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Dear readers, As we approach yet another weekend, here are some key developments across various sectors. Nvidia has surpassed Apple to become the world’s largest company, driven by the AI boom. Meanwhile, the US Federal Reserve cut interest rates, by 25 basis points to 4.75%, the second such reduction in 2024. In the workplace, Gen Z’s approach to mental health got attention, with one employee taking a week off after a breakup. Additionally, Indian banks are expecting steady growth, despite challenges in unsecured lending. Read on for all the details! <h2>Top stories from the week </h2> Indian banks to have steady growth in earnings over next 3-4 years, fees from unsecured lending may dip, notes Jefferies report Jefferies forecasts steady earnings growth for Indian banks over the next 3–4 years, with a 13% annual loan growth rate. However, a decline in unsecured lending could reduce fee income. While net interest income is expected to grow at 12%, challenges such as rising defaults and a potential dip in rate cuts could affect profitability. Despite this, banks’ return on equity and assets remain promising. <a href="https://www.businessinsider.in/finance/news/indian-banks-to-have-steady-growth-in-earning-over-next-3-4-years-fees-from-unsecured-lending-may-dip-notes-jefferies-report/articleshow/115048179.cms" data-type="tilCustomLink" target="_blank">Read more</a> Nvidia becomes world’s largest company amid AI boom, surpasses Apple in the race Nvidia has surpassed Apple to become the world’s largest company by market capitalization, driven by the AI boom. The company’s strong performance is fueled by surging demand for its chips used in AI technologies. With a market cap hitting $3.43 trillion, Nvidia continues to dominate the AI hardware sector, powering data centres and AI research. The company’s revenue growth of 122% YoY further cements its leadership in the AI space. <a href="https://www.businessinsider.in/business/news/nvidia-becomes-worlds-largest-company-amid-ai-boom-surpasses-apple-in-the-race/articleshow/115003223.cms" data-type="tilCustomLink" target="_blank">Read more</a> ‘He had a breakup and took a one-week leave’: Manager shares about his Gen-Z employee, internet reacts A manager’s tweet about granting a Gen Z employee a week off for a breakup sparked widespread debate. While the manager expressed frustration over project delays, internet users defended the employee’s mental health needs, criticizing the manager’s lack of empathy. Some supported the manager’s view, pointing out generational differences in work culture. The incident went viral, furthering discussions about Gen Z’s unique workplace expectations. <a href="https://www.businessinsider.in/careers/news/he-had-a-breakup-and-took-a-one-week-leave-manager-shares-about-his-gen-z-employee-internet-reacts/articleshow/115041747.cms" data-type="tilCustomLink" target="_blank">Read more</a> US Fed cuts interest rates by 25 bps, Powell notes Trump’s victory to have no impact on policy decisions The US Federal Reserve has cut interest rates by 25 basis points to 4.75%, the second such reduction in 2024. Fed Chairman Jerome Powell emphasized the Fed’s independence despite Trump’s criticism and suggested that the economic outlook remains uncertain, though the Fed is focused on inflation targets. Trump’s policies may lead to higher inflation, adding complexity to the Fed’s efforts to stabilize prices. Experts anticipate that bond yields will stabilize, benefiting emerging markets like India. <a href="https://www.businessinsider.in/finance/news/us-fed-cuts-interest-rates-by-25-bps-powell-notes-trumps-victory-to-have-no-impact-on-policy-decisions/articleshow/115070690.cms" data-type="tilCustomLink" target="_blank">Read more</a> Big Tech’s winners and losers from Donald Trump’s win, according to the market After Donald Trump’s election victory, tech stocks surged, with companies like Tesla seeing significant gains. Tesla’s rise was fueled by Trump’s public support for CEO Elon Musk. Conversely, companies like Apple faced challenges due to fears over potential tariffs on China. While some, like Google, might benefit from lighter regulations, others like Meta could face political challenges. Overall, the election results reshaped market expectations for Big Tech’s future. <a href="https://www.businessinsider.in/tech/news/here-are-big-techs-winners-and-losers-from-donald-trumps-win-according-to-the-market/articleshow/115067798.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top web stories</h2> <a href="https://www.businessinsider.in/entertainment/webstories/donald-trump-on-screen-a-look-at-his-iconic-cameos/slidelist/115045250.cms" data-type="tilCustomLink" target="_blank">Donald Trump on screen: A look at his iconic cameos</a> <a href="https://www.businessinsider.in/india/webstories/8-lifestyle-mistakes-contributing-to-health-problems-in-india/slidelist/115051791.cms" data-type="tilCustomLink" target="_blank">8 lifestyle mistakes contributing to health problems in India</a> <a href="https://www.businessinsider.in/travel/india/webstories/10-magical-indian-experiences-every-traveller-should-try/slidelist/115052527.cms" data-type="tilCustomLink" target="_blank">10 magical Indian experiences every traveller should try</a>

Weekend wrap: Nvidia’s AI-driven surge, Indian banks’ steady growth and more

More than a decade after the <keyword id="19965654" type="General" weightage="20" keywordseo="fukushima" source="keywords">Fukushima</keyword> Daiichi disaster sent shockwaves around the world, a new milestone has emerged from the rubble — Tokyo Electric Power Company’s (<keyword id="19965656" type="General" weightage="20" keywordseo="tepco" source="keywords">TEPCO</keyword>) groundbreaking robot successfully grabbed a tiny piece of melted nuclear fuel, a small but significant step in the colossal task of decommissioning the plant. <h2>The 2011 <keyword id="700300" type="General" weightage="100" keywordseo="fukushima-disaster" source="Orion">Fukushima disaster</keyword>: What happened?</h2>On March 11, 2011, a powerful 9.0-magnitude <keyword id="6362774" type="General" weightage="20" keywordseo="earthquake" source="Orion">earthquake</keyword> struck off the coast of Japan, triggering a massive <keyword id="42570" type="General" weightage="20" keywordseo="tsunami" source="Orion">tsunami</keyword> that swept over the northeastern coast of the country. The <keyword id="23791543" type="General" weightage="20" keywordseo="fukushima-daiichi-nuclear-power-plant" source="keywords">Fukushima Daiichi Nuclear Power Plant</keyword>, located in this area, was hit hard by the tsunami. This disaster caused the plant’s critical cooling systems to fail, leading to a series of <keyword id="23791545" type="General" weightage="20" keywordseo="meltdowns" source="keywords">meltdowns</keyword> in three of its reactors. The meltdown resulted in the release of hazardous radioactive materials into the air and surrounding environment, forcing the evacuation of nearby residents and creating a serious health and environmental crisis. The accident left an estimated 880 tons of radioactive fuel debris inside the plant’s damaged reactors. This highly radioactive material solidified into a dangerously unstable mixture, requiring years of preparation and research to safely begin removal. <h2>The role of the ‘Telesco’ robot</h2>For the first time since the disaster, TEPCO has successfully extracted a sample of this molten fuel using a specialised robot called "Telesco." Shaped somewhat like a fishing rod, Telesco was equipped with tongs at its end to grip a piece of debris no larger than a granola bit. Despite being only about 5 millimetres in size, this small piece represents a significant achievement, as it marks the first physical retrieval of melted fuel from the reactor since 2011. This mission wasn’t without its challenges. Initially planned to take only two weeks, the operation faced several delays. Early on, a procedural mistake paused the mission for nearly three weeks. Later, the robot’s cameras — which operators relied on for navigation — failed, forcing the robot to be removed from the reactor for repairs. Once these technical issues were resolved, Telesco was able to carefully clip a small piece of the fuel from a mound of molten debris on the bottom of the Unit 2 reactor. <h2>Why this small sample matters</h2>TEPCO officials emphasise that even this tiny piece of fuel debris could provide crucial data to help refine the decommissioning strategy for the plant. Testing the radioactivity levels of the sample will help researchers understand the current condition of the melted fuel. By studying it, scientists hope to improve robotic technology and techniques for dealing with radioactive material and gain insights into the meltdown’s progress, making future retrieval operations safer and more effective. This success may also boost confidence in TEPCO’s long-term decommissioning plans, though experts caution that the target timeline of 30-40 years might be overly optimistic given the scale of the remaining work. TEPCO has not yet outlined a concrete plan for the complete removal or disposal of the fuel debris, but ongoing technological advances may soon bring a clearer path to resolution.<h2>Challenges and the road ahead</h2>The Fukushima cleanup effort is one of the most complex nuclear decommissioning projects in history, requiring significant innovation. Robots like Telesco are vital, as high <keyword id="31246" type="General" weightage="20" keywordseo="radiation" source="Orion">radiation</keyword> levels prevent human workers from entering the reactors directly. However, each small success comes with a new set of challenges, including handling the radioactive material and finding safe, long-term storage solutions. In the future, TEPCO plans to continue developing and deploying robotic technologies to safely retrieve and manage the remaining fuel. While full decommissioning might take longer than initially projected, the commitment to advancing nuclear safety and managing past mistakes remains strong.

Breakthrough at Fukushima: Robot retrieves melted nuclear fuel fragment 13 years after tsunami disaster

<ul class="summary-list"><li>This is an excerpt from the Insider Today newsletter.</li></ul>From the polls to the bars. For many Americans, election night is a chance to blow off steam after an intense few months of campaigning that included a last-minute candidate switch and two assassination attempts.Business Insider's Juliana Kaplan has a story on how businesses <a target="_blank" href="https://www.businessinsider.com/election-night-prep-drinks-specials-cannabis-bipartisan-parties-2024-11">are leaning into the election season finale</a> with events and promos.As polarizing as this year has been, many businesses are taking a bipartisan approach. Whether it's weed strains or cocktails — Kamala Kush and the MAGA-rita — restaurants and retailers are happy to cater to both sides. (After all, for most of them, green is the only color that matters.)The homebodies are also set to make their economic mark on election night. In 2020, one food delivery company showed sales increased 20% on election night compared to the Tuesday prior.One tech giant is also using the election to expand on its media ambitions: Amazon.Veteran anchor Brian Williams is leading an election-night special on Prime Video. The one-off program will include more than a dozen contributors, such as James Carville and Shepard Smith. BI's Lucia Moses spoke to Williams' longtime producer, Jonathan Wald, <a target="_blank" href="https://www.businessinsider.com/amazon-brian-williams-election-night-special-plan-executive-producer-2024-10">about the show</a>.The election isn't a boon for all businesses.This time of year comes with plenty of anxiety. Almost 70% of US adults reported the election being a "significant" source of stress, according to an August survey from the American Psychological Association.That could result in workers <a target="_blank" href="https://www.businessinsider.com/us-election-cutting-into-some-worker-productivity-2024-11">having a tough time focusing today</a> and impacting their productivity, writes BI's Tim Paradis. A survey last month of US managers from <a target="_blank" href="http://ResumeBuilder.com">ResumeBuilder.com</a> found 38% felt the election had already hurt morale and productivity.For many, the concerns aren't just about the election outcome. They're about the reaction to the results. With tensions high, the country is <a target="_blank" href="https://www.businessinsider.com/election-civil-unrest-risk-kamala-harris-donald-trump-2024-11">bracing for civil unrest after the election</a>, writes BI's Katie Balevic.One data analytics and risk management company ranks the US among the five most high-risk countries for civil unrest. (The other four were Brazil, Colombia, Chile, and South Africa.)Further heightening things is the likelihood of a legal fight over the election. The 2024 presidential race is already the most litigated in history, with more than <a target="_blank" href="https://www.businessinsider.com/election-litigation-donald-trump-kamala-harris-democrats-republicans-2024-10">200 pending preelection lawsuits across 40 states</a>, writes BI's Natalie Musumeci.<a target="_blank" rel="noopener" href="https://www.businessinsider.com/what-to-watch-for-election-day-harris-trump-congress-2024-11">Here's what to watch for as the day unfolds</a>.The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

How companies are looking to cash in on Election Day

<ul class="summary-list"><li>AI companies have been adjusting their election offerings and guidelines ahead of Election Day.</li><li>Perplexity launched an Election Information Hub with information on candidates, voting logistics, and results.</li></ul><a target="_blank" rel="" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-swing-states-sun-belt-polls-2024-11">Election week</a> has finally arrived. This time around, it will serve as an important test for the AI companies willing to provide their users with election-related information and updates on voting results.ChatGPT didn't exist during the last presidential election in 2020. Its <a target="_blank" rel="" class="" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">launch two years ago</a> kicked off a wave of generative AI chatbots and tools integrated into popular consumer products like Google Search.Ahead of the election, the companies behind the products had to decide what restrictions, if any, they would implement on AI-generated content related to the election, analyzing the associated risks.Some, like the AI startup Perplexity, are loudly leaning into it.The <a target="_blank" class="" href="https://www.businessinsider.com/perplexity-ai-startup-lawsuit-allegations-targets-funding-2024-10">AI search engine</a> launched a dedicated "Election Information Hub" that uses AI to provide information about the upcoming election and results tracking. The hub includes details about voting requirements, how to find your polling place and poll times, and AI-summarized analysis on ballot measures and candidates, the company <a target="_blank" class="" href="https://www.perplexity.ai/hub/blog/introducing-the-election-information-hub">wrote</a> in an announcement.<div type="image" title="Perplexity providing information about how to vote in New York" height="1358" width="2876" msid="114958491" hostid="261" sizebytes="107828"></div>"Perplexity uses a process called Retrieval-Augmented Generation to identify relevant information and summarize it in a way that's tailored to a user's query," Perplexity spokesperson Sara Platnick told Business Insider.For election-related questions, the company is using a "curated set" of non-partisan and fact-checked sources, the company said. The separate hub doesn't use stored knowledge from the model's training data in its responses, which helps minimize hallucinations, Platnick told BI.Perplexity will also start offering live updates on elections on Tuesday by using data from The Associated Press. Other responses will use information from Democracy Works and other non-partisan factual sources like Ballotpedia and news organizations, Platnick said.<div type="image" title="Response to query about who will most likely win the election" height="1184" width="1579" msid="114958489" hostid="261" sizebytes="78204"></div>Alon Yamin, the cofounder and CEO of AI-based text analysis platform <a target="_blank" href="https://urldefense.com/v3/__https:/copyleaks.com/__;!!JZyed81S!itOc7IDeF_76NxsTUPRsm7xTzocjiL3rm1gW5KKoRo7WetzRSjCOUxm_bOIxkDmjSF4sJyCQNmuN0oTLaA$">Copyleaks</a>, said Perplexity's approach "can certainly help filter and contextualize content," helping users access reliable sources.Yamin said there are potential benefits that come with using AI for election information. AI can provide real-time updates and help identify trends, voter sentiment, and key issues.However, Yamin said that the chance of <a target="_blank" class="" href="https://www.businessinsider.com/snowflake-ceo-sridhar-ramaswamy-ai-hallucination-rates-2024-11">AI hallucinations</a> and accuracy issues presents risks.Other companies are taking different approaches. OpenAI will continue to integrate election-related responses into ChatGPT while providing some extra features in light of the election.<div type="image" title="ChatGPT response to query about who will win 2024 presidential election" height="1289" width="1719" msid="114958486" hostid="261" sizebytes="114838"></div>Starting on November 5th, those who ask ChatGPT about election result queries will see a message encouraging users to check sources like the Associated Press and Reuters, or state and local election boards for "the most complete and up-to-date information," the company said in a <a target="_blank" href="https://openai.com/index/how-openai-is-approaching-2024-worldwide-elections/">post</a> updated on October 31.OpenAI said it was "actively testing the safeguards" put in place over the last year and monitoring for any issues. It also said it will continue to adjust its protective measures, which include transparency around AI-generated content and preventing chatbots from pretending to be real people.ChatGPT will also direct users to the US voting information site <a target="_blank" href="http://CanIVote.org">CanIVote.org</a> when asked procedural election-related questions.Anthropic's Claude similarly implemented a pop-up feature that allows users who ask for voting information to be redirected to TurboVote, a nonpartisan resource from Democracy Works, it <a target="_blank" class="" href="https://www.anthropic.com/news/us-elections-readiness">wrote</a> in a post.Anthropic has other guardrails in place, including prohibiting users from using it to promote a specific candidate or issue. It said it would also prevent the chatbot from being used to generate misinformation about election laws, candidates, or related topics. In its post, the company said outputs will be limited to text-only to help eliminate "the risk of election-related deepfakes."While the live election updates may be helpful to users, AI-generated election content poses a number of risks.Yamin said AI can spread biased information, misinterpret data, and create false narratives. He also added that these models are "only as good as the data they are trained on," which opens the risk of AI-generated responses reflecting the bias of the data they are trained on.Misunderstandings could be amplified if AI misinterprets information and serves up inaccurate results, especially in a fast-moving and closely followed election environment, Yamin told BI.<a target="_blank" rel="" href="https://www.businessinsider.com/google-gemini-ai-layoffs-innovation-boring-2024-2">Google</a>, which experienced some <a target="_blank" class="" href="https://www.businessinsider.com/google-scales-back-ai-in-search-feature-overviews-eat-glue-2024-5">highly publicized AI fails</a> with its Gemini AI and AI Overviews, chose to implement constraints on what users can ask its AI products about the election. Google has said is <a target="_blank" class="" href="https://www.businessinsider.com/google-restricts-gemini-ai-chatbot-answering-election-questions-trump-biden-2024-3">restricting its AI chatbot Gemini</a> from answering questions about <a target="_blank" rel="" href="https://www.businessinsider.com/category/elections">elections</a> "out of an abundance of caution."<div type="image" title="Screenshot of Trump query in Gemini" height="1239" width="1651" msid="114958488" hostid="261" sizebytes="42396"></div>A similar search on Google's main search product on Monday didn't trigger an AI Overview summary, showing the "Top Stories" carousel of stories from publishers. Google did not immediately respond to a request for comment from Business Insider.Brad Carson, cofounder and president of the nonprofit Americans for Responsible Innovation, told BI that while Google's approach is commendable, it's not a global solution to the problem.Carson said that combatting disinformation is "not an easy task," and while it's smart for companies to try and do more to limit misinformation, the government should work on legislation that requires AI companies to clearly label the information they serve to users."I feel that other products will probably fill the gap that Google is vacating, but I think it is responsible of Google to try to step back a bit from this," Carson said.

The election is a big test for AI companies

If you are living in a metropolitan area in India, chances are you regularly order food from <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>. The company launched in India in 2008 and was earlier just a food delivery service. Overtime, it evolved into a food discovery platform as people can rate restaurants, reserve tables, leave reviews and more. Now, we all know that when we order food via Zomato we end up paying slightly more. There are various charges that the company levies on users including handling charges and delivery fee. In August last year, Zomato started charging a <keyword id="20299300" type="General" weightage="20" keywordseo="platform-fee" source="keywords">platform fee</keyword> from users. And this has proved to be a successful business move for the platform as during its annual report, the company revealed that it has collected Rs 83 crore till March from levying platform fee. So what exactly is this platform fee that has raked in moolah from the company? Moreover, how does it benefit Zomato and what effect does it have on the end consumer? Read on to find out. <h2>What is Zomato’s platform fee?</h2>Zomato's platform fee is a small additional charge that the company adds to your order. Think of it as a convenience fee for using the app's services, including delivery, customer support, and the seamless experience of browsing through hundreds of restaurant options. Initially, the company used to levy Rs 2 per order as platform fee. But that amount has grown in the last one year and today Zomato charges Rs 6 as platform fee in key areas. It can be located when you load the bill details of your order. <div type="image" title="Zomato levies platform fee" msid="112313825" hostid="261" sizebytes="48995" caption="&amp;lt;p&amp;gt;Zomato levies platform fee&amp;lt;/p&amp;gt;"></div> <h2>How it impacts Zomato</h2>The Platform fee might seem like a minor addition to your bill, but when multiplied by millions of orders, it becomes a significant source of revenue for Zomato. Since every order placed incurs this charge, it increases the company’s "take rates" — the profit made per order. This fee serves as a crucial, controllable revenue stream in the supply chain, providing a steady income source that companies can directly manage. Alongside advertising fees and restaurant commissions, the platform fee has become a significant revenue generator for Zomato. In other words, levying a platform fee is basically a clever way for Zomato to boost its revenue without significantly increasing the prices of individual menu items. During its annual report, Zomato identified the platform fee as one of the three main factors driving Zomato's Adjusted Revenue, which saw a 27 percent year-on-year growth, reaching Rs 7,792 crore in FY24. "Adjusted Revenue as a percentage of GOV (gross order value) continued to rise, primarily due to higher restaurant commission take-rates, improved ad monetization, and the introduction of the platform fee from Q2FY24 onwards," the report highlighted. The report also added that all of the above mentioned factors compensated for the reduction in customer delivery charges per order due to the free delivery benefit available on Gold orders. <h2>How are you affected by Zomato’s platform fee?</h2>Zomato’s report also revealed that most late-night orders in the last fiscal year came from Delhi NCR, while Bengaluru led in the number of breakfast orders. Now the question that arises is, how exactly is the end consumer being affected by the platform fee? One of the obvious answers is that it makes your order a bit more expensive. Especially if you order from the food delivery giant on a daily basis. You might not even notice the addition of Rs 6 in your final bill but if you order food from Zomato everyday and start calculating, it will come up to be a noticeable amount. Say you have ordered food from Zomato everyday since the last three months. In this case, you would have ended up paying around Rs 540 as platform fee. Moreover, platform fee tends to be higher during peak hours or weather conditions. Thus, the order ends up being even costlier. Just last month, CEO of Bengaluru-based company <keyword id="22689022" type="General" weightage="20" keywordseo="capitalmind-deepak-shenoy" source="keywords">Capitalmind Deepak Shenoy</keyword>, was making headlines for saying that he has reduced ordering food from <keyword id="19896956" type="General" weightage="20" keywordseo="swiggy" source="keywords">Swiggy</keyword> and Zomato because of higher platform fees. “Massively reduced ordering from Swiggy/Zomato, down to just once maybe on a weekend, like today and noticed their 'platform' charge is now ₹6. Happy that I weaned myself off the daily ordering. They also take 30 percent from restaurants, btw,” he wrote in a post on X (earlier called Twitter).

Zomato earned Rs 83 crore from platform fee: What it is, how it benefits the company and how it affects you

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">China's luxury slump</a> is spreading to more consumer brands.</li><li>Companies like Starbucks, Estée Lauder, and Nike have reported falling sales in the region.</li></ul>For the better part of this year, <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">China has experienced a slump</a> in the most opulent of sectors. Sales for luxury powerhouses like LVMH, Richemont, and <a target="_blank" class="" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">Burberry</a> have fallen in the region that once seemed to represent limitless growth for high-end goods.Now, that downturn is coming for a wider set of consumer industries. Chinese people aren't just saving on <a target="_blank" class="" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci</a> and cognac but also cutting back on spending on cheaper products like beer and lipstick. It's hitting Western brands particularly hard, as reflected by companies across the consumer sector reporting muted sales in China in the most recent quarter.Consumer spending in China never fully recovered after the government started lifting COVID-19 curbs in late 2022. Since then, the country has struggled with weak consumer sentiment and multiple economic challenges, including a property crisis, deflation, and high youth unemployment. China's<a target="_blank" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10"> third-quarter GDP</a> grew 4.6% year-on-year — the slowest pace in over a year and below Beijing's growth target of around 5%.In late September, Beijing announced <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">aggressive stimulus</a> measures to boost the economy, but analysts say much more is needed to spur and drive consumer confidence.Meanwhile, China's once-free-spending consumers are holding back and prefer to save — in cash or <a target="_blank" href="https://www.businessinsider.com/china-economy-gold-rush-consumer-spending-money-savings-starbucks-gucci-2024-5">gold.</a> Cautious spenders are also trading down to knockoffs and lower-priced or local alternatives across a range of products from beauty and fashion to travel.The prevailing zeitgeist in China is about "aiming to <a target="_blank" href="https://www.businessinsider.com/chinese-economy-young-shoppers-looking-dupes-substitutes-pingti-fashion-travel-2024-9#">live well while spending less,</a>" MingYii Lai, a strategy consultant at Beijing-based market research firm Daxue Consulting, told Business Insider in September.Last week, AB InBev, the world's largest beer producer, announced declining revenue in the region, joining rival Carlsberg in reporting disappointing results. AB InBev, which makes Budweiser, has struggled in China all year and reported a 16% sales drop in the country for the third quarter.People in China are skimping on on-trade alcohol purchases, meaning they are spending less at bars and restaurants, Spiros Malandrakis, Euromonitor's head of research in the alcohol sector, told Business Insider."There is some flexibility, but it is not entirely recession-resistant," he added.It looks like they aren't going out for coffee or burgers, either. Negative sales in China brought down McDonald's results for the third quarter. And <a target="_blank" class="" href="https://www.businessinsider.com/why-starbucks-is-struggling-in-china-sales-prices-competition-coffee-2024-8">Starbucks</a>, which announced its fourth-quarter earnings last week, saw comparable store sales fall 14% in China."All indications show me the competitive environment is extreme, the macro environment is tough," <a target="_blank" href="https://www.businessinsider.com/starbucks-ceo-to-lay-out-strategy-to-fix-coffee-chain-2024-10">Brian Niccol, the coffee giant's new CEO</a>, said about China during the company's earnings call.A similar phenomenon has arisen in fashion and beauty, where nonluxury brands are seeing consumer confidence, leading to an overall tightening of belts.Beauty brands like Estée Lauder and L'Oréal have reported worse-than-expected results in the region. Sales for the former decreased 11% in the most recent quarter, driven by mainland China, where the company noted a declining appetite for skincare. It doesn't expect recent government stimulus to help sales in the current quarter.Those results came on the heels of Nike's, which had lowered its full-year guidance over the summer, blaming China's unstable economy. The sneaker giant cited "softness" in the country, its third-largest market by revenue.Even <a target="_blank" href="https://www.businessinsider.com/apple-stock-earnings-report-call-live-updates-2024-10">Apple</a>, once bulletproof in the region, missed revenue estimates in the Greater China division.Despite the headwinds, there have been bright spots.Adidas managed to buck the trend, reporting sales up 9% in Greater China in the third quarter. Heineken, too, saw growth in the region last quarter.Sectors offering discretionary <a target="_blank" href="https://www.businessinsider.com/china-economy-lopsided-recovery-consumer-retail-spending-industrial-output-property-2024-5">"eat, drink, and play"</a> experiences outperformed the wider consumer sector in China earlier this year, though their momentum has slowed in the past few months, wrote Lynn Song, the chief economist for Greater China at ING, in an October 28 note."More consumers appear to be gravitating toward higher value-for-money options," Song wrote.

China's luxury slump is trickling down to other consumer companies

<ul class="summary-list"><li>Uber's stock fell Thursday after the ride-share company reported mixed third-quarter results.</li><li>Gross bookings, or the dollar value of rides and deliveries, came in slightly below expectations.</li></ul>Uber took a hit Thursday after the <a target="_blank" class="" href="https://www.businessinsider.com/expedia-deal-could-push-uber-closer-khosrowshahi-super-app-vision-2024-10">ride-hailing and delivery company</a> reported mixed third-quarter results.The company reported gross bookings of $41 billion in the quarter, up 16% from the same period last year. That figure, which represents the dollar value of rides and deliveries, came in slightly below Bloomberg analyst expectations of $41.3 billion.The near miss, coupled with a slightly muted forecast for this current quarter, sent shares down more than 10%. "It's really tough to gauge market expectations," <a target="_blank" class="" href="https://www.businessinsider.com/uber-ceo-criticizes-ev-tariffs-supports-chinese-makers-climate-solution-2024-10">CEO Dara Khosrowshahi</a> told <a target="_blank" class="" href="https://www.cnbc.com/2024/10/31/uber-uber-q3-2024-earnings.html">CNBC</a> following the news. "We're very excited about the delivery of the results this quarter and incredibly optimistic about where we're going from here."The $43 billion mid-point of Uber's gross bookings forecast range for the fourth quarter was just below the estimate for $43.7 billion, according to Bloomberg. Trip activity for Q4 will be "sort of in line with what we saw in Q3 with a little bit less benefit from pricing," CFO Prashanth Mahendra-Rajah said.CEO Khosrowshahi said the company has seen US transaction growth slow a little as it passed on higher insurance costs to customers, but he expects those costs to increase at a more moderate rate going forward. While consumers are "a little more price sensitive in terms of whether they choose to go out or not" on the weekend, weekday demand is very strong, he said, as is Uber For Business. Uber is "pretty optimistic" in general in terms of the US going forward, he said.

Uber drops after its bookings results and forecast fail to impress

<ul class="summary-list"><li>Companies from United to Nestlé have talked about a sales slowdown due to the presidential election.</li><li>Experts say some shoppers are holding back until after November 5 — but not everyone.</li></ul>Companies are bracing for people to shop, travel, and drink less around <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">Election Day</a>.Executives at some major brands have said on earnings calls in recent weeks that they expect their <a target="_blank" class="" href="https://www.businessinsider.com/election-impact-companies-trump-harris-2024-10">financial results to take a hit</a> around the time voters will decide between Vice President Kamala Harris and former President Donald Trump. They range from Constellation Brands, the maker of Modelo, which expects fewer people to go out drinking around the election, to airlines like United and Delta, which often see passenger counts dip around Election Day.Some companies already have seen political news distract customers. When a gunman died after injuring Trump at a rally in Butler, Pennsylvania in July, for instance, Amazon saw some people put off making purchases on the website, CFO Brian Olsavsky said in August."A lot of times, purchases will defer and people will come back and buy what they were going to buy," Olsavsky said on a call with reporters. "And other times — that won't happen."Other companies have invoked the election but not provided details about the dynamics leading consumers to pull back. Anna Manz, CFO of Nestlé, said on the company's earnings call last week that it's facing a slowdown in the US and "concerns around the elections are playing out." Nestlé did not immediately respond to a request for more details from Business Insider.Research suggests that some consumers — though not all — do indeed reduce purchases around the event.Some shoppers are holding off on making purchases until after November 5, according to a September survey of 400 Kroger shoppers by 84.51, the grocer's marketing subsidiary. Eighteen percent of those surveyed said they were holding off on buying big-ticket items such as electronics or appliances. Slightly smaller percentages said they were holding off on an investment decision or buying a car.Consumers might be holding off on big purchases because they need loans and hope that interest rates will fall more in the months after the election, said Alex Trott, director of insights at 84.51. But some might not actually care as much about the election as the seasonal promotions that tend to follow in November and December, she added. "We are also bumping up against a holiday season where there are always sales," Trott said.People under 34 were also more likely than older consumers to put off a major financial commitment until after the election, 84.51 found.Older consumers, such as Baby Boomers and members of Gen X, "can make some of these bigger decisions," said Trott. "Younger people don't have that spending power. They are sensitive to these smaller price changes."Most people — 53%, according to 84.51 — said they weren't delaying any big purchases as a result.This US election is taking place after years of inflation have squeezed consumers. <a target="_blank" class="" href="https://www.businessinsider.com/pennsylvania-grocery-store-voters-talk-economy-inflation-harris-trump-2024-10">The economy is a top concern</a>, voters told BI this week. Deutsche Bank said <a target="_blank" class="" href="https://www.businessinsider.com/sticky-inflation-outlook-risk-cpi-fed-rate-cuts-geopolitics-recession-2024-10">inflation will remain stickier than expected</a>.Many companies are also forecasting that demand will return after either Trump or Harris wins the election. Modelo maker Constellation, for instance, said it expects beer demand to pick up again.Ron Hill, a professor at American University's Kogod School of Business, said consumers' retreat could last longer if determining who won takes weeks.Polls show that the <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-presidential-election-swing-state-polls-sun-belt-2024-10">race between Trump and Harris</a> is close to a toss-up just over a week ahead of Election Day. If the race comes down to a single evenly divided state, as it did in 2000, when it took five weeks beyond election day to determine that George W. Bush had won the White House, shoppers might spend more time focused on that news and less time making discretionary purchases, Hill said."That's going to be hell to pay" if that happens, he said.

Election Day stress is affecting some companies' sales

<ul class="summary-list"><li>Nvidia briefly surpassed Apple as the world's most valuable company on Friday with a $3.53 trillion valuation.</li><li>Nvidia's rise has been fueled by its AI-enabling GPUs, boosting its market value by $3.1 trillion since the release of ChatGPT.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> briefly eclipsed <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/AAPL-stock">Apple</a> to become the world's most valuable company on Friday.It's the first time Nvidia has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-market-cap-microsoft-most-valuable-company-ai-2024-6">the world's largest company since mid-June.</a>Nvidia stock jumped as much as 3% on Friday to an intra-day high of $144.13, catapulting its market valuation to $3.53 trillion. In contrast, Apple traded up less than 1%, giving it a market valuation of $3.52 trillion.Nvidia stock has since pared its gains to about 1% and is trading neck-and-neck with Apple's valuation, at $3.52 trillion compared to Apple's $3.53 trillion at 1:24 p.m., according to data from YCharts.The massive size of Nvidia is a testament to its quick ascent since OpenAI released its first version of ChatGPT in November 2022.Since then, shares of Nvidia, which supplies the technology world with AI-enabling GPU chips, have added $3.1 trillion to their market valuation, with their stock price soaring more than 740%.<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-nvda-blackwell-demand-outlook-chips-ai-2024-10">Wall Street believes the gains can continue,</a> with some analysts expecting the stock to eclipse a $4 trillion valuation soon.Bank of America analysts raised their Nvidia price target to $190 last week, citing strong upside and a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-upside-growth-ai-chips-demand-bofa-2024-10">"generational opportunity" </a>as it grows its lead in the AI space. Meanwhile, CFRA Research analyst Angelo Zino bumped his price target to $160 as an "AI war" takes place among the major cloud companies."The higher multiple and target reflect our higher conviction that NVDA will post results that exceed our/consensus views in CY 25, as Blackwell ramps. As we previously cited, Blackwell will take greater wallet share from hyperscalers (e.g., greater GPU, CPU, networking, and software revenue) amid an AI war in the cloud," Zino wrote.All eyes will be on Nvidia when they report their third-quarter earnings results next month.

Nvidia dethrones Apple as the world's most valuable company

Shares of <keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="261" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> on Thursday climbed over 6 per cent after the company's consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> increased 15 per cent for the fourth quarter ended March 2024. The stock went up 5.73 per cent to Rs 2,121.30 on the BSE. On the NSE, it climbed 6.32 per cent to Rs 2,123. TVS Motor Company on Wednesday said its net profit increased 15 per cent to Rs 387 crore for the fourth quarter ended March 2024, riding on robust sales. The company had reported a net profit of Rs 336 crore in the January-March period of the previous fiscal. Revenue from operations rose to Rs 10,042 crore in the period under review compared with Rs 8,031 crore in the fourth quarter of FY23. In the fourth quarter, the company said its overall <keyword id="19948209" type="General" weightage="20" keywordseo="two-wheeler" source="keywords">two-wheeler</keyword> and three-wheeler sales, including exports, grew by 22 per cent to 10.63 lakh units compared to 8.68 lakh units in the same period of the 2022-23 fiscal. For the year ended on March 31, 2024, the company posted a consolidated net profit of Rs 1,686 crore as against Rs 1,329 crore a year ago. Revenue from operations rose to Rs 39,145 crore in FY24 over Rs 31,974 crore in the 2022-23 fiscal. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/indegene-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/109952516.cms" target="_blank">Indegene IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a>

TVS Motor shares climb over 6% after March quarter earnings

<ul><li>FMCG giant HUL’s shares reported a decline of over 6% on Thursday.</li><li>This comes a day after the company reported a 2.33% decline in consolidated net profit in Q2.</li><li>The stock tanked 6.59% to ₹2,483.95 on the NSE.</li></ul>Shares of FMCG major <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword> Ltd (HUL) on Thursday tumbled over 6% after the firm reported a 2.33% decline in consolidated net profit for the second quarter ended in September. The stock tanked 6.59% to ₹2,483.95 on the NSE. The stock emerged as the biggest laggard among the Sensex and Nifty firms during the morning trade. Hindustan Unilever Ltd on Wednesday reported a 2.33% decline in consolidated net profit at ₹2,595 crore for the second quarter ended in September 2024, impacted by moderation in demand from the urban market. The company had logged a net profit of ₹2,657 crore in the July-September quarter a year ago, HUL said in a regulatory filing. However, revenue from product sales was up 2.36% at ₹15,703 crore in the September quarter, from ₹15,340 crore in the year-ago period, HUL which owns power brands such as Surf, Rin, Lux, Pond's, Lifebuoy, Lakme, Brooke Bond, Lipton and Horlicks said. "In the September quarter, <keyword id="21419477" type="General" weightage="20" keywordseo="FMCG-demand" source="keywords">FMCG demand</keyword> witnessed moderating growth in urban markets, while rural continued to recover gradually. In this context, we delivered a competitive and profitable performance," HUL CEO and Managing Director Rohit Jawa said. HUL reported an underlying sales growth of 2% and underlying volume growth of 3%. Total expenses were at ₹12,581 crore in the September quarter, up 3.03% year-on-year. HUL's total income, which includes other income, was up 2.14% to ₹16,145 crore in the September quarter of FY25. Addressing an earnings call, HUL CFO Ritesh Tiwari said, "Two thirds of our business we do in urban areas, and one-third we do in rural areas … we are seeing growth in the urban market moderating. We are seeing rural growth recovery is gradual … it impacts all the categories that we have." On the outlook, he said, "In the near term, we expect demand trends to be stable with no further acceleration in pace of growth." In this context, Tiwari said, "Our focus remains on driving competitive volume-led growth, while continuing investments behind our brands and strategy priorities … If commodity prices remain where they are, we expect a low single digit price growth in the near-term." With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Hindustan Unilever shares tumble over 6% post Q2 results

<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, declared its Q2FY25 results today, announcing a one-time, exceptional profit of Rs 1,345 crore during the quarter, thanks to the sale of its entertainment ticketing business. The company's PAT (profit after tax) stood at Rs 930 crore. Notably, without this windfall gain, Paytm's finances would still be in red, with the company racking up losses worth Rs 415 crore. Paytm was in red in the year-ago period as well, incurring losses worth Rs 290.5 crore. This windfall profit also improved Paytm's EBITDA by Rs 388 crore on a QoQ basis. The company's revenue also saw a slight uptick of 10.5% quarterly to Rs 1,659 crore, as opposed to Rs 1,501 crore in the previous quarter. But on a year-on-year basis, Paytm's revenue dipped significantly by 34%. The company also announced that it has entered into a DLG (<keyword id="23641220" type="General" weightage="20" keywordseo="Default-Loss-Guarantee" source="keywords">default loss guarantee</keyword>) model for its merchant loans of about Rs 225 crore with SMFG India Credit. Under this arrangement, Paytm will be first in line to take a hit in case of a loss that emerges from borrowers defaulting or skipping their payments. "Following the regulatory framework and the emerging market practice, we see increased willingness from lenders to partner and allocate more capital in the default loss. The DLG model will help to increase disbursements with the existing partners and expand partnerships with new lenders for the loan distribution,” said the company in its earnings release today. The company's revenue from its payment business also inched up 9% on a quarterly basis, along with its revenue from <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, which also grew by 34% QoQ. At present, Paytm's total merchant subscriptions stand at 1.12 crore, with the company garnering 3 lakh new merchants during the quarter. During the previous quarter, Paytm's <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> (GMV) also inched up by 5% on a sequential basis, which experts anticipate will continue in the coming quarters, just as India braces for the festive season. Per its release, Paytm aims to achieve <keyword id="23641219" type="General" weightage="20" keywordseo="EBITDA-profitability" source="keywords">EBITDA profitability</keyword> (before ESOPs) by the fourth quarter of this financial year. However, investors remained unimpressed with Paytm's performance, with its share slipping by around 3.96% during the day to trade at Rs 697.20. The stock has a YTD (yield-to-date) of 7.91% during the year.

Paytm declares Q2 results, earns Rs 930 crore as windfall gains by way of sale of ticketing business to Zomato

<ul class="summary-list"><li>Former Google CEO Eric Schmidt said companies need "divas" in order to build brilliant products.</li><li>Schmidt gives the example of Steve Jobs as a difficult yet brilliant diva.</li></ul>Steve Jobs was a diva — and that's exactly what you want for a successful company, former Google CEO Eric Schmidt said.In <a target="_blank" class="" href="https://www.youtube.com/watch?v=2Zg--ouGl7c">a recent episode</a> of "The Diary of A CEO," Schmidt, who served as the search giant's chief executive from 2001 to 2011, explained that the key to building a "brilliant product" is finding a "truly brilliant person."And it might not be you."Find someone who's just smarter than you, more clever than you, moves faster than you, changes the world," he said, or "whatever it is that you're optimizing. And ally yourself with them because they're the people who are going to make the world different."This proposed world-changing character is what he and Google's former VP of products, Jonathan Rosenberg, describe as a "diva" in their book "How Google Works.""Great people are often unusual and difficult," they wrote, "and some of those quirks can be quite off-putting."Although divas view themselves as above their team, their egos are backed by or outweighed by their extreme talent and achievements. One such example of a famously tough genius was Apple cofounder <a target="_blank" class="" href="https://www.businessinsider.com/steve-jobs">Steve Jobs</a>, who Schmidt said was "clearly" a diva."Opinionated and strong and argumentative and would bully people if he didn't like them, but was brilliant," he said in the podcast. "He was a diva. He wanted perfection, right? Aligning yourself with Steve Jobs is a good idea."Jobs was notorious for his often <a target="_blank" class="" href="https://www.businessinsider.com/steve-jobs-jerk-2011-10#he-never-gave-one-of-the-earliest-apple-employees-stock-options-10">tyrannical leadership style</a>, from going through temper tantrums to firing people on the spot, but was also undeniably vital for Apple's <a target="_blank" class="" href="https://www.businessinsider.com/steve-jobs-most-magical-feat-took-decade-to-reveal-itself-2021-8">slew of successful launches</a>. Schmidt said trying to solve problems in a "really clever way" is what makes divas vital to innovation and, as a result, a continuously advancing company."If you don't have such a person, your company's not going to go anywhere," he said. "And the reason is that it's too easy just to keep doing what you were doing."However, the former Google execs made sure to distinguish divas from "knaves," who are similarly arrogant but prioritize their own success rather than that of the team."A knave, which you know from British history, is somebody who's acting on their own account," Schmidt said in the podcast. "They're not trying to do the right thing; they're trying to benefit themselves at the cost of others."Unlike divas, who should be protected despite their eccentricities, Rosenberg and Schmidt wrote that knaves are "sloppy, selfish," and devoid of integrity and must be swiftly dealt with."Knavish behavior is a product of low integrity," they wrote, "diva-ish behavior is one of high exceptionalism."

You Searched For "IT companies results" and got 13 results

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