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The ongoing issue involving Supreme Infrastructure India Limited (<keyword id="23294280" type="General" weightage="20" keywordseo="SIIL" source="keywords">SIIL</keyword>) and the State Bank of India (<keyword id="19898108" type="General" weightage="100" keywordseo="SBI" source="keywords">SBI</keyword>) has become a focal point in India’s financial and political landscape. It concerns SIIL’s default on significant loans and SBI’s decision to convert this debt into equity, raising concerns about the precedent it may set for future debt resolutions in India. <h2>SIIL's financial troubles</h2>SIIL, a construction and infrastructure company, was once engaged in large-scale projects such as roads and bridges across India. Over the years, however, the company faced severe financial troubles due to project delays and insufficient revenues. As SIIL’s cash flow problems worsened, it struggled to repay its loans, leading to the company’s default. The State Bank of India (SBI), being SIIL’s largest lender, found itself at the centre of this financial turmoil, as SIIL declared bankruptcy. In response, SBI decided to take an unusual step to recover its dues. <h2>SBI's debt-to-equity conversion decision</h2>In a surprising move, SBI converted its outstanding debt into equity in SIIL. This means that instead of pursuing traditional recovery methods or selling off assets, SBI has now become an equity stakeholder in SIIL, shifting from being its primary lender to part-owner. The controversial decision also involved other lenders who agreed to take a 93.45% “haircut” on the debt, which indicates that they are recovering only a fraction of the original loans extended to SIIL. <h2>Criticism and concerns</h2>The decision has drawn sharp criticism, particularly from political circles. <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> leader Jairam Ramesh, through a post on the social media platform X (formerly Twitter), criticised SBI’s approach and raised several concerns. He highlighted that SBI’s decision to become an equity stakeholder in a company that declared bankruptcy could set a "dangerous precedent in India’s <keyword id="20575563" type="General" weightage="20" keywordseo="corporate-debt" source="keywords">corporate debt</keyword> landscape". "This arrangement creates a dangerous precedent in India's corporate debt landscape — it encourages other defaulting companies to seek similar deals, where they can retain control and value even after significant defaults," Ramesh noted. <div type="Article" hostid="261" msid="112987756" title="Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit" mstype="2" mssubtype="0"></div>His concerns extend to how this move might affect the <keyword id="20158086" type="General" weightage="20" keywordseo="Insolvency-and-Bankruptcy-Code" source="keywords">Insolvency and Bankruptcy Code</keyword> (IBC) and India’s overall framework for handling distressed companies. By converting <keyword id="22921090" type="General" weightage="20" keywordseo="debt-to-equity" source="keywords">debt to equity</keyword>, SBI could be seen as aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds, which are at stake in cases involving <keyword id="19959986" type="General" weightage="20" keywordseo="public-sector-banks" source="keywords">public sector banks</keyword> like SBI. “The SBI appears to be aligning itself with the interests of the defaulting borrower (SIIL) rather than prioritising the recovery of public funds,” Ramesh further argued. "The Reserve Bank of India (RBI) needs to step in and examine SBI's decision-making process in this matter." Given the unusual nature of this debt restructuring and the potential risks it introduces, Congress is urging the Reserve Bank of India (RBI) to step in and examine SBI’s decision-making process. Ramesh emphasised the need for regulatory scrutiny to ensure that public sector banks maintain discipline in their approach to resolving bad loans. Congress' position is that SBI’s move could create a moral hazard within India’s <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>, encouraging more companies to default on their loans with the hope of retaining control through similar debt-to-equity swaps. Ramesh pointed out that the entire situation raises questions about how distressed assets should be managed by public sector banks, and whether SBI’s actions are truly in the best interests of the public. <div type="Article" hostid="261" msid="113620397" title="SEBI report reveals the ugly truth of F&amp;amp;O trading in India – 93% of retail traders incurred losses" mstype="2" mssubtype="0"></div>"There is a pressing need to ensure that public sector banks maintain strict discipline in their approach to debt resolution and avoid creating moral hazards in the financial system." <h2>Broader implications</h2>This situation shines a light on broader challenges in India’s banking and insolvency frameworks. When public sector banks like SBI take significant financial losses (haircuts) and switch from creditors to shareholders, it risks undermining confidence in the banking sector’s ability to handle bad loans effectively. Moreover, it raises questions about the long-term sustainability of the Insolvency and Bankruptcy Code (IBC) if companies that default can avoid paying back substantial portions of their debt and still retain operational control. (With inputs from PTI)

Congress criticises SBI's decision to convert SIIL debt into equity, urges RBI intervention

New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> has proposed a minimum ticket size or <keyword id="21732014" type="General" weightage="20" keywordseo="investment-threshold" source="keywords">investment threshold</keyword> of Rs 1 crore for the RBI-regulated originators and unregulated entities engaged in securitisation activities. The proposal also introduced limitations on the number of investors in <keyword id="22496291" type="General" weightage="20" keywordseo="private-placements" source="keywords">private placements</keyword>, allowing <keyword id="23778966" type="General" weightage="20" keywordseo="securitized-debt-instruments" source="keywords">securitized debt instruments</keyword> (SDIs) issued privately to be offered to a maximum of 200 investors. If this limit is exceeded, the issuance must be classified as a public issue. Public offers should remain open for a minimum of three days and a maximum of 10 days, with advertisement requirements aligned with Sebi's regulations for non-convertible securities. Additionally, the regulator has suggested that all securitized debt instruments should be issued and transferred exclusively in demat form. SDIs are financial products created by pooling together various types of debt -- such as loans, mortgages, or receivables -- and then selling them as securities to investors. This process, known as securitisation, allows the originator (such as a bank) to convert illiquid assets into liquid ones, providing an alternative source of funding. Investors in these instruments receive returns based on the performance of the underlying debt pool, and the risk is spread across multiple assets, offering potentially attractive returns. The current framework is based on Sebi's 2008 regulations, with updates from the Reserve Bank of India's (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) 2021 directions on securitising standard assets. The Securities and Exchange Board of India (Sebi) is now considering updates to the regulatory framework for securitized debt instruments and sought public comments till November 16 on the proposals. Regarding risk management, Sebi has proposed that originators retain a minimum risk retention of 10 per cent of the securitised pool or 5 per cent for receivables with a maturity of up to 24 months. A minimum holding period requirement will also be specified by Sebi for underlying receivables to ensure that originators maintain an interest in the underlying assets, the regulator said in a consultation paper. The regulator further suggested including an optional clean-up call for originators, allowing them to repurchase up to 10 per cent of the original value of the assets. This call is optional and intended to help manage the pool's longevity without mandating additional commitments from the originator. Liquidity facilities, essential to handle timing mismatches in cash flows, should either be provided directly by the originator or through an appointed third party. The updated definition of "debt/receivables" limits permissible underlying assets to listed debt securities, accepted trade receivables, rental incomes, and equipment leases while disallowing single-asset securitisation. The proposal establishes minimum track record requirements for both originators and obligors. Originators should have a minimum of three years of operating experience, while trade receivables specifically require at least two cycles of successful, default-free payments.

Sebi proposes Rs 1 crore minimum investment, mandatory demat form for securitized debt instruments

Enviro Infra Engineers, which is involved in the development of turnkey projects of <keyword id="19979438" type="General" weightage="20" keywordseo="sewage-treatment-plants" source="keywords">sewage treatment plants</keyword> and sewerage systems, on Monday fixed a price band of ₹140-148 per share for its ₹650 crore <keyword id="19913114" type="General" weightage="20" keywordseo="Initial-Public-Offering" source="keywords">Initial Public Offering</keyword> (IPO). The initial share sale will open for public subscription on November 22 and conclude on November 26. The bidding for anchor investors will open for a day on November 21, the company announced. The city-based company's proposed IPO is a combination of a fresh issue of 3.87 crore equity shares and an Offer For Sale (OFS) component of 52.68 lakh shares by promoters. Currently, promoters hold over 93 per cent stake in Enviro Infra Engineers. At the higher end of the price band, the IPO is valued at ₹650 crore, placing the company's market capitalization at approximately ₹2,600 crore. Proceeds from the fresh issue to the tune of ₹181 crore will be used to meet the working capital requirements, ₹100 crore will be used for payment of debt, ₹30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes. Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies. The treatment process installed by the company at most of the STPs is zero liquid discharge-compliant and the treated water can be used for horticulture, washing, refrigeration, and other process industries. Hem Securities is the sole book-running lead manager of the public issue. The equity shares of the company are expected to be listed on the BSE and NSE on November 29. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank">Kawasaki Ninja ZX-4RR launched in India priced at ₹9.42 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

Enviro Infra Engineers IPO to open on Nov 22; eyes ₹650 crore

<ul class="summary-list"><li>Michelle Busch became chief of staff at TJM &amp; Co. Media Boutique in June 2023.</li><li>Busch transitioned from running her own PR firm to middle management after the pandemic.</li></ul>This as-told-to essay is based on a conversation with Michelle Busch, a 46-year-old public relations middle manager in Washington, DC. The following has been edited for length and clarity.After working in hospitality management and at a small criminal justice government agency, social media took off, and I began to delve into communications.A former member of my church had a PR firm and brought me on board in 2016. They taught me the ins and outs of the business, like what makes a good story and how to pitch an idea.In 2019, I decided to start my own PR firm. I worked with musicians, nonprofits, and sports teams and had a great experience, but after the pandemic, I decided to take a break. Many businesses cut costs, and contracts were often the first things they looked to cut to reduce their overhead. Since June 2023, I've been chief of staff for <a target="_blank" href="https://app.qwoted.com/companies/tjm-co-media-boutique">TJM &amp; Co. Media Boutique</a> in Brooklyn, New York. I love being a <a target="_blank" class="" href="https://www.businessinsider.com/middle-managers-obsolete-corporate-america-boss-millennials-gen-z-promotion-2024-5">middle manager</a>.<h2 id="b59035bb-d193-4ea9-9c98-54a668174518">I landed my current role in PR middle management through a Facebook mentoring group</h2>The CEO, Tiffany Joy Murchison, led a session I joined and asked the class what we wanted to discuss. That call lasted four hours. After a few more sessions, she contacted me and asked what I was working on. I said I was seeking employment because I needed to put my business on hold.I felt confident going into a role for another small-business owner. I always knew I wanted to collaborate with more PR professionals.In middle management, there's an adjustment phase where you adapt to established procedures. For example, when I managed my business, I would email clients as needed throughout the day, often responding shortly after they contacted me.I had to learn that balancing proactive and reactive behavior is crucial when working within a team. You have to anticipate client needs and respond to immediate concerns while efficiently managing the team and multiple clients.<h2 id="1211799a-e4cf-44f5-93de-5694a1a2cc18">I have two direct reports, and I report directly to the CEO</h2>My direct reports are our PR strategist, digital PR coordinator, and interns. I oversee the client accounts in general, review our progress with each client, manage upcoming tasks, support client meetings, and handle scheduling and billing management.Managing down starts with being a good listener, providing support, and communicating clearly and consistently to set expectations and provide guidance.<a target="_blank" class="" href="https://www.businessinsider.com/gen-z-workers-managing-up-control-work-lives-tiktok-2023-8">Managing up</a> involves understanding the company's vision, thinking strategically, and communicating clearly. Balancing both requires setting priorities and being adaptable.<h2 id="8eb5d758-4101-4f72-b7eb-bedc5b31dbbd">My day-to-day is never the same</h2>We work virtually, but sometimes I'm in New York, and sometimes the CEO is in DC with me. Most mornings, I get the team together, and we speak through issues arising for our clients and the work we must do for the day. In PR, things can come up suddenly.If a client has a crisis, we often have to stop what we're doing and re-prioritize our plans for the day depending on how much attention it requires.We'll get together as a team and identify the crisis by reviewing all communication from the client or sources and then listening to the client's request. This approach helps us maintain control over the narrative, which is very important.<h2 id="3a25c43d-42a1-4073-b74c-e1d1eae37178">The idea that middle management roles are expendable is crazy</h2><a target="_blank" class="" href="https://www.businessinsider.com/remote-jobs-middle-managers-return-to-office-burnout-pressure-2024-9">Middle managers have a critically important role</a>, and the notion that our roles are expendable in a particular climate overlooks the strategic importance of what we do.I think many middle managers feel undervalued because it's not a lane many want to be in. Sometimes, you're working on tasks that aren't supposed to be your responsibility anymore but are still under your oversight, or you should be focusing on leadership-level tasks but can't. Balance is critical in this role.Without middle managers, you lose operational management. <a target="_blank" class="" href="https://www.businessinsider.com/amazon-fewer-managers-leaked-document-2024-9">Amazon's recent announcement</a> that they're cutting down on middle managers saddens me. It puts more work on team members who are already carrying heavy loads. Middle managers are crucial in bridging communication between executives and staff, ensuring operations run smoothly.<h2 id="7153fc65-084a-445c-a6b7-1dff8843be19">The most important skill you need as a middle manager is listening</h2>The phrase that pays is you have to listen to understand. In the communications industry, we're always speaking, but many of us need to learn that listening is sometimes more important.One day, I imagine I'll return to running my own agency, but I want to do it when I'm ready. I'm enjoying learning more about the operational side of things for now.Want to share your story? Email Lauryn Haas at lhaas@businessinsider.com

I love being a middle manager. Amazon's decision to cut middle managers saddens me — this role is misunderstood.

<ul class="summary-list"><li>The dollar's dominant role in global reserves and trade is safe, JPMorgan said.</li><li>But the main looming threat is mounting US public debt, the firm said.</li></ul>De-dollarization is only a problem to the extent that the US allows it to be one, according to a recent JPMorgan research webinar.One of the main takeaways was that the biggest threats to dollar dominance are swelling US debt levels and fiscal deficits, which officials in Washington could step up to tackle."The biggest challenge to US dollar dominance is the US itself given the mounting public debt levels and elevated fiscal deficits," JPMorgan said, in a note summarizing the webinar.Offshore demand for US Treasury assets reinforces the greenback's international standing, as foreign investors require the currency to snap up US debt. According to the Peter G. Peterson Foundation, foreign holders accounted for <a target="_blank" class="" href="https://www.pgpf.org/blog/2024/08/the-federal-government-has-borrowed-trillions-but-who-owns-all-that-debt#:~:text=Foreign%20ownership%20of%20U.S.%20debt,or%2029%20percent%2C%20of%20DHBP.">29% of publicly held federal debt in December 2023</a>.But this can shift if federal debt loses its allure, some <a target="_blank" href="https://markets.businessinsider.com/news/currencies/de-dollarization-dollar-war-currency-usd-dominance-china-yuan-economy-2024-5">caution</a>.Though Treasurys are attractive for their safe-haven repute, several analysts voiced concern that this is at risk. US spending has shot up since the pandemic, and the <a target="_blank" href="https://www.businessinsider.com/us-debt-outlook-56-trillion-cbo-government-budget-deficit-gdp-2024-6">current deficit amounts to around 6% of GDP</a> — far more than the 50-year average of 3.7%.Meanwhile, the <a target="_blank" href="https://www.budget.senate.gov/ranking-member/newsroom/press/cbo-national-debt-to-reach-record-share-of-gdp-in-just-three-years#:~:text=Debt%20held%20by%20the%20public,percent%20of%20GDP">latest government projections</a> expect debt-to-GDP ratio to rise from last year's 97.3% to 122.4% by 2034. As this ratio rises, it is harder for the US to service its debt. Stretch this trend even further, and experts have warned that Washington <a target="_blank" href="https://markets.businessinsider.com/news/bonds/us-debt-crisis-gdp-ratio-unsustainable-default-treasury-bond-crash-2023-10">could face a default in as little as 20 years</a>.Former Treasury economist Mark Sobel — who participated in the webinar — has previously warned that the US must address its "mammoth deficits" to keep fiscal policy manageable. In previous commentary, he cited that this threat will <a target="_blank" href="https://markets.businessinsider.com/news/currencies/donald-trump-fiscal-policies-dedollarization-dollar-dominance-outlook-inflation-debt-2024-7">grow under a Trump administration</a>."While dollar dominance remains entrenched, both the platform and Trump policies would mean less confidence and trust in American leadership, weakened macroeconomic management and enormous burdens on markets to finance a large supply of Treasuries," Sobel, now the US Chair of Official Monetary and Financial Institutions Forum, said.In recent years, de-dollarization fears have stemmed from the actions of other countries. Although diversification into other currencies is ongoing, the webinar concluded that warnings of a dollar demise are exaggerated; instead, the greenback maintains its global role as both a reserve and international financing tool.For instance, many alarmists have focused on the dollar's share in foreign reserve holdings, often pointing out that the foreign central banks have <a target="_blank" href="https://www.businessinsider.com/dedollarization-china-allied-central-banks-hoard-gold-dollar-weaponization-record-2024-5">piled into gold as an alternative</a>. But this fixation omits the fact that bank deposits, sovereign wealth fund assets, and other dollar instruments have been on the rise among reserve holdings, JPMorgan said."In China's case, it has had an explicit target to bring down dollar holdings in FX reserve but has shifted USD holdings to state-owned entities. China could be under-reporting investment balances by as much as $100bn," the note said.Webinar experts also noted that the trade-weighted dollar is overvalued by virtually every long-term gauge. The US' robust economy, attractive yields, and large capital inflows have propped up a 30% dollar appreciation over the past decade in trade-weighted terms, JPMorgan said.

The biggest threat to the US dollar is America's exorbitant debt load, JPMorgan says

<ul class="summary-list"><li>The national debt has blown past $35 trillion, and it's only going to go up under Trump or Harris.</li><li>Left unchecked, unsustainable deficits will slow GDP growth, decrease savings, and spur inflation.</li></ul>The US has a big, $35 trillion problem: the national debt.After a bout of pandemic stimulus, the <a target="_blank" href="https://fred.stlouisfed.org/series/GFDEGDQ188S">national debt</a> ballooned from an already hefty 103% of GDP in 2019 to 120% currently.Left unchecked, the deficit will continue to creep higher and could drag GDP growth. Too much government spending reduces public and private savings levels, decreases labor productivity, and increases our dependence on foreign investment, according to <a target="_blank" href="https://www.businessinsider.com/immigration-policy-boost-labor-market-national-debt-job-market-taxes-2024-10">Chris Brightman</a>, CEO and CIO of the investment advisory Research Affiliates.<div type="image" title="Federal budget deficits crowd out national saving" height="648" width="1237" msid="114740934" hostid="261" sizebytes="20852"></div>If the US debt continues on this trajectory, Brightman predicts that the US could follow in the footsteps of European economies and see annual GDP growth decline to 1%.<div type="image" title="High spend and national debt associated with slow growth for various countries" height="580" width="923" msid="114740936" hostid="261" sizebytes="20990"></div>That's not to mention that welfare programs like Social Security will be on the chopping block. According to the Social Security Administration, Social Security benefits will be reduced by almost 25% starting in 2034 if nothing is done to address the national debt.<h2 id="ff5f9554-8d16-41da-bb6b-669693d7fe8e">No change in November</h2>Neither Harris nor Trump have a plan to address the deficit.In fact, both candidates are pushing policies that would increase deficit spending. If there's a blue or red sweep in November, government spending levels will be even higher.There are two main ways to reduce deficits, according to Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group. The first is to grow your way out. By growing the economy at a faster rate, the proportion of debt to GDP decreases."Nobody wants to really think about Plan B. Plan B is either raising taxes or cutting social programs and raising taxes when inflation is high," Yoshioka said.Both of those policies are incredibly unpopular, which is why the candidates haven't said much on the topic.However, growing GDP won't be sufficient to fix the situation, according to Brightman. "The math doesn't work," he said. If GDP continues to grow at its predicted pace of 2% per year, that's not even enough to cover the US government's interest payments on debt, much less reduce the principal amount. Interest costs are projected to reach 3.4% of GDP by 2025, and 4.1% by 2034.<h2 id="c865dcdc-9063-4908-8e2c-e1b6f1e4bae8">How to invest</h2>Until the government takes steps to get the deficit under control, there are a few things investors can do to protect their holdings.Continued high national deficits could put the credibility of US sovereign debt into question, leading to a depreciating dollar and increased inflation.The US government might try to use inflation to chip away at the real value of the debt by pursuing expansionary monetary policies such as quantitative easing, according to Jeff Muhlenkamp, portfolio manager at Muhlenkamp &amp; Company. If the US dollar were to decrease in value, the government could repay the debt more cheaply than when it was first incurred."As the US government continues to get deeper in debt, how are they going to work their way out of that?" Muhlenkamp said. "One of the potential outcomes ends up being a devaluation, and <a target="_blank" href="https://www.businessinsider.com/how-to-invest-in-gold-price-record-highs-safe-haven-2024-10">gold</a> is a nice hedge against that.""Real" assets, or investments backed by tangible resources, are generally a good hedge in a high-debt environment, according to JPMorgan. These investments have direct intrinsic value and tend to store long-term value effectively. Examples include commodities, real estate, and infrastructure. Muhlenkamp likes the energy sector in particular. JPMorgan also recommends increasing exposure to non-US dollar-denominated assets.Avoid long-term Treasurys, Muhlenkamp added."Where you definitely don't want to be is in long-term government debt," he said. "[The government] will inflate away the value of the debt if they can get away with it."Muhlenkamp is predicting that the next decade will see <a target="_blank" href="https://www.businessinsider.com/higher-long-term-inflation-outlook-investing-strategy-attractive-bonds-stocks-2024-10">increased inflation</a>, which will eat away at bond yields.Yoshioka points out that there's also the risk of a failed treasury auction, which is when the Treasury Department doesn't receive enough bids to take on the debt it's trying to sell. If this were to happen, the Federal Reserve would need to step in and purchase the unwanted bonds by printing money, creating more inflation.Some funds that offer exposure to real assets include the iShares US Energy ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-us-energy-etf-us4642877967?miRedirects=1">IYE</a>), the Fidelity MSCI Real Estate Index ETF (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/fidelity-msci-real-estate-index-etf-us3160928574?miRedirects=1">FREL</a>), and the iShares Gold Trust (<a target="_blank" class="" href="https://markets.businessinsider.com/etfs/ishares-gold-trust-us4642852044?miRedirects=1">IAU</a>).

The national debt crisis is set to worsen no matter who wins the election — here's what you can do to protect your portfolio 

<ul class="summary-list"><li>The Education Department announced $1.2 billion in debt relief for 35,000 student-loan borrowers in public service.</li><li>The relief is a result of ongoing fixes to the Public Service Loan Forgiveness program.</li></ul>Another batch of<a target="_blank" class="" href="https://www.businessinsider.com/student-loan-repayment-issues-debt-relief-broken-industry-2023-9"> student-loan borrowers</a> will soon see their balances turned to zero.On Thursday, President Joe Biden's Education Department announced that it approved $1.2 billion in student-loan forgiveness for 35,000 public service workers.The relief is a result of ongoing fixes to the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after 10 years of qualifying payments. Specifically, according to the department, this latest relief comes from <a target="_blank" class="" href="https://www.businessinsider.com/attorneys-general-biden-extend-pslf-waiver-student-debt-confusion-harm-2022-8">the limited waiver</a> that ended in October 2022 that allowed payments previously deemed ineligible for PSLF to count, along with regulatory changes to the program."The additional Americans approved for PSLF today are hardworking public servants who will finally receive the financial breathing room they were promised — and all PSLF recipients can easily track and manage the process through <a target="_blank" href="http://StudentAid.gov">StudentAid.gov</a>," Secretary of Education Miguel Cardona said in a statement. "This is relief that will bring real change in their lives and marks another win for this administration's relentless and unapologetic work to fix a broken student loan system."The Biden administration has now approved $168.5 billion for 4.76 million borrowers, of which 946,000 of them were enrolled in PSLF.This relief is among the Education Department's targeted efforts to improve repayment programs. For example, the department has also been in the process of carrying out <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-idr-student-debt-relief-account-adjustment-biden-2023-7">its one-time account adjustments</a>, which gives borrowers on PSLF and income-driven repayment plans an opportunity to ensure all of their payments are credited toward the forgiveness timeline.With regards to PSLF itself, the department has made a series of changes over the past few months. It <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-pslf-moving-from-mohela-debt-relief-delays-2024-4">transitioned borrowers away from MOHELA</a>, previously the sole servicer of PSLF, to a number of different servicers to facilitate the program better.Additionally, the new SAVE income-driven repayment plan promised debt relief under shorter timelines, but its fate is uncertain, and conservative groups are currently challenging it in court.Still, the Education Department has vowed to do what it can to carry out relief. It's planning to finalize its broader student-loan forgiveness plan — <a target="_blank" class="" href="https://www.businessinsider.com/biden-announces-new-student-loan-forgiveness-plan-who-qualifies-relief-2024-4">expected to benefit over 30 million borrowers</a> — in October."From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity," Biden said in a statement following Thursday's announcement. "I will never stop working to make higher education affordable — no matter how many times Republican elected officials try to stop us."

35,000 student-loan borrowers in public service are getting $1.2 billion in debt wiped out after fixes to a key relief program

<ul class="summary-list"><li>Applications to the Public Service Loan Forgiveness program are paused through July.</li><li>It's a result of the program's transition away from servicer MOHELA to several federal servicers.</li></ul>Some student-loan borrowers hoping for debt relief might have to wait a few months.Beginning on May 1, the Education Department <a target="_blank" href="https://www.businessinsider.com/student-loan-borrowers-pslf-moving-from-mohela-debt-relief-delays-2024-4">placed a pause on any processing</a> of applications to the Public Service Loan Forgiveness program, which forgives student debt for government and nonprofit workers after ten years of qualifying payments.This pause is happening to allow PSLF accounts to be transferred away from student-loan company MOHELA, which was previously the sole servicer tasked with managing the program. During this transition, <a target="_blank" href="https://www.businessinsider.com/what-is-happening-with-public-service-loan-forgiveness-mohela-transition-2024-4">several different companies</a> will assume management over PSLF accounts, but borrowers will be able to check their PSLF status directly through studentaid.gov rather than through one of the servicers.The transition is expected to be completed in July, after which borrowers will regain access to their account information. In the meantime, though, while borrowers can still submit PSLF applications, they will not be processed until the pause ends, and they will also be unable to access their PSLF history on MOHELA's portal.Payments are also still due for borrowers during this period.This transition is part of the Education Department's efforts to make the student-loan repayment system easier for borrowers to access. As Business Insider previously reported, many borrowers in PSLF have <a target="_blank" href="https://www.businessinsider.com/student-loans-mohela-schumer-warren-sanders-invesigation-debt-cancellation-mismanagement-2024-2">encountered challenges</a> with MOHELA, including inaccurate payment counts toward PSLF, and strained servicer resources meant it was difficult for borrowers to get ahold of customer service.The department has worked over the past few years to update borrowers' accounts and bring them closer to forgiveness — or discharge their loans if they met their qualifying payments — and the web streamlining is intended to improve the user experience on the front end.Most recently, the department canceled <a target="_blank" href="https://www.businessinsider.com/new-student-loan-forgiveness-borrowers-save-plan-pslf-debt-cancellation-2024-4">$300 million in student debt</a> for 4,600 PSLF borrowers, bringing the <a target="_blank" href="https://www.ed.gov/news/press-releases/biden-harris-administration-announces-additional-74-billion-approved-student-debt-relief-277000-borrowers">total debt relief</a> through PSLF to $62.8 billion for 876,000 borrowers.Still, it remains to be seen how effectively this transition will be completed. Additionally, BI first reported on Monday that MOHELA <a target="_blank" href="https://www.businessinsider.com/student-loan-borrowers-being-transferred-from-mohela-to-new-servicers-2024-4">requested that over a million borrowers</a> be transitioned from its portfolio to other servicers in the hopes that it could provide better service with a lighter load.The Education Department agreed, and impacted borrowers have started receiving notices from MOHELA and their new servicer informing them of the change. In the meantime, the department has vowed to <a target="_blank" href="https://www.businessinsider.com/student-loan-borrowers-bad-customer-service-education-department-oversight-repayment-2023-11">enforce oversight</a> over servicers to ensure they are continuing to fulfill their contractual obligations to borrowers."The Department takes very seriously its responsibility to oversee servicers and ensure borrowers have a smooth and successful repayment experience," Federal Student Aid said in a recent blog post. "We will continue to monitor performance, communicate with servicers and borrowers, and take corrective action where needed."

Student-loan borrowers in public service will now have to wait until July for their debt relief forms to be processed

<ul class="summary-list"><li>The creator and marketing company Triller is finally trading on the Nasdaq under the ticker ILLR.</li><li>The company went public via a reverse merger with a Hong Kong-based company called AGBA.</li></ul>The creator services, entertainment, and marketing company Triller — which once positioned itself as a rival to <a target="_blank" class="" href="https://www.businessinsider.com/how-tiktok-is-changing-music-industry">TikTok</a> — made its stock market debut on the Nasdaq Wednesday.The company went public via a reverse merger with AGBA Group Holding Limited, a Hong Kong-based wealth management and healthcare firm. A reverse merger occurs when a private company goes public by acquiring a publicly listed company.Triller's stock was down about 20% in its first hour of trading.It's been a tough few years for other creator startups that have made public market debuts, as companies like <a target="_blank" class="" href="https://www.businessinsider.com/faze-clan-decline-says-more-about-influencer-startups-than-esports-2023-10">FaZe Clan</a> and Clubhouse Media Group have struggled to show the type of growth that keeps investors happy. The creator economy has largely <a target="_blank" class="" href="https://www.businessinsider.com/the-creator-economy-is-having-an-identity-crisis-2024-1">failed to live up to lofty valuations set by VCs</a>, though <a target="_blank" class="" href="https://www.businessinsider.com/acquisition-spree-in-influencer-marketing-is-bolstering-the-creator-economy-2024-9">influencer marketing</a> remains a bright spot in the category.Triller's journey to a public listing has been a winding one. It explored going public via a special purpose acquisition company (SPAC) in late 2020, <a target="_blank" class="" href="https://www.reuters.com/article/uk-triller-m-a-exclusive-idUSKBN26W0V3/?">Reuters</a> reported. That didn't come to fruition, and in December 2021, the company announced plans to complete a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/triller-plans-public-reverse-merger-key-takeaways-revenue-losses-users-2022-3">reverse merger</a> with a company called Seachange International. It shut down that effort in June 2022 to instead do a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/triller-ends-reverse-merger-new-plan-to-go-public-2022-6">direct listing</a>. That also didn't last, as Triller switched again to a reverse merger with AGBA in April and withdrew its direct filing with the SEC in May.Now that investors can buy Triller stock, listed as ILLR, what is the company's pitch?Triller's business today includes a <a target="_blank" class="" href="https://www.businessinsider.com/investor-deck-shows-triller-pitch-aims-to-go-public-2023-5">mix</a> of creator, marketing, and entertainment services. It owns its <a target="_blank" class="" href="https://www.businessinsider.com/triller-gives-up-on-making-money-from-its-namesake-app-2023-8">namesake TikTok-style video app</a>, as well as a fan engagement tool called Fangage, an influencer-marketing platform called Julius, a combat-sports streamer called TrillerTV (formerly dubbed FITE), and a text-marketing tool Cliqz, among other products.AGBA's investor materials around Triller talk about how its different products interact to serve marketers and creators. Creators on Fangage can connect to services like Julius or the Triller app, for example.In filings, AGBA also highlights Triller's work in the buzzy area of AI. The company described Triller's business in an August filing as "a global, artificial intelligence powered technology platform that serves a broad constituency of creators and brands around the world."It's not the first time that Triller's tapped into a trendy topic in tech to connect with investors. In October 2022, as <a target="_blank" rel="" href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10">Big Tech</a> and startups alike were captivated by the idea of digital worlds called "metaverses," Triller <a target="_blank" rel="noopener nofollow" href="https://www.prnewswire.com/news-releases/triller-introduces-the-metaverz-your-all-access-pass-to-global-entertainment-301651110.html">announced</a> it was launching its own version called the Metaverz. AGBA said in its August filing that the Metaverz could offer augmented reality and virtual experiences, including virtual merchandise stores, for creators and brands.<h2 id="97d853f9-c0dc-41c2-a32b-f81609fd067b">Who are Triller's customers?</h2>Creators, brands, and consumers are the main cohorts that AGBA touts as central to Triller's business in its recent filings. In its description of those stakeholders, the company has discussed both customers that Triller worked with directly and others that it "tracked" but did not have direct relationships with.For example, in an August preliminary proxy statement, the company said Triller's creator accounts grew from somewhere around 2.37 million at the start of Q1 2021 to around 2.47 million in the first quarter of this year. But that tally includes creators the company doesn't directly work with but rather tracks to help "brands identify creators that may be appropriate for their marketing activities."The company had a similar approach for tallying brand partners, examining both brands that it worked with directly and brands that it tracked but were not actively using its products. The number of direct brands it worked with declined from around 250 in Q1 2021 to around 200 in Q1 2024, per a chart in AGBA's August filing.AGBA's tally of consumer accounts for Triller, which includes people who use its products like its Triller app and its combat streamer TrillerTV, also counted accounts that were not directly tied to its owned-and-operated products.AGBA said that as of March 2024, Triller had about 337 million consumer accounts, including inactive accounts, across platforms like the Triller app, TrillerTV, and its combat business BKFC. It separately counted an additional 109 million consumer accounts tied to properties it didn't own but established on behalf of brands and creator partners, including a "Triller brand customer's social media account on Facebook, Instagram, YouTube, or other platforms."Triller's approach to reporting on its user base has come under scrutiny in the past. In 2020 and 2021, former employees and other people with knowledge of Triller's reporting told media outlets like <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/some-former-triller-employees-wary-of-monthly-active-user-count-2020-9">Business Insider</a> and <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.billboard.com/pro/triller-inflating-public-user-figures/">Billboard</a> that its public monthly active user numbers were inflated compared to internal data and what it shared with rights holders. Former Triller CEO Mike Lu told BI in October 2021 that the former employees were "disseminating inaccurate information." Lu told Billboard in February 2021 that Triller would no longer share monthly active users or daily active users as they didn't accurately represent its business and that it had "never inflated any user numbers."<h2 id="091877de-6fa2-45d6-8bd7-e25fc6976d54">What do Triller's financials look like?</h2>Here's a rundown of what Triller's financials were as of early 2024, per AGBA's filing.<ul><li>As of March 31, 2024, Triller had cash and cash equivalents of $800,000, a working capital deficit of $270.7 million, and an accumulated deficit of $1.6 billion, AGBA wrote in its filing.</li><li>In the first three months of 2024, the company earned about $9.9 million in revenue and saw a net loss of $43 million, compared to about $9.2 million in revenue and a roughly $29 million net loss over the same period in 2023.</li><li>The company earned $45.5 million in revenue in 2023, a 4.5% decline from 2022. Its comprehensive loss in 2023 was around $299 million, up from around <a target="_blank" class="" href="https://www.businessinsider.com/triller-heads-nyse-public-tightening-losses-tweaking-pitch-key-takeaways-2023-8">$196 million</a> in 2022. The company previously told BI that some earlier losses were tied to acquisition costs.AGBA wrote in its August filing that Triller has incurred losses each year since its inception and may not become profitable in the future. It said the company has financial obligations which have come due in the past six months and are coming due over the next twelve months and it may not be able to meet its cash obligations as those amounts come due.Triller has been embroiled in legal disputes with music platforms that it previously licensed songs from, contract claims from former employees and business partners, and a dispute over rent payments to the company it leased office space from. AGBA wrote that Triller "may not be able to generate sufficient cash flow to meet its current and any future debt service and other obligations, including amounts owed pursuant to new and ongoing litigation matters."A spokesperson for AGBA did not provide comment by time of publication. Triller did not reply to Business Insider's request for comment.</li></ul>

Triller is finally a public company after years of false starts. Here's its pitch to investors.

<ul class="summary-list"><li>The 12-month on-ramp period for student-loan borrowers is ending on September 30.</li><li>The on-ramp ensured any missed student-loan payments wouldn't be reported to credit agencies.</li></ul>Student-loan borrowers have just one month left to benefit from <a target="_blank" class="" href="https://www.businessinsider.com/do-i-have-to-resume-student-loan-payments-debt-relief-2023-7">a key debt relief program</a>.After federal student-loan payments resumed in October 2023 after an over three-year pause, President Joe Biden's Education Department implemented a <a target="_blank" class="" href="https://www.businessinsider.com/what-happens-if-i-miss-student-loan-payments-on-ramp-2023-9">12-month on-ramp period</a>, during which the department would not report any missed payments to credit agencies.That meant that while interest was still accruing on borrowers' balances if they missed payments, they would not take any hits to their credit report that typically would happen if they fell behind.However, the on-ramp is ending on September 30, after which borrowers who miss payments will no longer be shielded from negative credit reporting. The Education Department has started sending emails to some borrowers who missed payments during the on-ramp, saying that "we want to make sure you're aware that these protections will end on Sept. 30, 2024."Once the on-ramp ends, borrowers who miss payments will be considered delinquent and reported to credit agencies. Missed payments also would not count toward any loan forgiveness or repayment programs, like Public Service Loan Forgiveness and income-driven repayment plans.A recent report from the Government Accountability Office found that just 40% of borrowers with scheduled payments greater than $0 were current on their payments, and 29% of them were past due as of January 2024. Jason Delisle, a senior fellow at the nonprofit thinktank Urban Institute, <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-facing-touch-repayment-debt-cancellation-save-relief-2024-8">told Business Insider</a> that those numbers could signal borrowers taking advantage of the on-ramp and other forms of debt relief."There's also a chance that you'll have your loans forgiven, which the Biden administration has very much so kept front and center for folks," Delisle previously said. "Even if it's not going to happen, they've definitely led people to believe that it probably is."As these protections come to an end, millions of borrowers are already in forbearance due to legal challenges to Biden's new SAVE income-driven repayment plan, which is intended to lower monthly payments and provide a shorter timeline for loan forgiveness. Earlier this year, two separate groups of GOP state attorneys general filed lawsuits to block provisions of the SAVE plan.The 8th Circuit Court of Appeals <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-cheaper-student-loan-payments-relief-new-ruling-2024-8">ruled in favor of one of the groups</a> in early August, blocking the Education Department from implementing the plan in its entirety pending a final decision. The department <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-justice-department-asks-supreme-court-cheaper-payments-2024-8">asked the Supreme Court</a> to reverse the ruling, but for now, 8 million enrolled borrowers are in limbo as they wait to find out whether they can continue making the lower payments through SAVE.At the same time, the department is finalizing its <a target="_blank" class="" href="https://www.businessinsider.com/biden-announces-new-student-loan-forgiveness-plan-who-qualifies-relief-2024-4">broader student-loan forgiveness plan</a> to go into effect in October. Expected to benefit over 30 million borrowers, the plan would give relief to borrowers who have made more than 20 years of payments and would cancel unpaid interest, among other provisions.However, with legal threats facing that plan, as well — and with the uncertainty of the presidential election — borrowers are gearing up for an uncertain end to the year.

Millions of student-loan borrowers are losing a key debt relief program in 30 days

<ul class="summary-list"><li>The on-ramp period for federal student-loan borrowers ends on September 30.</li><li>This means that borrowers who miss payments will no longer be protected from negative credit reporting.</li></ul>A <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-losing-debt-relief-program-on-ramp-biden-2024-9">key protection for student-loan borrowers</a> is ending this month. It could jeopardize their financial standing.On September 30, the on-ramp period for federal student-loan borrowers is coming to an end. Put in place last October, the Education Department <a target="_blank" class="" href="https://www.businessinsider.com/what-happens-if-i-miss-student-loan-payments-on-ramp-2023-9">established a 12-month period</a> during which any missed payments would not be reported to credit agencies, giving borrowers some leeway if they could not afford payments or chose to skip them for any reason."This 12-month on-ramp period protects borrowers from the worst consequences of missed, late, or partial payments, including negative credit reporting for delinquent payments," the department wrote in its <a target="_blank" class="" href="https://studentaid.gov/manage-loans/repayment/prepare-payments-restart">guidance</a>.However, the department is not extending the on-ramp, meaning that in two weeks, borrowers who miss their payments will be marked as delinquent and reported to credit agencies, and their credit scores could take a hit.Additionally, missed payments typically wouldn't count toward forgiveness progress through programs like Public Service Loan Forgiveness and income-driven repayment plans, pushing back borrowers' timeline to see a full or partial reduction to their balances.A recent report from the Government Accountability Office found that just 40% of borrowers with payments greater than $0 were current on their payments as of January 2024, likely reflecting borrowers' participation in the on-ramp period. Additionally, a <a target="_blank" class="" href="https://www.cbo.gov/system/files/2024-09/58963-student-loan.pdf">report</a> from the Congressional Budget Office found that in the years leading up to the pandemic, borrowers made payments greater than $10 in only 38% of the months in which they had a payment due, reflecting challenges in making payments before the on-ramp began.Along with the on-ramp period ending, <a target="_blank" class="" href="https://www.businessinsider.com/do-i-qualify-for-fresh-start-student-loan-debt-forgiveness-2022-8">the Fresh Start program</a>, which began in 2022 to return over 7 million borrowers in delinquency or default to good standing before they enter repayment, is also ending on September 30. The New York Federal Reserve <a target="_blank" class="" href="https://www.businessinsider.com/what-is-fresh-start-plan-student-loan-debt-forgiveness-working-2023-5">found the program worked</a> — while 1.05% of balances were more than 90 days delinquent in the first quarter of 2022, that declined to 0.94% in the first quarter of 2023.However, the program ending means that borrowers who fall into delinquency or default will not only take hits to their credit scores, but they could also suffer <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-lose-social-security-benefits-defaulted-payments-warren-2024-3">the consequences of missing payments</a>, which include wage garnishment and seizure of federal benefits like Social Security.The Education Department has not announced any further protections for missed payments, but it's working to carry out different forms of relief. For example, it implemented the <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-debt-borrowers-apply-income-driven-repayment-save-plan-2023-7">SAVE income-driven repayment plan</a> last summer, intended to make payments cheaper with a shortened timeline for loan forgiveness.But that plan is <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-borrowers-cheaper-payments-debt-cancellation-2024-7">blocked in court</a> as a result of lawsuits filed by GOP state attorneys general, pending a final legal decision. Additionally, President Joe Biden's second attempt at broader student-loan forgiveness is also <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-forgiveness-blocked-federal-court-debt-cancellation-biden-borrowers-2024-9">already facing a lawsuit</a>, delaying the timeline for millions of borrowers to get debt relief.The legal challenges, along with the conclusion of the on-ramp period, present a challenging time for student-loan borrowers as the year comes to a close.

Millions of student-loan borrowers are about to lose a key safeguard that'll put their credit scores and debt relief at risk

New Delhi: <keyword id="19904868" type="General" weightage="100" keywordseo="Ecom-Express" source="keywords">Ecom Express</keyword> Ltd has filed draft papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> to garner Rs 2,600 crore through an initial share-sale. The company's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions, according to the draft papers filed on Wednesday. The company may consider raising Rs 257 crore through a pre-IPO placement. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Ecom Express operates a pan-India express logistics network that handles first-mile pick-up, mid-mile transportation, last-mile delivery, returns, and warehousing services. By offering essential logistics infrastructure and using technology, the company connect digital retailers and <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> platforms with consumers across the country. According to RedSeer report, the <keyword id="22803827" type="General" weightage="20" keywordseo="Indian-e-commerce-market" source="keywords">Indian e-commerce market</keyword> is projected to grow significantly, with a compound annual growth rate (CAGR) of 21 per cent over the next five years. It is expected to increase from Rs 5.1 lakh crore in 2024 to Rs 12.5-13.5 lakh crore by 2029. Growth is notably strong in Tier 2+ regions, which are expected to account for 70-80 per cent of B2C e-commerce shipments by 2029, up from 62 per cent in 2024, the report added. Axis Capital Ltd, IIFL Securities Ltd, Kotak Mahindra Capital Company Ltd and UBS Securities India Private Ltd are the book running lead managers to the company's public issue.

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