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<ul class="summary-list"><li>Bill Gross struck a cautious tone on the stock market, economy, and US debt this week.</li><li>The billionaire "Bond King" touted safer stocks over the high-flying "Magnificent Seven."</li></ul>Stock valuations are stretched, a major recession is a real threat, and the US is caught in a debt spiral, Bill Gross has warned.The billionaire cofounder of bond giant Pimco <a href="https://www.youtube.com/watch?v=bSkgwXBDGIY" target="_blank" rel="noopener">told Bloomberg</a> on Monday that the <a href="https://www.businessinsider.com/stock-market-crash-interest-rates-inflation-russell-2000-small-caps-2024-1">S&amp;P 500 trading at a record high</a> doesn't make sense to him. The benchmark stock index's price-to-earnings ratio of about 19 is "much too high" when the real or inflation-adjusted interest rate today is a restrictive 1.8%, he said.The Federal Reserve has hiked interest rates from nearly zero to north of 5% since early 2022 in an effort to combat historic inflation, which remained elevated at 3.4% in December. Yet stock valuations haven't materially declined, Gross noted, even though higher rates typically eat into companies' profits by discouraging spending and borrowing, and shift investor demand from stocks to safer assets like bonds and savings accounts by boosting their yields."Ultimately, PE ratios have to get more in balance with real interest rates which are relatively high," Gross said.The investor known as the "Bond King" cautioned against piling more money into the so-called Magnificent Seven stocks that led the market higher last year."It's probably the time to cool it off a little bit and to put your money elsewhere," he said about the group of technology stocks that includes Tesla and Nvidia. Gross touted cheaper, less risky stocks in sectors like energy, tobacco, and telecoms that are paying attractive dividend yields of anywhere from 5% to 10%.The market veteran called on the Fed to quickly loosen its grip on the economy before it snuffs out growth and sparks a downturn."The Fed should lower interest rates over the next six to 12 months," he said, explaining that would "basically balance out real interest rates and lower them so that the economy won't go into a significant recession."Gross urged investors to be cautious in light of myriad domestic and overseas threats. Those range from political tensions ahead of the US presidential election this winter, to the Russia-Ukraine and Israel-Gaza conflicts, and the Houthi attacks on ships in the Red Sea disrupting global supply chains.He also struck a resigned note on ballooning debt piles in the US and many other countries."It's simply a situation now where there's too much debt, and in order to keep that debt rolling and keep the economies rolling on a nominal basis, it's necessary on the part of central banks to maintain a relatively easy monetary policy and the same thing with fiscal," Gross said. "I think $1.5 trillion deficits are here to stay."Gross' comments echo his <a href="https://markets.businessinsider.com/news/stocks/bond-king-bill-gross-outlook-warning-dangerous-stock-market-fundamentals-2024-1">latest investment outlook</a>, in which he advised investors to stay in the market to avoid missing out on gains, while also being careful and avoiding the riskiest assets.

'Bond King' Bill Gross says stocks look overstretched - and a major recession could hit if interest rates don't drop this year

<keyword id="143" type="General" weightage="50" keywordseo="Bollywood" source="Orion">Bollywood</keyword> stars <keyword id="1671" type="General" weightage="80" keywordseo="shah-rukh-khan" source="Orion">Shah Rukh Khan</keyword>, <keyword id="598" type="General" weightage="20" keywordseo="deepika-padukone" source="Orion">Deepika Padukone</keyword> and John Abraham's latest action entertainer '<keyword id="12756474" type="General" weightage="100" keywordseo="pathaan" source="Orion">Pathaan</keyword>' has zoomed past the fabled Rs 1,000 crore gross worldwide becoming the first Hindi film to breach this milestone in phase one of its release. 'Pathaan', on its fourth Monday, saw a solid jump again at the box office. It collected Rs 1.25 crore net in India (Hindi - Rs 1.20 crore, All Dubbed versions - Rs 0.05 crore). 'Pathaan' has now recorded $45.94 million in the overseas territories alone, while net collection in India stands at Rs 516.92 crore (Hindi - Rs 498.95 crore, Dubbed - Rs 17.97 crore)! The total worldwide gross is an incredible Rs 1000 crore (India gross - Rs 623 crore, overseas - Rs377 crore). The film, directed by Siddharth Anand also stars Ashutosh Rana and Dimple Kapadia.

Shah Rukh Khan's Pathaan grosses Rs 1000 cr worldwide

It's been seven days since Shah Rukh Khan's film '<keyword id="12756474" type="General" weightage="100" keywordseo="pathaan" source="Orion">Pathaan</keyword>' released and it seems it is in no mood to slow down at the box office as the action entertainer has raked in Rs 634 crores gross worldwide in just one week since its release on January 25. 'Pathaan', on its seventh day, registered Rs. 23 crores net in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (Hindi - Rs 22 crores, All Dubbed versions - Rs 1 crore), taking the India gross to Rs. 28 crores. The overseas gross on day 7 is at Rs. 15 crore. In 7 days, 'Pathaan' has recorded $29.27 million (Rs. 238.5 crores) in the overseas territories alone, while <keyword id="16322568" type="General" weightage="50" keywordseo="nett-collection" source="Orion">nett collection</keyword> in India stands at Rs. 330.25 (Hindi - Rs. 318.50 crores, dubbed - Rs. 11.75 crores). 'Pathaan' is part of Aditya Chopra's spy universe and has Deepika Padukone and <keyword id="6354967" type="General" weightage="50" keywordseo="john-abraham" source="Orion">John Abraham</keyword> in it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-2023-24-key-points-fiscal-deficit-capital-expenditure-privatisation-borrowing-and-nominal-gdp/articleshow/97511933.cms">Budget for world's fastest growing economy: Key numbers to be watched</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-overtakes-gautam-adani-as-the-richest-indian/articleshow/97519749.cms">Mukesh Ambani overtakes Gautam Adani as the richest Indian on the Forbes Real-Time Billionaires List</a>

Pathaan's gross box office collections at ₹634 crore in 7 days

<ul class="summary-list"><li>New data showed the US <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> shrinking in Q1 for the first time since the pandemic crash.</li><li>Core parts of the economy, like consumer spending and business investment, actually had a strong quarter.</li></ul>The US economy just contracted for the first time since the intense lockdowns of early 2020. But there's no reason to panic.<keyword id="12289424" type="UNKNOWN" weightage="60" keywordseo="gross-domestic-product" source="Orion">Gross domestic product</keyword> remains the benchmark for tracking the performance of a national economy, and data out Thursday morning painted an alarmingly bleak picture of how the US is doing. The American economy <a href="https://www.businessinsider.com/us-gdp-q1-economic-growth-inflation-omicron-wave-coronavirus-recovery-2022-4">shrank at an annualized rate of 1.4%</a>, falling extremely short of the median forecast for 1.1% growth and reversing course from the fourth quarter's 6.9% print.Despite that scary headline number, the details of the report and most other economic yardsticks show the recovery is trucking along just fine.<h2>The economy isn't as dismal as headline <keyword id="11921644" type="UNKNOWN" weightage="60" keywordseo="gdp" source="Orion">GDP</keyword> suggests</h2>The headline contraction in GDP "obscures the resilience of the domestic economy," Diane Swonk, chief economist at Grant Thornton, said in a Thursday <a href="https://twitter.com/DianeSwonk/status/1519662636488667136?s=20&amp;t=a6sF2ADF6ZF-D43Wqu1pyA">tweet</a>. Data published earlier in April showed the jobs recovery <a href="https://www.businessinsider.com/march-jobs-report-431000-payrolls-hiring-unemployment-rate-labor-market-2022-3">still charging forward</a> and retail spending <a href="https://www.businessinsider.com/retail-sales-march-consumer-spending-inflation-stores-restaurants-recovery-report-2022-4">at an all-time high</a> by the end of the first quarter.Other details in the GDP report back up the encouraging outlook, with consumers and businesses alike still spending big.Americans' spending, which makes up about two-thirds of the overall economy, saw a 2.7% jump, suggesting that demand remains strong even in the face of high inflation. That was fueled by a 4.3% increase in spending on services, a welcome improvement after lockdowns and virus waves starved the sector of much-needed activity.The uptick signals "consumers' wallets remained 'open for business'" despite high inflation, and spending growth is likely to pick up in the second quarter as more households indulge in travel and leisure, Greg Daco, chief economist at EY-Parthenon, said.Business investment also picked up in the three-month period, providing another lift to overall output, suggesting that employers still see strong potential for future growth and are pouring money into expanding their operations.Altogether, consumer spending, private investment, and the strength of the housing market added more to GDP in the first quarter than in the fourth, signaling the domestic economy actually accelerated through the start of 2022, Swonk said.<h2>The headline number was dragged lower by temporary problems</h2>For starters, a drop in business inventories put a huge damper on economic output. The final months of 2021 saw firms build up their stockpiles to counter the effects of lingering supply-chain issues. That rush played a major role in boosting growth through the end of 2021. But with the inventory build-up having played out, firms cut back on such investment in 2022.That pullback alone subtracted 0.8 percentage points from the headline GDP rate, Jason Furman, a professor of economics at Harvard University and former chairman of President Obama's Council of Economic Advisors, <a href="https://twitter.com/jasonfurman/status/1519656260425207808?s=20&amp;t=tyLM4EpaQ7TX8tsMsGMNZQ">tweeted</a>.Trade figures put an even bigger drag on the growth gauge. The first three months of the year saw imports remain high while exporting dropped to the weakest pace since the second quarter of 2020. Since imports count negatively toward GDP, the shift subtracted a full 3.2 percentage points from growth, according to Furman. Put differently, economic output would've handily exceeded forecasts if the trade deficit wasn't so large.The fault only partially lies with the US. Part of the reason for such high imports comes down to Americans' voracious spending appetite.On the other end of the trade equation, exports were mostly lower due to weaker demand abroad. The US has enjoyed a uniquely demand-strong recovery while other economies have generally seen high inflation have a bigger effect on spending. As such, demand for US goods and services overseas was subpar through the quarter.While the economy is faring better than the GDP report suggests, it's unlikely the country repeats the stellar rebound seen through 2021. The US will likely experience slow growth later this year as inflation bites into spending and the Federal Reserve lifts interest rates, Matthew Sherwood, global economist at the Economist Intelligence Unit, said.Still, the US is "in much better shape than the headline figure would imply," and it's unlikely the country enters a new recession "given the underlying health of the domestic economy," he added.

The US economy just shrank. Here's why you shouldn't be worried.

China has cut a controversial tax on personal items bought overseas, ranging from iPads to books, in an effort to boost consumer confidence. The government will slash the "tax on baggage and articles accompanying incoming passengers and personal postal articles", a three-in-one tax consisting of value-added tax, consumption tax and import duties on April 9, according to a notice posted online by the Ministry of Finance on Monday. The tax rate on products including computers, foodstuffs, gold and silverware, furniture and medicines will be lowered to 13 per cent from 15 per cent. The rate for commodities including textiles, electric appliances and bicycles will be cut to 20 per cent from 25 per cent, according to the statement. The tax rate for wine, cigarettes, jewellery, golf equipment, luxury watches and high-grade cosmetics will be kept at 50 per cent. This is the second round of tax cuts on consumer products bought overseas in six months, after Beijing initially lowered the rate on November 1 2018. The last round of tax cuts saw the tax on wine and cigarettes cut from 60 per cent to 50 per cent, while the tax rate on textiles and home appliances was slashed from 30 per cent to 25 per cent The decision was announced by Premier Li Keqiang at a routine State Council meeting last week, according to a statement on the government's website, which also said that the cut is designed to boost imports and consumer confidence. "For those products that are used by the general public, we must effectively reduce the customs tax rate," Li said in the statement. "The relevant departments will further study how to lower the price of necessary imports for the country." Hong Hao, head of research at Bank of Communications International, said that while the cut will help boost consumption, it will not provide a massive lift to Chinese consumer confidence, which has been dampened by the <a href="https://www.scmp.com/economy/china-economy/article/3004961/us-says-theres-still-significant-work-be-done-trade-talks" target="_self">US-China trade war</a> and a <a href="https://www.scmp.com/economy/china-economy/article/2188625/china-lowers-2019-gdp-growth-target-6-65-cent-range" target="_self">sluggish domestic economy</a>. "Two percentage points [cut] will not make a lot of difference," said Hong, referring to the small tax cut on some products. "It is a difficult situation now [for consumption]. Perhaps a recovery in the housing market and a rebound in the stock market would really boost spending." The tax has proven controversial among individual travellers since it was implemented in 2010. It also caused friction among government departments. At the time, the Ministry of Commerce issued discouraging correspondence to China's customs agency, local media reported. The tax also poses a threat to the business model of the <a href="https://www.scmp.com/economy/china-economy/article/2174570/chinas-e-commerce-consumers-given-more-duty-free-spending" target="_self">Chinese army of</a> <a href="https://www.scmp.com/economy/china-economy/article/2174570/chinas-e-commerce-consumers-given-more-duty-free-spending" target="_self">daigou</a> , cross-border shoppers who purchase goods cheaper overseas and bring them back to China, via personal luggage or postal services, to be sold at a profit. However, the cut comes as analysts grow increasingly concerned that consumption and trade are the weak points in the Chinese economy. 'There's a pickup in production but they need to get people out buying and consuming," said Banny Lam, head of research at <keyword id="346068" type="COMPANY" weightage="20" keywordseo="China-Everbright-Bank">China Everbright Bank</keyword> International Investment, referring to the pick up in the nation's manufacturing sector in March. The official purchasing managers index for the month jumped to 50.5, compared to 49.2 in February. A reading above 50 indicates growth from the previous month. Beijing has declared that it is embarking on the "<a href="https://www.scmp.com/economy/china-economy/article/3002364/chinas-unprecedented-and-sufficient-tax-cut-still-does-not-do" target="_self">biggest tax cut</a> campaign in its history" to <a href="https://www.scmp.com/economy/china-economy/article/3005218/china-pledges-remove-unreasonable-barriers-and-restrictions" target="_self">cushion the impact</a> of slowing domestic demand and a trade war with the United States. According to Premier Li's work report released last month, the overall tax reduction package, including the cut to the social contribution fees, will be worth 2 trillion yuan this year, equivalent to 2.1 per cent of China's <keyword id="6354971" type="DEFINITION" weightage="20" keywordseo="gross-domestic-product">gross domestic product</keyword>. This article originally appeared on the <a href="http://www.scmp.com">South China Morning Post (SCMP)</a>, the leading news media reporting on China and Asia. For more SCMP stories, please download our <a href="https://go.onelink.me/3586748601?pid=3rdpartycontentexchange">mobile app</a>, follow us on <a href="https://twitter.com/scmpnews">Twitter</a>, and like us on <a href="https://www.facebook.com/scmp">Facebook</a>. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

China cuts tax on personal items bought overseas in move to boost consumption

<ul class="summary-list"><li>A wave of positive economic data led <keyword id="12002884" type="UNKNOWN" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword> and <keyword id="11957019" type="UNKNOWN" weightage="60" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword> to boost their growth forecasts Wednesday.</li><li>The Atlanta Fed's growth tool also improved, hitting Q4 growth will be the strongest since Q3 2020.</li></ul>The 2021 recovery is going out with a bang.Economists were flooded with new data on Wednesday, most of it good news for the US. Weekly filings for unemployment benefits slid to <a href="https://www.businessinsider.com/weekly-jobless-claims-199000-unemployment-filings-insurance-benefits-economic-recovery-2021-11">the lowest level since 1969</a>. Inflation surged higher, but <a href="https://www.businessinsider.com/pce-inflation-october-price-growth-supply-chain-energy-crisis-economy-2021-11">not as high as economists expected</a>. Americans' spending throughout October was <a href="https://www.bloomberg.com/news/articles/2021-11-24/u-s-consumer-spending-powers-ahead-despite-inflation-pickup">stronger than forecasted</a>.Taken together, the reports signal the recovery is charging forward faster than expected. It was enough for Wall Street to lift their forecasts for fourth-quarter growth. Morgan Stanley economists boosted their estimate for current-quarter growth to 8.7% from 3% on Wednesday, citing "the wealth of data" that showed fresh strength throughout the <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>. Economists at JPMorgan also lifted their hopes for recovery through the end of the year. The bank raised its estimate to 7% from 5% on Wednesday, similarly basing the bullish shift on the Wednesday data dump. The narrowing of the US trade deficit — how much more the country imports than it exports — was a "notable" surprise and suggests trade won't be a huge drag on <keyword id="11921644" type="UNKNOWN" weightage="60" keywordseo="gdp" source="Orion">GDP</keyword>, the team led by Michael Feroli said.Other reports suggest the supply crisis that's weighed on the recovery and fueled higher inflation is finally starting to fade, the bank added."The overall improvement in the data may be the first fruit of the modest easing in supply chain issues evident in some of the survey data," JPMorgan said.It's not just Wall Street calling for a stellar fourth quarter. The <keyword id="12602469" type="UNKNOWN" weightage="60" keywordseo="federal-reserve-bank-of-atlanta" source="Orion">Federal Reserve Bank of Atlanta</keyword>'s GDPNow tool, which uses data releases to adjust its estimate for current-quarter growth, rose to 8.6% on Wednesday from 8.2%.Everyone, it seems, thinks the recovery is bouncing back.<h2>From third-quarter slump to fourth-quarter surge</h2>The forecasts all sit significantly higher than the 2.1% growth <a href="https://www.businessinsider.com/us-gdp-q3-economic-recovery-output-growth-delta-wave-performance-2021-10">seen through the third quarter</a>. The previous three-month period saw the Delta wave slow hiring and drag on economic activity. The growth rate was the slowest of the pandemic recovery, and the lingering supply-chain crisis raised fears that the economic boom officially ended in the summer.Wednesday data and bank reactions suggest a new boom started in October. Last month saw the Delta wave fade and retail sales <a href="https://www.businessinsider.com/retail-sales-october-record-delta-wave-americans-spending-economic-recovery-2021-11">rip to record highs</a>. If the rosiest forecasts come to fruition, fourth-quarter growth will be the strongest since the third quarter of 2020, which itself marked the fastest growth since at least 1947.The economic boom would also give Democrats a much-needed win in the economics department. President Joe Biden's approval rating has taken a beating through the fall as Americans blame his administration for soaring prices and weakened economic growth. Consumer sentiment fell to decade lows in November due to "a combination of rapidly escalating inflation combined with the absence of federal policies that would effectively redress the inflationary damage," Richard Curtin, chief economist at the University of Michigan's Surveys of Consumers said. Extraordinary fourth-quarter growth would give the party something to celebrate, particularly as midterm elections approach. To be sure, the biggest risks to the recovery still loom large. The supply-chain crisis shows signs of easing, but there's still much to be done to solve the widespread bottlenecks. Inflation will stay at elevated levels <a href="https://www.businessinsider.com/price-growth-inflation-outlook-stay-high-next-year-janet-yellen-2021-10">until the second half of 2022</a>, Treasury Secretary Janet Yellen said in October. The administration is taking action to lower soaring gas prices, but major producers overseas <a href="https://www.businessinsider.com/opec-bidens-gas-prices-by-hoarding-stock-keep-prices-high-2021-11">could counter those efforts</a>.And even if those issues are resolved quickly, it's likely still too late to save Democrats election hopes. Incumbent parties tend to lose control of Congress in their first midterm elections. There's <a href="https://www.businessinsider.com/economic-boom-too-late-democrats-2022-midterm-elections-biden-agenda-2021-11">almost no statistical relationship</a> between economic performance and midterm election outcomes.Still, what might not be good enough for Democrats is still good for the country. A booming fourth quarter would help the US fully leave the Delta wave behind it and place the country much closer to a full recovery.

Wall Street's verdict is in: the US economy is booming again

<ul class="summary-list"><li>Bill Gross cautioned the Fed and other central banks from raising interest rates much higher.</li><li>The "Bond King" warned further tightening could cause a credit crunch with global fallout.</li></ul>Bill Gross has warned the Federal Reserve and its central-bank peers against hiking interest rates much higher, as they risk causing a painful credit crunch and tanking the global economy."The US and other economies cannot stand many more rate increases," Gross said in his <a href="https://williamhgross.com/carry-on/">latest investment outlook</a>, adding that a <a href="https://www.businessinsider.com/personal-finance/what-is-the-federal-funds-rate">federal funds rate</a> of 4.5% next year would be excessive.The Fed has lifted its benchmark rate from virtually nothing to a range of 3% and 3.25% in recent months, and signaled rates could reach as high as 4.9% in 2023.Gross, whose nickname is the "Bond King," cofounded Pimco and managed its flagship Total Return fund. He argued the US economy is too indebted to handle materially tighter financial conditions, especially with a raft of growth headwinds buffeting other nations."Recent events in the UK, cracks in the Chinese property-based economy, war and a natural gas freeze in Europe, and a super strong dollar accelerating inflation in emerging market economies, point to the conclusion that today's 2022 global economy in no way resembles Volcker's in 1979," Gross said, referring to former Fed Chair Paul Volcker.Gross, who retired in 2019 and now manages money for his family and foundation, underlined the importance of "carry" — the difference in yields between short-term bonds and long-term ones.The billionaire investor explained that if there's positive carry, companies can borrow money cheaply, lend it out at a higher rate, and make a profit. In contrast, negative carry makes them reluctant to lend, so it weighs on economic growth."Almost all financial-based economic activity now depends upon this 'mother's milk' called carry," he said, adding that the past four US recessions were caused by a lack of it.Gross added that Volcker conquered double-digit inflation in the 1980s by setting up a negative carry of over 500 basis points for three years. It came at the cost of a severe recession.However, the Fed can't act as aggressively today because "our significantly higher levered economy cannot withstand the same amount of negative carry," Gross said."A negative carry of 500 basis points now would slay inflation but create a global depression."He noted the current negative carry of 45 basis points between the 2-year and 10-year Treasuries already exceeds the levels seen with US recessions in 2007, 2000, and 1989.Gross is worried that if the Fed hikes rates significantly, lending will become so unappealing and debt so onerous in the highly levered US economy that credit dries up.Coupled with a slew of overseas challenges, the outcome could be a global economic disaster.The investor has previously cautioned the Fed against going overboard in its inflation fight. He <a href="https://markets.businessinsider.com/news/stocks/bill-gross-federal-reserve-interest-rates-us-economy-recession-pimco-2022-3?utm_medium=ingest&amp;utm_source=markets">warned</a> in March that interest rates above 3% would likely tank the US housing market and create cracks in the economy.He's also <a href="https://markets.businessinsider.com/news/stocks/bill-gross-lost-money-meme-stocks-now-up-20-million-2022-3?utm_medium=ingest&amp;utm_source=markets">blasted</a> the central bank's policy of near-zero rates in recent years, arguing that it discouraged saving, decreased returns from retirement accounts, and fueled speculation on meme stocks, non-fungible tokens, and other risky assets.Read more: <a href="https://www.businessinsider.com/how-to-invest-stocks-inflation-strategy-bear-market-rally-keller-2022-10">Watch for these 3 key events that will determine if stocks are headed for a dramatic decline or a 'lights-out rally' in the next few weeks, says a veteran chartmaster who called the latest market selloff</a>

'Bond King' Bill Gross warns the Fed against raising interest rates - saying central bank hikes could spark a credit crunch and global depression

<ul><li><keyword id="725688" type="ORGANIZATION" weightage="20" keywordseo="Lion-King">Lion King</keyword> has beaten <keyword id="510727" type="ENTERTAINMENT" weightage="20" keywordseo="frozen">Frozen</keyword> as the <keyword id="7974453" type="UNKNOWN" weightage="20" keywordseo="highest-grossing-animated-movie-of-all-time">highest grossing animated movie of all time</keyword> worldwide.</li><li>But, in India, Lion King is yet to beat The Jungle Book's total earnings.</li><li>Lion King's success worldwide is largely driven by the overseas market where its earnings are double of what it pulled in domestically.</li></ul>The remake of the Disney's 1992 hit, <a href="https://www.businessinsider.in/the-lion-king-remake-is-a-game-changer-for-the-movie-business-but-its-stunning-visual-effects-are-also-its-biggest-weakness/articleshow/70180676.cms">Lion King</a>, is killing it at the box office. The movie grossed over $1.3 billion worldwide to beat <a href="https://www.businessinsider.in/Paranormal-Activity-Cant-Scare-Off-Disneys-Frozen--Heres-Your-Box-Office-Roundup/articleshow/28477917.cms">Frozen</a> as the <a href="https://www.businessinsider.in/the-lion-king-smashed-july-opening-records-with-185-million-in-first-weekend/articleshow/70320174.cms">highest earning</a> animated movie of all time according to <a href="https://www.cinemablend.com/news/2477913/the-lion-king-just-dethroned-frozen-as-highest-grossing-animated-movie-ever">CinemaBlend</a>. But, Frozen isn't the move to beat for Indian audiences. <a href="http://www.businessinsider.in/the-jungle-book-is-a-stunning-visual-experience-like-nothing-youve-ever-seen-before/articleshow/51802020.cms">The Jungle Book</a> — also directed by Jon Favreau — earned ₹268 crore in India while Lion King stands at nearly half of that, ₹145 crore, as of Saturday. Nonetheless, analysts at <a href="https://boxofficeindia.com/report-details.php?articleid=5299">Box Office India</a> predict that the movie is likely to join the ₹150 crore club once the final weekend numbers are in. Lion King also has a few weeks in its pocket before its pulled from the screen giving it some time to catch up to The Jungle Book's record. Disney's dominance Regardless of which movie leads the charts, it's a win for Disney. The top three animated movies globally are all from the legacy movie studio — Lion King followed by Frozen and the <a href="https://www.businessinsider.in/17-movie-sequels-that-took-over-10-years-to-be-released-including-incredibles-2/articleshow/64606056.cms">Incredibles 2</a>. <a href="https://www.businessinsider.in/a-family-feud-over-a-400-million-trust-fund-a-massive-fortune-that-left-one-heiress-with-an-inferiority-complex-and-a-sprawling-media-empire-meet-the-disney-family/articleshow/69728854.cms">Disney</a>, which also owns Fox and Lucasfilm, is essentially in control of all of the biggest film franchises. And, that's the way it's going to stay something <a href="https://www.businessinsider.in/disney-will-likely-endure-another-box-office-flop-from-fox-this-weekend/articleshow/70608880.cms">breaks up</a> the massive conglomerate. And even with The Jungle Book having done better in India, the country is still an important market for Lion King. The movie has made twice as much from its worldwide markets than it has domestically — $437.1 million at home versus $861.5 million from overseas. See also: <a href="https://www.businessinsider.in/a-family-feud-over-a-400-million-trust-fund-a-massive-fortune-that-left-one-heiress-with-an-inferiority-complex-and-a-sprawling-media-empire-meet-the-disney-family/articleshow/69728854.cms">A family feud over a $400 million trust fund, a massive fortune that left one heiress with an inferiority complex, and a sprawling media empire: Meet the Disney family</a> <a href="https://www.businessinsider.in/hans-zimmer-was-hesitant-to-revisit-the-lion-king-score-until-playing-the-music-at-coachella-gave-him-a-spark-of-inspiration/articleshow/70349095.cms">Hans Zimmer was hesitant to revisit 'The Lion King' score until playing the music at Coachella gave him a spark of inspiration</a> <a href="https://www.businessinsider.in/why-people-are-calling-the-jungle-book-the-most-visually-stunning-movie-of-the-year/articleshow/51848348.cms">Why people are calling 'The Jungle Book' the most visually stunning movie of the year</a>

Lion King overtakes Frozen as the highest grossing 'animated' film of all time but still has a long way to go India

Pune, Feb 12 () State-owned Indian Overseas Bank (IOB), which has been in the red for the last four-and-a-half years, expects to become profitable in the fourth quarter of the current financial year, its Managing Director and CEO Karnam Sekar said on Wednesday. He said that once the lender becomes profitable, it will be out of the Reserve Bank of India's prompt corrective action (PCA) soon. In the quarter ended December 2019, the lender posted a net loss of Rs 6,075 crore as against a net loss of Rs 346 crore in the year-ago period, due to a higher provisioning of Rs 6,664 crore made for bad loans. "In the December quarter, we made higher provisions and, therefore, we incurred a huge loss. That will be the last quarter where we have declared loss. We will be in clear net profit from this (fourth) quarter onwards after being in red for almost four-and-a-half years," Sekar told reporters here on the sidelines of the golden jubilee celebration of the National Institute of Bank Management (NIBM). He said the bank's slippages were mainly from corporate accounts but it has now been fully addressed. "I don't see any corporate accounts which is likely to slip. We have not taken any exposure in the past four-five years. So, the corporate sector problems have been addressed," he said. In the December quarter, the slippages reduced to Rs 1,971 crore from Rs 2,154 crore in the year-ago quarter. In third-quarter results announced earlier this week, the bank said it plans to come out of PCA by focusing on recovery, low-cost deposits and less capital-consuming advances. In the October-December quarter, total recovery including technical write-off stood at Rs 7,085 crore. "We expect a recovery of Rs 1,000 crore, including from Bhushan Steel, in the fourth quarter," he said. Gross non-performing asset (NPA) ratio as percentage of total advances reduced to 17.12 per cent at the end of December 2019 as compared with 23.76 per cent last year. Due to provisions made during the quarter, the net NPA ratio improved to 5.81 per cent, which is less than 6 per cent prescribed by RBI. HV HRS

Indian Overseas Bank expects to become profitable in Q4 FY20: MD & CEO

<ul><li>The Chinese short video streaming app <keyword id="6762469" type="UNKNOWN" weightage="20" keywordseo="TikTok">TikTok</keyword> was banned in India in June — the app’s largest international market. </li><li>Despite losing over 200 million of its users, TikTok continues to be the highest-grossing app worldwide, according to Sensor Tower’s monthly report. </li><li>This is partly due to more people using apps during the coronavirus pandemic and also because 89% of the app’s revenue comes from China. </li></ul>Despite losing its biggest overseas market, the Chinese short video sharing app TikTok continues to be the top-grossing non-game app in the world in July. <a href="https://sensortower.com/blog/top-grossing-apps-worldwide-july-2020">Sensor Tower’s</a> monthly report shows that TikTok hit $102.5 million in revenue — an 8.6 times increase in revenue over the same time last year. <div type="image" title="snapshot-1596616947742" msid="77369129" hostid="261" caption="&amp;lt;p&amp;gt;TikTok&amp;#39;s revenue over the last five months&amp;lt;/p&amp;gt;"></div> Even compared to a month ago, TikTok’s revenue has increased by $11.8 million. This was the first month of TikTok operating without its Indian user base since the government banned the app locally amidst border tensions with China along the Line of Actual Control (LAC). Before the ban, the Chinese app had around 200 million users in India. Despite India accounting for nearly one-third of TikTok’s downloads, more than even China, the ban did not dent the app’s online earnings. This may be because nearly 89% of the company’s revenue still comes from its home base in China. Indians can be a boost to any app’s user base but historically they haven’t known to be the biggest spenders. Another factor that may have surged TikTok's revenue is the overall online app market seeing a boost due to the coronavirus pandemic as more people stay at home. In the first half of 2020, Sensor Tower recorded a 23% jump in global app revenue as compared to last year — crossing $50 billion. TikTok was third on the list, following Tinder and YouTube, having generated $421 million across the Google Play Store and App Store. One app’s loss in another app’s gain After TikTok was banned in India, a slew of <keyword id="9499766" type="UNKNOWN" weightage="20" keywordseo="TikTOk-alternatives">TikTok alternatives</keyword> raced to the frontier in order to take its place. <div type="image" title="snapshot-1596616939950" msid="77369155" hostid="261" caption="&amp;lt;p&amp;gt;First time installs for TikTok alternatives in India&amp;lt;/p&amp;gt;"></div> <a href="https://sensortower.com/blog/tiktok-alternatives-growth-india">Sensor Tower</a>’s estimates reveal that the top three contenders are Roposo, Zili and Dubsmash. They collectively saw a 155% jump in first-time installs in the three weeks following TikTok’s ban. <div type="image" title="snapshot-1596616930985" msid="77369171" hostid="261" caption="&amp;lt;p&amp;gt;Lifetime downloads of TikTok alternatives in India at the end of July&amp;lt;/p&amp;gt;"></div> This is not the first time that TikTok’s run into trouble with the law in India. Last year, it was also banned by the Madras High Court after being accused of ‘<a href="https://www.businessinsider.in/tiktok-ban-in-india-for-hosting-porn/articleshow/68720430.cms">encouraging pornography</a>’. At the time, the company’s court filing said that it was losing $500,000 a day. TikTok may also be on the brink of losing another one of its international markets. US President Donald Trump declared that the Chinese app will be banned if it’s not sold off to an American buyer by September 15. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/trump-wants-the-treasury-to-get-a-substantial-cut-of-any-tiktok-acquisition-chinas-state-media-says-that-would-be-open-robbery-/articleshow/77349625.cms">Trump wants the Treasury to get a substantial cut of any TikTok acquisition. China's state media says that would be 'open robbery.'</a> <a href="https://www.businessinsider.in/stock-market/news/microsoft-adds-77-billion-in-market-value-after-confirming-plans-to-buy-tiktok-in-the-us/articleshow/77334071.cms">Microsoft adds $77 billion in market value after confirming talks to buy TikTok in the US</a>

TikTok made more money than any other app in July despite losing its largest overseas market

New Delhi, Feb 10 () State-owned Indian Overseas Bank (IOB) has reported widening of its net loss to Rs 6,075.49 crore during the third quarter ended December 2019, owing to higher provisioning for bad loan. The bank had registered a net loss of Rs 346.02 crore during the corresponding October-December period of 2018-19. Its total income during the December 2019 quarter also fell to Rs 5,197.94 crore from Rs 5,688.59 crore in the year-ago quarter, IOB said in a regulatory filing. Provisioning for bad loans jumped to Rs 6,663.94 crore, compared with Rs 2,075.28 crore a year ago. The bank's gross non-performing assets (NPAs), however, dropped to 17.12 per cent of the gross loans at the end of December 2019, from 23.76 per cent a year ago. Net NPAs fell to 5.81 per cent from 13.56 per cent. In value terms, the gross NPAs were valued at Rs 23,733.86 crore from Rs 35,786.57 crore. Net NPAs were Rs 7,087.09 crore from Rs 17,987.92 crore. On NPA divergence for 2018-19, the bank said there was a gap of Rs 358 crore in gross bad loans, as the bank had reported it to be Rs 33,398 crore while the Reserve Bank of India assessed it to be at Rs 33,756 crore . Net NPAs divergence was of Rs 358 crore and the divergence for provision came in at Rs 2,208 crore. Thus, overall loss during 2018-19 was adjusted to Rs 5,999.90 crore from the earlier reported Rs 3,737.90 crore. The provision coverage ratio improved to 86.20 per cent, IOB said. Shares of IOB closed at Rs 9.92 apiece on the BSE, up 1.95 per cent. KPM HRS

Indian Overseas Bank Q3 net loss widens to Rs 6,075 cr on higher bad loan provisioning

<ul>
<li><div class="image-container float_right" style="width:400px"><div class="image"></div>"<keyword id="151001" type="UNKNOWN" weightage="60" keywordseo="Life-Of-Pi">Life of Pi</keyword>"</div>"Life of Pi" has <a href="http://www.hollywoodreporter.com/news/life-pi-crosses-500-million-414944" target="_blank">crossed the $500M mark worldwide</a>. Ang Lee's 3D best picture Oscar nominee has made 80 percent of its haul internationally -- grossing $100.4 million domestically and $401 million internationally for a total $501.4 million. The film, which is nominated for 11 <keyword id="6376611" type="ENTERTAINMENT" weightage="60" keywordseo="oscars">Oscars</keyword>, made headlines when debuting first in Asia, grossing $90.8 million in China alone. Now, it's doing impressive business in Europe, Latin America and Australia.</li>
<li>"<keyword id="1646047" type="ENTERTAINMENT" weightage="60" keywordseo="American-Psycho">American Psycho</keyword>" is <a href="http://www.vulture.com/2013/01/american-psycho-musical-duncan-sheik.html" target="_blank">being made into a Broadway musical and Duncan Sheik, who is writing the music, says</a> "The music is all electronic" and that 20 to 30 percent will be "songs that are either referred to in the book directly, or would have been ubiquitous in that cultural moment."</li>
<li>Clint Eastwood's empty Obama chair is now in Washington in <a href="http://gawker.com/5978547/clint-eastwoods-famous-empty-chair-is-now-in-washington" target="_blank">Republican National Committee chairman Reince Priebus' office</a>.</li>
<li>Unlikely duo Lady Gaga and Tony Bennett <a href="http://www.eonline.com/news/381340/lady-gaga-and-tony-bennett-to-collaborate-on-album" target="_blank">are collaborating on an album</a>. Gaga <a href="http://www.eonline.com/news/381340/lady-gaga-and-tony-bennett-to-collaborate-on-album" target="_blank">tweeted</a> from the inaugural ball, "And here's me and my handsome date ... I simply cannot wait for our album together, he's my darling!"</li>
<li>Ringo Starr’s stepdaughter Francesca Gregorini has <a href="http://www.nypost.com/p/pagesix/big_blast_at_sundance_oTDlGh0pg4R8CNQmpnNBaK" target="_blank">broken out as one of Sundance’s hottest directors</a>: Before her much-hyped “Emanuel and the Truth About Fishes” even screened, she was signed by CAA.</li>
<li>Is it the '90s again? 98 Degrees, New Kids on the Block, and Boyz II Men are <a href="http://www.cbsnews.com/8301-207_162-57565454/new-kids-on-the-block-boyz-ii-men-98-degrees-to-record-together/" target="_blank">touring together this summer</a>. Tickets go on sale to the public Feb. 2.</li>
<li>NBC put out a casting call for a <a href="http://nnaweb.org/nna-news?articleTitle=casting-call-for-newspapers--1358442648--472--pub-aux-stories" target="_blank">newspaper reality show</a>.</li>
<li>Ever wondered what Taylor Swift would look like as Rapunzel shot by Annie Leibovitz? <a href="http://www.gossipcop.com/taylor-swift-rapunzel-photo-disney-dream-portrait-picture-annie-leibovitz-pic/" target="_blank">Now you know</a>.</li>
<li>Steven Tyler. <a href="http://www.tmz.com/2013/01/24/steven-tyler-semi-naked-bongo/" target="_blank">In a speedo. I</a><a href="http://www.tmz.com/2013/01/24/steven-tyler-semi-naked-bongo/" target="_blank">n a drum circle. In Maui.</a> That's all.</li>
</ul>
SEE ALSO: <a href="http://www.businessinsider.com/celebrity-swag-at-sundance-gifting-suites-2013-1">Here's all the free swag celebs get in gifting suites &gt;</a>

'Life Of Pi' Crosses $500M Mark After Grossing 4X More Overseas - Here's Today's Buzz

Apparently, the finance ministry has put <keyword id="107781" type="CITY" weightage="100" keywordseo="Indian-Overseas-Bank">Indian Overseas Bank</keyword> (IOB) under scan after it has cleared out loans worth Rs 3,000 crore in the first half of this year. They are checking the bank's approval process, to be sure that there was no unlawful activity. 
 
"It is being discussed with the bank. There was a review meet and the bank is submitting its response," one of the officials told ET, demanding anonymity. 
 
This is not the first time that IOB has raised eyebrows; thanks to its poor performance, it already comes under the RBI's prompt corrective action (PCA) regime. This happens when a lender crosses threshold limits on the capital to risk-weighted assets ratio (CRAR), net non-performing assets (NPAs) and return on assets (RoA). 
 
Talking of the records, IOB's CRAR at the end of June was 9.75% and it posted a net loss of Rs 551 crore for the July-September quarter. It is also reported that there had been routine drops on some loans, which were made without the requisite approvals by the committee. 
 
Gross NPAs at IOB rose Rs 2,973 crore or 15% to Rs 19,424 crore at the end of September from the previous quarter, as per the financial results of the bank. The gross NPA ratio of the bank was 11%, as compared with 7.35% last year. 
 
Earlier this week, finance minister Arun Jaitley had asked state-run banks to take off bad loans from their balance sheets; he also said that the government was willing to help them by taking the corrective measures needed. 
 
<a href="http://suhrutu.in/wp-content/uploads/2015/01/Bank-logo-IOB.jpeg">Image source</a>

You Searched For "Overseas gross" and got 13 results

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