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Stock <keyword id="20345915" type="General" weightage="20" keywordseo="exchanges" source="keywords">exchanges</keyword> and <keyword id="20710434" type="General" weightage="20" keywordseo="brokers" source="keywords">brokers</keyword>, catering to retail traders, could be hit hard by the regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword>'s proposed measures for Futures &amp; Options (F&amp;O) <keyword id="22748189" type="General" weightage="20" keywordseo="trading-regulations" source="keywords">trading regulations</keyword>, with market volumes slumping 30-40 %, according to reports. If these measures are implemented, the number of investors could decrease, it added. Moreover, discount brokers, who depend heavily on retail investors, are expected to be more affected than traditional full-service brokers. SEBI, in its consultation paper in July, proposed seven measures, including increasing minimum contract size and upfront collection of option premiums, intra-day monitoring of position limits, rationalisation of strike prices, removal of calendar spread benefit on expiry day and increase in near contract expiry margin. SEBI stated that these measures are aimed at enhancing <keyword id="20775670" type="General" weightage="20" keywordseo="investor-protection" source="keywords">investor protection</keyword> and promoting <keyword id="20813757" type="General" weightage="20" keywordseo="market-stability" source="keywords">market stability</keyword> in derivative markets. According to a report by Jefferies, SEBI's proposed measures to reduce the number of weekly option contracts from 18 to 6 could impact around 35% of industry premiums. However, if trading shifts to the remaining contracts, the overall impact can be reduced to 20-25%. Among its 7 proposed measures, IIFL Securities see the highest impact from the withdrawal of <keyword id="22353333" type="General" weightage="20" keywordseo="weekly-options" source="keywords">weekly options</keyword> (only 1 per exchange allowed) as index Options account for 98% of the volumes. IIFL Securities expects the National Stock Exchange (NSE) to be more affected than the BSE because 60 % of NSE's revenue comes from options trading, compared to 40% for BSE. It estimates that by the financial year 2026, NSE's earnings could be reduced by 25-30% while BSE's earnings could drop by 15-18%. Jefferies also believes that the removal of Bankex weekly contract can impact BSE's earnings per share (EPS) by 7-9% over FY25-27. It further said that BSE might see a small decline in earnings, but if trading activity shifts from discontinued products, it could offset the impact or even lead to earnings growth. "We don't see any impact on MCX from these regulations. Within the value chain, discount brokers are likely to be more impacted than traditional full-service brokers given the former's dependence on retail investors," IIFL Securities said. Jefferies believes that clearing members like Nuvama, which caters to institutional players High-Frequency Traders (HFTs), and Foreign Portfolio Investors (FPIs) are less impacted. Rationalizing weekly options to only one benchmark index per exchange will significantly affect the NSE because it currently has four weekly index expiries, with "Bank Nifty" being the most important, contributing to 50 % of its options volume. The change could reduce NSE's overall trading volumes by 30-35 %, IIFL Securities said. On the other hand, BSE is expected to be less affected since it only has two contracts, with Sensex making up 85 % of its volumes in FY24. Even if "Bankex" contributes 30% by FY26, the impact on BSE's volumes is expected to be smaller compared to NSE, it said. Additionally, with just two expiries, BSE might gain market share and experience higher trading volumes, resulting in an estimated 20 % reduction in its overall volumes, it added. Jefferies said that SEBI's proposed measure of increasing lot sizes by 3-4 times over six months could lead to higher costs for retail traders, potentially reducing their participation in the market. The proposed margin increase for options sellers close to expiry could reduce leverage and profitability, especially for retail traders with limited funds. "Finally other measures like increasing ELM (extreme loss margin) around expiry, and withdrawal of calendar spread margin on expiry will increase the margin requirements and thereby could impact the liquidity. Based on our initial estimates we expect a 30-40 % impact on market volume," IIFL Securities said. SEBI Chief Madhabi Puri Buch recently mentioned that households are losing up to Rs 60,000 crore a year in the problematic futures and options segment. Earlier, SEBI research showed retail traders lose money in nine out of 10 trades in the F&amp;O segment Last month, the government in the Union Budget raised the securities transaction tax (STT) on both futures and options trade from October 1 to allay concerns about hyperactive interest in the derivative segment. Before that, the Economic Survey flagged concerns over rising retail investors' interest in derivative trading. The survey stated that speculative trade has no place in a developing country. It also pointed out that the sharp increase in retail investor participation in F&amp;O trading is likely driven by humans' gambling instincts.

SEBI proposed F&O norms to hit exchanges, brokers, says reports

<ul class="summary-list"><li>Podcasts are the new battleground for politicians looking to win voters.</li><li>Trump has been busy hitting the podcast circuit, doing interviews with Logan Paul and Adin Ross.</li></ul>Former President Donald Trump and Vice President Kamala Harris disagree on a lot of things, but there's one thing they align on — reaching out to voters on podcasts.The Democratic nominee made an appearance on the <a target="_blank" class="" href=" https://podcasts.apple.com/us/podcast/vice-president-kamala-harris/id1418960261?i=1000671959211">latest episode </a>of Alex Cooper's "Call Her Daddy" podcast, which aired on Sunday.During the interview, Cooper asked Harris about Trump's wild claim that babies were being executed after birth, a statement he made during the presidential debate on September 10."That is not happening anywhere in the United States. It is not happening and it's a lie. It's a bold-faced lie," Harris told Cooper."This guy is full of lies. I mean, I just have to be very candid with you," Harris said of Trump.Harris' podcast appearance comes as her campaign embarks on a media blitz. Harris' team has received flak for booking their candidate on a limited number of media appearances — in comparison to Trump, who has been busy hitting the podcast circuit.In August, Trump did a <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-spaces-conversation-on-x-2024-8">livestreamed interview</a> on X with his vocal billionaire backer, <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a>.The Republican nominee has also given multiple podcast interviews in recent months, including sit-downs with Logan Paul, <a target="_blank" class="" href="https://www.businessinsider.com/trump-targets-young-men-theo-von-logan-paul-adin-ross-2024-8">Theo Von</a>, Adin Ross, Lex Fridman, and Dr. Phil.During his interview with Fridman, which aired last month, Trump said that he was drawn to podcast interviews for their reach."You have to get the word out and you have to just continuously, like, for instance, you have a great show. You have a great podcast. It's very well-watched. And I'm sitting here, and I do this, a lot of people see it. And I do other things, and a lot of people see that," Trump said.Trump, who often appears on Fox News, even suggested to Fridman that the traditional media's popularity could be waning."And I go traditional also, you know, you have traditional television, which is getting a little bit older and maybe less significant, could be less significant, I don't know. But it's changing a lot. The whole platform is changing a lot. It's changed a lot in the last two, three years," Trump said."But from a political standpoint, you've to find out what people are doing, what they're watching. And you have to get on."Trump was also introduced to the medium of livestreaming during an August interview with high-profile Gen Z streamer <a target="_blank" rel="" class="" href="https://www.businessinsider.com/adin-ross-controversial-twitch-streamer-next-interview-kanye-west-2022-12">Adin Ross</a>, who has a large <a target="_blank" class="" href="https://www.businessinsider.com/trump-targets-young-men-theo-von-logan-paul-adin-ross-2024-8">conservative male following</a>.Ross taught him the nitty-gritty of how live chats work and introduced him to some Gen Z slang. The interview drew more than 500,000 viewers and ended with Trump accepting a Tesla Cybertruck from Ross.And in June, Trump <a target="_blank" rel="" class="" href="https://www.businessinsider.com/donald-trump-logan-paul-interview-gen-z-2024-6">did an hourlong interview</a> with the controversial social-media influencer Logan Paul, talking about everything from Putin to aliens and SpaceX CEO Elon Musk.<h2 id="1206575c-b585-4fc2-9138-b0968ec949c0">Why podcasting is now king</h2>Podcast interviews have several benefits — and they may help candidates reach younger voters, who often get their news from <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-gets-news-from-tiktok-influencers-media-industry-2023-12">less traditional sources of media</a>.Saifuddin Ahmed, a communication professor at Singapore's Nanyang Technological University, said podcasts are effective in connecting "directly and authentically with younger, often politically disinterested audiences.""Podcasts offer a more casual and relatable setting for political messaging, which resonates well with younger audiences who often prefer lighter, less formal discussions over heavy policy talk," he said.He added that podcasts are perceived as "more sincere and less controlled compared to traditional media outlets.""Unlike traditional media, often viewed as having political biases or strict editorial control, podcasts offer direct communication between candidates and audiences, promoting a sense of connection," Ahmed said.But he cautioned that podcasters may have their own biases and commercial interests as well.Podcast clips also have mileage beyond just the channel. For instance, clips from Trump's interviews with Paul and Ross have gone viral on both TikTok and X.That reach on TikTok, in particular, is a big get. According to a September 2023 <a target="_blank" href="https://www.pewresearch.org/short-reads/2023/11/15/more-americans-are-getting-news-on-tiktok-bucking-the-trend-seen-on-most-other-social-media-sites/?utm_source=AdaptiveMailer&amp;utm_medium=email&amp;utm_campaign=23-11-15%20Package:%20Social%20&amp;%20News,%20News%20Platform%20Fact%20Sheets%20GENERAL&amp;org=982&amp;lvl=100&amp;ite=12925&amp;lea=2929728&amp;ctr=0&amp;par=1&amp;trk=a0DQm000000a5CTMAY">survey from the Pew Research Center,</a> 17% of US adults in September said they regularly get news from TikTok, up from 3% in 2020.That number jumped from 9% to 39% among 18- to 29-year-olds. The survey was conducted on 10,658 US adults from July 15 to August 4, 2024.Trump has a robust TikTok following, with 11.7 million followers as of press time. He also has the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-endorses-trump-after-pennsylvania-rally-incident-2024-7">full-throated endorsement</a> of Musk, who owns X.Harris lags behind Trump in terms of TikTok following, with 4.6 million as of press time.But she has tried to make up for it on other fronts, like her Gen Z-targeted <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-memes-media-strategy-gen-z-unburdened-coconut-2024-7">social media campaign</a> on X with memes and celebrity endorsements, as well as her trendy <a target="_blank" class="" href="https://www.businessinsider.com/harris-walz-camo-hat-gen-z-marketing-genius-2024-8">campaign merchandise</a>.

The podcaster is the new politics power broker, and both the Harris and Trump campaigns know they have to kiss the ring

<ul class="summary-list"><li>Tyrone McKillen, who leads an eight-person brokerage team in LA, is leaving Official Partners.</li><li>It's the first major departure after Official's cofounders Tal and Oren Alexander were accused of rape.</li></ul>Tyrone McKillen, a high-profile residential-real-estate agent based in Los Angeles, is leaving Official Partners, the luxury brokerage company that was thrown into turmoil after two of its cofounders were accused of rape.McKillen said he hadn't formally parted ways with the New York firm but was arranging his exit. The 36-year-old broker's sales group, Plus Real Estate, will operate independently under that brand going forward. He said that eight brokers who worked with him at Official would remain with Plus in its breakaway from the firm."We have been building the Plus brand over the past 10 years, so it's a natural progression for us," he said.Nicole Oge, Official's chief growth officer, said that she and McKillen "have a deep amount of respect for one another" and that "I support him in his decision."The team is the most visible departure so far from the once ascendant brokerage in the aftermath of startling allegations against Tal and Oren Alexander, sibling agents who were among the cofounders of Official when it launched in 2022.In June, The Real Deal, a real-estate publication, reported that two women had filed separate civil lawsuits in March against <a target="_blank" class="" href="https://therealdeal.com/national/2024/06/08/lawsuits-accuse-top-broker-oren-alexander-twin-brother-alon-of-rape/">Oren Alexander and another brother, Alon,</a> accusing the men of raping them more than a decade earlier.Shortly afterward, news broke that <a target="_blank" href="https://www.businessinsider.com/tal-alexander-accused-rape-woman-with-alon-in-2012-2024-6">a third woman alleged</a> in a New York civil case filed that month that Tal and Alon Alexander raped her in 2012 as Oren Alexander watched.The three brothers have denied the allegations.In a response to the lawsuit against him, Tal Alexander said his accuser's claims were "fabricated allegations for financial gain." His attorney has sought to dismiss the case.<h2 id="ad48f3e1-0ad8-46aa-8696-690f98567ba5">Official has distanced itself from the Alexanders</h2>In the aftermath of the allegations, Oge announced that "Oren was immediately isolated from the business" and that "the process of removing him from ownership is well underway."An attorney for Tal Alexander announced in a statement in late June that he and Official had mutually agreed that he would "<a target="_blank" href="https://www.businessinsider.com/tal-alexander-stepping-down-official-partners-real-estate-brokerage-2024-6">take a leave</a>" from the firm as he focused "fully on clearing his name."Nonetheless, the close association between the Alexanders, who were among the country's most successful real-estate brokers, and Official has dealt collateral damage to the company's image and business pipeline, even as it seeks to distance itself from its once marquee stars.JDS Development Group plans to remove the company this week from the sales assignment for 888 Brickell, a high-rise condo tower the firm is building in Miami, a person with direct knowledge of JDS's decision-making said.<a target="_blank" href="https://www.businessinsider.com/michael-shvo-luxury-real-estate-developer-2024-6">Michael Shvo</a>, a builder planning a luxury condo project at the Raleigh hotel in Miami Beach, recently dropped Official from that development's marketing efforts.John Hudak, a broker based in New York who worked under the Alexanders, also left the company in June, moving to the rival firm Compass."You don't go through something like this as a business and be completely unaffected," Oge said.Oge said that the firm was "in active and productive discussions to move forward as a strengthened entity." She declined to say whether that included a rebranding or reorganization of the company's ownership structure that would seek to more thoroughly eliminate its connection with the Alexanders."We have spent time assessing options to determine what's best for our agents and clients," Oge said.McKillen was a much-heralded addition to Official when he joined the firm in early 2023, credited with overseeing a team that had tallied $1.8 billion of pricey home sales.In 2017, he arranged the $88 million sale of a Bel Air mansion to the megastar music couple Beyoncé and Jay-Z."Tyrone is the ultimate exemplification of Official's vision," Richard Jordan, the company's CEO, said in a statement at the time of his hiring.

Star luxury broker is leaving firm shaken by rape allegations against Alexander brothers

<ul class="summary-list"><li>Senators called on the FTC to investigate some automakers for surreptitiously sharing drivers' data.</li><li>Two senators named General Motors, Honda, and Hyundai in their letter to the FTC demanding action.</li></ul>If you always feel like someone is watching you, it might be your swanky new GMC.Legislators are demanding the Federal Trade Commission investigate automakers like General Motors, the maker of GMC, Cadillac, Chevrolet, and Buick — as well as Honda and Hyundai — for serriptitiously sharing drivers' data with data brokers. They called on the FTC to "hold the companies and their senior executives responsible" if they broke the law."The FTC should hold accountable the automakers, which shared their customers' data with data brokers without obtaining informed consent, as well as the data brokers, which resold data that had not been obtained in a lawful manner," Democratic Senators Ron Wyden and Ed Markey wrote in their letter to the FTC.General Motors, Honda, and Hyundai each shared drivers' "acceleration and braking data" with brokers, and General Motors "disclosed customer location data" to at least two companies, the senators wrote. They accused the companies of not seeking customer consent for data sharing or using murky techniques to get drivers to opt in, like implying that the data would "only lower insurance bills" when it <a target="_blank" class="" href="https://www.businessinsider.com/auto-insurance-monitor-driving-phone-apps-life360-higher-rates-2024-6">could raise rates</a> as well, the senators wrote.In a 2021 call with Wyden's office, GM officials said it had been sharing "bulk, de-identified location data from GM cars to an unnamed commercial partner, which GM officials would not identify.""During that oversight call, GM confirmed it did not seek informed consent from consumers for sharing this data. Company officials told Senator Wyden's staff that the only way consumers could opt out of the data sharing was by disabling the car's internet connection entirely," the letter to the FTC states.A spokesperson for GM told Business Insider in a statement that it is a "common industry practice" to share de-identified data with some third parties for "enhancing city infrastructure and road safety." The spokesperson denied the accusation in the letter that GM used "manipulative design techniques" to enroll customers in features that used data sharing."Data was only shared with an insurer if a customer initiated a quote directly with their chosen carrier and provided a separate consent to that carrier," the spokesperson said, noting that the GM feature that shared data was discontinued entirely last month.The <a target="_blank" class="" href="https://www.ftc.gov/policy/advocacy-research/tech-at-ftc/2024/03/ftc-cracks-down-mass-data-collectors-closer-look-avast-x-mode-inmarket">FTC targeted data brokers</a> earlier this year for collecting location data from consumers via apps on their phones and selling it without consent.Honda officials did not immediately respond to a request for comment.A spokesperson for Hyundai told Business Insider that the senators' letter to the FTC "mischaracterizes Hyundai's data policies and the safeguards it implemented to ensure customer consent for sharing driving behavior information with insurers."Update July 27, 2024: This story has been updated to include a statement from a GM spokesperson.

Your new GMC truck may be tracking your every movement and sharing it with data brokers

<ul class="summary-list"><li>China has helped broker a truce between Hamas and Fatah.</li><li>It's positioning itself as a champion of Palestinian autonomy amid the Israel-Hamas war.</li></ul>In the nine-month war between Israel and Hamas, an unlikely nation has emerged as a key power broker in the Middle East: China.Hamas and Fatah, the two most powerful Palestinian political groups, announced a truce on Monday brokered in Beijing, at the end of discussions between 14 Palestinian political factions, which culminated in the commitment to form an interim unity government once the war between Israel and Hamas is over, <a target="_blank" class="" href="https://www.reuters.com/world/hamas-fatah-meet-with-media-china-after-reconciliation-talks-2024-07-23/">Reuters reported.</a>China's foreign minister Wang Yi hailed the agreement "on post-Gaza war governance and the establishment of a provisional national reconciliation government" as "dedicated to the great reconciliation and unity of all 14 factions," <a target="_blank" class="" href="https://english.news.cn/20240723/79615ae00aff4c65be34048123ea7f53/c.html">state media reported</a>.It's an audacious move that places China at the center of negotiations in a conflict where the US has long been the main mediator.<h2 id="f078cea0-a197-4a7d-9aaa-9783828807c8">China flexes new diplomatic power</h2>In 2007, Hamas, an Islamist group classified as a terrorist group by the US, seized control of the Gaza Strip from Fatah.Hamas is battling for for survival in the Gaza Strip, after <a target="_blank" class="" href="https://www.businessinsider.com/why-hamas-chose-attack-israel-now-after-decades-conflict-gaza-2023-10">its attack on Israel on October 7</a> prompted an Israeli military offensive in the Gaza Strip. Fatah has long been the biggest group in the PLO, which rules the West Bank.Reconciling the groups with an eye to building a postwar Palestinian government is a diplomatic coup for Beijing, after years of trying to position itself <a target="_blank" class="" href="https://www.businessinsider.com/biden-xi-meeting-china-plan-supplant-us-working-apec-summit-2023-11">as a power broker in the Middle East.</a>Though Beijing is not part of the US diplomatic push to broker a cease-fire between Israel and Hamas, analysts say it is establishing itself as an important player in any postwar settlement."China seeks to burnish its credentials as a diplomatic intermediary. Previous efforts to unify Hamas and Fatah have failed, but Beijing hopes to demonstrate that, at least in principle, it can bridge intractable divides and de-escalate long-standing conflicts that Washington cannot," Ali Wyne, an analyst with the Crisis Group, told Business Insider.<h2 id="e613109f-1f9b-44b2-82ab-c3bcd94fa904">China challenges US might in the Middle East</h2>In the last few years, China has challenged US influence in the Middle East. In 2023, it helped broker a restoration of diplomatic relations between Iran and Saudi Arabia after decades of proxy conflict. It also <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-neom-china-investment-us-issues-2024-6#:~:text=Now%20Saudi%20Arabia%20is%20turning,Business%20Insider's%20Tom%20Porter%20writes.">brokered closer ties with the Gulf states </a>that have long been US allies.Deals like the Iran-Saudi rapprochement and the truce between Palestinian factions would likely have been impossible for the US, which has had adversarial relations with Iran and its regional proxies for decades."The United States can't be a credible mediator because it has played favorites in both the Iran-Saudi rivalry and in the competition between Israel and Iran," Middle East analyst Aaron David Miller wrote in <a target="_blank" class="" href="https://archive.is/zgWOX">Foreign Policy in 2023.</a>Wyne said that, while the world sees US-China rivalry through the prism of economics and military power, "the diplomatic component will grow more salient as Beijing aims to become a more holistic great power."China has not condemned the October 7 attacks and has championed Palestinian sovereignty, something Israel has refused to do.It's part of China's wider strategy of positioning itself as the <a target="_blank" class="" href="https://www.businessinsider.com/xi-putin-seek-brics-expansion-challenge-us-power-and-dollar-2023-8">leader of developing nations</a>, many of which are angered by Western support for Israel's campaign, which has <a target="_blank" class="" href="https://www.businessinsider.com/israelis-military-idf-civilian-casualties-ratio-hamas-972-report-2024-4">killed tens of thousands of civilians, according to Hamas-run health authorities</a>.But though China is likely seeking political gains from the Israel-Hamas conflict, there are limits to how much Beijing is prepared to put on the line to influence the outcome, <a target="_blank" class="" href="https://thediplomat.com/2024/02/chinas-influence-in-the-middle-east-and-its-limitations/">say some analysts.</a>The US has helped shoot down Iranian missiles heading to Israel in April. It also deployed <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-third-carrier-strike-group-react-middle-east-conflict-2024-6">two carrier strike groups to the region</a> to deter attacks by Iran and its proxies in the weeks after October 7. <a target="_blank" class="" href="https://www.businessinsider.com/china-refuses-condemn-iran-israel-strike-middle-east-power-broker-2024-4">China, meanwhile, has confined itself to diplomatic initiatives</a>."China also doesn't want to sacrifice much to advance any of its interests in the Middle East," Jon Alterman, an analyst with the Center for Strategic and International Studies, told the US Congress in April."Where it invests, it does so deliberately," he added.

China just made another audacious bid to challenge the US as a key Middle East power broker

<ul class="summary-list"><li>Home prices in the US could fall as much as 10% in some markets, according to Kirsten Jordan.</li><li>The "Million Dollar Listing" agent said the booming demand seen in some markets during the pandemic is fading. </li></ul>Prospective homebuyers may soon feel some relief as <a target="_blank" href="https://www.businessinsider.com/personal-finance/home-prices-drop">home prices</a> are headed for a <a target="_blank" href="https://www.businessinsider.com/home-prices-falling-housing-market-outlook-buying-a-home-redfin-2024-6">sharp correction</a> in key areas of the US housing market, according to the "<a target="_blank" href="https://www.businessinsider.com/million-dollar-listing-brokers-share-advice-luxury-buyers-sellers-2023-5">Million Dollar Listing</a>" real-estate agent Kirsten Jordan."[I] really believe that right now we're going to see a slight correction in prices of homes. This is the opportunity for buyers to get into the market, Jordan said in an interview with <a target="_blank" href="https://www.foxbusiness.com/media/real-estate-expert-defines-housing-market-doomsday-something-we-havent-seen-our-lifetime">Fox Business Network</a> on Wednesday.The celebrity realtor predicted home prices could fall 5%-10% in parts of the US that are finally starting to normalize after seeing inflated demand during the pandemic. "It was people moving around the country for a little while when they can work remotely, [and] they had access to a lot of cheap money. I think that's where we're going to see this lagging correction adjustment that will come over the next several quarters," Jordan said. Home prices are already beginning to drop in key metros like <a target="_blank" href="https://www.businessinsider.com/home-prices-housing-market-florida-texas-real-estate-nar-mortgage-2024-5">Florida and in Texas</a>, Redfin said in a recent report. Cities in New York, Colorado, Oregon, and other states are also seeing <a target="_blank" href="https://www.businessinsider.com/real-estate-housing-market-best-cities-buyers-home-prices-affordability-2024-5#8-logan-utah-8">price declines</a>, according to the National Association of Realtors.Homebuyers have been waiting for prices to come down for the last year, with prospective buyers being pushed out of the market amid the <a target="_blank" href="https://www.businessinsider.com/buying-a-house-keeps-getting-more-expensive-nar-report-2024-5">high housing costs</a> and mortgage rates. The <a target="_blank" href="https://www.businessinsider.com/personal-finance/30-year-mortgage-rates">30-year fixed mortgage rate</a> hovered near 7% the last week, according to Freddie Mac. <a target="_blank" href="https://www.businessinsider.com/personal-finance/housing-market-predictions-2024">Housing affordability likely won't significantly improve</a> until mortgage rates cool, which isn't likely soon. Mortgage costs are impacted by real interest rates in the economy, and the Federal Reserve has said it's in no rush to lower interest rates while inflation is above target and the economy is strong. "We're seeing these rates that have come up, and they're probably going to be there longer than you'd think," Jordan said. US home prices have climbed so far this year. The median sale price of a home rose to $439,716 in May, according to <a target="_blank" href="https://www.redfin.com/us-housing-market">Redfin data</a>, up 5% in a year.

Why a celebrity broker says some parts of the US could see a 10% home-price correction

<ul class="summary-list"><li>A woman accused broker Tal Alexander and his brother Alon of raping her in 2012. </li><li>In a lawsuit, the woman states that a third brother, Oren Alexander, watched the rape.</li></ul>A woman has accused star real estate broker Tal Alexander and his brother Alon of raping her at a Manhattan apartment in 2012.The accusation was made in a lawsuit filed Tuesday in a New York state court. Earlier this year, two other women filed separate lawsuits accusing Alon and a third brother, Oren Alexander, of rape.In the latest lawsuit, Angelica Parker accuses Alon and Tal of assaulting her in the fall of 2012 in their SoHo apartment while Oren watched.Parker stated she met Oren in 2012 and "developed a brief personal relationship" with him. Parker says that in the fall of that year, she and a friend met Oren and Alon at the apartment at 543 Broadway. The friend left after Alon began "groping her" and waited in a stairwell out of concern for Parker, according to the complaint. Parker's lawyer says in the lawsuit that Alon then orally and vaginally raped her and that during the vaginal rape, "Tal proceeded to forcibly orally rape Ms. Parker against her will."Oren, "sat and watched as Ms. Parker was raped by his brothers," the complaint says.<div type="image" title="Tal Alexander and Oren Alexander" height="1681" width="2046" msid="111097455" hostid="261"></div>Isabelle Kirshner, a defense attorney representing Alon and Oren, said the brothers denied the allegations in Parker's lawsuit."They are pure fiction," Kirshner said in a statement. "We look forward to presenting the facts in court."Michael Willemin, Parker's attorney, said in a statement that the case was "intended to send a message that the law applies even to the very wealthy and well connected, including the Alexanders.""We have no doubt that Angelica will prevail in this matter," Willemin said.An attorney for Tal Alexander did not immediately return an email Tuesday seeking comment on the allegation.Tal and Oren were among the biggest names in the lucrative business of selling high-priced homes. They also developed a reputation in the brokerage business for their aggressive approach in courting wealthy clientele and elbowing other brokers out of transactions.Two years ago the pair broke off from Douglas Elliman, the brand-name brokerage where they had worked for more than a decade, and cofounded Official Partners, a firm that focuses exclusively on the uppermost tier of the residential sales market.In March, two women in separate lawsuits filed in NY state court accused Oren and his identical twin brother Alon, 36, of rape. In one case, Rebecca Mandel said Oren and Alon met her at a Manhattan nightclub in 2012, spiked her drink, and invited her to a party at their apartment. When they arrived, the home was empty, and Alon and Oren held her down and took turns raping her, she said.In the second lawsuit, Kate Whiteman said Oren and Alon whisked her away from a nightclub in a private car and raped her at a mansion in the Hamptons in 2012.Evan Torgan, the attorney representing Mandel and Whiteman, said his clients felt "devastation" for Parker after hearing about her lawsuit. "But they're really gratified that everyone's joining the fight with them as well," he told BI. "Hopefully, they'll get justice, and all the victims will get justice, and it'll finally come to a stop."Oren announced last week he would take a "pause" from Official Partners while he defended himself from "these baseless civil claims.""I am confident that through review of the extensive evidence, including text messages and other communications, that the truth will be brought to light," he stated.Official released a message last Friday to its employees stating that Oren's brokerage license was severed from the firm "and the process of removing him from ownership is well underway."A spokesman for Official Partners declined to comment on the newest lawsuit and didn't say whether Tal Alexander will remain at the firm.

Woman accuses luxury real estate broker Tal Alexander and his brother of raping her while their third brother watched

Our experts answer readers' home-buying questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/how-we-evaluate-mortgage-lenders" class="not-content-link" target="_blank">here's how we assess mortgages</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own.<ul class="summary-list"><li>A mortgage broker takes care of a lot of the research that comes with buying a home.</li><li>Some lenders work exclusively with mortgage brokers, and brokers can find you lower rates.</li></ul>Finding the <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders">best mortgage lender</a> for your situation can be a tedious, time-consuming, and stressful process. To ensure you choose the best one for your needs and get the best deal, you'll want to do a lot of shopping around and comparing rates. You'll probably even need to apply with multiple lenders just to get a sense of what's available to you.A mortgage broker's job is to do all that research and hard work for you.<h2>What is a mortgage broker?</h2>A mortgage broker acts as a sort of middleman between you and a mortgage lender. Brokers don't lend you the money themselves. Instead, they do the work of comparing different lenders for you, helping you choose the offer that best suits your needs, and making sure everything is in line for you to close on time. Mortgage brokers are different from loan officers. Loan officers work for individual lenders, and can only offer you loans that the lender they work for offers. Brokers can help connect you to a variety of <a href="https://www.businessinsider.com/personal-finance/types-of-mortgage-loans">types of mortgage loans</a> from many different lenders.This can be especially useful if you're not sure what you qualify for or need affordable mortgage options, such as an <a href="https://www.businessinsider.com/personal-finance/best-lenders-for-fha-loans" target="_blank" rel="noopener">FHA loan</a> or a lender that allows borrowers to make low down payments. <h2>How does a mortgage broker get paid?</h2>Mortgage brokers are typically paid commission on the loans they help close. Usually, the lender is the one who pays the broker, but sometimes the borrower is the one to pay.<h2>Should I use a mortgage broker?</h2><h3>The pros of using a mortgage broker</h3><ul><li>A mortgage broker typically has access to more lenders than you do on your own. Using a mortgage broker gives you access to lenders you may not have known existed, some of which only do business through mortgage brokers.</li><li>You could get a lower rate and better terms. Yes, a mortgage broker can help you find a lender who will give you a mortgage — but they can also help you find a lender who will give you the best mortgage. A mortgage broker could snag you lower <a href="https://www.businessinsider.com/personal-finance/average-mortgage-interest-rate">mortgage rates</a> or fees.</li><li>You don't have to understand all the mortgage jargon. The benefit of having someone do all the hard work for you is that you don't have to be an expert in underwriting or understand the nitty gritty differences between lenders. Granted, it's always a good idea to learn as much as possible about what you're getting yourself into, but a mortgage broker can help you wrap your head around everything.</li><li>You'll probably save time. When you have a mortgage broker, you don't have to spend time researching low rates, <a href="https://www.businessinsider.com/personal-finance/what-credit-score-is-needed-to-buy-a-house">minimum credit scores to buy a house</a>, and fees — they do all that for you. </li></ul><h3>The cons of using a mortgage broker</h3><ul><li>You might have to pay them. Before hiring a mortgage broker, ask them how they make money. Sometimes the lender is in charge of paying them, and sometimes it's your responsibility. If you have to compensate the broker, ask up front whether they charge a flat fee or work on commission.</li><li>You aren't guaranteed to get the best deal. Depending on your situation, you may find when you apply directly with a lender that you're offered rates that are just as good as or even better than the ones you'd get through a broker. And if you already know exactly what you want, such as a <a href="https://www.businessinsider.com/personal-finance/va-loans">VA loan</a>, it may save you more time to handle the application process yourself rather than go through a broker.</li><li>Not all lenders work with brokers. Although many lenders work exclusively with mortgage brokers, some don't work with brokers at all. By going through a broker, you could miss out on certain opportunities.</li></ul><h2>Tips for finding a mortgage broker</h2>How do you find a trustworthy broker who will find you the best deal? The best option is to ask for references from people you trust. Ask family members and friends who have bought homes whether they used a mortgage broker. If they have, would they recommend the broker they worked with?You can also check review websites such as <a href="https://wallethub.com/mortgage-brokers" target="_blank" rel="noopener nofollow sponsored">WalletHub</a>, <a href="http://yelp.com" target="_blank" rel="noopener">Yelp</a>, or Google Reviews to find local brokers and read customer reviews.Find a few mortgage brokers who spark your interest and interview each broker before making your decision. Ask the brokers about their certification and experience, their costs, and how the process of buying or <a href="https://www.businessinsider.com/personal-finance/what-is-refinancing-a-home">refinancing a home</a> will work with them.

Mortgage broker: What do they do, and should you use one?

San Francisco, If you own a <keyword id="6521534" type="General" weightage="80" keywordseo="pixel-watch" source="Orion">Pixel Watch</keyword> and accidentally breaks its screen, then getting it officially repaired by <keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword> isn't in the cards. On Reddit and Google support forums, a number of Pixel Watch owners have taken out their frustrations about the inability to replace cracked screens, reports The Verge. In it, a support representative stated that Google "doesn't have any repair centres or service centres" for the device. "At this moment, we don't have any repair option for the Google Pixel Watch. If your watch is damaged, you can contact the Google Pixel Watch Customer Support Team to check your replacement options," Google spokesperson Bridget Starkey was quoted as saying. Starkey also pointed to Google's hardware warranty policy, which states, "this Limited Warranty does not apply to damage caused by -- (1) normal wear and tear; (2) accidents; (3) misuse (including failure to follow product documentation); (4) neglect; (5) disassembly; (6) alterations; (7) servicing other than by Google-authorised technicians; and (8) external causes such as, but not limited to: liquid damage, exposure to sharp objects, exposure to excessive force, anomalies in the electrical current supplied to the Google product, and extreme thermal or environmental conditions." According to the report, this kind of warranty means leaving owners on their own to deal with damage caused by drops or accidental strikes, and as per Google's Store, there is no option for an extended warranty to go with a Pixel Watch. If users' Pixel Watch is accidentally damaged, then they are on their own. Meanwhile, California passed a right-to-repair law requiring companies to offer replacement parts for electronics priced $50 and higher for three years, and for $100 and higher for seven years. SEE ALSO:<a href="https://www.businessinsider.in/science/space/news/what-is-navic-why-government-wants-to-make-mandatory-for-smartphones-explained/articleshow/103683244.cms" target="_blank"></a> <a href="https://www.businessinsider.in/science/space/news/what-is-navic-why-government-wants-to-make-mandatory-for-smartphones-explained/articleshow/103683244.cms" target="_blank">Explained: What is NavIC, developed by ISRO, that the government wants to make mandatory for smartphones</a><a href="https://www.businessinsider.in/tech/mobile/webstories/honor-90-vs-oneplus-11r-comparison-of-mobile-price-and-features-under-40000/slidelist/103687013.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/honor-90-vs-oneplus-11r-comparison-of-mobile-price-and-features-under-40000/slidelist/103687013.cms" target="_blank">Honor 90 vs OnePlus 11R – the mid-range smartphone to consider under ₹40,000</a><a href="https://www.businessinsider.in/stock-market/news/ems-ipo-allotment-how-to-check-allotment-status-and-gmp-value/articleshow/103668176.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ems-ipo-allotment-how-to-check-allotment-status-and-gmp-value/articleshow/103668176.cms" target="_blank">EMS IPO allotment – how to check allotment, GMP, listing date and more</a>

Google won't fix broken Pixel Watch screens

<ul class="summary-list"><li>The ad world is assessing the future of Michael Kassan's firm after his exit from parent company UTA.</li><li>Kassan's MediaLink is a media and marketing consultancy that's best known for connecting ad and media execs.</li></ul>News of a legal battle between <a target="_blank" href="https://www.businessinsider.com/category/advertising-agencies">advertising-industry</a> impresario Michael Kassan and Hollywood talent giant UTA has the ad world assessing Kassan's impact while speculating about whether MediaLink, the business he's so synonymous with, can continue without him.Ostensibly a media and marketing consultancy, MediaLink is best known for convening high-level executives for meetings and parties at events like <a target="_blank" href="https://www.businessinsider.com/insider-cannes-lions-are-brands-brave-enough-2023-6">Cannes Lions</a> and the <a target="_blank" href="https://www.businessinsider.com/netflix-disney-streamers-plan-big-advertising-sales-push-ces-2023-12">Consumer Electronics Show</a> — with the larger-than-life Kassan always prominently center stage, hobnobbing with CEOs and celebrities. <a target="_blank" href="https://www.businessinsider.com/why-hollywood-agency-uta-bought-medialink-consultancy-cannes-lions-2022-6">UTA acquired the company for $125 million in 2021</a>, with the intention of marrying its roster of entertainment talent with MediaLink's network of advertising clients.But less than three years on, the partnership is headed for a messy divorce.A UTA spokesperson said Tuesday Kassan was "terminated for cause" on March 7 "following a thorough and exhaustive third-party investigation into misappropriation of company funds." The talent agency filed a lawsuit against him in the Los Angeles Superior Court on Tuesday, alleging constructive fraud, and breaches of a partner services agreement, fiduciary duty, and duty of loyalty.Kassan's attorney on Tuesday said he had filed his own claim with the Los Angeles Judicial Arbitration and Mediation Services, naming UTA and its CEO Jeremy Zimmer among the defendants and alleging they breached his contract by cutting his expense account and minimizing MediaLink's role in overseeing UTA's marketing division. The complaint, a copy of which was sent to Business Insider, claims Kassan wasn't fired but instead resigned from MediaLink on March 6. Kassan is claiming breach of contract, fraud in the inducement, and breach of the covenant of good faith and fair dealing.<div type="image" title="Jeremy Zimmer at the Variety Cannes Lions Studio on June 20, 2023 in Cannes, France." height="2002" width="2997" msid="108474613" hostid="261" sizebytes="318606"></div><h2>MediaLink is deeply embedded in all aspects of the ad industry</h2>MediaLink works with nearly every element of the media and marketing business — <a target="_blank" href="https://www.businessinsider.com/top-consulting-firms-that-help-advertisers-pick-agencies-2021-3">running agency reviews</a>, providing consultancy to tech firms looking for customers and acquirers, headhunting C-suite execs, and linking publishers with advertisers. To some detractors, MediaLink's tactics are described as like a "mafia" because it's so deeply embedded and receives a paycheck from almost every part of the business. But Kassan, publicly at least, took that moniker as a compliment. "No conflict, no interest," is Kassan's motto.Now, Madison Avenue is buzzing about whether the MediaLink mafia can continue without its Godfather."Half the value just walked out the door," said Jon Miller, a veteran media executive who serves as CEO of Integrated Media, which specializes in digital media investments."It's the end of MediaLink," said an executive at a competitor firm to MediaLink, which expects to pick up business as a result of the UTA turmoil. "If there ever was a business that was completely tied to its CEO, it's that." The exec, like many people contacted for this story, asked for anonymity to speak freely on a sensitive situation or because they weren't authorized to discuss it publicly.A UTA spokesperson said MediaLink has a strong executive team in place that continues to carry the business forward. "There will not be any disruption for our clients," the UTA spokesperson said. A spokesperson for MediaLink directed a request for comment to UTA.Kassan's attorney, Sanford Michelman of Michelman and Robinson, said in a statement that his client's first priority is the success and continued growth of MediaLink."He looks forward to ensuring its continued success in the industry," the statement said.<div type="image" title="Michael Kassan" height="3000" width="2337" msid="108474614" hostid="261" sizebytes="140294"></div><h2>Talent agencies are retrenching</h2>UTA's acquisition of MediaLink was one example of a long trend of <a target="_blank" href="https://www.businessinsider.com/brands-like-pg-and-delta-are-using-hollywood-talent-agencies-2019-7">talent agencies branching out to advertising services</a>.In 2013, it was Endeavor's WME <a target="_blank" href="https://www.hollywoodreporter.com/business/business-news/endeavor-sells-stake-ad-agency-droga5-1199386/">buying a 49% stake in Droga5</a> (which was later unloaded to consulting giant Accenture).Before buying MediaLink, UTA already had a marketing arm, led by Julian Jacobs and David Anderson, which connects brands to Hollywood; it recently brokered a <a target="_blank" href="https://www.businessinsider.com/netflix-deal-gm-product-placement-ads-electric-vehicles-shows-2023-2">deal that put General Motors cars in Netflix shows</a>, for instance. UTA also <a target="_blank" href="https://variety.com/2024/biz/news/uta-acquires-juv-consulting-gen-z-1235927795/">recently acquired JUV Consulting</a>, an agency that helps marketers reach Gen Z."There was always the idea that if you have the connection to culture, you can extract a lot of money from Madison Avenue," said a former creative agency CEO. "It's just easier said than done."Lately, there are signs that the agencies are retrenching, however. WME is expected to sell non-core parts of its business after parent Endeavor said last fall that it was evaluating "strategic alternatives" for its assets. And the talent agencies have <a target="_blank" href="https://deadline.com/2021/06/caa-sells-majority-stake-wiip-korean-studio-jtbc-1234767146/">exited the content business</a> to resolve a dispute with the Writers Guild of America.After falling out with Kassan, UTA may think twice about buying another agency.<h2>Who will run MediaLink now?</h2>The media and ad industry will be watching to see what, if any, leadership changes UTA makes at MediaLink.Kassan is 73 and was facing questions about his succession plans before this latest blow-up. A prior obvious natural successor, Kassan's longtime right hand, Wenda Harris Millard, left in 2022. People familiar with the company were hard-pressed to come up with names of top lieutenants whose industry stature came close to matching Kassan's. And the rift with UTA could complicate its ability to bring in outside talent to run it, should it try to do so.One client noted that Kassan had built a strong bench of talent at MediaLink, and a former MediaLink executive said that while Kassan was a driving force behind the company winning new business, he wasn't involved in most of the projects it works on.As for what's next for Kassan, speculation has run the gamut, with people imagining variously Kassan starting over on his own, settling with UTA, or buying his firm back. There's also conjecture about the nature of the breakup between him and UTA head Zimmer, and whether there will be more juicy details to learn about Kassan's alleged spending and the MediaLink acquisition agreement beyond what has already been reported.Kassan has a loyal following, and it's easy to imagine people giving him another chance, as they have done in the past. In 1999, he was fired by Western Initiative Media Worldwide, part of ad holding company Interpublic Group, after he sued the media buying company for $63.5 million, alleging breach of contract and defamation of character. The suit was <a target="_blank" href="https://interpublicgroup.gcs-web.com/news-releases/news-release-details/interpublic-and-michael-kassan-settle-lawsuit">settled</a>. And in 1995, <a target="_blank" href="https://www.latimes.com/archives/la-xpm-1999-aug-17-fi-884-story.html">he was suspended</a> from practicing law in California after a conviction for grand theft by embezzlement. The charge was later reduced to a misdemeanor and expunged from his record."It'd be easier for him to start MediaLink 2.0," said Lou Paskalis, a former Bank of America marketer and the founder and CEO of AJL Advisory. "All of us are going to just move from MediaLink to whatever Michael's new company is, because you're buying Michael Kassan."<h2>The end of the ad industry schmoozefest?</h2>MediaLink grew out of a time when mistrust between agencies and marketers was running high, and the media landscape was growing more complicated with the entry of tech giants. Over the years, the business of building community in the ad industry has attracted new players like Marc Sternberg's Brand Innovators and Pttow, but they haven't come close to supplanting MediaLink.The tech companies have only gotten more powerful, and now AI is threatening to disrupt media buyers' and sellers' businesses even further. There still may be a place for connectors like Kassan. But agencies in particular are also frustrated about their reliance on MediaLink, especially because participating in the media agency reviews that MediaLink oversees comes at a high cost. One industry veteran said they saw Kassan's exit as an opportunity to change how ad industry consultants operate and charge for services.Kassan's departure may mark the beginning of the end of the advertising industry schmoozefest. At the center of the dispute between UTA and Kassan is the MediaLink founder's $950,000 annual expense account. Cannes Lions, where MediaLink is omnipresent, is the ultimate industry tentpole event, where deals are signed on yachts in the opulent setting of the French Riviera. MediaLink parties attracted big-name — and expensive — performers, from Lady Gaga to Elton John and Mariah Carey. (Kassan was notably absent from South by Southwest in Austin this month, where MediaLink hosted a client dinner with former NFL quarterback Tom Brady.)"Who else in the industry has the convening power of Michael Kassan?" said advertising industry veteran Rob Norman, the former global chief digital officer of WPP's GroupM. "If you pull that bolt out, does the rest of it fall over? Then does it still matter to UTA?"

Ad insiders are buzzing about industry power broker Michael Kassan's messy split with UTA and what it means for the future of MediaLink

<ul class="summary-list"><li>China has banned brokers from opening overseas trading accounts, the Financial Times reported.</li><li>Chinese regulators ordered brokerages to shut down "new account opening channels for domestic investors."</li></ul>Chinese regulators have banned brokerage firms from opening overseas trading accounts for local investors, according to a report from <a href="https://www.ft.com/content/5df833ab-0a84-4e6c-b2bb-497bf15407fc" target="_blank" rel="noopener">The Financial Times</a>. In a September 28 memo reviewed by the FT, China's Securities Regulatory Commission told Chinese brokerages they had to "close all new account opening channels for domestic investors" looking to buy into offshore markets. The regulator asked brokers to stop offering services to local and overseas investors, and that "opening overseas fund accounts for domestic investors is prohibited."Meanwhile, a state-backed fund on Wednesday raised its stake in China's four largest banks, and the move helped lift the broader market and Chinese bank stocks. China's benchmark <a href="https://markets.businessinsider.com/index/csi-300">CSI 300 Index</a> climbed roughly 0.95% in Thursday trading.Sentiment more broadly has remained lukewarm this year, with foreign investors driving outflows from Chinese markets and dragging on the yuan. Overseas investors have <a href="https://markets.businessinsider.com/news/stocks/foreign-investors-chinese-stocks-china-economy-real-estate-crash-uninvestable-2023-8">sold Chinese equities at a record pace in 2023</a>. And, wealthier <a href="https://markets.businessinsider.com/news/currencies/china-economy-wealthy-investors-markets-rich-cash-banks-secret-transfer-2023-10">Chinese citizen are also trying to move more cash out of the country</a>, sometimes via an illicit network of underground money handlers. The <a href="https://www.businessinsider.com/china-economy-global-markets-xi-deflation-property-housing-evergrande-developers-2023-8">world's second-largest economy has struggled through 2023</a>, with little sign so far of the hotly anticipated post-pandemic rebound. Weak consumer demand, an ailing property sector, and a soft growth outlook all present headwinds for Beijing, and experts have even <a href="https://www.businessinsider.com/china-economy-beijing-lehman-moment-policy-deflation-economy-markets-property-2023-8">floated the possibility of a "Lehman moment."</a>Nicholas Spiro, a partner at Lauressa Advisory, told Insider in a recent interview that it's unlikely China can return to its boom-times of decades past. "There isn't going to be a sudden sharp shock or dramatic loss of confidence or financial stability," he said. "Rather, it'll be a slow-moving, structural economic crisis that could last for years. We are seeing a deep-seated, economic malaise which will be very prolonged."

China has banned brokers from opening overseas trading accounts for local investors

<ul class="summary-list"><li>Taylor Swift kicked off her six-night, sold-out The Eras Tour stopover in Singapore on Saturday.</li><li>It's the only place in Southeast Asia where she will perform due to an exclusivity deal.</li></ul>There's a feud between <a target="_blank" href="https://www.businessinsider.com/what-to-do-in-singapore-taylor-swift-concert-2024-2">Singapore</a> and neighboring government officials — and it's all down to <a target="_blank" href="https://www.businessinsider.com/taylor-swift-net-worth-spending-2018-8">Taylor Swift</a>.Ahead of the pop star's<a target="_blank" href="https://www.businessinsider.com/taylor-swift-concert-singapore-india-package-eras-tour-2024-3"> six sold-out shows</a> in the city-state, which kick off on Saturday, a lawmaker in the Philippines has criticized the exclusive deal that Singaporean authorities reportedly brokered with her to ensure that she wouldn't take <a target="_blank" href="https://www.businessinsider.com/taylor-swift-eras-tour-guide-to-every-album-era-2022-12">The Eras Tour </a>to other territories in the region.On Wednesday, Philippines representative Joey Salceda called on the Philippines' Department of Foreign Affairs (DFA) to protest against the <a target="_blank" class="editor-rtfLink" href="https://www.straitstimes.com/singapore/stb-gave-grant-for-taylor-swift-concerts-event-likely-to-generate-major-benefits-for-s-pore-economy-govt">grant the Singapore government authorized</a> in exchange for Swift agreeing not to perform elsewhere in Southeast Asia during her sold-out world tour, local media reported."Some $3 million in grants were allegedly given by the Singapore government to AEG to host the concert in Singapore. The catch was that they do not host it elsewhere in the region," Salceda said, according to <a target="_blank" class="editor-rtfLink" href="https://www.straitstimes.com/asia/se-asia/not-what-good-neighbours-do-filipino-lawmaker-hits-out-at-singapore-over-taylor-swift-deal">The Straits Times</a>.<div type="image" title="Fans of US singer Taylor Swift, also known as a Swifties, arrive for the first of the pop star's six sold-out Eras Tour concerts at the National Stadium in Singapore on March 2, 2024." height="3406" width="5119" msid="108167161" hostid="261" sizebytes="707666"></div>He said it "isn't what good neighbors do," adding: "Our countries are good friends. That's why actions like that hurt."Per <a target="_blank" class="editor-rtfLink" href="https://www.gmanetwork.com/news/topstories/nation/898944/salceda-wants-explanation-for-singapore-s-alleged-deal-with-taylor-swift/story/">GMA Network</a>, Salceda noted that while the grants significantly boosted Singapore's economy, "it was at the expense of neighboring countries, which could not attract their own foreign concertgoers, and whose fans had to go to Singapore."He added that the Philippines should not "just let things like these pass."The Grammy Award-winning artist, who recently announced that she <a target="_blank" href="https://www.businessinsider.com/taylor-swift-the-tortured-poets-department-album-release-date-tracklist-what-to-know">will be releasing a new studio album in April</a>, is performing six shows at Singapore's 55,000-seat National Stadium between March 2 and 9.Salceda's criticism comes after Thailand's prime minister revealed that Singapore had brokered the deal that meant Swift couldn't take the tour to other nine territories in the Association of South East Asian Nations, which also includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, and Vietnam.<div type="image" title="Taylor Swift performs at the National Stadium on March 2, 2024 in Singapore." height="2793" width="4190" msid="108167163" hostid="261" sizebytes="322700"></div>According to <a target="_blank" class="editor-rtfLink" href="https://news.sky.com/story/singapore-has-done-deal-so-taylor-swift-cant-perform-in-any-other-countries-in-southeast-asia-13072902#:~:text=Singapore%20has%20done%20a%20deal,of%20South%20East%20Asian%20Nations.">Sky News</a>, while speaking at the iBusiness Forum 2024 in Bangkok in February, Srettha Thavisin said promoter AEG informed him of the agreement after he enquired why the world tour would not be stopping in his home country. Swift has never performed in Thailand, although she was scheduled to perform there in 2014, but ended up <a target="_blank" class="editor-rtfLink" href="https://www.rollingstone.com/music/music-news/taylor-swift-cancels-thailand-concert-due-to-political-turbulence-56388/">canceling due to political turbulence.</a>He claimed he was told the Singapore government offered $2 million to $3 million per show in exchange for exclusivity.However, according to <a target="_blank" class="editor-rtfLink" href="https://www.bbc.co.uk/news/world-asia-68379688">BBC News</a>, Singapore's CNA has suggested it may be just S$2 million for all six nights.Swift's stop-over in Singapore is expected to bring economic benefits to the city-state. The recent Australian leg of the tour gave a $558 million boost to the economy, according to an estimate from Angel Zhong, an Associate Professor of Finance at RMIT University (via <a target="_blank" class="editor-rtfLink" href="http://forbes">Forbes</a>).

Singapore brokered a deal with Taylor Swift, so she wouldn't take the Eras Tour to other Southeast Asian countries. Now, a Philippines lawmaker is calling it out.

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