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<ul class="summary-list"><li>Berkshire Hathaway reduced its Apple stake again in the third quarter of 2024.</li><li>Warren Buffett's company has now cut its shares in Apple by two-thirds over the last year.</li></ul><a target="_blank" href="https://www.businessinsider.com/i-work-with-warren-buffett-berkshire-hathaway-borsheims-ceo-2024-9">Warren Buffett's</a> Berkshire Hathaway has cut its stake in Apple — again.<a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-website-homepage-culture-values-billionaires-links-2024-10">Berkshire Hathaway</a> reduced its holdings in the iPhone maker to just under $70 billion, according to its third-quarter earnings report, which was published Saturday.The Omaha-based holdings company has been slowly cutting its shares in Apple since 2023. It had about $174.3 billion invested in the company at the end of 2023 — which means it has cut its stake by about two-thirds over the past year.Berkshire Hathaway has consistently sold shares and grown its stockpile of cash over the last year. Buffett also <a target="_blank" class="" href="https://www.businessinsider.com/warren-buffett-bank-of-america-stock-sales-apple-portfolio-berkshire-2024-10">sold about $10 billion of his Bank of America</a> holdings, another one of his biggest stakes, earlier this year. The company is now sitting on over $325 billion and did not report any buybacks in quarter three of 2024.Berkshire Hathaway has not said why it is selling off shares of <a target="_blank" href="https://www.businessinsider.com/history-of-apple-in-photos-2015-8">Apple</a>. At a Berkshire annual meeting in May, Buffett hinted that he was selling shares for tax reasons, anticipating that the US government could raise the tax on capital gains, which is profit earned on the sale of an asset, <a target="_blank" href="https://www.cnbc.com/2024/11/02/berkshire-hathaway-brk-earnings-q3-2024.html">CNBC reported</a>.

Warren Buffett's Berkshire Hathaway has reduced its big stake in Apple by two-thirds in the last year

<ul><li>Analysts believe that a potential acquisition will improve lending capability and expand branch footprint <keyword id="46013" type="General" weightage="80" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>.</li><li>Market unclear on such a large acquisition would play out if it leads to a merger eventually.</li><li>The end game should be full acquisition and amalgamation of <keyword id="6357560" type="General" weightage="80" keywordseo="idbi-bank" source="Orion">IDBI Bank</keyword>.</li></ul> <keyword id="6368369" type="General" weightage="50" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> along with the government are looking to divest 60.72% in <keyword id="67881" type="General" weightage="100" keywordseo="idbi" source="Orion">IDBI</keyword> Bank. The process has already been kicked off and this will be a test case for the government as it will give it a blueprint for future divestments. So far media reports have speculated that Kotak Mahindra Bank was in the fray, but now <keyword id="3313307" type="General" weightage="40" keywordseo="nomura-global-markets-research" source="Orion">Nomura Global Markets Research</keyword>, a Japanese investment bank, has come out with a report that projects various scenarios of the potential acquisition and also explains how Kotak Mahindra Bank stands to gain if it acquires the bank. For starters, a possible IDBI acquisition could take KMB’s loan book to Rs 5 trillion plus along with a CASA ratio of 50%, which would be ahead of industry’s. The acquisition would also result in a sharp expansion in its branch footprint. Analysts at <keyword id="6354527" type="General" weightage="80" keywordseo="nomura" source="Orion">Nomura</keyword> believe that the acquisition would enhance its lending capability as the loan to deposit ratio will fall to 78% from 85% in Q1FY24. Analysts at Nomura have painted different scenarios of any potential transaction which will entail acquisition of a 61% stake in IDBI Bank. The first scenario could be a full cash-based transaction while the second would be stock-based and the third could be a hybrid one – entailing cash plus stock. According to the report, “While a cash-based acquisition is strongly EPS and RoE accretive, a stock-based acquisition is BVPS (book value per share) accretive (while being RoE dilutive). In all scenarios, the end-game for KMB should be the full acquisition and amalgamation of IDBI Bank, in our view.” The Japanese investment bank is of the view that scenarios which involve cash are preferable as they would bump-up to RoEs, which are currently depressed due to KMB’s low leverage of ~6x vs 8-9x for large private banks. But this deal may not be without its share of complications, says Nomura. The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> has incrementally not been forthcoming in terms of allowing banks to pick-up stakes in other BFSI businesses, says the report. Therefore, it is unclear how such a transaction would be allowed. The central bank could make an exception Kotak Mahindra Bank is to be eventually merged with IDBI Bank. A merger also is not without its share of complication, even if it is allowed. There is no certainty on how this can impact the share price of Kotak Mahindra Bank even if the merger leads to better financial ratios.

What if Kotak Mahindra Bank acquires IDBI Bank, asks Nomura

<ul class="summary-list"><li>The Federal Reserve will make its next interest rate decision at the end of July.</li><li>Some economists said the economy is ready for the Fed to cut interest rates.</li></ul>After years of high interest rates to combat soaring inflation, some economists think the time has finally come for the nation's central bank to give Americans financial relief by cutting those rates.Lower rates would allow Americans to take out cheaper loans, helping out businesses and consumers.Mark Zandi, chief economist at Moody's Analytics, said that when cuts do come, he expects them to "provide immediate relief" to small businesses, consumers, and lower- and middle-income households. Business owners may find it easier to take out bank loans and consumers who rely on credit cards could end up with cheaper borrowing costs.But those cuts may not be here just yet. At the end of July, the Federal Open Market Committee will announce its <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-should-happen-in-july-not-september-2024-7">next decision on interest rates</a>. <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch</a>, which estimates interest rate probabilities based on market trades, forecasts a 93% chance the Fed will hold rates steady — and Fed Chair Jerome Powell has emphasized that the Committee needs to feel confident inflation is cooling enough before the Fed starts to cut.It's a delicate balancing act between risking a recession and renewed price spikes. "If we loosen policy too late or too little, we could hurt economic activity," Powell <a target="_blank" href="https://www.youtube.com/watch?v=vv6n0oTJMRU">said</a> before the Senate Committee on Banking, Housing, and Urban Affairs on July 9. "If we loosen policy too much or too soon, then we could undermine the progress on inflation."But many long-time Fed watchers and macroeconomists think the war on inflation has been won, and it's time to cut.Zandi thinks the Fed has "achieved their objective of full employment and inflation at target."Claudia Sahm, founder of Sahm Consulting and former Fed economist, agrees. "Frankly, it's been time for a while," Sahm told Business Insider. "We have seen the US economy has been getting back on track, normalizing, rebalancing, all of the Fed's catchwords for some time now."The consumer price index, which measures inflation, <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">rose 3.0%</a> year over year in June — a decrease from May's 3.3% reading — showing that inflation is inching toward the Fed's 2% target. Real US GDP has already been growing at a cooler rate. It increased 1.4% at an annualized rate in the first quarter of 2024 after a 3.4% increase in the fourth quarter of 2023. The <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">labor market</a> has seen the unemployment rate climb to above 4%, and job gains have cooled, though the <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-recession-unemployment-inflation-gdp-2024-5">US remains far from a recession</a>.As Powell has consistently said, cutting interest rates too early could end up hurting Americans if it requires the Fed to hike again at a later time. But keeping interest rates high for too long also has consequences — it's keeping <a target="_blank" href="https://www.businessinsider.com/how-do-interest-rate-hikes-impact-housing-market-rent-mortgages-2024-3">housing costs high</a>, businesses are struggling to invest, and Americans are finding it more expensive to take out loans and different forms of credit.While economists who talked to BI described the current economy as good, they also noted that cutting interest rates could give Americans financial relief and help the economy thrive."Right now, the Federal Reserve with keeping interest rates high is putting pressure on the economy, is making it harder for consumers to buy," Sahm said. "They have to take out credit. It's making it harder for businesses to invest."<h2 id="fa2a601e-28f1-43b0-846d-f43eee7bd384">Why economists say it's time to cut interest rates</h2>For months, some Democratic lawmakers have been urging Powell to cut interest rates sooner rather than later to give Americans financial relief. Sen. Elizabeth Warren joined three of her Democratic colleagues in <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-elizabeth-warren-powell-rent-2024-1">writing a letter</a> in January to Powell saying that "interest rates are still too high for many American families, who already cannot afford to pay rent or buy their first homes."Some economists have recently been pointing to similar concerns with the Fed keeping interest rates high. "We got inflation under control, but we could end up in a recession, or we could just end up in a much weaker economy than was necessary because it just waited too long," Sahm said.As Sahm pointed out, it would take time for reduced interest rates to "flow through to the economy.""You want to begin a process of taking the pressure off of the economy," Sahm said. "The best way to do this would be gradually."Waiting longer to start this gradual process of cuts could mean being up against unwelcome scenarios, such as the labor market taking "a turn for the worst," Sahm said. In that case, that could mean the Fed may have to make cuts more quickly.Brian Rose, senior US economist at UBS, told BI that if the Fed doesn't cut rates soon, there could be a "more serious slowdown in the labor market, undesirable rise in the unemployment rate, or more layoffs, and things like that.""The economy seems like it's already growing below trend, and if you leave rates at this level, which is quite restrictive, you can only expect the economy to slow further," Rose said.True to form, Powell has not given any indication as to when interest rate cuts might happen, but when they do, it could provide relief to businesses and consumers alike.Zandi said interest rates on credit cards and Buy Now, Pay Later rates could come down, along with a decline in auto lending rates and mortgage rates."Right now, we're at a 7% fixed mortgage rate, and that's just unaffordable for almost everyone," he said. "But if it gets closer to six, then I think that would make a big difference for people. And we see more home sales and transactions."Even Fed officials are pointing at recent economic data as proof relief will soon be warranted. Chicago Federal Reserve President Austan Goolsbee <a target="_blank" href="https://www.wsj.com/livecoverage/stock-market-today-bank-earnings-07-15-2024/card/interest-rate-cuts-will-soon-be-warranted-chicago-fed-s-goolsbee-says-MnwqFjEttmPMZIf9OvTc">told</a> The Wall Street Journal that the US economy has proven it's ready to ease up on tight monetary policy."You only want to stay this restrictive for as long as you have to, and this doesn't look like an overheating economy to me," Goolsbee said.

Lower interest rates could be coming soon. Here's what's at stake if they aren't.

Listing of <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. <div type="Youtube" id="WYbWln2KsuA" title="Budget 2020: LIC to get Privatised" thumbUrl="https://i.ytimg.com/vi/WYbWln2KsuA/mqdefault.jpg"></div> Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. The sources said, the government will have to cut down its expected realisation from stake dilution of both LIC and IDBI Bank even if the market condition improves. So, selling them at low valuation would be an imprudent decision, they added. Besides valuation, the sources said, listing of LIC involves a lot of regulatory clearances and more importantly amendment to the LIC Act itself. Market participants had already termed the listing of insurance behemoth LIC as IPO of the decade akin to the Saudi Aramco listing. The 60-year-old state-owned firm, LIC is the country's largest insurer, controlling more than 70 per cent of the market share. The insurer has a market share of 76.28 per cent in number of policies and 71 per cent in first-year premiums. LIC has many subsidiaries, including IDBI Bank. Turning the corner, IDBI Bank on Saturday posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. The lender reported a profit after 13 straight quarters of net losses. The bank had posted a net loss of Rs 4,918 crore in the corresponding period of last year. In January 2019, LIC completed acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank. The bank, which is under the Reserve Bank of India's prompt corrective action (PCA) framework, said it has achieved all PCA parameters for exit except return on asset. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-moves-to-unlock-value-from-insurance-behemoth-lic-whose-corpus-is-at-31-lakh-crore/articleshow/73836245.cms">The biggest IPO of the next financial year ⁠— LIC, whose corpus is at ₹31 lakh crore</a> <a href="https://www.businessinsider.in/business/news/nirmala-sitharaman-says-the-lic-ipo-will-benefit-retail-investors/articleshow/74008705.cms">Nirmala Sitharaman says the LIC IPO will benefit retail investors</a> <a href="https://www.businessinsider.in/business/news/govt-to-retain-management-control-in-lic-after-listing-sitharaman/articleshow/74459403.cms">Govt to retain management control in LIC after listing: Sitharaman</a>

India's largest-ever IPO may be shelved until next year

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

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

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! You can rest easy knowing Costco's beloved $1.50 hot dog combo is "safe," <a target="_blank" href="https://www.businessinsider.com/costcos-hot-dog-combo-price-safe-cfo-2024-6">according to its new CFO</a>.<a target="_blank" href="https://www.businessinsider.com/trump-guilty-verdict-what-it-means-hush-money-felon-sentencing-2024-05">In Friday's newsletter</a>, I asked whether your opinion of former President Donald Trump had changed in light of his recent felony conviction. More than 78% said it hadn't.In today's big story, we're examining <a target="_blank" href="https://www.businessinsider.com/paramount-skydance-agree-merger-terms-reports-2024-6">Skydance's acquisition of Paramount</a> and what it means for the streaming race.What's on deck:<ul><li>Markets: Tech's run as the stock market's golden child <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stock-outlook-ai-earnings-sp500-growth-vs-value-stocks-2024-6">could be coming to an end</a>.</li><li>Tech: Layoffs hit <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">Microsoft's cloud business</a>.</li><li>Business: Inside a tight-knit circle of judges and attorneys that fueled a <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">spectacular rise, and fall, of a Texas bankruptcy court</a>.</li></ul>But first, cut to black.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Paramount's happy ending</h2><div type="image" title="An illustration of two TVs overlapping." height="1440" width="1920" msid="110709401" hostid="261" sizebytes="43130"></div>In a town known for storylines, Paramount's sale didn't disappoint.The media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. And just like its movies and television shows, Paramount's sale included twists, turns, and a slew of characters.In the end, media company Skydance, with help from RedBird Capital Partners and KKR, secured the goods. The deal is expected to be announced in the coming days and <a target="_blank" href="https://www.businessinsider.com/paramount-skydance-agree-merger-terms-reports-2024-6">values Paramount at $8 billion</a>.Paramount had no shortage of high-profile suitors. Warner Bros. Discovery chief David Zaslav, media entrepreneur Byron Allen, and private-equity giant Apollo, in collaboration with Sony, were among those who considered buying the company.Skydance might not be as recognizable a name, but the company's owner and CEO David Ellison is. As the son of <a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-larry-ellison-tech-2024-4">billionaire Oracle founder Larry Ellison</a>, he's basically tech royalty.But all the interest in Paramount this year didn't equate to smooth sailing. The day after broadcasting the Super Bowl <a target="_blank" href="https://www.businessinsider.com/paramount-global-sale-media-trouble-digital-streaming-redstone-viacom-2024-2">it announced companywide layoffs</a>. A few months later its CEO <a target="_blank" href="https://www.businessinsider.com/paramount-ceo-bob-bakish-out-2024-4">was shown the door</a>. At least one high-profile investor <a target="_blank" href="https://www.businessinsider.com/warren-buffett-paramount-billion-dollar-loss-2024-5">headed for the exits as well</a>.All the while, Paramount's stock suffered. Even with a nice bump from reports of the deal, shares in Paramount are still down more than 11% on the year.<div type="image" title="David Ellison in front of the Hollywood sign." height="1440" width="1920" msid="110709403" hostid="261" sizebytes="108366"></div>To make sense of the deal, I turned to one of Business Insider's media experts: <a target="_blank" href="https://www.businessinsider.com/author/peter-kafka">Peter Kafka</a>.Talks of Paramount's sale have been brewing for a while. What are your initial thoughts on Skydance being the one to seal the deal?Well, it's not sealed yet. This thing may still get derailed by a lawsuit from cranky investors. But if it does go through: It's the least-bad version for Hollywood, since owner-to-be David Ellison wants to keep Paramount making movies and TV shows, and that isn't a foregone conclusion with any other buyer.Paramount has fallen pretty far behind its peers in streaming. What is its biggest pain point that Skydance will look to address?Paramount loses money on streaming, like many of its peers. That's fixable. It has a subscale audience, and I don't know how a new owner fixes that.The deal means one of the richest people in the world is tangentially connected to Paramount. How could that play a factor?<a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-larry-ellison-tech-2024-4">As I've written</a>, the most important thing about David Ellison being Larry Ellison's son is that his dad is helping to finance the deal (what a dad!). But suggestions that Larry Ellison's tech background will help his son run a Hollywood studio make no sense.As for other streamers, are any happy, or upset, by the outcome of this deal?The most important question for Paramount isn't "who owns Paramount?" It's "is Paramount big enough to survive on its own?" And that question remains unanswered and unchanged by this deal.<h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A cellphone open to a trading app. There are $100 bills floating around the illustration." height="600" width="1200" msid="110709405" hostid="261" sizebytes="124004"></div><ol><li>The tech industry's crown as the stock-market king could be slipping. Tech stocks have had an incredible run in the market over the past decade. But Bank of America equity strategist Savita Subramanian sees a shift by year-end that favors other sectors <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tech-stock-outlook-ai-earnings-sp500-growth-vs-value-stocks-2024-6">due to several factors</a>, including higher-for-longer interest rates.</li><li>How to hedge your portfolio against market volatility. Wall Street legend Gary Shilling offered investment rules to follow <a target="_blank" href="https://markets.businessinsider.com/news/stocks/recession-stock-market-crash-investing-strategy-economy-downturn-gary-shilling-2024-6">to avoid getting blindsided by the markets' sudden movements</a>. That includes pivoting out of China and into India and betting on the US dollar.</li><li>Roaring Kitty is at risk. Trader Keith Gill, known as Roaring Kitty on social media, <a target="_blank" href="https://www.businessinsider.com/e-trade-may-ban-roaring-kitty-gamestop-stock-surge-2024-6">could get barred from E*Trade</a>, sources told The Wall Street Journal. It comes after he posted a screenshot that appeared to show he had a $116 million stake in GameStop, causing the stock to surge.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A three-headed dog guarding a data center" height="1000" width="2000" msid="110709406" hostid="261" sizebytes="172356"></div><ol><li>The future of AI is in the hands of three tech giants. About <a target="_blank" href="https://www.businessinsider.com/amazon-google-microsoft-ai-future-data-centers-monopoly-tech-industry-2024-6">65% of global data centers' capacity is owned by three companies</a>: Amazon, Google, and Microsoft. The rush to corner the market on data centers is a move by Big Tech to secure the keys to the coming AI kingdom.</li><li>Layoffs are hitting Microsoft. The company is <a target="_blank" href="https://www.businessinsider.com/microsoft-cuts-azure-jobs-cloud-2024-6">cutting hundreds of jobs</a> in its Azure cloud business, sources say. In a <a target="_blank" href="https://www.businessinsider.com/microsoft-exec-blames-azure-layoffs-on-ai-wave-leaked-memo-2024-6">leaked memo</a> viewed by BI, Microsoft exec Jason Zander blamed layoffs on the 'AI wave' and said they'll be doubling down on quantum computing.</li><li>Apple's big event is almost here. Apple's highly anticipated Worldwide Developers Conference kicks off next week, and it's gearing up to deliver some big announcements. <a target="_blank" href="https://www.businessinsider.com/apples-wwdc-2024-expect-ai-news-siri-updates-new-homes-screen-more-2024-6">Here's what we're expecting</a>, from more on its AI strategy to iOS 18 and Siri updates.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="An illustration of David Jones, Marvin Isgur, and Elizabeth Freeman" height="1200" width="2400" msid="110709407" hostid="261" sizebytes="246528"></div><ol><li>In a Texas bankruptcy court, conflicts of interest ran deep. New details have emerged about the tight-knit circle of attorneys and judges that fueled the rise — <a target="_blank" href="https://www.businessinsider.com/conflicts-of-interest-deepen-southern-district-of-texas-bankruptcy-court-2024-5">and spectacular fall</a> — of one of the most influential bankruptcy courts.</li><li>Are we seeing a BuzzFeed-ification of the Washington Post? The struggling newsroom <a target="_blank" href="https://www.businessinsider.com/washington-post-pivot-social-media-buzzfeed-2024-6/">is launching a new news site focused on social media</a>, for a broad audience. Creating another newsroom, while still operating the original one, is going to be hard to pull off.</li><li>'Promised land' jobs are falling apart. Big Tech, finance, and consulting jobs are becoming harder to come by, upending the job search for young people. One survey found 21% of companies at large <a target="_blank" href="https://www.businessinsider.com/landing-dream-jobs-tech-consulting-banking-are-harder-than-ever-2024-5">expect to decrease hiring</a> this academic year, up from 6% in 2023 — and that's just the tip of the iceberg.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">India's election is turning out far closer than expected, with Modi unlikely to win by a landslide</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ai-software-code-should-you-still-study-computer-science-2024-5">With AI writing so much code, should you still study computer science? This new data point provides an answer</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/us-state-economies-ranking-best-worst-wallethub-washington-utah-massachusetts-2024-6">Washington and Utah are the states with the best economies in 2024, while many in the South are struggling</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/spotify-ceo-daniel-ek-comments-about-creators-content-costs-2024-6">Spotify CEO does damage control after his 'reductive' comments about creators spark backlash</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Today's earnings: Hewlett Packard Enterprise and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London. <a target="_blank" href="https://www.businessinsider.com/author/annie-smith">Annie Smith</a>, associate producer, in London.

With Paramount's long and winding sales process coming to an end, here's what comes next for the media giant

<ul class="summary-list"><li>Canada's largest pension fund sold a stake in a New York building for $1.</li><li>Crashing office values have led investors to turn cautious on the sector. </li></ul>The Canada Pension Plan Investment Board, the biggest pension in Canada, has completed a string of recent deals at discounted prices, including a sale of its stake in a New York building for $1, <a href="https://www.bloomberg.com/news/articles/2024-02-27/office-tower-deal-for-1-reveals-anxiety-among-longtime-buyers" target="_blank" rel="noopener">Bloomberg</a> reported Tuesday.Commercial real estate concerns have escalated thanks to the pandemic's work-from-home boom and high interest rates in the wake of the Federal Reserve's inflation fight, and the gravest fears center on what some described as the office apocalypse.<a href="https://www.businessinsider.com/real-estate-outlook-office-buildings-vacancies-commerical-markets-investors-remote-2024-1">Office vacancies hit an all-time high</a> in January and remote work looks like it's here to stay, darkening the outlook for investors in the space. The Canada Pension Plan Investment Board did not immediately respond to Business Insider's request for comment.At the end of 2023, the group offloaded its 29% stake in 360 Park Avenue South for a buck, selling to one of its partners, Boston Properties, who also took on the pension's share of debt on the building, per Bloomberg. The plan at the time of purchase had been to redevelop the 20-story office building. The pension also sold a 45% stake in Santa Monica Business Park, the report said, for $38 million at the end of last year. That represents about a 75% discount to what was paid at the time of purchase in 2018. The Canada Pension Plan Investment Board operates a $436.9 billion fund, with a global real estate portfolio worth roughly $30.6 billion. According to the Bloomberg report, the pension isn't backing out entirely from the office real estate sector, but it's also limiting its holdings in the space. Concerns have risen in the past year over banks and other large firms' holdings of commercial real estate investments, with spasms of volatility hitting the regional bank sector since the collapse of Silicon Valley Bank a year ago. Most recently, <a href="https://www.businessinsider.com/nycb-regional-bank-fears-commercial-real-estate-turmoil-fears-2024-2">investors sparked a steep sell-off</a> in shares of New York Community Bank, partly over its exposure to commercial mortgage debt. Some forecasters have floated the idea of <a href="https://www.businessinsider.com/housing-market-outlook-commerical-residential-offices-resiclub-real-estate-mortgage-2024-2">office-to-residential conversions</a> as a way to mitigate the office collapse while also boosting inventory for the supply-starved housing market, but that would require financing and logistics that aren't always favorable for property owners. Goldman Sachs said it expects office vacancies to rise from 13.5% this year to 18% in the next decade. The bank's analysts wrote in a Monday note that <a href="https://www.businessinsider.com/housing-market-outlook-office-inventory-prices-pandemic-shortage-prices-goldman-2024-2">office conversions won't be the solution for the housing shortag</a>e.Meanwhile, Capital Economics forecasts that prices on office buildings could <a href="https://www.businessinsider.com/commercial-real-estate-crash-work-from-home-us-offices-outlook-2023-12">plunge 20% peak-to-tough</a>, and the sector may not recover for decades. Economists at Moody's, too, expect more pain ahead for commercial real estate."Despite the increasingly optimistic consensus on the likelihood of a macroeconomic soft landing along with positive news from the labor market, the permanence of dynamic hybrid models has effectively muted office demand, making the year of 2023 the most downbeat since the Great Financial Crisis," Moody's wrote in a recent note.

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