infra India told Business Insider India. According to an Anarock Consumer Sentiment Survey, in 2022, the demand for affordable housing sunk precariously. “The enhanced allocation for PM Awas Yojana is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganised sector, were still reeling under the impact of the pandemic,” said Anuj Puri, chairman of Anarock Group. Only 26% of property seekers were looking for ‘budget’ properties that cost below ₹40 lakh, falling from 39% in 2018. All other properties, including premium and others, saw robust demand as well as supply during the year. “This move will give impetus to affordable housing in the country by providing a better housing subsidy to economically weaker sections and lower-income groups,” said <keyword id="16333860" type="General" weightage="50" keywordseo="devanshu-bansal" source="Orion">Devanshu Bansal</keyword>, director, UK Realty. Deducing the effect of the new tax regime The finance minister has made the new tax regime very attractive in Budget 2023-24, by doing away with income tax for those earning below ₹7 lakh and reducing the number of tax slabs. However, the new regime which will now also be the default regime, does not provide any deductions for interest paid on housing loans. “One of the major changes is the introduction of a new tax regime, which offers lower tax rates for individuals who forgo exemptions and deductions. However, this regime also foregoes the previous deductions on housing loans - one of the most popular incentives for middle-class homebuyers. This cannot be seen as positive for homebuying sentiment,” said Akash Pharande, managing director of Pharande Spaces. On the other hand, <keyword id="16333858" type="General" weightage="50" keywordseo="suneel-dasari" source="Orion">Suneel Dasari</keyword>, founder of EZTax.in tells Business Insider India that savings in general are higher in the new tax regime, even without deductions. Ram Raheja, managing director at S Raheja Realty agrees and says, “The personal tax regime revisions will result in a rise in disposable funds due to lower deductions.” The extra income in the hands of the taxpayers is good news for the realty sector as real estate is generally the preferred investment vehicle. “Surplus of liquidity in the hands of the taxpayers will aid in more real estate buying because of their preference for real estate over other asset classes. This move will boost the demand and gain momentum for the real estate industry, specifically in the affordable and mid-luxury segments,” says Ajmera. Luxury homes &amp; capital gains tax The FM capped the deductions that can be availed on capital gains arising from sale of residential houses at ₹10 crore. That means if a home owner earns over this limit via a home sale, it would be taxed. This won’t have too much impact, experts say. “The intention is to deter tax exemption for extremely high-value transactions in the residential space. However, we believe that most of the transactions in the luxury segment would fall within the ambit of the ₹10-crore cap,” says Anshuman Magazine, chairman &amp; CEO-India, South-East Asia, Middle East &amp; Africa, CBRE. For this category of buyers – that’s high-networth individuals (HNIs) and ultra HNIs – there is much to be gained in terms of a 4% reduction in the overall tax rate that was announced in the Budget for the highest tax slab, leaving more liquidity in their hands, Magazine adds. Pharande too says that while this is a dampener, those buying or upgrading to luxury homes primarily for lifestyle improvement would not be too concerned. “I don't see the negative impact spreading much beyond MMR and Delhi,” he says. Puri and Pharande say that there is nothing specific in the budget that would boost consumer sentiment towards the sector in a high interest rate regime where housing prices too are on the upswing due to rising input costs. The Budget gave a boost to infrastructure with announcements like the highest ever railway outlay at ₹2.4 lakh crore; increased regional connectivity via 50 additional airports, helipads, water aero drones and advanced landing grounds – all of which will boost affordable regional connectivity. This, most experts hope, will be a catalyst for real estate demand. SEE ALSO <a href="https://www.businessinsider.in/budget/news/indias-rich-to-shell-out-more-for-luxury-cars-global-travel-but-may-have-more-to-invest/articleshow/97551072.cms">India’s rich to shell out more for luxury cars, global travel but may have more to invest</a> <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a>

Budget to aid flagging affordable home segment, boosts demand with infra push

India Business Wire India Q4 <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">Revenue</keyword> of 197.5mn, up 4% QoQ Q4 Net profit of ₹195 crore, up 5% QoQ <keyword id="1380245" type="COMPANY" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the fourth quarter and full year ended March 31, 2021. Highlights for Q4FY21 include: Revenue at ₹14,405 million; growth of 2.8% QoQ <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> Revenue at 197.5 million; growth of 3.9% QoQ EBIT margin at 16.6%; up 140 bps QoQ Net profit at ₹1,945 million; growth of 4.5% QoQ Highlights for FY21 include: Revenue at ₹54,497 million; decline of 3% USD Revenue at 737 million; decline of 6.3% EBIT margin at 14.5% Net profit at ₹6,633 million; decline of 19% Board has recommended a final dividend of ₹14.50 per share During the quarter, LTTS won 6 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals. Revenues from digital and leading-edge technologies stood at 52% during the quarter. We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path. We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth. As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships, said Amit Chadha, CEO &amp; Managing Director, L&amp;T Technology Services Limited. Industry Recognitions: LTTS has been recognized as a Leader' for Development and Verification &amp; Validation services in Industry 4.0 by Everest Group ISG Group rated LTTS as Leader' in Smart Manufacturing Services for Automotive and Hi-Tech LTTS won the 2021 Big Innovation Awards, USA for Chest rAI and i-BEMS . For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence. Patents At the end of the fourth quarter, the patents portfolio of L&amp;T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS. Human Resources At the end of Q4FY21, LTTS' employee strength stood at 16,452. About L&amp;T Technology <keyword id="266374" type="DOMAIN" weightage="20" keywordseo="Services-Ltd">Services Ltd</keyword> L&amp;T Technology Services Limited (LTTS) is a listed subsidiary of <keyword id="689816" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword> focused on Engineering and R&amp;D (ER&amp;D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world's top ER&amp;D companies, across industrial products, medical devices, transportation, telecom &amp; hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-download-release-date-everything-we-know-so-far/articleshow/82383038.cms">PUBG Mobile India to relaunch as Battlegrounds Mobile India – here’s what we know so far</a> <a href="https://www.businessinsider.in/tech/apps/news/coders-are-coming-up-with-new-ways-to-check-for-covid-19-vaccination-slots-on-cowin/articleshow/82383284.cms">Indian coders are working around the CoWIN app to help people bag the elusive vaccine slots</a> <a href="https://www.businessinsider.in/tech/news/apple-analyst-predicts-an-8-inch-foldable-iphone-to-launch-in-2023/articleshow/82383566.cms">Apple analyst predicts an 8-inch foldable iPhone to launch in 2023</a>

L&T Tech announces dividend of ₹14.50  even as revenue for the year dips by 3%

<ul><li><keyword id="1807079" type="PERSON" weightage="20" keywordseo="Flipkart-founder">Flipkart founder</keyword> <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> said that it's time to open the economy. </li><li>Bansal is of the opinion that we can’t make use of current opportunities if we continue to stay home. </li><li>But he isn’t the only one, other industry leaders too have called for opening up of factories and industries.</li></ul>US President Donald Trump famously said that the ‘cure can’t be worse than the problem’ and he received a lot of flak for it. Billionaire <keyword id="6355315" type="UNKNOWN" weightage="20" keywordseo="elon-musk">Elon Musk</keyword> has taken the same line and faced the same fate. 8,000 miles away in India, an icon of Indian startups, Sachin Bansal is the latest to join that list of businessmen who can’t wait for the <keyword id="8637077" type="UNKNOWN" weightage="20" keywordseo="Coronavirus-lockdown">coronavirus lockdown</keyword> to end. The subject has been an open debate from drawing rooms to television channels⁠—- will hunger and poverty kill more people in the process containing COVID-19 <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>? The coronavirus pandemic has shut down economies and has put millions across the world out of work. Daily wage earners to members of the gig economy are among the worst hit. <div type="Article" hostid="261" msid="75453118" title="Finally, millions of India’s stranded migrants can get a transport home — but conditions apply" mstype="2" mssubtype="0"></div> And in light of this, Flipkart founder, and now CEO of fintech firm Navi Technologies, Sachin Bansal today took to Twitter to say that people who want to work should be allowed to. “We can't lock ourselves up for 2 years in homes waiting for a vaccine. India can't make use of the opportunities if our most productive people are locked in their homes. With COVID's growth slowing down it's time to open up the economy. We have to learn to live with the virus,” he wrote. <div type="twitter" handle="_sachinbansal" handlename="Sachin Bansal" image="http://pbs.twimg.com/profile_images/1157528461918949376/xC-Vx-FX_normal.jpg" favoritecount="607" retweetcount="124" status="We can't lock ourselves up for 2 years in homes waiting for a vaccine. India can't make use of the opportunities if… https://t.co/wARO98OsSu" createdat="1588165332000" id="1255482517467127812"></div> Earlier, Bansal had also tweeted that he wasn’t in the favour of <keyword id="123591" type="PERSON" weightage="20" keywordseo="Work-from-home">work from home</keyword> and that his productivity fell while<a href="https://www.businessinsider.in/india/news/is-sachin-bansal-right-does-work-from-home-really-suck/articleshow/74672290.cms"> working remotely</a>. Due to the lockdown and its consequent impact on the economy, there is a growing shortage of supply of goods in the market and the disruption has led to loss of revenue and, consequently, loss of jobs. And Bansal is not the only one to ask for the economy to be reopened. The chairman of Jindal Steel and Power Limited, Naveen Jindal, in <a href="https://www.firstpost.com/business/getting-india-back-in-the-fast-lane-factories-industrial-units-should-be-allowed-to-resume-under-supervision-writes-naveen-jindal-8254611.html">an article</a> wrote, “We could surely get India to resume its manufacturing activities, under strict supervision, with a hygiene and health protocol in place. We could, thus, make up for the lost momentum.” Globally too, Elon Musk faced a lot of flak for sending an email to employees saying that all those who are sick can stay home but he is going to continue <a href="https://www.washingtonpost.com/technology/2020/04/29/musk-tesla-coronavirus/">going to work.</a> Trump started early US President Donald Trump in a <a href="https://www.realclearpolitics.com/articles/2020/03/24/trump_we_cant_have_the_cure_be_worse_than_the_problem_142750.html">press conference</a> had said that he wants the economy to reopen as soon as possible, within weeks. “We can’t have the cure be worse than the problem. We have to open our country because that causes problems that, in my opinion, could be far bigger problems,” Trump said on March 23. Since then, the US has piled on over 1 million COVID-19 cases with over 59,000 deaths. That’s a number that could keep people on the fence from taking this side of the debate. See Also: <a href="https://www.businessinsider.in/international/news/200000-h1-b-visa-holders-hope-us-will-extend-status-to-september-as-june-deadline-comes-to-a-close/articleshow/75445367.cms">200,000 H1-B visa holders hope US will extend status to September as June deadline comes to a close</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-has-reportedly-listed-giving-loans-as-a-main-objective/articleshow/75445825.cms">WhatsApp has reportedly listed giving loans as a ‘main’ objective— and it could be a big feature in Facebook and Reliance Jio’s partnership</a>

Sachin Bansal takes the same line as Donald Trump and Elon Musk ⁠— let people work and “live with the virus”

<keyword id="1005622" type="COMPANY" weightage="20" keywordseo="Bhushan-Power-Steel">Bhushan Power &amp; Steel</keyword> Limited is a Public enterprise involved in the manufacturing and marketing of steel products. The company offers flat products that include coated products, galvanized aluminum products, color coated products, cold rolled products, cable tapes, and long products including sponge iron products and iron making products. In addition, the company also manufactures and markets a range of steel pipes, grooved pipes, carbon steel tubes, and hollow steel sections. The other products of the company include HR coils, black pipes, GI pipes, GP sheets, GC sheets, DRI, billets, CR coils, precision tubes, Tor steel, carbon wire rods, and special alloy <keyword id="184333" type="DOMAIN" weightage="20" keywordseo="Steel-wire">steel wire</keyword> rods. Industries served The industry verticals served by the company’s products include irrigation, agriculture, HVAC, fire extinguishing, construction including RHS, SHS and CHS, gas and oil pipe lines, automobiles, cerement industry, sugar manufacturing, paper mills, steel companies, bicycles, power projects, and general engineering companies around the world. History of Bhushan power and Steel Bhushan Power and Steel Limited was established in the year 1970. The small outlay manufactured door hinges. The second product manufactured by the company during the early years was rail track fasteners. In 1973, the company set up its facility in <keyword id="6360078" type="LOCATION" weightage="20" keywordseo="chandigarh">Chandigarh</keyword> to manufacture Tor steel and wire rod. Eventually the company expanded its manufacturing facilities which are seven in number today. Manufacturing facilities and corporate office The manufacturing facilities of the company are spread across the country. The company has four of its plants in Chandigarh, one in Mohali, Punjab, one in Kolkata and one in Thelkoloi, Orissa. The corporate office of Bhushan Power and Steel is located in New Delhi. Company information Bhushan Power and Steel was incorporated in the year 1999. The company is classified as a non-government enterprise and is registered with the Registrar of Companies in Delhi. The authorized share capital of the company is Rs. 4,499,999,700 and the paid up capital is Rs. 1,937,149,950. The main concern of the company is manufacturing and marketing Basic Iron &amp; Steel products. The Directors of Bhushan Power &amp; Steel Limited include Sanjay Singal, Hardev Chand Verma, Dinesh Yadav Kumar, Ravi Parkash Goyal, Aarti Singal, and Ram Naresh Yadav. Bhushan Power &amp; Steel Limited's Corporate Identification Number is (CIN) U27100DL1999PLC108350 and its registration number is 108350. The registered address of the company’s corporate office is F-Block, 1st Floor International Trade Tower, Nehru Place, New Delhi, 110019, India. The recent fraud accusation Bhushan Power and Steel was accused recently of committing a borrowing fraud of Rs. 3,805 crores. A statement issued by <keyword id="62034" type="COMPANY" weightage="20" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> said, “It has been observed that the company has misappropriated bank funds, manipulated books of accounts to raise funds from consortium lender banks”. The Punjab National Bank also said it had already created a provision of Rs. 1,932 crores in the company’s account. Today, Bhushan Power and Steel is one of the most indebted companies of the country. Its name appears among the 12 companies referred to by the Reserve <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> to a bankruptcy court for the purpose of deb resolution under the existing insolvency law.

Everything You Need To Know About Bhushan Power And Steel

The annual extravaganza that all Indian businessmen wait for with bated breath but pretend they don’t and everyone else who want to disappoint themselves at the heights everyone but him are reaching, is here. 
 
<a href="http://www.businessinsider.in/Five-Indian-Firms-Make-Their-Way-In-Forbes-List-Of-Most-Innovative-Companies/articleshow/40579454.cms">Forbes</a> just announced its 2015 list of India’s 100 Richest People and we at Business Insider give you the five important takeaways from the contents of the list that everyone is talking about- 
 
1. <keyword id="3820" type="PERSON" weightage="80" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> will hold the distinction of being the richest Indian until the world ends: If the Forbes ‘India’s 100 Richest People’ List teaches us anything, it’s that <a href="http://www.businessinsider.in/topic/Mukesh-Ambani">Mukesh Ambani</a> of <a href="http://www.businessinsider.in/RIL-to-take-over-TV-content-distribution-business-by-2017/articleshow/47771219.cms">Reliance Industries</a> will continue holding on to the crown of being the richest person to breathe in India, come what may.No earthquake, recession or even the world ending can change the fact. Thus, it comes as no surprise that at 58, Ambani tops the list for the ninth year in a row despite his wealth dipping by $4.7 billion in a year. 
Mukesh Ambani’s net worth stands at a whopping $18.9 million, followed by Sun Pharma’s Dilip Shanghvi coming in second whose net worth stands at $18 million. Wipro’s Azim Premji retains his third spots with a net worth calculated at $15.9 billion 
 
 
 
2. Flipkart’s Sachin and <keyword id="6364080" type="PERSON" weightage="80" keywordseo="Binny-Bansal">Binny Bansal</keyword> make a compelling debut and are the youngest on the list: At 32 and 34 respectively<a href="http://www.businessinsider.in/searchresult.cms?query=FLIPKART">, Flipkart’s</a> co-founders Binny Bansal and <keyword id="225032" type="PERSON" weightage="80" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> just proved to the country that age is just a number. 
Making their presence felt for the first time at the 86th spot, they are also the youngest on the list. Their estimated net worth stands at $1.3 billion. 
 
 
 
3. Brijmohan Lall Munjal proves that old is definitely gold: The owner and founder of Hero Motocorp (Hero group of companies) ranked 27 in the list, at the ripe age of 92. If anything, he definitely proves that old is gold. And, a lot of it that too, considering his net worth is estimated at a staggering $3 billion. 
 
 
 
4. Welcome the newcomers: This year, the list features atleast 12 newcomers including the Flipkart co-founders and Indigo co-founder Rakesh Gangwal (picture above) who had debuted at the 70th spot with a net worth of $ 1.6 billion ahead of his company’s IPO. 
 
 
 
5. Meet the women with the moolah: Last but not the least, this year’s list also had as many as four businesswomen being featured on it. The notable two are sixty-five year old Savitri Jindal (picture above), of Jindal Steel &amp; Power Limited was ranked at 23, with an estimated net worth of $3.8 billion and seventy-nine year old Indu Jain, current chairperson of India’s largest media group, Bennet Coleman &amp; Co Ltd at the 57th spot, with a net worth of $ 1.9 billion 
 Apart from these, the top 10 featured the usual suspects, i.e. <keyword id="29201" type="PERSON" weightage="80" keywordseo="Lakshmi-Mittal">Lakshmi Mittal</keyword>, Hinduja brothers, Godrej Family, Shiv Nadar etc. And, according to Forbes, the combined wealth of India's 100 richest persons remained largely unchanged at $345 billion, compared with $346 billion in 2014. 
Image credit: Indiatimes

Five
takeaways from the Forbes India Rich List

In a major development for the country's steel sector, the <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="union-cabinet">Union Cabinet</keyword> on Thursday approved a production-linked incentive (<keyword id="53367" type="ORGANIZATION" weightage="20" keywordseo="PLI">PLI</keyword>) scheme for the manufacturing of specialty steel, with an outlay of ₹6,322 crores. An official statement said that the scheme will boost the production of high-grade specialty steel in the country. Further, it will lead to enhanced exports and minimise dependence on imports for high-end steel. The scheme is expected to bring in an investment of approximately ₹40,000 crores and capacity addition of 25 MT. The duration of the scheme will be 5 years, commencing from 2023-24 to 2027-28. With a budgetary outlay of ₹6,322 crores, the PLI scheme would cover coated/plated steel products, high strength/wear-resistant steel, specialty rails, alloy steel products, steel wires, and electrical steel. These steel products are used in a variety of applications which are both strategic and non-strategic and include white goods, automobile body parts and components, pipes for transportation of oil and gas, boilers, ballistic and armour sheets for defence applications, high-speed railway lines, turbine components, electrical steel meant for power transformers, and electric vehicles. India presently operates at the lower end of the value chain in the steel sector. Value-added steel grades are largely imported in India. This is because of the disabilities faced by the steel industry to the tune of $80-100 per ton, on account of higher logistics and infra cost, higher power and capital cost, and taxes and duties. The objective of the PLI scheme for specialty grade steel is to address this disability by incentivizing the production of specialty steel within the country. The scheme proposes to incentivize eligible manufacturers by paying between 4 percent to 12 percent incentive on incremental production. PLI incentive will also help the Indian steel industry mature in terms of technology and move up the value chain. Any company registered in India, engaged in manufacturing of the identified specialty steel grades will be eligible to participate in the scheme. It will, however, have to ensure that the steel used for making specialty steel is "melted and poured" in the country, thereby ensuring end-to-end manufacturing keeping in view of the Prime Minister's 'Atmanirbhar Bharat'. The PLI scheme for specialty steel is expected to play an important role in strengthening the domestic steel value chain and will incentivize the steel sector to invest in technological capability building to contribute to the global steel value chain by producing value-added steel. Considering the additional production and investment, the scheme has an employment generation potential of about 5.25 lakh of which 68,000 will be direct and the rest will be indirect employment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/glenmark-life-sciences-to-raise-1060-crore-through-ipo/articleshow/84605692.cms">Glenmark Pharmaceuticals subsidiary Glenmark Life Sciences to raise ₹1,060 crore through IPO</a> <a href="https://www.businessinsider.in/tech/apps/news/instagram-new-feature-how-to-use-sensitive-content-control/articleshow/84606015.cms">Instagram now lets you limit sensitive content on the Explore feed, here’s how to enable it</a>

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