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<ul class="summary-list"><li>Donald Trump made a $1 billion fundraising pitch to oil executives, The Washington Post reported.</li><li>Trump promises to dismantle Biden's environmental policies if reelected.</li></ul>Former President Donald Trump recently hosted a high-stakes dinner at his Mar-a-Lago Club, where he boldly pitched to top oil executives, The <a target="_blank" href="https://www.washingtonpost.com/politics/2024/05/09/trump-oil-industry-campaign-money/">Washington Post</a> reports. Last month, he asked for a $1 billion contribution to his reelection campaign, and in return, he pledged to dismantle President Joe Biden's environmental policies that have been a thorn in the side of the fossil fuel industry.Trump's forward approach came as reports suggested the size of his <a target="_blank" href="https://www.reuters.com/world/us/bidens-campaign-war-chest-exceeds-trumps-before-major-fundraising-event-2024-03-28/">reelection campaign war chest</a> lags behind his Democratic opponent. Meanwhile, the former president, who is facing <a target="_blank" href="https://www.businessinsider.com/donald-trump-key-cases-civil-criminal-investigations-lawsuits-updates-2022-7">88 criminal counts</a>, indicted in four separate prosecutions, has been spending <a target="_blank" href="https://www.theguardian.com/us-news/2024/feb/17/donald-trump-legal-fees-how-will-he-pay">millions on legal fees</a> and drawing on <a target="_blank" href="https://www.brennancenter.org/our-work/research-reports/trumps-use-campaign-funds-pay-legal-bills">campaign funds</a> to pay his lawyers.A billion dollars would dramatically exceed Biden's fundraising. In March, the president's campaign said it had<a target="_blank" class="editor-rtfLink" href="https://www.politico.com/news/2024/04/16/biden-campaign-spending-quadrupled-march-00152429"> $192 million in the bank</a>.Anonymous sources with knowledge of the meeting with two dozen oil bosses told the Post that Trump assured them of immediate action to reverse Biden's environmental regulations and prevent the enactment of new ones.The transactional campaign promise indicates what a second Trump presidency would mean for the White House's environmental agenda. <div type="image" title="oil spill" height="3648" width="5472" msid="110056491" hostid="261" sizebytes="676896"></div>While Biden has positioned the climate crisis as an existential threat and championed aggressive environmental regulations, Trump has dismissed it as a hoax and systematically dismantled environmental protections during his tenure.Since taking office in 2021, Biden has swiftly reversed many of Trump's environmental actions, including blocking future oil drilling in the Alaskan Arctic. Within his first month at the helm, Biden began unraveling Trump's oil legacy, revoking a key permit for the controversial Keystone XL pipeline, directing the EPA to revamp regulations for methane emissions, and introducing more ambitious fuel-efficiency standards, <a target="_blank" href="https://www.businessinsider.com/how-president-biden-is-unraveling-trump-oil-legacy-2021-1">BI's Benji Jones reported</a>.However, despite oil industry grievances over Biden's policies, the US has experienced record oil production, leading to substantial profits for major energy companies like ExxonMobil and Chevron, said The Post.At the Mar-a-Lago dinner, Trump promised a "deal" that would be a boon for the oil giants, vowing to expedite permits for new liquefied natural gas (LNG) exports and auction off more drilling leases in the Gulf of Mexico, said The PostWhile some in the industry initially favored alternative Republican contenders, Trump's steadfast commitment to pro-oil policies has garnered reluctant support.<a target="_blank" href="https://www.theguardian.com/us-news/2024/jan/18/trump-republican-rivals-climate-crisis">Trump's "drill, baby, drill" </a>mantra and promises of deregulation continue to resonate within the oil patch, contrasting starkly with Biden's green-energy agenda. In January, Trump, in a Fox News town hall on the eve of the Iowa primary, said, "We have more liquid gold under our feet; energy, oil, and gas than any other country in the world," and called clean energy a "new scam business."Oil execs are disillusioned by Biden's failure to defend their industry's interests despite spending $400 million to lobby the administration last year, the sources told the Post.As the campaign trail heats up, Trump's message to the oil industry remains clear: support him, and he'll deliver on their demands.

Trump asked top oil execs for $1 billion campaign cash in exchange for environmental policy rollbacks, report says

In response to higher-than-expected tax revenue and a record surplus transfer from the Reserve Bank of India (RBI), the Indian government is considering an 8-10% increase in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> (capex) for the fiscal year 2025, according to Pantomath Group's quarterly report, "Market Kaleidoscope: Quarterly Market Insights." This adjustment could raise the capex from the previously allocated Rs 11.11 lakh crore, aiming to bolster infrastructure and economic growth. This fiscal boost comes as India reaches a historic financial milestone. The total market capitalization of all stocks listed on the Bombay Stock Exchange (<keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>) briefly surpassed $5 trillion for the first time, placing India among global giants such as the US, China, Japan, and Hong Kong. India's primary market is set for a dynamic period, with 55 companies planning to raise over Rs 68,000 crore through Initial Public Offerings (IPOs). The first half of FY2025 has already seen 35 mainboard IPOs, collectively raising around Rs 32,000 crore with an average subscription rate of 61 times. The Indian market maintained a positive outlook in the first quarter of FY2025, driven by strong Q4FY24 earnings, favorable economic data, and positive global cues. Despite early June volatility following the 2024 <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> election results, market sentiment improved with the BJP securing 272 seats and a total of 292 seats for the NDA with allied support. This political stability under Prime Minister Narendra Modi's leadership is expected to promote long-term economic growth, with a focus on infrastructure, electric mobility, startup support, power distribution, digital privacy, and healthcare initiatives. Corporate India's performance in the March quarter of FY2024 met expectations, showing double-digit growth in net profit and single-digit revenue increases. Non-lending companies experienced moderate operating margin expansion due to favorable commodity prices and cost controls. The peaking interest rates and continuity of <keyword id="19978691" type="General" weightage="20" keywordseo="government-policies" source="keywords">government policies</keyword> are anticipated to support healthy corporate growth in FY2025. <h2>Growth to continue</h2>The government's push for increased <keyword id="20068449" type="General" weightage="20" keywordseo="ethanol-production" source="keywords">ethanol production</keyword> targets a 20% blending by 2026, benefiting ethanol-heavy sugar companies and promoting biofuel goals. The real estate market is projected to grow significantly, requiring Rs 14 lakh crore in debt financing from 2024 to 2026. This growth will positively impact the banking and financial sectors. Major telecom operators have raised tariffs post-election, potentially improving sector financials and paving the way for sector re-rating. Major cement players are expanding through acquisitions, with an expected 6-7% compounded growth and market dominance by the top five players by March 2025. FMCG Companies expect recovery in rural business due to factors like a normal monsoon, robust crop yields, and government measures, maintaining robust rural demand. The potential roll-out of the FAME 3 Scheme to support <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword> is anticipated, with a budgetary allocation of around Rs 10,000 crore. Sectors such as auto, cement, defence, railways, consumer durables, energy, and banking are expected to outperform. Lagging sectors like IT and specialty chemicals offer value-buying opportunities at lower levels. The structural bull market for Indian equity is supported by strong domestic fundamentals and government reforms, with a positive medium- to long-term market outlook. Globally, the US market showed resilience, except for the Dow Jones. The Federal Reserve maintained interest rates at 5.25-5.50%, awaiting inflation to move towards the 2% target before considering rate cuts. The US GDP grew at 1.4% annually in Q1 2024, with mixed economic indicators highlighting both strengths and challenges. The Indian <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> has seen significant growth, with a surge in companies seeking to list shares and a rise in capital raised. The first half of 2025 saw strong retail investor participation, reflecting confidence in India's growth prospects. Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Private Limited, said, "Favourable market conditions, high liquidity, a conducive growth environment with stable interest rates, and benign inflation have facilitated a boom in the IPO market. The IPO market will experience a stronger pull post-budget. India is set to become the new equity funding frontier for global corporations." He further added. "We are on the brink of sustained, long-term momentum in the IPO market, with this year potentially becoming the best for IPOs. India's solid macroeconomic environment and promising growth prospects create an ideal backdrop for this vibrant IPO market. Additionally, there is robust participation from both domestic institutional investors and retail investors." With the Indian government's potential capex increase and the robust primary market activity, the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> is poised for sustained growth. The upcoming period is expected to see heightened market activity, further IPOs, and economic stability, creating a conducive environment for investment and development.

India may boost FY25 capex by 8-10% amid surging revenues and record RBI surplus, says Market Kaleidoscope report

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

India's gold and silver imports from its free trade agreement (FTA) partner UAE have skyrocketed 210 per cent to USD 10.7 billion in 2023-24 and there is a need to potentially revise the concessional customs duty rates under the pact to mitigate the arbitrage driving this surge, a report said on Monday. Economic think tank Global Trade Research Initiative (<keyword id="15910220" type="General" weightage="20" keywordseo="GTRI" source="Orion">GTRI</keyword>) said this sharp rise in gold and silver imports is primarily driven by import duty concessions granted by India to the UAE under the India-UAE Comprehensive Economic Partnership Agreement (CEPA). India allows 7 per cent tariffs or customs duty concessions on import of unlimited quantities of silver and a 1 per cent concession on 160 metric tonnes of gold. CEPA was signed in February 2022 and implemented in May 2022. Additionally, India facilitates gold and silver imports by allowing private firms to import from the UAE through the India International Bullion Exchange (IIBX) in Gift City. Previously, only authorised agencies could handle such imports, the report said. "While India's total imports from the UAE fell 9.8 per cent from USD 53.2 billion in FY23 to USD 48 billion in FY24, imports of gold and silver skyrocketed 210 per cent, from USD 3.5 billion to USD 10.7 billion," it said. "Import of all remaining products fell 25 per cent, from USD 49.7 billion in FY23 to USD 37.3 billion in FY24," it said. GTRI Founder Ajay Srivastava said the current import of gold and silver from the UAE is unsustainable as the UAE does not mine gold or silver or add sufficient value to imports. "High import duties in India on gold, silver, and jewellery at 15 per cent are at the root of the problem. Consider lowering tariffs to 5 per cent. This will cut large-scale smuggling and other misuse," Srivastava said. Trade in gold, silver, and diamonds has been prone to misuse due to their low volume but high value and high import duties in India. Low tariff imports of gold, silver only benefit few importers who keep all profits arising through tariff arbitrage and never pass it to consumers, he said. Srivastava suggested the government implement certain measures to help India balance its <keyword id="21681862" type="General" weightage="20" keywordseo="trade-policies" source="keywords">trade policies</keyword>, protect domestic revenue, and ensure fair competition in the import of precious metals and jewellery. It suggested reassessing and potentially revising the concessional duty rates under CEPA to mitigate the arbitrage driving the surge in imports of gold and silver. "At least, implement yearly import quotas (tariff rate quotas) for silver, similar to those for gold, to control the volume of imports and prevent revenue loss," it said, adding that India should rigorously verify the claimed value addition by Dubai-based refiners in gold and silver imports to ensure compliance with CEPA rules of origin. It also asked to tighten regulations around the India International Bullion Exchange (IIBX) at Gift City to control the volume and nature of <keyword id="22080399" type="General" weightage="20" keywordseo="precious-metal-imports" source="keywords">precious metal imports</keyword> and the exchange should not allow country-based exemptions. As increased imports contribute to a higher current account deficit and since gold and silver act more like financial instruments than regular trade items, India should avoid including them in any FTA. "India has granted <keyword id="20542001" type="General" weightage="20" keywordseo="tariff-concessions" source="keywords">tariff concessions</keyword> for these items in many FTAs and under the DFTP (duty-free tariff preference) scheme, so a comprehensive review is needed. India announced the scheme for LDCs (least developed countries) in 2008. Under this, India provides duty free/preferential market access on about 98.2 per cent of India's tariff lines (or product categories). Further, the report stated that silver imports from the UAE increased multifold to USD 1.74 billion in 2023-24 from a meagre USD 29.2 million in 2022-23 due to India charging an 8 per cent duty under the CEPA versus a 15 per cent duty from other countries. "The large 7 per cent tariff arbitrage resulted in a loss of revenue for India of Rs 1,010 crore in FY24. Revenue loss will increase as India has committed to make tariffs zero on unlimited quantities of silver from the UAE within next 8 years," it added. It said this trade is unusual because the UAE just imports large silver and gold bars, melt and convert these into silver grains and unwrought gold for exports. "A check with global refiners will show that value addition in such process is much less than 1 per cent as opposed to 3 per cent required under the FTA," it said. On gold bars, the report said India agreed to import 200 metric tons of gold annually from the UAE with a 1 per cent tariff concession and due to this gold imports rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24, causing India to lose Rs 635 crore in revenue in FY24. Similarly, India's jewellery imports have increased 187.6 per cent from USD 1.1 billion in FY23 to USD 3.3 billion in FY24, whereas these imports from the UAE have increased 290 per cent from USD 347 million in FY23 to USD 1.35 billion in the last fiscal.

Gold, silver import from UAE surged 210% in 2023-24; Need duty revision in FTA: GTRI

<ul class="summary-list"><li>Texas is set to get its own stock exchange, The Wall Street Journal reported.</li><li>BlackRock and Citadel have backed the TXSE Group, which has raised $120 million, per the report.</li></ul>Texas is set to get its own stock exchange to rival those in New York, <a target="_blank" href="https://www.wsj.com/finance/regulation/new-texas-stock-exchange-takes-aim-at-new-yorks-dominance-e3b4d9ba">The Wall Street Journal</a> reported.BlackRock and Citadel are among the backers of the TXSE Group, which has raised about $120 million from investors and plans to register with the Securities and Exchange Commission later this year, the group's CEO, James Lee, said.He told the Journal the exchange would be based in downtown Dallas and aimed to open for trading in 2025.The group's founders have pledged to have fewer rules and regulations than the New York Stock Exchange and the Nasdaq. Since gaining the <a target="_blank" href="https://www.sec.gov/news/public-statement/statement-nasdaq-diversity-080621">SEC's approval</a> in August 2021, the latter exchange has imposed <a target="_blank" href="https://www.businessinsider.com/nasdaq-board-diversity-sec-proposal-regulators-listed-companies-directors-esg-2020-12">diversity quotas on its constituents</a>.They're also hoping to appeal to large-cap companies' desire to incorporate in the Lone Star State, which has fewer regulations and more-favorable tax policies.Texas is home to more Fortune 500 companies than any other state, including megacaps such as <a target="_blank" href="https://markets.businessinsider.com/stocks/xom-stock">Exxon Mobil</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/t-stock">AT&amp;T</a>, and <a target="_blank" href="https://markets.businessinsider.com/stocks/psx-stock">Phillips 66</a>.Tesla CEO Elon Musk said in a post on X earlier this year that he'd call a shareholder vote on <a target="_blank" href="https://www.businessinsider.com/elon-musk-start-shifting-tesla-state-incorporation-to-texas-2024-2">moving the electric-car maker's state of incorporation to Texas</a> after a Delaware judge <a target="_blank" href="https://www.businessinsider.com/elon-musk-start-shifting-tesla-state-incorporation-to-texas-2024-2">voided his $55 billion pay package</a>.Lee said that the TXSE would be apolitical, but its proposed launch comes at a time when conservative culture warriors have taken aim at mainstream financial markets.The Republican presidential candidate Vivek Ramaswamy set up an <a target="_blank" href="https://markets.businessinsider.com/news/etf/vivek-ramaswamy-anti-woke-investment-firm-assets-1-billion-2023-9">"antiwoke" investing firm in 2022</a>. Some GOP members have called for funds to pull their money out of BlackRock because of its <a target="_blank" href="https://www.businessinsider.com/blackrock-woke-esg-investing-larry-fink-saudi-aramco-oil-environment-2023-7">environmental, social, and governance policies</a>.

Texas is poised to get its own stock exchange &mdash; with less red tape than the NYSE or Nasdaq

<ul><li>About ₹1.8 lakh crore of ₹2,000 banknotes have come back, said RBI governor <keyword id="6359111" type="General" weightage="80" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday. </li><li>Broadly about 85% of the ₹2,000 banknotes are coming back as bank deposits, he added. </li><li>The average system liquidity is in surplus mode and could increase as ₹2,000 banknotes get deposited in the banks, Das said. </li></ul>Half of India’s ₹2,000 bank notes in circulation are now with banks, said <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) on Thursday. The RBI withdrew <a href="https://www.businessinsider.in/finance/news/rbi-to-withdraw-2000-currency-notes-from-circulation-will-continue-to-be-legal-tender/articleshow/100360976.cms">these banknotes on May 19</a> but unlike the demonetisation of ₹500 and ₹1,000 notes earlier, they continue to remain legal tender, and can be exchanged or deposited at banks till September 30. According to RBI, ₹3.62 lakh crore of ₹2000 banknotes were in circulation as of March 31. “After the announcement, about ₹1.8 lakh crore of ₹2,000 banknotes have come back. This is roughly about 50% of the ₹2,000 banknotes, which were in circulation on 31st March...so 50% of the banknotes have come back,” said Shaktikanta Das, the governor of RBI speaking to reporters <keyword id="6375120" type="General" weightage="50" keywordseo="monetary-policy-committee" source="Orion">Monetary Policy Committee</keyword> decision announcement, where the repo rate has been <a href="https://www.businessinsider.in/finance/news/rbi-mpc-holds-interest-rate-as-expected-but-stance-maintained-at-withdrawal-of-accommodation/articleshow/100839034.cms">kept unchanged at 6.5%</a>. Das also added that they are still working out as to how much of the ₹2,000 notes has come in as deposits and how much of it was exchanged for other bank notes. “That figure needs reconciling but broadly on a provisional basis about 85% are coming back as deposits into bank accounts,” Das said. Boost for banks Das mentioned in his speech that the note withdrawal could aid deposits. “The average system liquidity, however, is still in surplus mode and could increase as ₹2,000 banknotes get deposited in the banks,” he said. A <keyword id="152996" type="General" weightage="50" keywordseo="kotak-institutional-equities" source="Orion">Kotak Institutional Equities</keyword> report meanwhile said that it expects as much as ₹1.5-2 lakh crore to make its <a href="https://www.businessinsider.in/finance/news/bank-deposits-gold-sales-real-estate-to-get-a-boost-with-2000-note-withdrawal-kotak/articleshow/100429411.cms">way into banks as deposit</a>s, both directly and indirectly. Reports have said that most people are attempting to spend the notes as well by <a href="https://www.businessinsider.in/finance/news/bank-deposits-gold-sales-real-estate-to-get-a-boost-with-2000-note-withdrawal-kotak/articleshow/100429411.cms">purchasing gold, consumer goods</a> and more – which too is expected to make its way to the banks. “Durable liquidity could increase by around ₹1 lakh crore depending on the behaviour of depositors. This should ease the credit-deposit ratio across banks,” said a report by Kotak Institutional Equities released in May. About 64% of the LocalCircles survey respondents said that they do not hold notes in the said denomination. While 6% indicated that they have ₹1 lakh or more in ₹2,000 rupee notes. Moreover, 15% said that they have up to ₹20,000 rupees – which can be exchanged at banks with no hassle.

Half of India’s ₹2,000 notes are back with banks within a month of withdrawal announcement

<ul class="summary-list"><li>Biden reportedly blew up at a House Democrat who's skeptical of his candidacy on a Zoom call.</li><li>"Tell me who did something that you've never done with your Bronze Star like my son," Biden said.</li></ul>During a tense Zoom call with members of the centrist New Democrat Coalition on Saturday, President Joe Biden reportedly took a swipe at <a target="_blank" class="" href="https://www.businessinsider.com/us-army-ranger-capitol-siege-by-pro-trump-mob-2021-1">Rep. Jason Crow's</a> military service.The exchange, <a target="_blank" class="" href="https://puck.news/biden-saturday-zoom-call-with-house-democrats-goes-off-the-rails/">according to Puck News</a>, took place after Crow, a Colorado Democrat who's been publicly skeptical of Biden's continued viability in the wake of a disastrous debate performance last month, asked the president a question about national security.Biden reportedly replied:Crow, a former Army Ranger elected to Congress during the 2018 "Blue Wave," earned the <a target="_blank" class="" href="https://www.businessinsider.com/how-to-tell-where-service-member-has-deployed-based-on-medals-2019-2">Bronze Star Medal</a> for his service during the Iraq War. The award is given to members of the military who show acts of heroism in the field or had an otherwise praiseworthy tenure.Biden's son Beau, who died in 2015, also served in Iraq and received a Bronze Star.According to the report, Crow then said that Biden's message wasn't "breaking through" to voters."You oughta talk about it!" Biden reportedly replied. "On national security, nobody has been a better president than I've been. Name me one. Name me one! So I don't want to hear that crap!"The day after the call, Crow <a target="_blank" class="" href="https://www.cbsnews.com/news/jason-crow-colorado-face-the-nation-transcript-07-14-2024/">said</a> on CBS's Face the Nation that Biden "heard our message very clearly" and that the president "promised to come back to us with more information to address our concerns and to answer our questions."A source familiar with Biden's calls with congressional Democrats — which in recent days have also included the Congressional Progressive Caucus, the Congressional Hispanic Caucus, and the Congressional Asian Pacific American Caucus — emphasized that Biden has open to feedback from lawmakers, rather than merely defensive.While some of the <a target="_blank" class="" href="https://www.businessinsider.com/inside-democrats-capitol-hill-paralysis-joe-biden-2024-7">conversations around Biden's viability</a> have grown muted in the wake of the assassination attempt on former President Donald Trump, they have yet to fully dissipate.As of Wednesday, <a target="_blank" class="" href="https://www.businessinsider.com/which-elected-democrats-called-on-joe-biden-drop-out-2024-7">19 House Democrats and one Democratic senator</a> have publicly called on Biden to withdraw from the race, while others have flatly declared that they no longer believe he will be able to defeat Trump in November.

Biden took a swipe at skeptical House Democrat's military service during tense Zoom call, report says

<ul class="summary-list"><li>Armanino, the auditor for FTX's US branch, defended its accounting work for the exchange. </li><li>"We were never engaged to audit internal controls," the company's chief operating officer told the FT.</li></ul>FTX's US auditor, Armanino, is standing by its accounting work for the crypto exchange, the firm's chief operating office told the Financial Times in an interview. "We definitely stand by the FTX US work," Armanino chief operating officer Chris Carlberg told the <a href="https://www.ft.com/content/42087255-92ad-45b7-b5ad-3b8457e0c1f8" target="_blank" rel="noopener">Financial Times</a> on Friday. Armanino gave FTX's US branch a clean bill of health after reviewing its finances in 2020 and 2021, and it's known to be one of the top providers of proof of reserve reports for crypto firms, according to the FT."A few industry voices have said we should have done a better job auditing internal controls, but we were never engaged to audit internal controls. That happens with public companies. It's not required by the standards for private company audits," Carlberg added.That comes just a month after FTX imploded amid "<a href="https://markets.businessinsider.com/news/currencies/binance-ftx-acquisition-sam-bankman-fried-insolvency-rumors-contagion-fears-2022-11">significant" liquidity problems</a> and declared bankruptcy, an event that unearthed numerous accounting scandals within the crypto exchange and drew the attention of regulators and law enforcement. The exchange had <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-alameda-research-no-accounting-department-sam-bankman-fried-2022-11">no in-housing accounting department</a>, <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-purchase-sam-bankman-fried-bahamas-properties-luxury-homes-2022-11">shelled out millions on Bahamian vacation properties</a>, and <a href="https://markets.businessinsider.com/news/currencies/caroline-ellison-blamed-ftx-downfall-on-sbf-legal-documents-show-2022-12">commingled customer funds</a> with Sam Bankman-Fried's crypto trading arm, Alameda Research.But according to Carlberg, the firm's auditors weren't tapped to look into internal controls at FTX, and that auditing the internal workings of a company isn't a requisite for private corporations. John Ray III, FTX's new CEO, has said that FTX had a "complete failure of corporate controls and such a complete absence of trustworthy financial information" – something critics say should have been a red flag to auditors. During a congressional hearing, Ray pointed to the fact that the <a href="https://www.businessinsider.com/ftx-ceo-said-company-used-quickbooks-like-scene-breaking-bad-2022-12">multibillion-dollar crypto exchange used QuickBooks</a> to manage its finances, and <a href="https://markets.businessinsider.com/news/currencies/ftx-new-ceo-could-take-months-track-down-company-assets-2022-12">approved invoices via Slack</a>. Armanino and Prager Metis, the auditor of FTX International, are being sued by FTX customers. Carlberg did not comment on the lawsuit, but mentioned that Armanino has stopped its auditing and issuing proof of reserve services due to changing "market conditions."Commentators say the industry is suffering from a <a href="https://markets.businessinsider.com/news/currencies/ftx-crash-crypto-contagion-bankruptcy-sam-bankman-fried-transparency-fraud-2022-12">transparency problem</a>, and needs stricter policies from regulators to protect customers. Lawmakers have been critical of the Securities and Exchange Commission's <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-fraud-sec-congress-hearing-crypto-says-2022-12?utm_medium=ingest&amp;utm_source=markets">current approach to crypto regulation</a>, which they say has been too hands-off.

FTX US's auditor stands by its accounting work for the collapsed crypto exchange, report says

<ul class="summary-list"><li><keyword id="11895315" type="UNKNOWN" weightage="60" keywordseo="coinbase" source="Orion">Coinbase</keyword> will make changes to its process for new <keyword id="11937563" type="UNKNOWN" weightage="60" keywordseo="listings" source="Orion">listings</keyword> of <keyword id="11893901" type="UNKNOWN" weightage="60" keywordseo="crypto-assets" source="Orion">crypto assets</keyword> to prevent <keyword id="13753200" type="UNKNOWN" weightage="60" keywordseo="front-running" source="Orion">front-running</keyword>.</li><li>Some traders might be using on-chain data to detect upcoming listings, the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange said.</li></ul>Digital asset exchange Coinbase will take action against front-running of new cryptocurrency listings on its platform as part of its "zero tolerance" approach.In a <a href="https://blog.coinbase.com/an-update-on-our-asset-listing-processes-e74421da21cc">company blog post</a>, CEO Brian Armstrong announced new measures of listing and reviewing tokens on the platform to prevent traders from examining its listing information or software to guess what assets would be listed in advance of the wider market knowing. This included using on-chain data to check if Coinbase is testing new assets integrations."We're also aware of concerns that some market participants may be taking advantage of information from our listings process," Armstrong said on Thursday. "While this is public data, it isn't data that all customers can easily access, so we strive to remove these information asymmetries.""We're adding new forensic tools to better prevent front-running, while also ensuring that we can move more quickly to de-list assets that appear to be run by bad actors," the company <a href="https://twitter.com/coinbase/status/1519783461338624000">tweeted</a>.Front-running means using <keyword id="13753201" type="UNKNOWN" weightage="60" keywordseo="non-public-information" source="Orion">non-public information</keyword> about upcoming token listings to invest in them before the wider market. Coinbase received reports of people seemingly buying particular assets right before their listing announcement and benefitting from the accompanying price movements, Armstrong said."Finally, there is always the possibility that someone inside Coinbase could, wittingly or unwittingly, leak information to outsiders engaging in illegal activity," he said. "We have zero tolerance for this and monitor for it, conducting investigations where appropriate with outside law firms."Armstrong said Coinbase's trading policy restricts employees from trading in crypto assets on the back of material non-public information.The platform aimed to list all legal assets while also protecting customers and maintaining a level playing field, Armstrong said. He laid out minimum listing requirements that included testing for legality, security, and compliance.Some of the changes Armstrong announced included publishing decisions to list a token only when the decision had been made, labelling for newer and less well-known assets, and launching asset reviews and ratings."It's always tricky to find the right balance on enabling innovation while simultaneously protecting customers from bad activity, but that is exactly the hard work that we need to do each day," he said.Coinbase is the largest crypto exchange in the US. It currently lists 174 coins, according to data provider CoinMarketCap. The company added 95 coins for trading last year, and more than 70 for its custody service, <a href="https://www.bloomberg.com/news/articles/2022-04-28/coinbase-makes-changes-to-prevent-front-running-on-listings">according to Bloomberg.</a>

Coinbase takes action against front-running of new crypto listings in 'zero tolerance' policy

<ul class="summary-list"><li>Sam Altman has invested in more than 400 companies, The Wall Street Journal reported.</li><li>Some firms reportedly backed by Altman do business with OpenAI, raising questions about conflicts.</li></ul><a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-glory-days-ending-problems-chatgpt-2024-5">Sam Altman</a> and his venture funds have reportedly invested in more than 400 companies.The Wall Street Journal reported that Altman was one of Silicon Valley's most <a target="_blank" href="https://www.wsj.com/tech/ai/openai-sam-altman-investments-004fc785?st=nxsp082grdda4b2&amp;reflink=desktopwebshare_permalink">prolific individual investors</a>, with holdings worth at least $2.8 billion as of early this year.The CEO does not own a stake in OpenAI, which has been valued at $86 billion. He reportedly earns an annual salary of about $65,000. His net worth, however, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-01/sam-altman-is-a-billionaire-thanks-to-vc-funds-startups">crossed the $2 billion mark</a> this year, according to the Bloomberg Billionaires Index.Most of his net worth comes from his sprawling investment portfolio, which includes major companies such as <a target="_blank" class="editor-rtfLink" href="https://app.dealroom.co/investors/sam_altman">Reddit and Stripe</a>.The Journal reported that Altman has also drawn on a debt line from his longtime personal bank, JPMorgan, which has allowed him to invest hundreds of millions of dollars in private startups.The Journal said that several startups Altman has poured money into also do business with OpenAI, raising questions about potential conflicts for the AI company's CEO.In a recent example, after Reddit announced a partnership with OpenAI, the company's <a target="_blank" href="https://www.businessinsider.com/reddit-openai-deal-ai-data-partnership-2024-5">stock soared by more than 10%</a>, which boosted Altman's personal stake by $69 million.In a <a target="_blank" href="https://openai.com/index/openai-and-reddit-partnership/">blog post about the partnership</a>, OpenAI said the deal was led by the company's chief operating officer and approved by its independent board of directors.Representatives for Altman did not immediately respond to a request for comment from Business Insider made outside normal working hours.When contacted by The Journal, a spokesperson for Altman declined to comment on any potential conflicts of interest between OpenAI and his personal investments.Bret Taylor, the chairman of OpenAI's board, told the outlet Altman had "consistently followed policies and been transparent about his investments.""Sam is fully focused on his role as CEO. We carefully manage any potential conflicts and always put OpenAI and our mission first," Taylor said.Helen Toner, a former OpenAI board member who helped drive Altman's brief ouster from the company last November, recently said the CEO <a target="_blank" href="https://www.businessinsider.com/openai-board-learned-of-chatgpt-release-on-twitter-helen-toner-2024-5">withheld information and misrepresented</a> the company's activities.In an episode of the "<a target="_blank" href="https://open.spotify.com/episode/4r127XapFv7JZr0OPzRDaI?si=KyTEonBbRQGN0YnEH7sCpQ&amp;nd=1&amp;dlsi=2e11b86f864d48e1">The TED AI Show</a>" podcast, Toner said Altman did not tell the board he previously owned the <a target="_blank" href="https://www.cnbc.com/2024/05/29/former-openai-board-member-explains-why-ceo-sam-altman-was-fired.html">OpenAI startup fund</a>.Taylor said in a statement to the podcast at the time, "We are disappointed that Ms. Toner continues to revisit these issues."Reuters reported that in a March filing with the Securities and Exchange Commission, OpenAI had <a target="_blank" href="https://www.reuters.com/technology/openai-removes-sam-altmans-ownership-its-startup-fund-2024-04-01/">changed the governance structure</a> of its venture-capital fund so that Altman no longer controlled it.

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