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New Delhi: Nine of the top-10 most valued firms together added Rs 2,01,552.69 crore in market valuation last week, with <keyword id="19951944" type="General" weightage="100" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="153" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> stealing the show, amid bullish investors' sentiment in equities. Last week, the BSE benchmark jumped 1,707.01 points or 2.10 per cent. The 30-share BSE Sensex hit its lifetime high of 83,116.19 on Thursday. Bharti Airtel's valuation jumped Rs 54,282.62 crore to Rs 9,30,490.20 crore, becoming the biggest gainer among the top-10 firms. The market capitalisation (mcap) of <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="153" meta.entityid="ICICI Bank">ICICI Bank</keyword> surged Rs 29,662.44 crore to Rs 8,80,867.09 crore. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) added Rs 23,427.12 crore taking its valuation to Rs 16,36,189.63 crore. The mcap of Hindustan Unilever soared Rs 22,438.6 crore to Rs 6,89,358.33 crore and that of <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="153" meta.entityid="HDFC Bank">HDFC Bank</keyword> zoomed Rs 22,093.99 crore to Rs 12,70,035.77 crore. The market valuation of Infosys climbed Rs 17,480.49 crore to Rs 8,07,299.55 crore and that of ITC rallied Rs 15,194.17 crore to Rs 6,42,531.82 crore. The valuation of <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> jumped Rs 9,878.19 crore to Rs 19,92,160.61 crore and that of State Bank of India went up by Rs 7,095.07 crore to Rs 7,05,535.20 crore. However, the mcap of Life Insurance Corporation of India (LIC) declined by Rs 3,004.38 crore to Rs 6,54,004.76 crore. Reliance Industries was leading the chart of the top-10 most valued firms followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, LIC and ITC.

Mcap of nine of top-10 most valued firms jump Rs 2 lakh crore, Bharti Airtel leads the surge

Italian <keyword id="19946118" type="General" weightage="20" keywordseo="luxury" source="keywords">luxury</keyword> carmaker <keyword id="20673655" type="General" weightage="100" keywordseo="Maserati" source="keywords" meta.keywordsubtype="org" meta.entityname="Maserati" meta.hostid="153" meta.entityid="Maserati">Maserati</keyword> believes <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has the potential to be among its top ten global markets in the mid term with the country's <keyword id="20041662" type="General" weightage="20" keywordseo="entrepreneurs" source="keywords">entrepreneurs</keyword> driving its sales, according to the company's Head of Overseas Markets, <keyword id="22976712" type="General" weightage="20" keywordseo="philippe-claverol" source="keywords">Philippe Claverol</keyword>. The company, which on Friday launched its <keyword id="22975850" type="General" weightage="20" keywordseo="granturismo" source="keywords">GranTurismo</keyword> model with prices starting at Rs 2.72 crore, is also studying the feasibility of introducing its <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> range in India. "Maserati is a luxury brand, so we don't look at huge volume for us. A big market for us is a market where we sell 500 cars a year... but I think in mid term, in few years, I think in India, we can reach this kind of 500 (units a year)," Claverol told PTI here on the sidelines of the launch. He, however, said volume isn't "an objective in itself" for Maserati. He further said,"I know who are the top markets of Maserati worldwide. I think India can become one of the top 10 markets for Maserati in the mid term." Currently, North America, Italy, Switzerland, China, Japan, Australia, Taiwan and the UAE are the top global markets for Maserati and India with less than 50 units sold last year is still a small market, he added. Yet, Claverol said, India is an important market for Maserati. "It is a land of entrepreneurs. A vast majority, 80 per cent of our customers in India are entrepreneurs," he said. Also, India is a country with a lot of appreciation for luxury products, he said, adding "we feel that there is a good match". In order to enhance its presence in India, Maserati is expanding sales network, he said. Maserati already has a <keyword id="20400384" type="General" weightage="20" keywordseo="dealership" source="keywords">dealership</keyword> in Mumbai and opened a new one on Friday here in the national capital and will open one in Bengaluru later this year, Claverol said. "We see that the North India market is bigger actually than the Mumbai market and we also think that Bengaluru is the third pillar. This dealership expansion is also because we want to go where the markets are in terms of volume," he said. Asked about plans for launching electric vehicles in India, Claverol said Maserati has the electric version of the conventional engine models under the Folgore range globally and the company will study the feasibility of bringing it in India. "We will, with our partners, start to look at how is the market, how to train our people, how to train the technicians, how to analyse, how to build the right offer, the pricing, the charging solution, and so on, and then, once we will be ready, we will look at the pricing, and we will obviously try to launch the Folgore range as well," he said. Asked about the timeline for a possible launch of the electric range, he said,"The sooner, the better. The cars are available."

India has potential to be in Maserati's top 10 global markets in mid term: Co-official

<ul class="summary-list"><li>The investment arm of the Mormon church revealed its stock holdings in a 13F filing last week.</li><li>The church has amassed a portfolio of individual stocks worth $55 billion.</li></ul>The Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks.The portfolio is registered with the Securities and Exchange Commission under the name Ensign Peak Advisors, and its <a target="_blank" href="https://www.businessinsider.com/mormon-church-settlement-allegations-hid-billions-investment-fund-2023-2">ties to the church</a> were largely unknown until just a few years ago.The portfolio wasn't revealed to the public until 2019, when a former Ensign Peak employee filed a whistleblower complaint, alleging that the fund shouldn't have tax-exempt status because it doesn't engage in any charitable activities.In a "60 Minutes" special last year, the whistleblower said the church's investment arm <a target="_blank" href="https://markets.businessinsider.com/news/stocks/mormon-church-hedge-fund-investment-charity-whistleblower-60-minutes-nielsen-2023-5?_gl=1*oj9kna*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4NDE3NzA0Ny4xMzIuMC4xNjg0MTc3MDQ3LjYwLjAuMA..">acted as a "clandestine hedge fund" disguised as a charity</a>.The church, widely known as the Mormon church, reports its stock holdings every quarter, and a recent 13F filing revealed its top holdings as of June 30.During the quarter, the fund added to its mega-cap technology stocks and bought more shares of Broadcom, which is the latest AI stock to enter its top 10 holdings.These are the church's top 10 stock holdings at the end of the second quarter, as well as the changes in each position.10. JPMorgan<div type="image" title="JPMorgan Chase &amp; Co." height="1000" width="2000" msid="112633095" hostid="261" sizebytes="60230"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/jpm-stock">JPM</a> Market Value: $752.7 million Change in Shares: -131,104 (-3%)9. Eli Lilly<div type="image" title="FILE PHOTO: The logo of Lilly on a wall of Lilly France, part of Eli Lilly and Co, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler" height="1750" width="3500" msid="112633100" hostid="261" sizebytes="257018"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/lly-stock">LLY</a> Market Value: $807.5 million Change in Shares: -35,339 (-4%)8. Broadcom<div type="image" title="Broadcom" height="452" width="904" msid="112633094" hostid="261" sizebytes="23382"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/avgo-stock">AVGO</a> Market Value: $842.2 million Change in Shares: +841,960 (+19%)7. UnitedHealth Group<div type="image" title="UnitedHealth Group logo" height="1000" width="2000" msid="112633102" hostid="261" sizebytes="65210"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/unh-stock">UNH</a> Market Value: $858.3 million Change in Shares: +45,481 (+3%)6. Meta Platforms<div type="image" title="Meta sign" height="1000" width="2000" msid="112633106" hostid="261" sizebytes="102450"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock">META</a> Market Value: $1.63 billion Change in Shares: -112,945 (-3%)5. Amazon<div type="image" title="Amazon CEO Andy Jassy" height="1000" width="2000" msid="112633109" hostid="261" sizebytes="135614"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">AMZN</a> Market Value: $1.83 billion Change in Shares: -235,110 (-2%)4. Alphabet<div type="image" title="Google apps such as Gmail, Drive, Play Store, Maps, and Chrome are displayed on a smartphone with the Alphabet and Google logos visible in the background." height="1000" width="2000" msid="112633096" hostid="261" sizebytes="52000"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/googl-stock">GOOGL</a> &amp; <a target="_blank" href="https://markets.businessinsider.com/stocks/goog-stock">GOOG</a> Market Value: $2.23 billion Change in GOOGL and GOOG Shares: -315,797 (-4%) and -377,083 (-10%)3. Apple<div type="image" title="One of the first customers to buy a new iPhone 7 in September 2016." height="1500" width="3000" msid="112633104" hostid="261" sizebytes="86294"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock">AAPL</a> Market Value: $3.06 billion Change in Shares: -778,210 (-5%)2. Nvidia<div type="image" title="Nvidia logo with a shadow of a person on a laptop in front of it" height="2500" width="5000" msid="112633098" hostid="261" sizebytes="125960"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a> Market Value: $3.30 billion Change in Shares: -457,121 (-2%)1. Microsoft<div type="image" title="Microsoft store" height="1000" width="2000" msid="112633108" hostid="261" sizebytes="130406"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a> Market Value: $3.41 billion Change in Shares: -404,472 (-5%)

The top 10 holdings of the Mormon church's $55 billion stock portfolio include a new AI stock

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>Wall Street's top performers are hard workers who tend to work long, intense hours.</li><li>Business Insider asked its 2024 class of Wall Street stars about how they stay mentally sharp.</li></ul>Call it superstitious, but Mark Zhu, a 34-year-old managing director at Blackstone, likes to start every day the same way. He has two Trader Joe's yogurt cups, one banana-flavored and one blueberry-flavored, eaten in the same order, followed by his supplements, which also have their specific sequence."Those are just examples of how I bring a level of consistency and sequencing to my life," he said. "Because you know the moment after 9 o'clock, the days can get chaotic."Similarly, the 90 minutes between 5:30 a.m. to 7 a.m. are precious to Craig Kolwicz.The Moelis investment banker uses that time to put himself in control for the rest of the day, whether by going to the gym, meditating, or reading a book."You're not getting pulled in all different directions with your deals, your transactions, or just things in life," said the 35-year-old managing director."It's sacred time to me — anything before 7 a.m. is my time."It's no secret that working on Wall Street is demanding. Finance giants from Blackstone to Goldman Sachs attract some of the brightest and most driven people, and to climb the ranks is no easy feat.When we asked top up-and-comers on Wall Street about the habits or routines they followed to keep themselves mentally sharp, no one mentioned<a target="_blank" class="" href="https://www.businessinsider.com/start-day-cold-plunge-reduce-grogginess-stress-mental-sharpness-2023-4"> cold plunges</a>, 10-step facial rituals, or <a target="_blank" class="" href="https://www.businessinsider.com/inside-bryan-johnson-dont-die-summit-singapore-longevity-health-biohacking-2024-10">biohacking</a> trends that tout themselves as life hacks that instantly make you more attractive, healthier, smarter, and more balanced.Most of these high performers featured on <a target="_blank" href="https://www.businessinsider.com/top-wall-street-executives-rising-stars-investing-trading-2024#blake-cecil-32-bridgewater-associates-5">Business Insider's 2024 list of rising stars of Wall Street</a> are spending time with their families, keeping physically and mentally healthy with reasonable workout and <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-brian-robinson-neon-sign-about-sleep-2024-4">sleep routines</a>, and finding opportunities to recharge.Here's what we learned about the hacks, habits, and routines that help top talent on Wall Street stay on their game.<h2 id="25bcbc05-aac9-4976-b303-ad847534c9cf">Morning routines</h2>Chicago-based Bank of America investment banker Corey White is another early riser. He relies on his Apple watch to wake him up gently, with a little vibration at 5 a.m. The 35-year-old works out. He's partial to weight lifting but recently took up running thanks to his twin brother, who works in private equity. He sends his kids off to school and listens to a podcast on an hour-long commute into the office."My mornings are super important to me to have a nice, kind of slow start to the day. And I found it's regulating," he told BI. The routine helps him stay present with his home life as well as work, he added.<div type="image" title="Woman having coffee on her balcony" height="3333" width="5000" msid="114020357" hostid="261" sizebytes="359366"></div>Nina Gnedin, a San Francisco-based portfolio manager from Man Group, starts her day at 4:30 a.m. because she works East Coast market hours."I wake up. I do my face. I do my skincare. I brush my teeth. I drink my double shot of espresso. I do all my morning work rituals, where I check the trades. I check on the portfolios around 7, 7:30. I get coffee again."Her "very regimented" workday ends at 3 p.m., which allows her to get outside and enjoy the outdoors. "There's no day of the year where the sun's down when I'm done with work," she said.<h2 id="44e9adf5-0637-4484-ac2c-31816b001006">Productivity hacks and habits</h2>Bridgewater Associates deputy chief investment officer Blake Cecil likes to push himself (and his team) to meet deadlines that might be arbitrary on paper but give him a mental goal to chase.The 32-year-old overpromises on projects intentionally to " trick" himself into working more efficiently and diligently. One example is he will ask his team and himself this hypothetical: "Let's imagine we had to deliver this in 24 hours — how would we do that?"Often, this leads to creative and innovative work, he told BI.BlackRock's Chi Chen, 34, winds down her weekends with a Sunday evening reading ritual that helps her "distill my brain."It's a two-hour affair, starting with one hour of the books she's reading. The fixed-income portfolio manager is a fan of non-fiction and just read "Behave: The Biology of Humans at Our Best and Worst" by Robert Sapolsky. After that, she turns back to the markets. She reads external and internal research and prepares for the week.<h2 id="e4df00ef-f617-4808-b80b-d0d397e3e250">Commuting with a purpose</h2>Since starting at Bank of America, Justin Elliott has had a daily regimen designed to take up his 20-minute commute to work."It's really around my faith — I do a devotion. Read a Bible scripture, pray. Come into the office and listen to a gospel song," the 29-year-old vice president on the institutional rates sales desk at Bank of America told BI. "That's my every morning routine for getting me centered for the day. It's about reminding me why I'm here and what it's all about."He also goes to the gym two to three times a week and has recently been doing sound baths and meditation with his wife.Listening to music on her drive to her Boston office helps Fidelity Investments' Palmer Osteen, 31, take her mind off what's about to come and what's ahead so she can start her workday with a clear head. It also works for her way home.<div type="image" title="Businesswoman on the phone on her way to work" height="5464" width="8192" msid="114020358" hostid="261" sizebytes="517532"></div>Music "helps me reset and decompress and not go to bed with a hamster wheel in my brain," she said.KKR's Alissa Song, who grew up in Silicon Valley but now lives in New York, uses the time to touch base with family and friends."It just keeps me connected to the people I care about," the 31-year-old industrials investor told BI. "I've been doing this since my college internships.""Part of it is just that we came to the US when I was really young, and so here it's just the four of us here, my two parents and my brother. And so we're really close," she added. "That's been a way that I've kept in touch."<h2 id="d349da13-5838-4be9-ba4b-f0e2bc038874">Friends and Family</h2>Similarly, making time for quality time with friends and family keeps Daniela Cardona, 29, grounded."I work a ton," the RBC investment banking vice president said, but "most important is I've never lost sight of my friends, my support system."Bank of America's White has a family day every Saturday with his wife and two young sons."We go to the museums, go to the zoo, go to the water park, wherever it is, we just fully, deeply focus on our family," he said. "And I think being able to give 100% to whatever you're focused on is really important for just productivity, but also for the mental side of I'm here right now in the moment with my family and being fully immersed in that."<h2 id="0be578d3-3a1c-440b-bfb9-83f44a5d76f0">Hobbies that help take you away</h2>Ben Carper, who finished his <a target="_blank" href="https://www.padi.com/">Padi</a> open water certification a couple of years ago, tries to take a trip or two a year with his wife that focuses on diving. Along with a chance to see exotic locations, it's a chance to completely unplug."It's a change of scenery, and it's kind of hard to think about work when there's a 25-foot manta ray swimming nearby," Carper, a 34-year-old managing director on Jefferies' Private Capital Advisory team, added. His last dive was in the Maldives, and he's eyeing Thailand next.Matthew Eid-Holm, a principal at Ares Management, skis or scuba dives at least every 6 months."A few hours of these activities that require 100% focus on the present are very effective at resetting," the 32-year-old told BI.<div type="image" title="Scuba diver and big manta ray" height="3516" width="5483" msid="114020365" hostid="261" sizebytes="529324"></div>Also, on the ocean theme, Moelis' Kolwicz is a pretty avid surfer."Being out on the ocean, getting that physical activity — it's easy to zone out."There are ways to decompress and relax on land, too. Melissa Ding, an infrastructure investor at BlackRock, likes to engage in meditative activities like cooking, pottery, or tending to her terrace garden to give the 33-year-old a "little bit of mental reset.""When I need a little bit of rest time, there are just things that I do that where I can kind of zone out."Her garden consists of flowers, including dahlias, and a recently planted fig tree.Wells Fargo's Annie Cheslin, 34, recently learned how to play the centuries-old strategy game mahjong, which she's become "obsessed with." The managing director in high-grade municipal trading joined a club that meets twice a month to play.<h2 id="5b69cc3a-c919-44eb-9934-40cdd16bfe98">Exercise routines</h2>Physical challenges are a way to distract yourself from the day-to-day and counterbalance the time you spend in front of computer screens or client dinners.Margaret Williams, a 31-year-old executive director at Morgan Stanley, said she exercises in some form or fashion every day. Williams will do anything, from a run in Central Park to weightlifting to laps at a hotel pool on the road to late-night walks with the dog."It's a part of staying balanced, physically and mentally," she said.Being disciplined about daily workouts is also how Apollo's Austin Anton, 32, clears his head."I find that when I go for a run, I have my most creative ideas, and I love to run, and I tend to do that every other day," he said. "So I find that very helpful in terms of clearing my head and allowing me to think through something."<div type="image" title="Two men and a women lifting weights as they plank" height="3331" width="6317" msid="114020366" hostid="261" sizebytes="390294"></div>Erica Wilson's workout of choice is weightlifting, which "has become a real stress reliever over the last couple of years," she told BI.The 31-year-old vice president at Blue Owl's daily habit has evolved into a competitive hobby. She participated in a power-lifting competition last year through Tone House — she deadlifted nearly twice her body weight — as well as Hyrox, <a target="_blank" href="https://hyrox.com/the-fitness-race">a fitness race</a> featuring eight separate physical exercises, such as sled pulls or burpee broad jumps, with a 1-kilometer run in between each.For Harrison DiGia, morning is the best time to get a workout in."I try to wake up and move my body. I do some sort of workout every morning, whether it's strength training, playing tennis, or even stretching or yoga," the 31-year-old General Atlantic vice president said. "I'm a huge tennis player. I like using that time in the morning to clear my mind. It helps me reset and gets me ready for the new day ahead."<h2 id="d3113c79-caac-4d9d-8730-368968e9dd30">Getting some shut-eye</h2>Patrick Lenihan, a portfolio manager at JPMorgan Asset Management, has a strict bedtime."There's some nights where you need to get things done, but I try to have a hard cutoff. Let's just say 9:30— that's lights out." That gives him 30 or 45 minutes to wind down and ensure he gets his sleep, not just for physical health, but mental, too.He also makes a point to stay active. He played hockey his whole life, but after a few surgeries, he now does lower-impact exercises like pilates and barre at least three or four times a week."Now that I'm on paternity leave, I've been lucky enough to do it, get in a little bit more. But I think those two things help me to at least stay recharged and stay ready each day," he said.Luckily, his infant son is a great sleeper and has not disturbed Patrick's rest so far.<div type="image" title="Woman in distress resting in bed, soft light illuminating the room" height="2000" width="3000" msid="114020363" hostid="261" sizebytes="82906"></div>"I definitely think getting sleep is important," Elizabeth Stone Redding, a principal at TPG, told BI. "It's certainly something I have realized as I've matured in my career, that you really need to use your brain, and you need to get a decent amount of sleep for that."The 33-year-old also habitually sets priorities to stay on track and not get overwhelmed."It's very easy to obviously be overwhelmed with a large list of things, but narrowing it down and saying, 'Okay, these are the two or three things I really want to do today,' helps me a lot," Stone Redding said. "I try to have — even if it's just in my head — a list of two or three things I want to accomplish in a given day."<h2 id="4de0d80b-046e-4e13-ac5d-6bea4c6d110c">Taking a step back</h2>Matt Gilbert, a 35-year-old managing director at Thoma Bravo, started working with an executive coach a few years ago. He was surprised when the coach pushed him to pull back at work."I would say, in general, workaholic or 'Type A' people tend to try to grasp more and more responsibility," he said. "And I actually think ultimately that was the case for me."Gilbert now spends more time with his family. He has made a habit of watching TV with his wife every night and dropping his oldest daughter at school."I think I fill up my cup in terms of personal fulfillment so that my time that I'm at work, I can really, really focus and dedicate to that and kind of maximize the time that I have here."Gidan Dan's key ritual at work is consistently staying in touch with his clients, but at home, the Citadel Securities senior vice president takes the chance to relax."A lot of my colleagues are really good runners and they work out and everything. I'm completely different," he said. "I think I work long enough hours, so I don't want to exhaust myself too much. So I would just go home, and taking care of my kids is enjoyable but exhausting stuff," Dan said of his two daughters, aged 1 and 4. Feroz Khosla, a managing director at Goldman Sachs, isn't just looking for work-life balance, but "work-life harmony — which just means, when you look back at your career, you feel as if there was harmony between work and life," he told BI."Sometimes, you do need to have the power to say no, but do it gracefully," he said. "Maybe the answer is sure, but not right now—and being able to do that without disappointing people is super helpful."

Wall Street's hacks and habits to stay on top of their game 

Top 10 unique benefits of adding Flax Seeds to your diet

<ul class="summary-list"><li>The investment arm of the Mormon church revealed some of its holdings in a 13F filing Wednesday.</li><li>The church has amassed a portfolio of individual stocks worth $55 billion.</li></ul>The Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks.The portfolio is registered with the Securities and Exchange Commission under the name Ensign Peak Advisors, and its <a href="https://www.businessinsider.com/mormon-church-settlement-allegations-hid-billions-investment-fund-2023-2">ties to the church</a> were largely unknown until just a few years ago.The portfolio wasn't revealed to the public until 2019, when a former Ensign Peak employee filed a whistleblower complaint, alleging that the fund shouldn't have tax-exempt status because it doesn't engage in any charitable activities.In a "60 Minutes" special last year, the whistleblower said the church's investment arm <a href="https://markets.businessinsider.com/news/stocks/mormon-church-hedge-fund-investment-charity-whistleblower-60-minutes-nielsen-2023-5?_gl=1*oj9kna*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4NDE3NzA0Ny4xMzIuMC4xNjg0MTc3MDQ3LjYwLjAuMA..">acted as a "clandestine hedge fund" disguised as a charity</a>.The church, widely known as the Mormon church, reports its stock holdings on a quarterly basis, and a recent 13F filing revealed its top holdings as of March 31. During the quarter, the fund added to its in mega-cap technology stocks and benefited from a stock market that hit record highs.These are the church's top 10 stock holdings at the end of the fourth quarter, as well as the changes in each position.10. Eli Lilly<div type="image" title="eli lilly drugmaker" height="1750" width="3500" msid="110153695" hostid="261" sizebytes="169570"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/lly-stock">LLY</a> Market Value: $721.4 million Change in Shares: +221,327 (+31%)9. JPMorgan<div type="image" title="A black and white silhouette of people with the JPMorgan logo" height="1560" width="3120" msid="110153696" hostid="261" sizebytes="62858"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPM</a> Market Value: $771.7 million Change in Shares: -231,976 (-6%)8. UnitedHealth Group <div type="image" title="A UnitedHealth Group health insurance card is seen in a wallet in this picture illustration October 14, 2019. REUTERS/Lucy Nicholson/Illustration" height="2016" width="4032" msid="110153698" hostid="261" sizebytes="363888"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/unh-stock">UNH</a> Market Value: $811.3 million Change in Shares: -46,678 (-3%)7. Mastercard<div type="image" title="Mastercard" height="1000" width="2000" msid="110153700" hostid="261" sizebytes="51028"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/ma-stock">MA</a> Market Value: $900.5 million Change in Shares: +15,727 (+1%)6. Meta Platforms<div type="image" title="Meta" height="2499" width="5000" msid="110153701" hostid="261" sizebytes="418390"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/meta-stock">META</a> Market Value: $1.63 billion Change in Shares: +130,061 (+4%)5. Amazon<div type="image" title="Amazon" height="2899" width="5800" msid="110153704" hostid="261" sizebytes="360344"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/amzn-stock">AMZN</a> Market Value: $1.75 billion Change in Shares: +457,246 (+5%)4. Alphabet<div type="image" title="A Google logo on a pair of glass doors." height="1704" width="3408" msid="110153705" hostid="261" sizebytes="197496"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/googl-stock">GOOGL</a> &amp; <a href="https://markets.businessinsider.com/stocks/goog-stock">GOOG</a> Market Value: $1.95 billion Change in GOOGL and GOOG Shares: +263,648 (+3%) and +118,983 (+3%) 3. Nvidia<div type="image" title="Jensen Huang Nvidia" height="512" width="1024" msid="110153706" hostid="261" sizebytes="27508"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a> Market Value: $2.45 billion Change in Shares: +71,876 (+3%)2. Apple<div type="image" title="iphone 8 plus iphone x apple" height="1500" width="3000" msid="110153707" hostid="261" sizebytes="314692"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/aapl-stock">AAPL</a> Market Value: $2.63 billion Change in Shares: +404,275 (+3%)1. Microsoft<div type="image" title="Satya Nadella, CEO of Microsoft." height="3120" width="6240" msid="110153708" hostid="261" sizebytes="218604"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a> Market Value: $3.38 billion Change in Shares: +148,061 (+2%)

These are the top 10 holdings of the Mormon church's $55 billion stock portfolio

<ul class="summary-list"><li>Global government borrowing is set to hit $100 trillion this year, the International Monetary Fund said.</li><li>It pointed to political uncertainty, aversion to tax hikes, and spending pressures as key drivers.</li></ul>Global public debt is on track to surpass $100 trillion this year for the first time — and the increase threatens a wider financial crisis, the International Monetary Fund warned.In a <a target="_blank" class="" href="https://www.imf.org/en/Publications/FM/Issues/2024/10/23/fiscal-monitor-october-2024">report</a> published Tuesday, IMF researchers said total government borrowing was set to reach 93% of worldwide GDP this year and could hit 100% by 2030, with the US and China driving the increase.Mushrooming public debts "<a target="_blank" class="" href="https://www.businessinsider.com/us-debt-34-trillion-deficit-government-spending-economy-recession-jpmorgan-2024-1">raise the probability</a> of debt distress or broader financial crisis," the authors noted, adding that the <a target="_blank" class="" href="https://www.businessinsider.com/us-national-debt-government-spending-stock-market-financial-crisis-economy-2024-3">interest payments</a> eat into government budgets, reduce spending flexibility and hinder their ability to respond to economic downturns.The IMF also warned of a "severely adverse scenario," in which global debt could balloon to 115% of global GDP by 2026 because of "weaker growth, tighter financing conditions, fiscal slippages, and greater economic and policy uncertainty.""Countries are increasingly vulnerable to global factors affecting their borrowing costs, including spillovers from greater policy uncertainty in systematically important countries, such as the United States," the authors wrote in a blog accompanying the report.The report's authors projected that around two-thirds of countries would stabilize or reduce their debts in the coming years, but added there were "<a target="_blank" class="" href="https://www.businessinsider.com/us-debt-outlook-56-trillion-cbo-government-budget-deficit-gdp-2024-6">good reasons</a>" future debt could be higher than projected.Those include a broader political embrace of increased government spending, stiffer resistance from lawmakers to higher taxes, and pressure to spend on priorities such as the clean-energy transition, aging populations, and national security.America's national debt has <a target="_blank" class="" href="https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4">more than tripled</a> in under 25 years, ballooning from $10.3 trillion in 2000 to a record $35.7 trillion, according to the US Treasury website.It has grown by more than $7 trillion since 2019, reflecting the US government's <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-powell-government-spending-national-debt-fiscal-deficit-interest-2024-2">aggressive spending</a> during the COVID-19 pandemic and more recent outlays such as <a target="_blank" class="" href="https://www.businessinsider.com/us-spent-over-22-billion-arming-israel-battling-houthis-2024-10">military support for Israel</a> and Ukraine, which together have cost it <a target="_blank" class="" href="https://www.businessinsider.com/how-america-spent-over-100-billion-defending-ukraine-2024-8">well over $100 billion</a>.The debt looks set to grow further with both presidential candidates, <a target="_blank" class="" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">Kamala Harris</a> and <a target="_blank" class="" href="https://www.businessinsider.com/trump-tax-plan-tarriffs-benefits-top-earners-study-2024-10">Donald Trump</a>, pledging to spend big if they enter the White House. Harris <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-economy-proposal-25k-first-time-homebuyers-down-payent-2024-8">proposed</a> offering down-payment assistance for first-time homebuyers, and expanding the child tax credit and capping childcare costs to help young parents. Trump has <a target="_blank" class="" href="https://www.businessinsider.com/tax-tips-overtime-trump-proposals-income-money-election-2024-10">suggested eliminating</a> taxes on tips, overtime pay, and Social Security while also extending many of the tax cuts he made as president in 2017.

Global government borrowing is set to top $100 trillion — and shows no signs of slowing down

<ul class="summary-list"><li>The world's 10 richest individuals saw their net worths rise a record $64 billion the day after Trump's win.</li><li>The newly elected president is seen as pro-business, and expected to loosen regulation.</li></ul>Donald Trump's presidential victory sparked a record single-day jump in the wealth of the world's 10 richest people, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-07/trump-s-election-win-supercharges-net-worth-of-world-s-richest-by-64-billion">Bloomberg data shows</a>.The final net-worth-addition tally came out to $64 billion as markets celebrated another Trump administration. Investors are piling into stocks as Trump is expected to ease financial regulations, cut corporate taxes, and focus on strengthening the domestic economy.All three major US indexes surged more than 2.5%, with the Dow Jones industrial average adding more than 1,500 points. Stocks also climbed on Thursday to a lesser degree.According to the Bloomberg Billionaires Index, the top gainers on a percentage basis included Tesla's Elon Musk, Oracle's Larry Ellison, and Warren Buffett. Musk — who became personally involved in Trump's campaign — raked in $26.5 billion on Wednesday alone.Trump's favorable stance on cryptocurrencies also helped bitcoin soar to a fresh record, pulling up the <a target="_blank" class="" href="https://www.businessinsider.com/changpeng-zhao-cz-binance-coinbase-armstrong-wealth-trump-election-crypto-2024-11">net worth of crypto billionaires</a> such as Coinbase co-founder Brian Armstrong and Binance founder Changpeng Zhao.Here's how the net worth of the 10 richest individuals changed on Wednesday, according to Bloomberg:<ul><li>Elon Musk: 10.1% gain, to $290.3 billion</li><li>Jeff Bezos: 3.2% gain, to $228.3 billion</li><li>Mark Zuckerberg: no change, $202.5 billion</li><li>Larry Ellison: 5.4% gain, to $193.5 billion</li><li>Bernard Arnault: 1.6% loss, to $173.2 billion</li><li>Bill Gates: 1.2% gain, to $159.5 billion</li><li>Larry Page: 3.6% gain, to $158.3 billion</li><li>Sergey Brin: 3.6% gain, to $149.1 billion</li><li>Warren Buffett: 5.4% gain, to $147.8 billion</li><li>Steve Ballmer: 2% gain, to $145.9 billion</li></ul>

Trump's win created a record $64 billion of net worth for the world's 10 richest people

<ul class="summary-list"><li>In October, I spent 10 days in Croatia. It was my first time in the country.</li><li>I noticed certain perks and drawbacks of visiting at the end of its peak season.</li></ul>In October, I traveled to <a target="_blank" class="" href="https://www.businessinsider.com/american-living-in-croatia-move-from-us-surprise-2023-11">Croatia</a> for a 10-day getaway. I was craving the beach, sun, and a change of scenery from monotonous city life — and Croatia seemed like the solution.Croatia has become a popular destination in Europe — especially following the popularity of HBO's "<a target="_blank" class="" href="https://www.businessinsider.com/things-to-do-in-dubrovnik-croatia">Game of Thrones</a>," which was partly filmed in its scenic old towns.More tourists are arriving, too: The <a target="_blank" class="" href="https://dzs.gov.hr/news/two-digit-increase-in-tourist-arrivals-and-nights-in-may-2024-compared-to-may-2023/1949">Croatian Bureau of Statistics</a> said that 1.7 million tourists arrived in May this year — a 21% increase compared to 2023. Croatia also joined the Schengen Area in 2023, a zone in Europe with no internal border controls, making travel more accessible.During my trip, I stayed in <a target="_blank" class="" href="https://www.businessinsider.com/dubrovnik-croatia-jeff-bezos-vacation-yacht-lauren-sanchez-katy-perry-2023-8">Dubrovnik</a>, Hvar, and Split and took multiple day trips to other cities along the Adriatic Coast.While the trip was worth the long flight, I realized along the way that I hadn't done enough research before the trip. Here are six things I wish I had known before.<h2 id="e52d1e63-da34-47d2-97c7-6d7d430f2b14">1. Choose accommodations wisely</h2><div type="image" title="A flight of stairs in Croatia" height="1288" width="1611" msid="114961824" hostid="261" sizebytes="424908"></div>Coastal cities like <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-traveling-to-dubrovnik-croatia">Dubrovnik</a> have hilly terrains and countless flights of stairs to conquer. An Airbnb that I assumed would be a short walk from the main bus station turned out to be at the top of a hill. Consequently, we engaged in a full-body workout to lug our bags up what felt like endless flights of stairs to reach our accommodation.It was more peaceful to stay in a less touristy area. But since most attractions are near the Old Town, staying closer to the city center (and closer to ground level) would have been more convenient and comfortable.<h2 id="96bdfd86-faf9-4328-9d96-07f79898bcb1">2. Increase travel budget</h2><div type="image" title="Croatian food" height="2267" width="3022" msid="114961825" hostid="261" sizebytes="302864"></div>I booked my trip to Croatia assuming that daily expenses would be similar to countries like Italy or Hungary. I was wrong.Croatia adopted the Euro in January last year, abandoning its previous currency, the Kuna. The country also has the second-highest VAT in the EU — 25%, the same as in Denmark and Sweden. On average, my meals added up to around 15 euros per person.And although I wasn't surprised that people have to pay to enter public toilets, I was surprised that most entries cost 1 euro — or half the price of a cup of coffee in any nearby café.Still, there are ways to see the city on a budget. We signed up for pay-as-you-wish walking tours, bought day passes to take the public bus and see attractions at a lower cost, and stayed in <a target="_blank" class="" href="https://www.businessinsider.com/legrad-croatia-homes-for-sale-pennies-2024-1">affordable guest houses</a> that cost around $50 a night. We also explored outside tourist hot spots to try food targeted at locals, which I found to be more authentic and wallet-friendly.<h2 id="e1099c91-7f11-47b2-be67-7141702a788f">3. The beaches are beautiful — but water shoes are crucial</h2><div type="image" title="A beach in Croatia" height="1575" width="2100" msid="114961818" hostid="261" sizebytes="463776"></div>The temperature in early October ranged from 63°F to 72°F, so it was mild enough to chill on the beach and bask in the sun.Croatia has some of the most beautiful beaches I've seen. The waters were crystal clear, and I was excited to dive right in. But I soon learned the hard way that Croatian beaches are not sandy. Most shores were rocky and pebbly, and I had not packed water shoes.It was too painful to go barefoot, so I wore my sandals every time we went to the beach. It worked just as well, although I did end up with funny tan lines on my feet.<h2 id="60c30812-44d9-48bc-8be0-8620e361e40f">4. Visiting in off-peak season has its pros and cons</h2><div type="image" title="The Old Town of Stari Grad, Hvar." height="2267" width="3022" msid="114961826" hostid="261" sizebytes="1027474"></div>Croatia sees most of its tourists during the summer months, between June and August. When I visited in October, its old towns were still brimming with tourists. But some locals told me that the crowds were still smaller than in the summer.I noticed that some attractions were also cheaper. The entrance ticket for <a target="_blank" class="" href="https://www.businessinsider.com/krka-national-park-waterfalls-2016-8">Krka National Park</a>, for example, costs 40 euros in the summer and 20 euros in the shoulder months. In winter, the ticket prices drop to 7 euros.However, visiting during the off-peak season also meant many services were on a break. On a day trip to the UNESCO Old Town Stari Grad, we were surprised to see most shops closed, with the sign "See you in June 2025!" posted on their doors.Visiting during this time of the year also meant that chartered bus or ferry services were less frequent. As it turns out, the charm of walking around a near-empty town can only last so long when the next bus back is at 10 p.m.Hiring a car would have been better. However, neither of us had our driver's licenses.<h2 id="ae044cdc-ee03-40a9-9c8b-57f7e1eb6a57">5. Spend more time in Split instead of Dubrovnik</h2><div type="image" title="The waterfalls of Krka National Park" height="2267" width="3022" msid="114961823" hostid="261" sizebytes="1543926"></div>If you plan to split your time between the popular coastal cities of <a target="_blank" class="" href="https://www.businessinsider.com/cheapest-cities-in-the-world-to-live-expats-europe-asia-2023-12#split-croatia-19">Split</a> and <a target="_blank" class="" href="https://www.businessinsider.com/dubrovnik-croatia-safety-covid-packing-advisories">Dubrovnik</a>, spend more time in the former.We spent three days in Dubrovnik and five days in Split. This balance felt right. Dubrovnik has beautiful beaches and architecture, but I could see the effects of its over-tourism: Prices were slightly higher, and its iconic Old Town thronged with tourists and rubber duck shops.In comparison, <a target="_blank" class="" href="https://www.businessinsider.com/digital-nomad-croatia-remote-working-expense-spend-money-split-cnbc-2021-8">Split</a> is a great springboard for day trips. While there, we took public transport to nearby towns like Omiš and Trogir. We also spent a day exploring Skradin and Krka National Park, just an hour and a half away by bus.Split is also a bigger city, so it was easier to find budget-friendly food options.<h2 id="9e465924-438c-430c-9d1b-f79301578d13">6. Watch "Game of Thrones"</h2><div type="image" title="Girl posing at Dubrovnik Old Town" height="2267" width="3022" msid="114961822" hostid="261" sizebytes="848554"></div>Lastly, I regret not watching HBO's "<a target="_blank" class="" href="https://www.businessinsider.com/game-of-thrones-movie-help-warner-bros-discovery-underperform-2024-11">Game of Thrones</a>." During walking tours, the guides would point out where iconic scenes were filmed. For example, Cersei's walk of shame scene was filmed at the Jesuit Staircase in Dubrovnik's Old Town.As other visitors marveled at its medieval architecture and fortresses, I wished I had watched the show before to see the city in a new light.

I loved my 10-day trip to Croatia, but knowing these 6 things could have made it better

Embarking on a culinary journey can be both exciting and daunting for beginners in the kitchen. The prospect of creating delicious meals may seem challenging, but fear not—mastering the basics and incorporating some key tips can turn your cooking experience into a rewarding adventure. Here are ten indispensable tips and tricks to guide you on your way to becoming a confident and skilled home cook. Start with the Basics: Begin your culinary expedition by mastering fundamental cooking techniques such as chopping, slicing, dicing, and sautéing. These skills serve as the building blocks for a wide array of recipes and will boost your confidence in the kitchen. Read Recipes Thoroughly: Before diving into any culinary creation, take the time to thoroughly read the recipe from start to finish. Understanding the steps and gathering all necessary ingredients and tools in advance will save you time and minimize the risk of mistakes along the way. Keep Your Workspace Organized: Maintaining a clean and organized cooking area is crucial. Arrange ingredients, utensils, and tools in an accessible manner to streamline the cooking process and prevent accidents. A tidy workspace enhances efficiency and enjoyment. Invest in Essential Tools: While a fully-equipped kitchen is a dream, focus on acquiring a few key tools initially. A good chef's knife, a reliable cutting board, and quality pots and pans are essential investments that will serve you well in a variety of recipes. Seasoning and Tasting: Develop the art of seasoning by tasting as you cook. Adjust seasoning levels gradually, starting with a little and adding more as needed. Remember, you can always add more, but it's challenging to remove excess seasoning. Master the Heat: Understanding and controlling heat levels on your stove is crucial. Different dishes require different temperatures, so familiarize yourself with when to use high heat for searing and low heat for simmering or delicate cooking. Don't Rush: Patience is a virtue in the kitchen. Follow recommended cooking times and resist the temptation to rush. Allow flavors to develop, meats to sear, and sauces to reduce at their own pace for the best results. Experiment and Adapt: Don't be afraid to experiment with flavors and ingredients. Cooking is an art, and recipes can be adapted to suit your taste preferences or dietary needs. Let your creativity shine as you make each dish uniquely yours. Learn from Mistakes: Embrace mistakes as valuable learning opportunities. If a dish doesn't turn out as expected, analyze what went wrong and use it as a lesson for future cooking endeavors. The best chefs learn and grow from their culinary mishaps. Enjoy the Process: Above all, remember that cooking is not just about the end result—it's about the journey. Find joy in the process of creating delicious meals. Celebrate your successes, no matter how simple, and take pride in each culinary creation. These ten tips provide a solid foundation for beginners in the kitchen. By starting with the basics, staying organized, and embracing the learning process, you'll soon discover the joy of cooking and the satisfaction of creating mouthwatering dishes from scratch. Happy cooking! Note: The article is based on content generated by AI models like Bard and Chatgpt. SEE ALSO: <a href="https://www.businessinsider.in/science/health/food/article/10-best-indian-vegetarian-lunch-options/articleshow/105934854.cms" data-type="tilCustomLink" target="_blank">10 Best Indian vegetarian lunch options</a>

Top 10 essential tips for kitchen beginners

<ul class="summary-list"><li>The US Navy's SM-3 has been a key interceptor to defend Israel from Iranian attacks this year.</li><li>SM-3s are expensive, ranging from $10 to $30 million per missile, and plans for procurement are low.</li></ul>One of the US Navy's best ballistic missile interceptors, the Standard Missile-3, got a workout in the Middle East this year, eliminating Iranian missiles headed for Israel.These engagements weren't cheap, though. The SM-3 has a heavy price tag, almost $30 million on the high end and almost $10 million on the low end. That's a high cost per intercept, especially if more than one interceptor is fired for each target.In a world of fixed budgets, that cost raises questions about sustainability, both in the moment and in a higher-end fight. Archer Macy, a retired Navy admiral and missile defense expert, told Business Insider this is definitely "a problem" because "you've got a finite amount of money that is appropriated by Congress. So either Congress has to provide more money, or the Navy has to stop buying other things."That steep cost could mean less money for ships, training, or any number of other things the Navy needs. It could also limit interceptor availability if the Navy instead takes funding away from procurement.Right now, there are concerns the Navy isn't buying anywhere near enough of these interceptors to prepare it for future threats, such as those from <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/irans-missile-strike-israel-just-fraction-what-china-could-do-2024-10">China's formidable missile force</a>.<div type="image" title="An SM-3 Block 1B interceptor missile is launched from the guided-missile cruiser USS Lake Erie during a Missile Defense Agency and US Navy test in the Pacific Ocean." height="2468" width="3702" msid="114882482" hostid="261" sizebytes="312984"></div>US Navy warships <a target="_blank" class="" href="https://www.businessinsider.com/us-warships-used-weapon-combat-first-destroy-iranian-missiles-2024-4">first used the SM-3</a> to shield Israel from Iran's unprecedented mid-April attack, which included a mix of over 300 missiles and drones. It was then <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-missile-new-combat-got-another-workout-against-iran-2024-10">fired a second time</a> during Iran's massive early October barrage, during which Tehran launched more than 180 ballistic missiles at Israel.In both cases, the SM-3 "showed its value in spades," Tom Karako, director of the Missile Defense Project at the Center for Strategic and International Studies, told BI.The Navy said that an unspecified number of interceptors successfully engaged Iranian missiles.After Iran's April attack, Secretary of the Navy Carlos Del Toro told lawmakers that <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-more-missiles-recently-got-first-kill-pacific-threats-2024-5">the sea service needs more SM-3s</a> to counter potential future threats in the Indo-Pacific, such as China."I truly believe that the SM-3s will be needed in greater numbers in the future," Del Toro said. "I think given the future threat and our deterrence mission of the Indo-Pacific, we are going to need more SM-3s in the future."<h2 id="60b7a155-7b0f-4ce4-9300-00285fc57f52">Why the SM-3 is so expensive</h2>The SM-3 is an interceptor made by RTX and, for the newer Block IIA variant, Mitsubishi Heavy Industries, and it is an element of the Navy's highly advanced Aegis Combat System.<div type="image" title="The guided missile destroyer USS Fitzgerald launches a Standard Missile-3 during a joint ballistic missile defense exercise in the Pacific Ocean Oct. 25, 2012." height="3168" width="4752" msid="114882479" hostid="261" sizebytes="227614"></div>The weapon uses a kinetic kill vehicle to destroy short- to intermediate-range ballistic missiles during their <a target="_blank" class="" href="https://www.businessinsider.com/us-israel-exoatmospheric-missile-kill-capability-iran-attack-challenging-intercept-2024-4">mid-course phase of flight</a>. The newest variant has demonstrated a kill capability against intercontinental ballistic missiles.Lt. Cmdr. Jason Tross, a US Naval Forces Europe spokesperson, told BI that the SM-3 "serves as the world's best deterrence" against medium-range ballistic missiles.There are multiple variants of the SM-3. The SM-3 Block IIA costs just under $28 million, while the Block IB is over $9 million.One reason for the high costs is that to procure the specific microchips, sensor arrays, and other technologies for these missiles, the Navy has to rely solely on contractors who have previously built the materials to fulfill the designs, many of which are older and involve certain bespoke technologies, said Bryan Clark, a former naval officer and a senior fellow at the Hudson Institute.The industry process, coupled with the exquisite capability of the missile to intercept ballistic missiles, raises the cost of the interceptor.<div type="image" title="A developmental Standard Missile-3, designed to intercept short to medium-ranged ballistic missile threats, is launched from the Pearl Harbor-based Aegis cruiser USS Lake Erie." height="1992" width="2625" msid="114882475" hostid="261" sizebytes="218846"></div>RTX, the missile's lead manufacturer, did not respond to requests for comment from Business Insider.Analysts said that the Navy needs these weapons regardless of the cost if it is to be prepared for high-end conflict, adding that recent expenditures and plans for the arsenal are troubling.The proposed fiscal year 2025 defense budget cut the procurement of SM-3 IBs over the next five years from 153 to zero in an effort that saved just under $2 billion. That leaves only 12 SM-3 IIAs being produced annually over the next five years. Both analysts and Navy officials say that's not enough.Karako said buying more interceptors would bring the price tag down per missile. "It's like with everything else: You buy the absolute minimum sustaining rate numbers, then they're going to be more expensive. You buy more and mass-produce them, then the cost can go down." <h2 id="02b511e0-4814-4f95-b55e-8e1766cf05a4">A potentially massive missile fight in the Pacific</h2>In a war with China, the Navy could find itself up against China's Rocket Force, the crown jewel of its military, which has seen exponential growth in missile stockpiles, launchers, and capabilities over the past few years despite grappling with shake-ups and corruption scandals.Against China's anti-ship ballistic missiles and other threats, US warships would need a deep arsenal of SM-3s <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-burns-through-key-missiles-needed-for-china-fight-2024-10">and other interceptors</a> in the Standard Missile family, like the SM-2 and SM-6 — both of which <a target="_blank" class="" href="https://www.businessinsider.com/us-navy-aircraft-spotted-sm6-missile-newly-tested-in-combat-2024-7">the Navy has expended</a> during its ongoing counter-Houthi campaign.<div type="image" title="An SM-3 Block 1B guided missile is launched from the USS Lake Erie and successfully intercepted a medium-range ballistic missile target off the coast of Kauai, Hawaii during a Missile Defense Agency and US Navy test." height="3264" width="4896" msid="114882486" hostid="261" sizebytes="372876"></div>The Navy wants increased production of SM-6s, and the newest variant is designed for more effective cruise, ballistic, and potentially hypersonic missile defense. These interceptors cost around $4 million per unit.The "SM-3 is not the only answer," said Macy, a non-resident senior associate with the Center for Strategic and International Studies' Missile Defense Project. The Navy has to balance its priorities, but analysts and service leadership both recognize the need for a larger stockpile of these high-end interceptors."To do those harder jobs, it just costs money," Macy said, explaining that the Navy has to pay the high costs if it's going to be ready for the kind of warfare these missiles were made for.For now, the most likely adversary for the SM-3 is Iranian ballistic missiles, given the ongoing Middle East conflict and the high tensions between Tehran and Israel. Still, the US is <a target="_blank" class="" href="https://www.businessinsider.com/us-military-china-missile-problem-getting-worse-2024-5">closely watching China's growing arsenal</a> as the threat of a Pacific fight looms."The SM-3 missile remains 'mission ready' to deter Iran or any other state actor seeking to employ ballistic missiles as part of a terror campaign," said Tross, the Navy spokesperson.

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