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Donald <keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> and <keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> have apparently become great friends over recent months. Musk poured millions of dollars into Trump's successful election campaign and has been a vocal and visible supporter of the president-elect. In return, he's been given a new job, in joint charge of the new <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">Department of Government Efficiency</keyword> (Doge), where he will be tasked with streamlining government operations and reducing bureaucracy. This "department"—actually an advisory group—will aim to cut unnecessary spending and make the general functioning of the US government more efficient. The idea is that within a federal budget of over US$6 trillion, there are opportunities to make some big savings. Musk's appointment—like many things he's involved with—has sparked controversy. The richest man in the world has already said he wants to cut spending by US$2 trillion (£1.6 trillion) and mentioned setting up a "leaderboard for most insanely dumb spending of your tax dollars.". Some are concerned about the impact he could have on public services. Others fear he will use his position to promote his own business interests. On the positive side, Musk has a very impressive CV when it comes to big organisations. He has created (or co-created) multi-billion-dollar businesses, including Paypal, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, and <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>. He has founded startups involved in AI (xAI), tunnelling (the Boring Company), and medicine (<keyword id="19985233" type="General" weightage="20" keywordseo="Neuralink" source="keywords" meta.keywordsubtype="org" meta.entityname="Neuralink" meta.hostid="261" meta.entityid="Neuralink">Neuralink</keyword>). And research suggests that much of Musk's success comes down to a relentless focus on efficiency. He has also been praised for the depth of his analytical thinking and innovative problem solving. Tesla's factory in California went from being the least productive car manufacturing plant in the US when it was owned by General Motors to the most productive under Musk's ownership. SpaceX has vastly reduced costs in the space cargo business. So he has form. And Musk is not the first American business leader to offer private sector expertise to the world of politics. Back in the 1960s, Robert McNamara, former president of the Ford Motor Company, served as secretary of defence under presidents John F. Kennedy and Lyndon B. Johnson. McNamara brought significant innovations to <keyword id="22668770" type="General" weightage="20" keywordseo="government-efficiency" source="keywords">government efficiency</keyword> that drew on his corporate experience. He championed cost-benefit analysis and a data-driven approach to decision-making and was keen on reducing bureaucracy and promoting accountability in complex governmental processes. To achieve this, McNamara recruited a team of experts from the worlds of academia and business. Known as the "Whizz Kids," they brought new perspectives to the White House. In the UK now, the Labour government's minister of state for investment is Poppy Gustafsson, a former venture capitalist and tech founder. Its minister for prisons is James Timpson, former CEO of the Timpson Group, a family firm renowned for hiring ex-offenders. These people—and there are many other examples around the world—were brought into the political sphere because of the knowledge and vision they have demonstrated in the private sector. The hope is their talent and leadership will improve policy and practice. <h2>Data-driven reform</h2>The same must be hoped for Musk: that with his co-leader, Vivek Ramaswamy—a biotech entrepreneur and former Republican leadership candidate—he will bring expertise in cost-cutting and innovative strategies. This will probably include comprehensive audits and data-driven approaches to reform. Critics refer to prior examples of Musk's approach, such as the mass layoffs and aggressive cost-cutting measures at Twitter (now X), with concerns that there could be similarly drastic reductions in the federal workforce and public services. But big job cuts were happening across the tech sector at that time. They came in the wake of reduced revenues and a need to reduce bloated workforces and ineffective functions—not unlike the challenges faced by the US government. Nevertheless, while proponents see Musk as an experienced leader capable of streamlining bureaucracy, sceptics fear the advent of harmful austerity measures that risk disruption to essential public programs. Concerns have also been raised about potential conflicts of interest, as Musk's business empire benefits from government contracts. However, since Doge will operate as an advisory body, concerns over him gaining advantage through any self-dealing seem overblown. Besides, two of Musk's companies (SpaceX and Tesla) have been awarded US$15.4 billion (£12.3bn) in federal contracts in the last decade. Perhaps then, success precedes influence rather than the reverse? Doge will also be governed by the Federal Advisory Committee Act, which maintains legal and ethical guardrails. And Congress will have the final say over any decisions. Fears of the worst possible outcome to Musk's appointment are a natural human response in the face of uncertainty. It is part of the reason that negative headlines get more clicks than positive ones. It is also true that Musk has aligned himself with a politician who divides opinion like few others. By leveraging his billions of dollars and 200 million followers on X to help Trump to victory, he made it clear which side he was on. And in a highly polarised US political landscape, the anguish about his governmental role may be little more than a knee-jerk reaction from the millions of people whose side he did not choose.

Love him or loathe him, Elon Musk is a champion of efficiency and could save the US government a fortune

<ul class="summary-list"><li><keyword id="12002037" type="UNKNOWN" weightage="60" keywordseo="british-airways" source="Orion">British Airways</keyword> demonstrated a "Perfect Flight" from Heathrow to Glasgow using <keyword id="12110526" type="UNKNOWN" weightage="60" keywordseo="sustainable-aviation-fuel" source="Orion">sustainable aviation fuel</keyword>.</li><li>The journey replicated a 2010 flight to show how much the airline has reduced its CO2 emissions over 11 years.</li><li>Airlines are responding to the industry pollution problem as "flight shaming" gains popularity.</li></ul>British Airways demonstrated how it is moving toward a "Perfect Flight" using sustainable jet fuel and renewable energy amid scrutiny from environmental activists.On Wednesday, BA flight 1476 took off from London's Heathrow Airport on a 58-minute journey to Glasgow Airport in Scotland. The "Perfect Flight" demonstration used sustainable aviation fuel provided by BP, making it the airline's <a href="https://mediacentre.britishairways.com/news/15092021/as-the-uk-prepares-to-host-the-cop26-climate-summit-british-airways-and-its-partners-achieve-record-carbon-emissions-reductions-as-part-of-their-perfect-flight-demonstration-to-show-how-aviation-is-decarbonising?ref=Home">first flight powered directly by SAF</a>.The journey replicated a flight done in 2010 from Heathrow to Edinburgh that used an older aircraft with fewer fuel-saving capabilities. Wednesday's flight demonstrated how far the airline has come in the past 11 years to decarbonize aviation, which amounted to a 62% reduction in CO2 emissions compared to the 2010 flight.The short hop to Glasgow was operated on a specially liveried <keyword id="12110525" type="UNKNOWN" weightage="60" keywordseo="airbus-a320neo" source="Orion">Airbus A320neo</keyword> aircraft painted in partnership with Airbus, which symbolizes BA's <a href="https://www.britishairways.com/en-gb/information/about-ba/ba-better-world">Better World</a> program aimed at reducing its <keyword id="12110522" type="UNKNOWN" weightage="60" keywordseo="carbon-footprint" source="Orion">carbon footprint</keyword>. The plane is the quietest and most fuel-efficient short-haul jet in the airline's fleet, emitting <a href="https://www.airbus.com/company/sustainability/environment/product-responsibility.html">20% less CO2</a> compared to older generation aircraft, according to BA.Heathrow Airport supported BA's Perfect Flight by providing 100% renewable energy to power the carrier's electric Mototok vehicles that pushed back the aircraft. According to Heathrow CEO John Holland-Kaye, the airport has been buying 100% renewable energy since 2017, has invested seven million pounds in installing electric vehicle charging ports on the airport, and is converting 90% of its small vehicle fleet to electric.According to BA, the airline practiced a number of fuel-saving techniques for the historic flight, like taxiing on one engine, preprogramming climb speed, and working with NATS to maintain a continuous climb and descent from Heathrow to Glasgow to avoid leveling off.BA's Perfect Flight demonstrates its response to both the climate crisis and backlash from activists who say the airline industry is severely impacting the environment. Since 2019, carriers have been battling the "<a href="https://www.businessinsider.com/airlines-scramble-to-overcome-polluter-stigma-as-flight-shame-movement-grows-2019-6">flight shaming</a>" movement, putting pressure on airlines to make operational changes to promote sustainability.Swedish environmental activist <keyword id="11970529" type="UNKNOWN" weightage="60" keywordseo="greta-thunberg" source="Orion">Greta Thunberg</keyword> played a part in the popularization of flight shaming and the subsequent drop in the number of commercial flyers in Sweden, according to the <a href="https://www.latimes.com/business/story/2020-02-07/flight-shaming-airlines-climate-change-greta-thunberg">Los Angeles Times</a>. Thunberg has been vocal about the airline industry's role in the climate crisis and her message has spread throughout Europe and slowly into the US, creating tension between activists and airlines, according to <a href="https://www.vox.com/2019/11/21/20974722/climate-change-flying-flight-shame-emirates-air-france-emirates-emissions">Vox</a>.Airline executives like Air France CEO Anne Rigail and Emirates President Tim Clark said the anti-flying movement is the industry's biggest challenge. According to the <a href="https://www.atag.org/facts-figures.html">Air Transport Action Group</a>, aviation accounts for around 2% of the world's carbon emissions."We [in the aviation industry] aren't doing ourselves any favours by chucking billions of tons of carbon into the air. It's got to be dealt with," <a href="https://www.bbc.com/news/business-50481107">Clark told the BBC in 2019</a>. "I quite like Extinction Rebellion and Greta Thunberg for having brought a real focus to the issue."Carriers are recognizing the industry's pollution problem, but balancing the need to grow their business while also being mindful of their carbon footprint is challenging, but it isn't stopping them from going green. European carrier KLM CityHopper showed its support for decarbonization by <a href="https://www.businessinsider.com/airlines-flight-shaming-reactions-klm-launches-environmental-campaign-2019-7">launching a "Fly Responsibly" campaign</a> in 2019 where it encouraged people to avoid flying if they can, and instead take alternate modes of <keyword id="11894924" type="UNKNOWN" weightage="100" keywordseo="transportation" source="Orion">transportation</keyword>, like the train. Meanwhile, in the US, Delta Air Lines committed one billion to become <a href="https://www.businessinsider.com/how-airlines-are-cutting-emissions-amid-climate-change-concerns-2020-1">carbon neutral</a> by 2030 and both <a href="https://www.businessinsider.com/united-airlines-orders-1-billion-in-evtol-aircraft-from-archer-2021-2">United</a> and <a href="https://www.businessinsider.com/american-airlines-order-for-vertical-aerospace-evtols-2021-6">American</a> have invested in <a href="https://www.businessinsider.com/american-united-investing-billions-in-new-type-of-aircraft-evtols-2021-7">electric aircraft</a>.

British Airways demonstrated its progress on creating a 'Perfect Flight' using fuel made with used cooking oil as airlines race to reduce carbon emissions

<ul class="summary-list"><li>Investors may be prematurely celebrating the end of inflation, Bridgewater's Bob Prince says.</li><li>The hedge fund's co-chief investor expects stubborn price growth, and the Fed to keep rates high.</li></ul>Reports of inflation's death are greatly exaggerated, the co-chief investor of the world's largest hedge fund says."Inflation has come down but it is still too high, and it is probably going to level out where it is," Bob Prince of Bridgewater Associates <a href="https://www.ft.com/content/3489c43d-83ff-413b-9477-dd6c042211f2" target="_blank" rel="noopener">told the Financial Times</a>. "We're likely to be stuck around this level of inflation."Over the last 12 months, price growth has slowed from a 40-year high of 9.1% to a <a href="https://www.businessinsider.com/how-is-inflation-looking-consumer-price-index-june-data-2023-7">two-year low of 3%</a>, which isn't far off the Federal Reserve's 2% target. The US central bank has raised interest rates from almost zero to north of 5% since last spring to achieve that result.With the inflation threat receding, investors anticipate the Fed will begin cutting rates soon, providing a boost to asset prices and economic growth. As a result, they've piled into stocks in recent weeks, and futures markets are pricing in a bunch of rate reductions by the end of next year.However, Prince predicted that <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-bull-market-inflation-rally-rates-fundstrat-2023-7">core inflation</a> (which excludes volatile food and energy prices) will remain elevated, and the Fed will defy expectations and keep rates around their current level. He also raised the prospect of prices surging again, and suggested that holding cash might be a shrewd way to weather the upcoming volatility."The big risk right now is that you get a bounce in energy prices when wages are still strong," he said. "It's just not a good environment to be holding assets generally in bonds or stocks."One of Prince's two co-chiefs, Greg Jensen, <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-economy-recession-bridgewater-jensen-dalio-fed-inflation-2023-7">struck a similar note</a> in May. He warned that inflation might remain higher than investors expect, and cautioned that could weigh on stocks and bonds and potentially trigger a recession.Ray Dalio, Bridgewater's billionaire founder, also issued a bearish outlook during a recent appearance. He <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-us-debt-crisis-economy-recession-outlook-borrowing-ceiling-2023-6">flagged the risk</a> of a "balance-sheet recession," where consumption and investment fall because households and businesses are spending more of their income repaying their debts. "Things are going to get worse in the economy," he said.

Don't celebrate the death of inflation yet, Bridgewater's co-chief investor warns

India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era

These are the new TDS, TCS rates applicable on fixed deposits, dividends, contracts and more

<ul class="summary-list"><li>Goldman Sachs board plans to tap Tom Montag to join, Bloomberg reports.</li><li>Montag was a divisive figure when leading Bank of America's investment bank.</li></ul>Tom Montag retired as Bank of America's No. 2 in 2021 amid questions about his leadership style. Now, he is said to be in line to join the board of Goldman Sachs as its CEO, David Solomon, faces scrutiny over his leadership. Naming Montag, who had previously been at Goldman with Solomon, "would likely signal that the CEO — who also serves as chairman — is shoring up support," <a href="https://www.bloomberg.com/news/articles/2023-06-26/goldman-taps-tom-montag-for-board-amid-disquiet-in-bank-s-ranks" target="_blank" rel="noopener">report Bloomberg's</a><a href="https://www.bloomberg.com/authors/AQsv6zME0W4/sridhar-natarajan" target="_blank" rel="noopener"> Sridhar Natarajan</a> and<a href="https://www.bloomberg.com/authors/AS_Gz5yh3FM/katherine-doherty" target="_blank" rel="noopener"> Katherine Doherty</a>.Yet Montag was on the trading side of Goldman, while Solomon was a banker, and the two businesses are not always the best of friends. Still, Bloomberg notes, Montag would be the first bank executive named to the board under Solomon, who became CEO of the bank in 2018. The board already has banking experience, with David Viniar, Goldman's former longtime chief financial officer, and Adebayo Ogunlesi, a former Credit Suisse banker and founder and chief executive of private-equity firm Global Infrastructure Partners, as among its current 12 members. Ogunlesi is lead director.Having another ally on the board would come at a critical time. Solomon has come under fire over a series of <a href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">strategic missteps in the consumer business</a>, as Insider's Dakin Campbell has reported. Solomon's hobby as a DJ and his<a href="https://www.businessinsider.com/david-solomon-ceo-goldman-sachs-takes-corporate-jet-2023-4"> use of the firm's private jets</a> have also rubbed some Goldman insiders the wrong way.Critics have also pointed to a wave of partner departures, although Goldman has said that the turnover has not been unusual. Still, <a href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon">more than 85 partners have left the firm</a> under Solomon.All this has come against a global slowdown in dealmaking, which has led to staff reductions including, <a href="https://www.bloomberg.com/news/articles/2023-06-23/goldman-sachs-begins-cutting-about-125-of-its-managing-directors" target="_blank" rel="noopener">according to a recent Bloomberg report,</a> 125 managing directors worldwide.A Goldman representative declined to comment on the Bloomberg report.<h2>At Goldman, Montag was big in Japan</h2>Montag bleeds Goldman blue. He was with the firm for 22 years, leaving as a co-head of the global securities business in 2007. He was named a partner in 1994, when Goldman was still a private partnership, not a publicly traded corporation. He joined the firm's management committee in 2002. Montag once led Goldman's operations in Japan and during that time was that nation's largest individual taxpayer,<a href="https://www.reuters.com/article/sppage012-n03394912-oisbn-idUSN0339491220071203" target="_blank" rel="noopener"> according to Reuters</a>.At Bank of America, Montag led the global banking and markets division, and was instrumental in the merger of Merrill Lynch and Bank America that remade the bank after the financial crisis. At the time of his 2021 departure, <a href="https://www.businessinsider.com/who-could-succeed-tom-montag-bank-of-america-retirement-timeline-2021-8">Insider's Alex Morrell wrote:</a> Though a divisive figure who inspired intense loyalty among some and loathing among others, Montag is widely recognized as a gifted and intelligent bank executive. Charming, beloved by clients, and commercially savvy, he guided the firm's investment bank to stability and profitability following the chaos of the financial crisis. In addition to a magnetic personality, he relishes the details and minutiae of his operations and is known to spend hours discussing specific trades with employees. How divisive Montag can be was revealed in a 2021 <a href="https://www.nytimes.com/2021/05/14/business/bank-of-america-tom-montag.html" target="_blank" rel="noopener">report by Kate Kelly of The New York Times</a> that was published months before his departure. As the COVID pandemic raged in spring of 2020, Montag initially pressed staffers in the markets division to be in the office despite stay-at-home orders, the Times reported. The article portrayed Montag as having a hard-driving leadership style and a tendency to play favorites.Since leaving BofA, Montag has headed up Rubicon Carbon, a carbon credit business. Private-equity firm TPG invested $300 million in the new firm, "one of the private sector's largest efforts to expand the roughly $2 billion market for voluntary carbon credits that companies buy to offset their carbon emissions,"<a href="https://www.wsj.com/articles/tpg-taps-montag-for-ambitious-carbon-credit-effort-11669678521" target="_blank" rel="noopener"> the Wall Street Journal reported late last year.</a>

Ex-BofA No. 2 Tom Montag said to be in line to join Goldman Sachs board

Here’s how the advertising and marketing industry reacted to Union Budget 2021

Leading <keyword id="6732896" type="General" weightage="100" keywordseo="renew" source="Orion">renew</keyword>able energy company ReNew Energy Global has posted a net loss of Rs 986 million for the quarter ended September 2022 (Q2 FY23), against Rs 6,614 million loss in the year-ago period (Q2 FY22). The company said it managed to narrow its loss due to higher revenues. The company's total income (or total revenue) for Q2 FY23 was Rs 22,409 million, an increase of 5.1 per cent over Q2 FY22. The company in a statement said its adjusted operating profit or earnings before interest, taxes, depreciation, and amortisation (Ebitda) for Q2 FY23 was Rs 18,209 million, an increase of 0.1 per cent over Q2 FY22. Cash Flow to equity for the quarter under review was Rs 7,125 million, an increase of 4.7 per cent over Q2 FY22. Days Sales Outstanding ended Q2 FY23 at 231 days, which is a 41-day improvement year-on-year and the company increased its cash by Rs 4,881 million through a reduction in accounts receivables during the quarter. The Gurgaon-headquartered company said $ 300 million in green bonds were redeemed during Q2 FY23. As of September 30, 2022, 50 per cent of total outstanding debt is local currency borrowing. A green bond is a type of debt security created for funding or re-funding projects contributing positively to the climate and/or ecosystem. As of September 30, 2022, the Company's portfolio consisted of 13.4 GWs, a 30.8 per cent increase year on year. Approximately 1 GW of purchase power agreements was signed in the quarter, the renewable energy company said. <keyword id="161716" type="General" weightage="50" keywordseo="sumant-sinha" source="Orion">Sumant Sinha</keyword>, Chairman and CEO, ReNew, said "ReNew continues to lead the energy transition in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and during the quarter, we signed 1 GW of purchase power agreements as a preferred partner for carbon-mitigation solutions. We have furthered our investments in capacity and our technology and analytics capabilities through acquiring shares of 3E, a leading SaaS solutions company in renewable energy and a new partnership with <keyword id="5283165" type="General" weightage="50" keywordseo="norfund" source="Orion">Norfund</keyword> and KLP," and added that the core operations of the company continue to execute as expected this year and our continued access to affordable capital is enabling the company to capitalise on significant growth opportunities. ReNew also said it entered into a partnership with Norfund, the Norwegian government's investment fund for developing countries, and KLP, Norway's largest pension company, to co-invest in ReNew's transmission projects. ReNew signed definitive documents to acquire shares in 3E, a software as a service (SaaS) solutions company offering asset performance management and analytics for renewable energy assets. <keyword id="944686" type="General" weightage="50" keywordseo="renew-power" source="Orion">ReNew Power</keyword> is one of India's leading renewable energy companies. Based in Gurugram, Haryana, it has an asset base of over 10 GW, with around 5 GW operational. ReNew Power operates over 110 projects across 18 states in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pakistans-default-risk-soars-amid-political-turmoil-says-a-dawn-news-report/articleshow/95574205.cms">Pakistan's default risk soars amid political turmoil says a Dawn news report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/union-bank-tata-power-renewable-join-hands-to-help-msmes-switch-to-solar/articleshow/95575042.cms">Union Bank, Tata Power Renewable join hands to help MSMEs switch to solar</a>

ReNew Energy's Q2 loss narrows to ₹986 million

Anshu Jain, the former co-chief executive of Deutsche Bank, <a href="https://www.businessinsider.com/former-boss-of-one-of-europes-biggest-banks-died-2022-8">died on Saturday</a> in the UK after battling a form of stomach cancer. He was 59 years old.Jain is credited with helping build Deutsche Bank's investment-banking and capital-markets business into a global giant.This post first appeared in 10 Things on Wall Street, a newsletter by Insider that brings you all the biggest stories dominating the finance industry — delivered daily to your inbox. Sign up <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street?r=US&amp;IR=T">here</a>. Download Insider's app <a href="https://link.insider.com/click/27645591.160803/aHR0cHM6Ly93d3cuaW5zaWRlci5jb20vYXBwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9T3BlbmluZ19iZWxs/62667762063d6b9bef0cffb3Bf9c9aa56">here.</a><a href="https://www.businessinsider.com/former-boss-of-one-of-europes-biggest-banks-died-2022-8"></a>1. Anshu Jain, the former co-chief executive of Deutsche Bank, has passed away. The banker had been suffering from a form of stomach cancer. He outlived his <a href="https://www.businessinsider.com/former-boss-of-one-of-europes-biggest-banks-died-2022-8">predicted life expectancy by four years</a>.Jain, born in India, was co-CEO of the German bank between 2012 and 2015 alongside Jürgen Fitschen. He led Deutsche Bank's global markets division from 2000 and became the investment-banking division head in 2010. He left Deutsche Bank in 2015 and returned to banking in 2017 to become president of US investment bank Cantor Fitzgerald.Jain is largely credited with turning Deutsche Bank into a global firm with deep business ties across Europe, Asia, and the Americas.When he led the investment-banking arm at Deutsche Bank, the unit generated a significant amount of the firm's profits. He commanded one of the largest salaries in global banking.Shareholder scrutiny, however, over weakening profits, increased expenses, pressure from regulators, and clashes with Deutsche Bank's Frankfurt headquarters led him to leave the bank two years before his contract was up.The bank faced heavy scrutiny in 2012 over accusations of manipulating the benchmark London Interbank Offered Rate. In 2015, Deutsche Bank <a href="https://www.wsj.com/articles/deutsche-bank-settles-libor-investigation-with-u-s-u-k-authorities-1429791118">paid a record $2.5 billion penalty</a> to settle US and British allegations that it manipulated rates. And in late 2016, Deutsche Bank agreed to <a href="https://www.wsj.com/articles/deutsche-bank-agrees-to-settlement-over-residential-mortgage-backed-securities-1482458858">a $7.2 billion settlement</a> with the US Justice Department over the sale of mortgage securities in the years leading up to the financial crisis.Despite the scrutiny, Jain's efforts to turn Deutsche Bank into a true competitor in the US are not lost on Wall Streeters.Numerous European lenders have made a play for the US investment-banking market, but "none did it with the zeal of Deutsche Bank" under Edson Mitchell (<a href="https://www.nytimes.com/2000/12/26/business/edson-mitchell-dies-at-47-executive-of-deutsche-bank.html">who died aged 47 in 2000</a>) and Jain, according to <a href="https://www.nytimes.com/2016/12/30/business/dealbook/deutsche-bank-flew-and-fell-some-paid-a-high-price.html">this report</a> from the New York Times' DealBook.In a statement released on Saturday, Deutsche Bank said Jain was "instrumental in building the company's global capital-markets business.""Anshu Jain played a key role in expanding Deutsche Bank's position in our global business with companies and institutional investors," Alexander Wynaendts, chairman of the supervisory board at Deutsche Bank, said in the statement.Jain's banking prowess aside, as an avid cricket player and fan myself, I'm enamored by his ability to shrug off being hit in the head by a "bouncer" on the cricket pitch, as described in <a href="https://www.efinancialcareers.com/news/2022/08/anshu-jain-died">this article about Jain</a> from efinancialcareers. For those of you unaware — <a href="https://www.youtube.com/watch?v=kQ4lsCzKvm8">and curious</a> —getting hit by a "bouncer" is like a ferocious fast-ball pitch to the head during a baseball game.In other news:<a href="https://www.businessinsider.com/citadels-ken-griffins-career-advice-to-a-group-of-interns-2022-8"></a><div type="image" title="Photo of Citadel CEO Ken Griffin" height="1527" width="2035" msid="93574675" hostid="261"></div>2. Citadel's Ken Griffin has some advice for interns: Hustle in your 20s. Interns waited all summer to see the Citadel founder speak at a fireside chat, and he told them not to be shy about <a href="https://www.businessinsider.com/citadels-ken-griffins-career-advice-to-a-group-of-interns-2022-8">asking for a promotion</a>.3. Rich Americans are running short on time to take advantage of Trump-era tax cuts. The down market enables the rich to save on estate taxes by gifting their depressed assets, but rate hikes are eating into gains at popular trusts that are <a href="https://www.businessinsider.com/how-rich-americans-give-away-millions-children-dodge-estate-taxes-2022-8">used to transfer wealth</a>.4. Ken Griffin, Larry Ellison, Marc Andreessen, Morgan Stanley, and Sequoia Capital have all been roped into the Twitter v. Elon Musk debacle. Here's all the banks, billionaires, and venture capitalists sucked into the battle over whether Musk will have to buy the social-media platform, according to <a href="https://www.bloomberg.com/news/articles/2022-08-11/all-the-banks-billionaires-and-vcs-sucked-into-twitter-v-musk?cmpid=BBBXT081222_DEALS&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220812&amp;utm_campaign=deals&amp;sref=ipW5reFz">Bloomberg</a>.5. Carlyle has started the search for its next leader after Chief Executive Kewsong Lee departed last week, Bloomberg reported. The investment firm has hired Russell Reynolds Associates to do the search, and could bring in an outsider <a href="https://www.bloomberg.com/news/articles/2022-08-12/here-s-who-wall-street-is-betting-could-be-carlyle-s-next-ceo?sref=ipW5reFz">to replace Lee</a>.6. Steve Cohen is quietly setting up a crypto-only asset manager, according to Blockworks. The move builds upon the Cohen-founded Point72 Asset Management's forays into <a href="https://blockworks.co/steve-cohen-building-out-crypto-investment-firm/">crypto derivatives</a>.7. Biotech venture capitalists are prioritizing revenue-generating companies over cool ideas. It's a U-turn from when VCs were willing to take chances on unproven companies. Now, they're turning to biotechs that are selling services <a href="https://www.businessinsider.com/vcs-favor-revenue-making-biotech-startups-during-downturn-2022-8">to other companies</a>.8. LinkedIn is laying off its global events marketing team as part of a broader company restructuring. The layoffs come on the heels of cuts at companies like Oracle, Hootsuite, and Rivian. <a href="https://www.businessinsider.com/layoffs-hit-linkedin-which-eliminated-global-events-marketing-team-2022-8?r=US&amp;IR=T">Here's the latest.</a>9. JPMorgan Chief Executive Jamie Dimon said US natural gas production does not conflict with the reduction of greenhouse gas emissions. On a call with wealthy clients, Dimon said "why can't we get it through <a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-oil-gas-production-not-against-climate-change-2022-8">our thick skulls."</a>10. Serena Williams is quitting tennis and becoming a full-time venture capitalist. Williams — who will retire from professional tennis after this month's US Open —launched Serena Ventures in 2014 and has invested in over 60 companies. The firm announced that it had raised an inaugural fund of <a href="https://www.businessinsider.com/grand-slam-tennis-champion-serena-williams-is-turning-to-venture-capital-2022-8">$111 million in March</a>.Done deal:<ul><li>Stoa USA closed its second $100 million securitization of loans that will be used to grow its house-flipping platform, FlipOS. The property-tech company had its loans underwritten by Cantor Fitzgerald.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Deutsche Bank's former co-chief executive Anshu Jain played a big role in turning the German lender into a global investment bank

New Delhi, Jan 3 () Drug major Dr Reddy's Laboratories on Friday said it has received shareholders nod for proposed amalgamation of Dr Reddy's Holdings Ltd into the company.
 The resolution for the scheme was approved by 99.98 per cent votes of the total 13.10 crore votes casted by equity shareholders of the company, it said in a regulatory filing.
 21,026 votes, which accounted for the rest 0.02 per cent, were posted against the resolution, it added.
 The voting was conducted as per the directions of the Hyderabad Bench of the National Company Law Tribunal on November 22, 2019.
 The meeting of equity shareholders was convened on January 2, 2020.
 The board of Dr Reddy's Laboratories had on July 29, 2019, approved the amalgamation of Dr Reddy's Holdings Ltd, an entity held by the promoter group which holds 24.88 per cent equity shares of Dr Reddy's Laboratories, into the company.
 The scheme would lead to simplification of the shareholding structure and reduction of shareholding tiers, the company had said. "The Promoter Group cumulatively will continue to hold the same number of shares in the Company, pre and post the amalgamation," it had said.
 Shares of Dr Reddy's Laboratories on Friday settled at Rs 2,888.90 on the BSE, up 0.87 per cent from its previous close. KRH AKT
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