<a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Start your day off with this delightful story from Katie Notopoulos — a new addition to Insider — poking fun at how X CEO Linda Yaccarino "<a href="https://www.businessinsider.com/twitter-ceo-x-linda-yaccarino-posts-mariah-carey-elon-musk-2023-11">tweets like your aunt texts</a>."In today's big story, we're looking at <a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10">Sam Bankman-Fried's conviction</a> and what it means for the future of crypto.What's on deck: <ul><li>Markets: Two Wall Street titans have <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-market-outlook-inflation-rates-fed-economy-recession-2023-11">disappointing outlooks</a> on the <a href="https://www.businessinsider.com/layoffs-unemployment-recession-economy-crash-jobs-bond-investor-jeff-gundlach-2023-11">state of the economy</a>.</li><li>Tech: We've got details from Amazon's <a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11">massive cloud deal with Microsoft</a>.</li><li>Business: The definitive account of the <a href="https://www.businessinsider.com/weworks-nightmare-ipo">beginning of the end for WeWork</a>.</li></ul>But first, the verdict is in.<h3>The big story</h3><h2>Guilty<a href="https://www.businessinsider.com/subscription/newsletter/insider-today"></a></h2><a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10"></a><div type="image" title="Sam Bankman-Fried" height="750" width="1000" msid="104948350" hostid="261" sizebytes="74776"></div>Down goes Mr. Crypto. Sam Bankman-Fried, the crypto industry's most recognizable face (and head of hair), was <a href="https://www.businessinsider.com/jury-sam-bankman-fried-guilty-seven-counts-fraud-manhattan-trial-2023-10">found guilty of seven counts of fraud and conspiracy</a> on Thursday night.Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering.It took the jurors less than a day to reach a decision. Bankman-Fried, nicknamed SBF, now awaits sentencing, which is tentatively scheduled for March 28. He faces up to 110 years in prison for the charges.The conviction came, perhaps fittingly, on the first anniversary of the <a href="https://www.coindesk.com/business/2022/11/02/divisions-in-sam-bankman-frieds-crypto-empire-blur-on-his-trading-titan-alamedas-balance-sheet/" target="_blank" rel="noopener">CoinDesk scoop</a> that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. Reporting on a leaked balance sheet, CoinDesk detailed how SBF's hedge fund, Alameda Research, had its assets tied up in FTX's in-house token. The rest is history.The <a href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">downfall was swift</a>, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report. Insider's <a href="https://www.businessinsider.com/author/katie-balevic" target="_blank" rel="noopener">Katie Balevic</a> and <a href="https://www.businessinsider.com/author/jacob-shamsian">Jacob Shamsian</a>, who have done a fantastic job covering the entire trial, have a recap of the <a href="https://www.businessinsider.com/biggest-bombshells-sam-bankman-frieds-ftx-fraud-trial-2023-10">biggest bombshells from the case</a>.Bankman-Fried's inner circle played a crucial role in the proceedings. SBF's former executives' testimonies proved vital to the prosecution's case, <a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11">ultimately sealing his fate</a>, Katie writes.<a href="https://www.businessinsider.com/sam-bankman-fried-implicated-friends-fraud-turned-on-him-2023-11"></a><div type="image" title="Caroline Ellison, Sam Bankman-Fried, Gary Wang, and Nishad Singh" height="750" width="1000" msid="104948353" hostid="261" sizebytes="241892"></div>SBF's conviction signifies the end of a chapter the crypto community will happily close. From <a href="https://www.businessinsider.com/wall-street-crypto-partnerships-digital-asset-teams-shaky-ground-ftx-2022-11">courting Wall Street firms</a> and <a href="https://www.businessinsider.com/ftx-bankruptcy-vcs-venture-capital-investments-crypto-startups-failure-2022-11" target="_blank" rel="noopener">venture investors</a> to <a href="https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12">schmoozing politicians</a>, the crypto industry was working hard to legitimize itself. FTX's downfall was the exact type of situation skeptics of the space had long warned about.Crypto is now in a much different place. Startups with skyrocketing valuations and high-flying tokens and NFTs are all but extinct. Even the city that embraced the crypto boon — Miami — <a href="https://www.businessinsider.com/miami-florida-stock-market-crash-crypto-bubble-parties-real-estate-2023-3">feels like a much different place</a> these days. That's not to say crypto is a complete wasteland. There are signs of life, most notably a bitcoin ETF that seems <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-grayscale-trust-gbtc-crypto-etf-conversion-sec-lawsuit-2023-8">on the cusp of getting approved</a>. But it's unclear what the post-SBF crypto landscape will look like. Big players like <a href="https://www.businessinsider.com/blackrock-crypto-bitcoin-strategy-finance-plans-digital-currency-2023-6">BlackRock</a> and <a href="https://markets.businessinsider.com/news/currencies/paypal-crypto-launches-first-us-dollar-pegged-stablecoin-2023-8">PayPal</a> are pushing deeper into the space. The entrance of these financial titans raises questions about the role native crypto firms will have in <a href="https://www.businessinsider.com/sam-bankman-fried-trial-crypto-industry-issues-2023-10">the industry's future</a>.So, while crypto will undoubtedly live on after SBF, it will also never be the same.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-fed-interest-rate-hike-us-economy-prices-2023-11"></a><div type="image" title="Jamie Dimon" height="1440" width="1920" msid="104948355" hostid="261" sizebytes="54278"></div><ol><li>Jamie Dimon says the Fed isn't done hiking rates. The JPMorgan boss suspects another rate hike — by 0.25 percentage point to 0.75 percentage point — <a href="https://www.businessinsider.com/jpmorgan-jamie-dimon-fed-interest-rate-hike-us-economy-prices-2023-11">could still be in the cards</a>. He also said the <a href="https://markets.businessinsider.com/news/stocks/jpmorgan-jamie-dimon-market-outlook-inflation-rates-fed-economy-recession-2023-11">markets could see more turmoil</a> amid the Fed's fight against inflation. </li><li>The Bond King's bummer of an economic outlook. Veteran bond investor Jeff Gundlach is adamant <a href="https://www.businessinsider.com/layoffs-unemployment-recession-economy-crash-jobs-bond-investor-jeff-gundlach-2023-11">the US economy is headed toward a recession</a>. The yield curve is "extremely unstable," and Gundlach believes "layoffs are coming" next. </li><li>Betting against the grain. The founder of an independent investment research firm shared 10 stocks with low average analyst recommendations but rising earnings expectations. The disconnect between the two could present <a href="https://www.businessinsider.com/top-stock-picks-analyst-earnings-season-expectations-investing-advice-contrarian-2023-11">prime contrarian investing opportunities</a>. </li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11"></a><div type="image" title="Andy Jassy" height="714" width="951" msid="104948358" hostid="261" sizebytes="27586"></div><ol><li>Inside Amazon's cloud deal with Microsoft. Amazon's commitment to use Microsoft 365 <a href="https://www.businessinsider.com/amazon-m365-cloud-deal-with-microsoft-new-details-2023-11" target="_blank" rel="noopener">includes more than 1.5 million license seats</a>, according to a person with direct knowledge of the deal. The five-year deal involves Amazon spending more than $1 billion, according to an internal Microsoft document viewed by Insider. </li><li> Block signals cuts are coming. Jack Dorsey, the CEO and founder of the fintech, said the <a href="https://www.businessinsider.com/jack-dorsey-warns-block-employees-job-cuts-internal-memo" target="_blank" rel="noopener">company's growth has not matched its headcount</a>, according to a note sent to staff seen by Insider. A separate internal company announcement informed employees there would be a 10% cut to the workforce in the coming months, according to a person familiar with the company.</li><li>Tech on the Street. Financial firms are hiring loads of technologists to help them deploy AI across their orgs. Recruiters, hiring managers, and executives detailed <a href="https://www.businessinsider.com/ai-shaping-future-tech-jobs-wall-street-2023-10" target="_blank" rel="noopener">the tech skills that are most in demand on Wall Street</a>.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/weworks-nightmare-ipo"></a><div type="image" title="a graphic of WeWork with &quot;work&quot; scratched out in red" height="750" width="1000" msid="104948361" hostid="261" sizebytes="17398"></div><ol><li>WeDidn'tWork. The company is reportedly on the cusp of filing for bankruptcy. We've got the <a href="https://www.businessinsider.com/weworks-nightmare-ipo" target="_blank" rel="noopener">definitive account of the start of its downfall</a> as a $47 billion startup eyeing an IPO back in 2019. </li><li>The state of the housing market. <a href="https://markets.businessinsider.com/news/commodities/housing-market-mortgage-rates-bubble-shortage-supply-affordability-2023-11" target="_blank" rel="noopener">These four charts</a> — covering rates, prices, inventory, and sales — give a good overview of the state of play. On a more granular level, <a href="https://www.businessinsider.com/real-estate-housing-market-home-price-outlook-mortgage-rates-affordability-2023-11">home sellers in these 13 cities</a>, including St. Louis and San Antonio, are slashing prices. And here's a rundown of the cities <a href="https://www.businessinsider.com/where-to-buy-a-house-affordable-cities-home-prices-appreciation-2023-11" target="_blank" rel="noopener">where home values are rising and falling the most</a>. </li><li>Meet Goldman Sachs' newest managing directors. The bank gave 608 employees the coveted title, a slightly smaller class than the previous cohort. <a href="https://www.businessinsider.com/goldman-sachs-2023-managing-directors-class-new-promotes-list-names-2023-11" target="_blank" rel="noopener">Check out all the names here</a>. And for a rundown on what it takes to reach MD status, <a href="https://www.businessinsider.com/how-to-become-a-managing-director-promotion-goldman-sachs-citi-2021-10" target="_blank" rel="noopener">we've got you covered</a>. </li></ol><h2>In other news</h2><ul><li><a href="https://www.businessinsider.com/wholesale-startup-faire-lays-off-another-250-employees-2023-11">Wholesale marketplace Faire, which raised $416 million 18 months ago, laid off 250 workers in a company-wide restructuring</a></li><li><a href="https://www.businessinsider.com/jeff-bezos-miami-billionaire-bunker-seattle-amazon-blue-origins-2023-11" target="_blank" rel="noopener">Jeff Bezos is moving to Miami after 29 years in Seattle</a></li><li><a href="https://www.businessinsider.com/calibrate-deal-madryn-asset-management-bankruptcy-2023-11" target="_blank" rel="noopener">Exclusive: How Calibrate stumbled from hot weight-loss startup to $20 million sale under threat of bankruptcy</a></li><li><a href="https://www.insider.com/daylight-savings-negative-effects-2018-3">10 reasons why daylight savings is the worst</a></li><li><a href="https://www.businessinsider.com/how-to-deal-narcissistic-boss-signs-should-quit-career-coach-2023-11" target="_blank" rel="noopener">How to deal with a narcissistic boss, including whether you should consider quitting, according to 4 career coaches</a></li><li><a href="https://www.businessinsider.com/bill-ackman-says-its-pathetic-law-firms-are-policing-campus-antisemitism-2023-11" target="_blank" rel="noopener">Bill Ackman says it's 'pathetic' that law firms and other corporations feel they have to 'police' antisemitism on university campuses</a></li><li><a href="https://www.businessinsider.com/linkedin-open-to-work-tag-red-flag-desperation-recruiter-says-2023-11" target="_blank" rel="noopener">LinkedIn's 'Open to Work' tag is the 'biggest red flag' for hiring managers and screams 'desperation,' says ex-Google recruiter</a></li><li><a href="https://www.businessinsider.com/boomer-millennials-debt-financial-security-interest-rates-recession-savings-2023-11" target="_blank" rel="noopener">It's a terrible time to be a millennial</a></li><li><a href="https://www.businessinsider.com/tjmaxx-marshalls-closing-stores-2023-11" target="_blank" rel="noopener">TJ Maxx is quietly closing stores in New York and Chicago. Here are the confirmed locations.</a></li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-bottom-outlook-bullish-seasonal-chart-of-the-day-2023-11" target="_blank" rel="noopener">CHART OF THE DAY: The stock market may have just bottomed</a></li></ul><h2>What's happening today</h2><ul><li>The jobs report is in. The Bureau of Labor Statistics will publish data on unemployment, new labor force participation data, and other US labor market figures.</li><li>Financial Stability Oversight Council meeting. Treasury Secretary Janet Yallen is leading the meeting meant to give an overview of the stability of the US financial system.</li><li>I love rock &amp; roll! The 38th Annual Rock and Roll Hall of Fame Induction Ceremony honors new inductees Sheryl Crow, Missy Elliott, and Rage Against the Machine, among others.</li></ul><h3>News Quiz</h3><h2>How well do you know the news? </h2>Test your knowledge of the week's top stories with Insider's news quiz<ul><li>From Monday: This billionaire sports owner shared thoughts on crypto, an NFT comeback, and taxes. </li><li>From Tuesday: The checkout survey at this retail giant has confused and annoyed customers and workers.</li><li>From Wednesday: This billionaire investor isn't a fan of venture capital.</li><li>From Thursday: What did the Fed decide to do with interest rates?</li><li>From Friday: This prestigious investment bank recently announced its newest crop of managing directors.</li></ul>Check Saturday's edition of Insider Today for the answers.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Sam Bankman-Fried was just convicted. Where does crypto go from here?

<ul><li>An <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> S1 Pro owner in Tamil Nadu set his scooter on fire reportedly due to inadequate performance and erratic range of the electric scooter.</li><li>The company was forced to recall 1,441 of its scooters for inspections and run another set of diagnostics tests.</li><li><keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword> is looking to go public this fiscal year and has already raised over half a billion dollars in a pre-IPO round.</li></ul>Things haven’t been going great for Ola Electric or its customers. Earlier this week, an Ola Electric S1 Pro owner in Tamil Nadu set his scooter on fire reportedly due to inadequate performance and erratic range of the electric scooter. This is only one example. Several Ola Electric customers have reported several technical glitches with the electric scooter and have raised these concerns over Twitter, tagging the company’s chief executive officer <keyword id="1543567" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="Orion">Bhavish Aggarwal</keyword>. Last week, a gentleman named Balwant Singh from Guwahati blamed Ola Electric’s faulty technology for son’s serious road accident. Singh noted that his son met with an accident due to fault in regenerative braking, which increased the spread of the scooter instead of slowing it down on a speed breaker. Ola alleged that the accident was a result of overspeeding and<a href="https://www.businessinsider.in/business/auto/news/ola-s1-pro-guwahati-accident-ola-alleges-the-victim-was-overspeeding-and-braked-in-panic-leading-to-the-accident/articleshow/91001402.cms"> backed their claims</a> with the user’s telemetry data on social media. Whatever the situation may be here, there have been several other customers who have raised red flags over Ola Electric scooter’s technology. So much so that the company was forced to recall 1,441 of its scooters for inspections and run another set of diagnostics tests on battery, thermal, and safety systems. <cmsannotation type="cmsannotation" annotationid="Building tech, maturity and valuation all in one go" comment="subhead" text="Building tech, maturity and valuation all in one go">Building tech, maturity and valuation all in one go</cmsannotation> Technical glitches are not something new. Even Tata Nano – heralded as ‘world’s cheapest car’ in 2008 – was subjected to such issues during its initial days. The bigger problem seems to be Ola Electric’s point black focus on electric cars when it hasn’t spent enough time in perfecting its initial electric scooters technology. The company has already made elaborate plans to invest $100 million in setting up a new advanced engineering and vehicle design centre called<a href="https://www.businessinsider.in/business/auto/news/ola-electric-plans-to-hire-200-automotive-engineers-designer-for-its-uk-center/articleshow/89157318.cms"> ‘Futurefoundry’ in the United Kingdom</a> (UK) over the next five years. The whole Ola electric car ecosystem would include design and engineering teams based at Ola Campus in Bengaluru. CEO Aggarwal also <a href="https://www.businessinsider.in/business/startups/news/ola-electric-to-accelerate-new-projects-including-electric-car-focus-on-tech-ceo-bhavish-aggarwal/articleshow/90821900.cms">stepped away</a> from day-to-day operations at Ola to focus on car, cell, gigafactory and other aspects of the company. <div type="ExtQuote" text="“It is important to have focus especially if you are a hardware company. It takes generations to build hardware products, especially on the auto side, so you can say that Suzuki must have been making motorcycles for God knows how many years before they upgraded to making cars. In fact they started by making outdoor motors for motorboats.Then they used that technology knowhow to make motorcycles and then they grew that capability and then they got into cars. They are still focusing on small cars.”" auname="Kunal Khattar, founding partner of Mobility first Founders Fund, told Business Insider."></div> He noted that this seems like a way for Ola trying to justify the valuation that it has received in a short period of time by expanding its total addressable market (TAM). “Prioritising valuation over everything else, which in the short term is okay. But in the long term, if you want to be a serious OEM [original equipment manufacturer] player, you want to choose either quality, design or performance,” he emphasised. Notably, ANI Technologies — the parent company of Ola and Ola Electric — is looking to go public this fiscal year and has already raised over<a href="https://www.businessinsider.in/business/startups/news/ola-app-raises-500-million-from-temasek-and-warburg-ahead-of-ipo/articleshow/84261607.cms"> half a billion dollars</a> in a pre-IPO round. It is also important to note that Ola’s similar hustle was first witnessed while it was entering the electric scooter game. The company started delivery of its electric scooters within the six months of the launch of its scooter production facility, which is the world’s biggest electric scooter factory and<a href="https://www.businessinsider.in/business/startups/news/ola-electric-scooter-factory-will-be-run-only-by-women-says-ceo-bhavish-aggarwal/articleshow/86161861.cms"> completely run by women</a>. While the move does seem premature, some believe that the move is rather timely. “Ola Electric’s move towards entering the autonomous driving vehicle segment through their electric car is a major step and will help India make its mark on the EV roadmap globally, provided Ola is able to achieve their global ambitions. Given Tesla took approximately 8 years to perfect the design of its electric car, I feel Bhavish Aggarwal’s move towards getting kick-started on Ola’s electric car is rather timely and will play a major role in “Built in India. For the World” strategy that we are seeing panning out among Indian startups these days,” Shahan Sud, an investment professional at Indian Angel Network, noted. <cmsannotation type="cmsannotation" annotationid="Will Ola be able to sell electric cars with such incidents coming to light?" comment="subhead" text="Will Ola be able to sell electric cars with such incidents coming to light?">Will Ola be able to sell electric cars with such incidents coming to light?</cmsannotation> Khattar noted that there have only been a couple of incidents and it is important to understand what went wrong in those cases, whether it was the user defect, hardware defect or software defect. “Couple of incidents like this doesn’t mean that the OEM is making sub-standard things and has taken shortcuts in quality and this and that. I think it is important to understand incidents like these happen with all manufacturers, all fuel types. EV, petrol, diesel and CNG sab mein hota hai [happens with everyone],” he added. He also emphasised that an OEM declaring a call-back is a sign of maturity and acceptance of an issue that they would want to fix. Sud also noted that the recent incidents of <keyword id="9305006" type="General" weightage="20" keywordseo="ola-scooters" source="Orion">Ola Scooters</keyword> — and how Ola Electric tackles the headwinds it brings along — will not only make them “wiser”, but it will also help in ensuring customer loyalty is intact by the time the company’s electric cars are launched. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/hul-ongc-bajaj-auto-among-stocks-to-watch-out-for-on-april-28/slidelist/91138927.cms">HUL, ONGC, Bajaj Auto among stocks to watch out for on April 28</a> <a href="https://www.businessinsider.in/stock-market/news/campus-activewear-ipo-today-is-the-last-day-to-subscribe/articleshow/91133796.cms">Last day to subscribe to Campus Activewear IPO; GMP at ₹105</a> <a href="https://www.businessinsider.in/business/corporates/news/lic-to-be-indias-fifth-largest-company-after-ril-tcs-hdfc-bank-and-infosys/articleshow/91126730.cms">LIC to be India’s fifth largest company after RIL, TCS, HDFC Bank, and Infosys</a>

Is Ola hurrying into its electric car dream?

<ul><li>Shares of the Mukesh Ambani owned Reliance Industries fell sharply today by as much as 4% in reaction to its earnings results on Friday evening.</li><li>The company had reported a weaker than expected net profit with a fall in profitability for the first time in FY22.</li><li>Indian benchmark indices, Sensex and Nifty 50, also remain in a weak spot as there was a huge sell-off in shares of heavyweight Reliance Industries.</li></ul>Shares of oil-to-telecom conglomerate company owned by Mukesh Ambani were among the biggest losers on the street and one of the reason benchmark indices was still in red. Reliance Industries <a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-first-indian-company-to-near-100-billion-in-revenue/articleshow/91381614.cms">reported </a>a weaker than expected net profit and also reported a fall in profitability for the first time in FY22. Indian benchmark indices, Sensex and Nifty 50 remained in a weak spot as there was a huge sell-off in shares of heavyweight Reliance Industries amid poor market conditions. The company posted a net profit of ₹18,000 crore with a revenue of ₹2.11 lakh crore in the March quarter – a decline of 12.25% in profit sequentially, while revenue is up 10.77%. Analysts expected a growth of 4.7% in profit and 14.5% in revenue. Consolidated profit after tax missed the street’s estimate by 4% year-on-year and 3% quarter-on-quarter due to lower other income and miss in retail business, say analysts at Sharekhan. <div type="image" title="ril profit 2" height="900" width="1200" msid="91433413" hostid="261"></div>Meanwhile, analysts at Kotak Institutional Equities feel rise in net debt levels, elevated capex and negative FCF (free cash flow) were a tad disappointing yet again in the March quarter earnings of the company. Quarterly performance of Reliance Retail in Jan-Mar was disappointing The latest report by Sharekhan analysing the company’s March quarter earnings states that the retail revenues were muted and remained flat on quarter versus expectation of decent growth in Jan-Mar. Further, analysts feel an IPO of the company’s consumer business would give better returns to investors over coming years and unlock value in the digital and retail business of the firm. Reliance Retail’s net profit declined by ₹120 crore in the January-March quarter of 2022, on a quarterly basis. The company reported a net profit of ₹2,139 crore in Q4 compared to ₹2,239 crore in the previous quarter. Even on a year-on-year basis, Reliance Retail’s net profit declined. Analysts at YES Securities believe <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword>’s retail business could be impacted by the current inflationary environment in FY23. The report adds that the petrochemical environment appears weak primarily due to tepid Chinese demand and firmer naphtha prices. RIL exports Naphtha that typically is consumed in steam crackers for petrochemical manufacturing. Decline in subscribers at Reliance Jio remains a key negative, say analysts This is the third consecutive quarter of <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-results-q4-fy22-profit-revenue-subscriber-growth/articleshow/91374478.cms">subscriber loss </a>for Reliance Jio – it has lost over 30 million subscribers over the last three quarters. Overall, for the financial year 2021-22, Jio’s subscriber numbers are down by 16 million. Slower-than-expected subscriber additions and ramp-up of broadband services, remains a key risk for the company, says analysts at Sharekhan. The telecom segment posted 14% growth in its net profit between January and March 2022, which is Jio’s <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-results-q4-fy22-profit-revenue-subscriber-growth/articleshow/91374478.cms">strongest profit</a> growth in five quarters, but still below <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-could-post-a-blockbuster-5000-crore-profit-in-the-march-quarter-say-analysts/articleshow/91316654.cms">analyst expectations of ₹5,000 crore quarterly profit</a>. On the bright side, analysys believe that the company's ARPU (average revenue per user) could improve further in FY23. As of 11:34 a.m, shares of the company were down 2.88% at ₹2,545 per share. Going ahead, analysts expect shares to increase by up to 27%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharekhan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,050 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YES Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,840 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,050 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,253 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,950 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,955 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,200 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/snacks-health-bills-electricity-bills-and-more-will-add-to-your-chunkier-home-loan-emis/articleshow/91429752.cms">Snacks, health bills, electricity bills and more will add to your chunkier home loan EMIs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/last-day-to-subscribe-to-lic-ipo-gmp-drops-to-60/articleshow/91424705.cms">Last day to subscribe to LIC IPO, GMP drops to ₹60</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/campus-activewear-shares-debuts-at-21-premium-despite-weak-market-trends/articleshow/91430347.cms">Campus Activewear shares debuts at 21% premium despite weak market trends</a>

RIL tumbles nearly 4% on weaker than expected profits, slowdown in retail business and decline in Jio subscriber additions

<ul><li><keyword id="6367708" type="General" weightage="100" keywordseo="best" source="Orion">BEST</keyword> has also become India’s first transport undertaking to sell its own <keyword id="8657823" type="General" weightage="20" keywordseo="NCMC-card" source="Orion">NCMC card</keyword>.</li><li>This bus is exclusively for those who wish to make their travel absolutely cash-free.</li><li>Simply put, this is an introduction to the ‘Tap in and Tap out’ facility and Mumbai is the first city in India to come-up with this feature.</li></ul>Maharashtra’s Chief Minister Uddhav Thackeray has launched today, April 25, a pan-India BEST (<keyword id="424081" type="General" weightage="50" keywordseo="brihanmumbai-electricity-supply-and-transport" source="Orion">Brihanmumbai Electricity Supply and Transport</keyword>) card, also known as NCMC (national common mobility card) which can be used for travelling or purchasing all over the country. This card has typically been launched for the people who wish to travel in the <keyword id="1141598" type="General" weightage="20" keywordseo="Red-Bus" source="Orion">red bus</keyword> named as BEST — <keyword id="13650240" type="General" weightage="20" keywordseo="Digital-Bus" source="Orion">Digital Bus</keyword>. It has also become India’s first transport undertaking to sell its own NCMC card. “The card will be valid for any travel or purchases pan-India. A person can take the NCMC card of BEST available for an introductory price of ₹100 and use it for travel in Delhi Metro. One can also purchase groceries, buy from a retail showroom, and use it as a debit card across the country,” said Lokesh Chandra, manager of <keyword id="13700139" type="General" weightage="20" keywordseo="BEST-card" source="Orion">BEST card</keyword>, last week during the launch of NCMC card. “The card will have RuPay, which is valid at most NCMC-compliant establishments across the country. One can top it up online or with our bus conductor and this will be part of One Card One Nation”, he further added. This bus is exclusively for those who wish to make their travel absolutely cash-free. “After purchasing the NCMC card from BEST, commuters will soon be able to purchase bus passes, with 72 different options, through the same card. The NCMC card will also have the tap-in and tap-out facility in the 100% digital buses which were introduced by environment minister Aaditya Thackeray earlier last week,” said another BEST official in a statement. <cmsannotation type="cmsannotation" annotationid="How will the NCMC card work in the red bus?" comment="subhead" text="How will the NCMC card work in the red bus?">How will the NCMC card work in the red bus?</cmsannotation> Simply put, this is an introduction to the ‘Tap in and Tap out’ facility and Mumbai is the first city in India to come-up with this feature. Identify the bus which facilitates the use of NCMC card, ‘Digital Bus’ should be written on the entrance of the bus.The passengers need to tap their smartcards on the digital machine or near the sensor area or can use the ‘<keyword id="20509" type="General" weightage="50" keywordseo="chalo" source="Orion">Chalo</keyword>’ app to enter into the bus. If a green tick appears on the screen that means your card or app has been identified and you can travel to your respective destination. After reaching the destination, the passenger has to exit from the rear gate where again a similar digital machine or sensor would be present. The passenger will have to again tap their smart cards or use the <keyword id="6341979" type="General" weightage="20" keywordseo="Chalo-app" source="Orion">Chalo app</keyword> to mark the end of their journey. After tapping, a green tick will again appear on the screen and a receipt will also be printed out for the passenger. To confirm the end of your journey, the machine will also audio readout saying ‘Chalo’ after a couple of beeps. Once this is done, the total amount for the journey will automatically be deducted through the app or the card. The passengers need to make sure that there is sufficient balance in their accounts to avail this facility. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-pure-ev-and-okinawa-recall-nearly-6700-electric-scooters-after-nitin-gadkaris-warning-and-continued-fire-accidents/articleshow/91067732.cms">Ola, Pure EV and Okinawa recall nearly 6,700 electric scooters after Nitin Gadkari’s warning and continued fire accidents</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/campus-activewear-and-rainbow-childrens-medicare-ipo-open-this-week/articleshow/91066896.cms">IPOs are here again — Campus Activewear and Rainbow Children’s Medicare open this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-universities-producing-the-most-number-of-ceos-guess-which-indian-institute-is-included-in-the-list/slidelist/91066313.cms">top universities producing the most number of CEOs — guess which Indian institute is included in the list</a>

BEST National Common Mobility Card – all you need to know

<ul><li>The center named ‘Futurefoundry’ will be based in Coventry in the UK.</li><li><keyword id="13043147" type="General" weightage="20" keywordseo="ola-futurefoundry" source="Orion">Ola Futurefoundry</keyword> will employ over 200 designers and automotive engineers.</li><li>The development comes only a few days after <keyword id="4393078" type="General" weightage="20" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> raised $200 million.</li></ul>After building the world’s largest electric two-wheeler factory in India, Ola Electric is now looking to spend another $100 million in setting up a new advanced engineering and vehicle design centre in the United Kingdom (UK) over the next five years. The centre named as ‘Futurefoundry’ will be based out of Coventry, where companies like Jaguar and Aston Martin have set up their factories. Ola Futurefoundry will employ over 200 designers and automotive engineers. The centre will also partner with education and research institutions in the UK to collaborate on technology research and development. The UK-based centerwork in-synch with the design and engineering teams based at Ola Campus in Bengaluru, India. “Ola Futurefoundry will enable us to tap into the fantastic automotive design and engineering talent in the UK to create the next generation of electric vehicles. Futurefoundry will work in close collaboration with our headquarters in Bangalore, India to help us build the future of mobility as we make EVs [electric vehicles] affordable across the world,” Bhavish Aggarwal, the cofounder and chief executive (CEO) of ANI Technologies, said. ANI Technologies is the parent company of ride hailing giant Ola and EV company Ola Electric. The development comes only a few days after<a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-another-200-million-this-time-at-a-valuation-of-5-billion/articleshow/89088739.cms"> Ola Electric raised $200 million</a> from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others. The company was valued at $5 billion in this round. The company had also raised $200 million in October, <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">at a valuation of $3 billion</a>. Aggarwal on Tuesday also tweeted <a href="https://www.businessinsider.in/business/startups/news/ola-electric-hints-at-electric-car-launch-when-delayed-scooter-delivery-is-an-issue/articleshow/89115552.cms">an image of a concept car</a>, which has given rise to speculation that the company may be looking to launch electric cars in the near future. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-cipla-pnb-and-other-hot-stocks-on-january-27-after-us-fed-signals-rate-hikes-from-march/slidelist/89146298.cms">Reliance Industries, Cipla, PNB and other hot stocks on January 27 after US Fed signals rate hikes from March</a> <a href="https://www.businessinsider.in/stock-market/news/how-you-can-check-the-allotment-status-of-ags-transact-technologies-ipo/articleshow/89125068.cms">AGS Transact Technologies IPO: Here’s how you can check the allotment status</a> <a href="https://www.businessinsider.in/stock-market/news/adani-wilmars-issue-opens-today-check-out-the-important-dates-and-details-of-the-ipo/articleshow/89125018.cms">FMCG company Adani Wilmar’s issue opens today — Check out the important dates and details of the IPO</a>

Ola Electric is now looking to invest $100 million in setting up an R&D centre in UK that will hire 200 engineers

The new mask-wearing police went into effect from August 3 will remain in place until further notice. "Given the rising numbers of <keyword id="8764262" type="UNKNOWN" weightage="20" keywordseo="covid">Covid</keyword> cases, the newest data on Covid variants, and an increasing number of local requirements, we are reinstating our mask requirement in all of <keyword id="6354576" type="UNKNOWN" weightage="20" keywordseo="facebook">Facebook</keyword>'s US offices, regardless of an employee's vaccination status," a Facebook spokesperson told The <keyword id="6765301" type="UNKNOWN" weightage="20" keywordseo="Verge">Verge</keyword>. Facebook said last week that it would require its US employees to be vaccinated against Covid-19 when they return to the office. "As our offices reopen, we will be requiring anyone coming to work at any of our US campuses to be vaccinated," Facebook's vice president of people Lori Goler had said. The Covid-19 cases have increased in the US, even as vaccination rates grow amid concern over the highly contagious Delta variant. The US <keyword id="116293" type="ORGANIZATION" weightage="20" keywordseo="Centers-for-Disease-Control-and-Prevention">Centers for Disease Control and Prevention</keyword> (CDC) said that there were about 72,000 new cases per day. Barely three months after suggesting that vaccinated people no longer needed to wear masks, indoors or out, the US CDC has now recommended people to resume wearing masks amid the surging delta variant. Other tech companies also took cognizance of the new CDC guidelines. <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> and Alphabet CEO Sundar Pichai said the company will require employees to be vaccinated before returning to the office in the later part of the year. Apple now requires customers and staff at most of its more than 270 US retail stores to wear masks even if they are vaccinated. SEE ALSO <a href="https://www.businessinsider.in/tech/news/google-is-now-using-chrome-as-another-security-layer-for-account-sign-ins/articleshow/84975356.cms">Google is now using Chrome as an added security layer for account sign-ins</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-glenmark-life-sciences-ipo/articleshow/84978486.cms">Glenmark Life Sciences IPO: How to check allotment status, listing date and more</a>

Facebook employees asked to wear masks at offices due to rising COVID-19 cases

Welcome back to <keyword id="11921772" type="UNKNOWN" weightage="60" keywordseo="insider-weekly" source="Orion">Insider Weekly</keyword>! I'm Matt Turner, co-EIC of business at Insider.Remember Goop?It wasn't so long ago that Gwyneth Paltrow's health and wellness brand was glowing. Even some questionable products (remember "<a href="https://www.insider.com/gwyneth-paltrow-defends-selling-vaginal-eggs-says-not-dangerous-2021-2">Yoni eggs"?</a>) couldn't hold it back. It had star power and more than $100 million in funding behind it. But as Madeline Berg and JP Mangalindan <a href="https://www.businessinsider.com/gwyneth-paltrow-goop-executive-exodus-salary-burnout-complaints-2021-9">report this week</a>, the pandemic has taken some of the shine off of Paltrow's brand. Their sources describe an <a href="https://www.businessinsider.com/gwyneth-paltrow-goop-executive-exodus-salary-burnout-complaints-2021-9">exec exodus, complaints of low salaries, and burnout</a>. Read on to get the inside track on Madeline and JP's reporting.Also in this week's <keyword id="11894123" type="UNKNOWN" weightage="60" keywordseo="newsletter" source="Orion">newsletter</keyword>:<ul><li>$9 billion cybersecurity firm Tanium is facing an <a href="https://www.businessinsider.com/tanium-cybersecurity-firm-exodus-ipo-uncertainty-2021-9">exodus over uncertainty about its IPO plans and business model</a>.</li><li>Ozy <keyword id="11894119" type="UNKNOWN" weightage="100" keywordseo="media" source="Orion">Media</keyword> is shutting down after a New York Times report. Current and former Ozy staffers <a href="https://www.businessinsider.com/ozy-media-staffers-describe-hard-driving-culture-metrics-concerns-2021-9">described internal doubts and a breakneck culture.</a></li><li>Meet the rising stars of Wall Street who are <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2021">shaking up investing, trading, and dealmaking at firms like Blackstone, Tiger Global, and Goldman Sachs</a>.</li></ul>Have you tried the Insider Crossword yet? Each morning through October 8, we're publishing new puzzles with clues on politics, tech, pop culture, and more. <a href="https://www.insider.com/play-the-insider-crossword-puzzle-2021-9">You can find all of our crossword puzzles here.</a>As always, let me know what you think of our stories at <a href="mailto:mturner@insider.com">mturner@insider.com</a>. Let's get started.<a href="https://www.businessinsider.com/subscription">Subscribe to Insider</a> for access to all our investigations and features. New to the newsletter? <a href="https://www.businessinsider.com/subscription/newsletter/insider-weekly">Sign up here.</a> Download our app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android.</a><h3><a href="https://www.businessinsider.com/gwyneth-paltrow-goop-executive-exodus-salary-burnout-complaints-2021-9">The inside story of Goop</a></h3><a href="https://www.businessinsider.com/gwyneth-paltrow-goop-executive-exodus-salary-burnout-complaints-2021-9"></a>After their exposé on the <a href="https://www.businessinsider.com/gwyneth-paltrow-goop-executive-exodus-salary-burnout-complaints-2021-9">Goop exec exodus</a> was published, Madeline and JP stopped by one of our weekly newsroom meetings to share the inside track on their reporting. Here's what they said:How did the story come about?Madeline: I was tipped off that investors weren't happy with how the company was doing during the pandemic. That's when we started poking around on LinkedIn and realized that many executives had departed the company during the last year. As we spoke to our sources, we realized there was a bigger story here about the company culture.How did you get people to talk to you?JP: We wanted to tell this story in a fair and balanced way, and we made sure to tell everyone we spoke to that we didn't have an agenda, that we'd protect our sources, and that we just wanted to hear about their experiences.How did you get such strong examples? Madeline: If someone made a claim, we'd ask for examples, and for specifics. For example, we'd heard claims of low pay, but we needed to corroborate that. We were then able to report that Goop management acknowledged the low pay during an all-hands meeting. <a href="https://www.businessinsider.com/gwyneth-paltrow-goop-executive-exodus-salary-burnout-complaints-2021-9">Read the full scoop on Goop's exec exodus, salary complaints and more</a>.<h3><a href="https://www.businessinsider.com/tanium-cybersecurity-firm-exodus-ipo-uncertainty-2021-9">Uncertainty is pushing out execs at Tanium </a></h3><a href="https://www.businessinsider.com/tanium-cybersecurity-firm-exodus-ipo-uncertainty-2021-9"><div type="image" title="Orion Hindawi, Co-founder, President, and CTO of Tanium with a person walking out the door behind him to the left and the Tanium logo on the right on an orange background." height="1800" width="2400" msid="86729029" hostid="261"></div></a>Staffers are leaving the <a href="https://www.businessinsider.com/tanium-cybersecurity-firm-exodus-ipo-uncertainty-2021-9">$9 billion cybersecurity firm</a> in droves. Former employees say no one was sure if the company would ever have an IPO, and that the company lost major contracts in its military business. When Tanium hired a new chief financial officer in April, the new exec was meant to lead the company to its IPO. But there have been no concrete updates on the status of the public offering. <a href="https://www.businessinsider.com/tanium-cybersecurity-firm-exodus-ipo-uncertainty-2021-9">Take a look at what's behind Tanium's IPO delay</a>.<h3><a href="https://www.businessinsider.com/ozy-media-staffers-describe-hard-driving-culture-metrics-concerns-2021-9">Ozy Media employees spoke out after NYT report</a></h3><a href="https://www.businessinsider.com/ozy-media-staffers-describe-hard-driving-culture-metrics-concerns-2021-9"><div type="image" title="Ozy Media cofounder Carlos Watson" height="683" width="910" msid="86729032" hostid="261"></div></a>Ozy Media <a href="https://www.businessinsider.com/ozy-media-staffers-describe-hard-driving-culture-metrics-concerns-2021-9">is shutting down, just days after</a> a bombshell New York Times report. Before the Friday announcement, Ozy employees told Insider there had been internal questions about the company's stated audience and a workplace culture of burnout. One former staffer told us, "I felt like I was killing myself for very little recognition. I have never once told someone that I worked at Ozy and they've known what it is. Not once. That was concerning to me."<a href="https://www.businessinsider.com/ozy-media-staffers-describe-hard-driving-culture-metrics-concerns-2021-9">Here's what Ozy staffers were saying.</a><h3><a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2021">Meet the up-and-comers on Wall Street <div type="image" title="From left: Julia Jaskolska of CalPERS, Christopher Oglesby of Bank of America, Connie Lee of Tiger Global Management, and Lalit Gurnani of Goldman Sachs with yellow up arrows patterned out behind them on a green to yellow gradient background" height="1800" width="2400" msid="86729033" hostid="261"></div></a></h3>Wall Street's next crop of young leaders are doing it all - including shaking up investing at the largest US pension system and deploying make-or-break capital to municipal governments. The young movers and shakers hail from top tier firms like Goldman Sachs, BlackRock, and Tiger Global. Each of them shared stories about their<a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2021"> successes, challenges, and career advice. </a><a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2021">Here's Insider's list of 25 rising stars on Wall Street. </a><h3>More of this week's top reads:</h3><ul><li>Some insiders at Doctors Without Borders say it's a racist workplace where nonwhite workers get <a href="https://www.businessinsider.com/doctors-without-borders-faces-with-allegations-of-racism-and-segregation-2021-9">inferior medical care and worse pay.</a></li><li>Meet 30 solo capitalists writing a lot of checks to startups <a href="https://www.businessinsider.com/solo-capitalists-startup-investors-shaking-up-venture-capital-2021-9">who every founder should scramble to pitch</a>.</li><li>The new co-president of CBS News is looking to shake up its talent lineup. He's telling people <a href="https://www.businessinsider.com/cbs-news-mulling-anchor-shakeup-gayle-king-norah-odonnell-2021-9">big changes are coming.</a></li><li>A millennial investor who built a 25-unit real-estate portfolio in one year breaks down how she financed it - <a href="https://www.businessinsider.com/25-year-old-virtual-assistant-makes-91000-heres-how-2021-9">and how she uses social media to source deals</a>.</li><li>David Adelman quietly built a $1.6 billion fortune on campus housing and private equity. Now he's <a href="https://www.businessinsider.com/david-adelman-billionaire-private-equity-real-estate-campus-apartments-2021-9">making aggressive VC-style bets on private jets, vodka, and more</a>.</li><li>How TikTok employees are <a href="https://www.businessinsider.com/tiktok-employees-bytedance-bytestyles-used-to-reward-and-reprimand-2021-9">rewarded and reprimanded based on parent company ByteDance's 6 culture principles</a>.</li><li>"Why I quit Big Law:" Four lawyers reveal why they left top firms, and <a href="https://www.businessinsider.com/former-big-law-associates-share-why-they-left-their-firms-2021-9">their message to former colleagues</a>.</li><li>LinkedIn is hiring for 1,000 jobs right now. <a href="https://www.businessinsider.com/linkedin-job-search-advice-loni-olazaba-2021-9">Here's how to land one, according to its director of inclusion.</a></li><li>Walmart's health clinics are struggling with basic functions. Employees say it's <a href="https://www.businessinsider.com/walmart-health-struggles-with-insurance-billing-price-transparency-2021-9">struggling to deliver on the push to upend healthcare.</a></li></ul><a href="http://events.insider.com/innovative-marketers-core-values?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2021-10-7_Valuegraphics_PayPals_PayPal">Sponsored event invite:</a> Join bestselling author David Allison and PayPal on Thursday, October 7 at 12 pm ET for a virtual event on how marketers can reach customers based on core values. <a href="http://events.insider.com/innovative-marketers-core-values?utm_source=Newsletter&amp;utm_medium=email&amp;utm_campaign=2021-10-7_Valuegraphics_PayPals_PayPal">Register here.</a>Compiled with help from Phil Rosen.

Gwyneth Paltrow's Goop has been facing a slew of exec departures and employee complaints

Hyderabad, The prestigious Indian School of Business (<keyword id="6357276" type="COMPANY" weightage="20" keywordseo="isb">ISB</keyword>) has been ranked number one management institution in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and 44th globally as per the full-time MBA Ranking 2021 of The <keyword id="6365396" type="ORGANIZATION" weightage="20" keywordseo="economist">Economist</keyword>. The ranking surveyed alumni from <keyword id="705497" type="PERSON" weightage="20" keywordseo="Postgraduate-programme">Postgraduate Programme</keyword> (PGP) class of 2019 and students from the PGP class of 2020. The ISB has participated in 'The Economist' ranking for the first time. 'The Economist' has ranked the programmes on four broad categories: <keyword id="10638086" type="UNKNOWN" weightage="20" keywordseo="new-career-opportunities">new career opportunities</keyword>, personal development and educational experience, salary, and potential to network, with subsets in each category, the ISB said on Friday. Globally, ISB is ranked number two under 'open new career opportunities' parameter which includes diversity of recruiters, placement success, alumnus rating of career service; fifth in Australasia and seventh in 'alumnus rating of alumni effectiveness' parameter under the 'potential to network' category. Expressing happiness over the global ranking, ISB Dean Rajendra Srivastava said The Economist's ranking reiterates that the <keyword id="107736" type="ORGANIZATION" weightage="20" keywordseo="Business-school">business school</keyword> offers the best holistic education to its students and equips them to become future ready. "This global ranking is a clear testimony that ISB is at the forefront in offering the <keyword id="10638085" type="UNKNOWN" weightage="20" keywordseo="finest-management-education">finest management education</keyword> to its students and has the resources and expertise to convert challenges into new growth opportunities," he added. "ISB was one of the early business schools to realign and pivot its approach to the unprecedented Covid-19 crisis, and was fully geared up to meet the challenge. ISB will continue to tread new growth path which in turn, will augur well in redefining management education, both at the national and international levels," he said. ISB is a global business school offering world-class management education to professionals at its campuses at Hyderabad and Mohali. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/youtube-starts-rolling-out-hashtag-landing-pages-heres-how-you-can-use-it/articleshow/80401578.cms">YouTube starts rolling out hashtag landing pages⁠— here’s how you can use it</a> <a href="https://www.businessinsider.in/stock-market/news/heres-how-indians-are-buying-tesla-facebook-and-apple-shares-through-brokerage-startups/articleshow/80403004.cms">Here’s how Indians are buying Tesla, Facebook, and Apple shares through brokerage startups</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-indian-railway-finance-corporation-irfc-ipo/articleshow/80406208.cms">Indian Railway Finance Corporation IPO allotment: Here’s how to check share allotment status</a>

Indian School of Business ranked 1st in India, 44th globally as per MBA Ranking 2021 by The Economist

Almost 14 months after travel in and out of Australia was ground to a halt, the country’s universities have commenced a campaign to push state and federal governments to loosen restrictions. On Friday, the <keyword id="195075" type="COMPANY" weightage="20" keywordseo="University-of-Sydney">University of Sydney</keyword> called time on a national strategy that has sought to keep the virus out entirely and released <a href="https://www.sydney.edu.au/content/dam/corporate/documents/sydney-policy-lab/open-society-common-purpose-final-embargoed.pdf" target="_blank">a report</a> outlining how Australia could reopen this year. “We must accept that global elimination of COVID-19 is unlikely. Australia needs a roadmap to safely reengage with the world with the same success as we closed down,” Mark Rigotti, chair of the taskforce in charge of the report, said. “Australia ‘won the war’ by containing COVID and minimising casualties and economic scarring in 2020, now it needs to ‘win the peace’ by safely re-engaging with the world in 2021.” Produced by the University’s internal Policy lab, the campaign may be seen as a pushback against the Morrison government, coming just days after the Federal Budget established borders would not reopen until at least the middle of 2022. International students meanwhile look to be given priority status. On Thursday, the New South Wales government <a href="https://www.businessinsider.com.au/nsw-universities-international-students-return-2021-5" target="_blank">approved a plan</a> to fly in international students and quarantine them at universities from August, likely to be paid out by the universities themselves. At the same time, Education Minister Alan Tudge says he is <a href="https://www.businessinsider.com.au/international-students-australia-china-universiy-reform-2021-3" target="_blank">“increasingly hopeful”</a> international students will start coming back in volume by the first semester of 2022. USDY’s push comes amid similar calls from Universities Australia CEO Catriona Jackson who this week claimed universities would lose another $2 billion in 2021 unless something changed. “Australia’s university sector cannot sustain these losses without serious damage to national productivity and the country’s knowledge base,” she said. Nor can the Australian economy wait that long, according to Rigotti. “The future prospects of thousands of Australians will be determined by our success: small business owners reliant on international tourism and international labour, mid-career academics, people who have given their lives to creative industries, farmers struggling to deliver the harvest,” he said. “Safe re-engagement requires industry and place specific strategies anchored in public health principles – by guiding by the objective of reopening our society – not reverting into a hermit nation.” <h2 style="font-family: &quot;LabGrotesque Black&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-weight: 400; margin-top: 20px; margin-bottom: 1em; font-size: 30px; color: rgb(51, 51, 51); background-color: rgb(255, 255, 255);">How Australia could open up again</h2>Rigotti and his team claim there are three pillars to making an open Australia work. The first is to protect Australians via a widespread and rapid vaccination program to protect at least 80% of the local populations. This needs to be coupled with a campaign to allay public anxieties around the shots, according to the taskforce, to increase the uptake nationally. The federal government is already struggling to meet its rollout targets. So too must Australia reduce the number of cases entering at the border. USYD says could be achieved with stringent testing of the virus and the implementation of immunity requirements for inbound visitors. Finally, the taskforce wants to see quarantine measures ‘scaled up’ and designed to meet the need of different industries. It argues that universities should be made a priority in this respect because a two-week quarantine would keep a student here for 12 months as opposed to a tourist. <h2 style="font-family: &quot;LabGrotesque Black&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-weight: 400; margin-top: 20px; margin-bottom: 1em; font-size: 30px; color: rgb(51, 51, 51); background-color: rgb(255, 255, 255);">Universities are now pushing governments to act</h2>In a direct appeal to the political sensibilities of the government, USYD included survey results that showed a majority of Australians were supportive of borders reopening. Asked in the lead up to the Budget, just one in five Australians said they would oppose travel between fully vaccinated nations where COVID-19 is under control. One in four would oppose the return of vaccinated international students who were quarantined by universities. It is this latter point which is the most crucial, after the federal government announced it would phase in flights of inbound international students. The University of Sydney is among a small group estimated to receive more than <a href="https://www.businessinsider.com.au/coronavirus-australian-universities-impact-travel-ban-money-2020-2" target="_blank">$500 million a year from Chinese students</a> alone, and billions from international students more broadly. It’s unclear how quickly this will get off the ground however. Victoria’s acting Premier James Merlino confirmed on Friday the state was still waiting for the government to green light a separate plan to fly in 120 “economic arrivals”, including students, each week. Universities would clearly like to see it progress more quickly. The <a href="https://www.businessinsider.com.au/coronavirus-australian-universities-impact-travel-ban-money-2020-2" target="_blank">disappearance of these students</a> from campuses last year forced the university sector into a cost-cutting frenzy, letting go <a href="https://www.businessinsider.com.au/australian-university-job-cuts-losses-tally-2020-9" target="_blank">tens of thousands of staff</a> nationwide in a bid to cover the shortfall. So great is university dependence on foreign students, the Mitchell Institute estimated that universities could lose up to $19 billion between 2020 and 2023 from closed borders, while costing the Australian economy up to $38 billion on top. USYD on Friday claimed its lack of students alone may shave more than 12,000 jobs from the New South Wales economy over the next decade. On Friday, University Chancellor Belinda Hutchinson acknowledged the “significant impact” border closures have had on universities, and welcomed “calls for a staged, safe process of international re-engagement and re-opening of borders, for the benefit of students, our communities and our economy”. Amid fears that dwindling revenues would <a href="https://www.businessinsider.com.au/australia-university-rankings-melbourne-sydney-china-2021-4" target="_blank">hurt Australia’s research output</a>, and thus its global rankings, the government chipped in $1 billion in funding on Tuesday. The deal may have come with conditions, with Jackson saying the sector would work with the government “on long-term plans for research sustainability”. Given other concessions don’t appear to be forthcoming, universities now are taking it upon themselves to campaign for a more relaxed and profitable environment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/go-air-has-filed-for-a-3600-crore-ipo-at-a-very-desperate-time/articleshow/82626097.cms" data-type="tilCustomLink" target="_blank">Go Air has filed for a ₹3,600 crore IPO at a very desperate time</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">Here's why the spike in inflation in the US may worry markets in India ⁠— but experts say don’t panic yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-responds-to-privacy-criticism-by-alleging-other-apps-like-zomato-ola-aarogya-setu-zoom-google-and-other-apps/articleshow/82570897.cms">WhatsApp responds to privacy criticism by alleging that other apps and tech companies also show disdain for user privacy</a>

Australian universities are pushing the government to reopen borders this year and bring back international students

The founders of Warby Parker reveal how they run a billion-dollar glasses brand with two CEOs, and why Amazon won't crush them

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>A recent <a href="https://medium.com/@furrier/original-content-the-story-of-aws-and-andy-jassys-trillion-dollar-baby-4e8a35fd7ed">interview</a> with Amazon Web Services' chieftain Andy Jassy repeatedly touts the "trillion dollar opportunity" associated with the inexorable transition of enterprise IT to the cloud. Perhaps because his interlocutor was so busy inserting himself into the interview, Jassy isn't actually quoted uttering the T-word (although he does manage to land "TAM"). But he certainly isn't refuting the notion there are thirteen orders of magnitude associated with the Enterprise Cloud Jackpot (and I use Jackpot in a thoroughly <a href="http://www.amazon.com/gp/product/B00INIXKV2/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=B00INIXKV2&amp;linkCode=as2&amp;tag=platformonomi-20&amp;linkId=OCYC4L3RL5GOIRL7">non-Gibsonian</a> way, though legacy vendors may see it apocalyptically). As the cloud computing leader today, AWS is in the pole position for this tectonic shift. The question is whether being part of Amazon going forward is on balance more help or hindrance to AWS winning their fair share of the Jackpot.Amazon obviously was able to conceive, nurture and build a heretical idea into AWS today. It is inconceivable any traditional IT vendor could have done this and hard to imagine other candidates with comparable wherewithal and "willingness to be misunderstood". But we're past the point of being misunderstood. Pretty much everyone now accepts that vast chunks of IT are shifting to the cloud (with the notable exception, admittedly, of legions of enterprise IT people clinging to their servers in a desperate bid to preserve the status quo). Even the <a href="http://www.platformonomics.com/2013/03/ibm-how-much-longer-do-the-good-times-last/">biggest technology dinosaurs</a> now recognize that the incoming cloud meteor is a potential extinction event.AWS continues to innovate and execute well. Their near and medium-term success is not in doubt. But being part of Amazon raises questions about their ability to fully capture the big prize. Can they achieve generational dominance a la IBM or Microsoft in their primes? Will they be one major player among several? Or does their early lead whither away? Being part of Amazon brings benefits, but also significant baggage, specifically difficulty concentrating, having sufficient cash to compete and adverse cultural factors.<h2>Concentration</h2>Big as it is in its own right, AWS is a relatively small part of Amazon and gets lumped into their glamorous "Other" segment, which did $5.6B in 2014 (about 6% of Amazon's overall $89B in revenue). Notably, "Other" was the fastest growing segment at 42% vs. 20% for the company overall. The Amazon-branded credit card gets cited as another occupant of "Other", but our grasp of the AWS business remains tenuous.Beyond the trillion dollar Enterprise Cloud Jackpot, Amazon's core e-commerce business still has tremendous upside. E-commerce in the US last year <a href="http://www.geekwire.com/2015/cha-ching-u-s-e-commerce-sales-surpass-300b-for-the-first-time-in-2014/">was over $300 billion and but only 6.5% of overall retail sales</a>. Amazon takes an expansive view of the ecommerce business, investing in drone and local delivery, a broad line of consumer hardware for direct distribution of digital goods, <a href="http://www.geekwire.com/2015/inside-amazons-heavy-duty-fulfillment-center-robots-humans-form-perfect-symbiosis/">a robot army</a> and private label brands for everything from diapers to TV shows.In contrast to Apple who says "no" by default, when confronted by new opportunities Amazon seemingly leaps up on the table and screams "Yes! Yes! Yes!" Their bonfire of initiatives has resulted in some notable and expensive misfires of late, including the <a href="http://www.businessinsider.com/tablet-sales-and-market-share-kindle-struggling-2015-2">disappearing Kindle Fire</a>, the <a href="http://www.fastcompany.com/3039887/under-fire">disastrous Fire Phone</a> and the under-heralded <a href="http://blogs.wsj.com/digits/2015/01/21/amazon-is-pulling-its-private-label-diapers-to-tweak-the-design/">Fire Diaper blowout</a> And the jury is still out on <a href="http://www.cnet.com/products/amazon-fire-tv/">Fire TV</a>, the not-exactly-setting-the-world-on-fire<a href="http://www.cnet.com/products/amazon-echo-review/">Echo Fire</a>, <a href="http://www.amazon.com/The-Man-High-Castle/dp/B00RSGFRY8">The Man on Fire in the High Castle</a>, <a href="http://aws.amazon.com/workmail/">WorkMail Fire</a>, and "hair on fire" <a href="http://techcrunch.com/2015/02/17/amazon-prime-now-one-hour-delivery-goes-live-across-manhattan/">one hour delivery</a> amongst other efforts. And, for completeness, <a href="http://www.businessinsider.com/amazon-data-center-fire-2015-1">this</a> is an AWS Fire.It can be argued the company has poor impulse control, is fighting too many battles on too many fronts and must allocate cash, talent and attention across a very wide range. Amazon's historical "willingness to be misunderstood" and success in defying past criticism (to which I hereby add my name to a long list) don't do anything to suggest new restraint is imminent. This scattershot approach may make sense before product-market fit, but AWS is beyond that point. Many of these other activities are a distraction given AWS is chasing a plausibly trillion dollar market.<h2>Cash</h2>Cloud computing is not for the light of wallet, requiring many billions of dollars to build cavernous data centers scattered around the planet, stuffed with millions of servers. GigaOm<a href="http://gigaom.com/2015/02/04/google-had-its-biggest-quarter-ever-for-data-center-spending-again/">breaks down last year's capex spending</a> by the big players:<div class="KonaFilter image-container"><div class="image"><a href="http://www.platformonomics.com/wp-content/uploads/2015/02/image.png"></a></div></div>Now these numbers aren't pure apples to apples comparisons. Amazon's capex also goes to erect even more <a href="http://www.geekwire.com/2015/inside-amazons-heavy-duty-fulfillment-center-robots-humans-form-perfect-symbiosis/">cavernous e-commerce distribution centers</a> with <a href="http://phx.corporate-ir.net/phoenix.zhtml?c=97664&amp;p=irol-newsArticle&amp;ID=2011894">"more than 15,000 robots in 10 fulfillment centers across the U.S."</a> Google and Microsoft both spend big on search infrastructure, and Google's numbers include YouTube, flotillas of <a href="http://motortrivia.com/2014/innovation-01/104/google-self-driving-cars-2014-02.jpg">automotive</a>, <a href="http://media.nbclosangeles.com/images/652*367/02-03-2014-google-barge.jpg">sea-going</a>, <a href="http://www.dragonblogger.com/wp-content/uploads/2013/06/google-loon.jpg">aerial</a> and<a href="http://www.engadget.com/2014/06/10/google-acquires-skybox-imaging-satellites/">space-faring</a> vehicles, and based on the sheer magnitude, maybe the odd <a href="http://www.fastcompany.com/3029138/world-changing-ideas/google-x-confirms-the-rumors-it-really-did-try-to-design-a-space-elevat">space elevator</a>.For comparison (and in lieu of a much-delayed "So You Want to be a Cloud Wanna-be" post with etiquette and strategy tips for cloud also-rans), here are similar period capex numbers for some of the <a href="http://www.platformonomics.com/2015/01/a-dispatch-from-cloud-city-2014-retrospective/">cloud wanna-bes</a> and their growth (or lack thereof) over the preceding year as they try to play catch-up:<table style="width: 916px; height: 242px;" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top" width="159"> </td><td valign="top" width="243">CAPEX (TTM)</td><td valign="top" width="283">Growth over 2013</td></tr><tr><td valign="top" width="159">HP</td><td valign="top" width="243">$956M</td><td valign="top" width="283">+4%</td></tr><tr><td valign="top" width="159">IBM</td><td valign="top" width="243">$3,779M</td><td valign="top" width="283">0%</td></tr><tr><td valign="top" width="159">Oracle</td><td valign="top" width="243">$727M</td><td valign="top" width="283">26%</td></tr><tr><td valign="top" width="159">Rackspace</td><td valign="top" width="243">$430M</td><td valign="top" width="283">-5%</td></tr><tr><td valign="top" width="159">VMware</td><td valign="top" width="243">$352M</td><td valign="top" width="283">2%</td></tr></tbody></table>(These are the budgets from which <a href="http://www.platformonomics.com/2014/01/small-blue-and-the-bonsai-datacenter/">bonsai datacenters</a> are built).Meanwhile, returning from Lilliput, Amazon has the shortest stack at the grown-up table, with $17.4 billion in liquid assets to Google's $64.4 billion and Microsoft's $90.2 billion. Google in particular intends to push Amazon to the wall financially, though it was Bill Gates who said, "Never get into a price war with someone who has more money than you." Amazon has notably lost its prior enthusiasm for price cuts and obliquely grouses about networking costs where Google and Microsoft have a huge advantage in terms of facilities.It has always been a bit of a mystery how Amazon could serve more cloud computing customers, spend less than Google or Microsoft and support aggressive build-outs of both datacenters and distribution centers. The assumption was search required significantly more infrastructure and/or Amazon was just somehow more efficient. But we've <a href="http://www.fool.com/investing/general/2015/02/04/amazon-just-admitted-that-its-losing-billions.aspx">recently learned</a> that Amazon has used capital leases to keep billions in capital spending off their cash flow statement. So their capital spending is closer to double what has been reported. This means their free cash flow, the metric they have relentlessly told investors is the key lens onto the company, is actually negative and declining in recent years (remember this: we'll revisit it below when we talk about employee recruiting and retention).It is an easy quip as a low margin retailer to say "your margin is my opportunity" but you still have to pay for your datacenters. Every dollar spent on half-baked consumer hardware (or worse,<a href="http://recode.net/2014/12/02/more-amazon-fire-phones-are-coming-jeff-bezos-says/">doubling down</a> on a failed consumer hardware brand) or random TV shows, or giant distribution centers and bright yellow robots to support the core e-commerce business, is a dollar that isn't going to AWS. And Amazon must continue to invest significantly in its core e-commerce business, whether defined narrowly or broadly.<h2>Culture</h2>It is an open secret, at least in Seattle and amongst top tier technology firms, that <a href="http://www.glassdoor.com/Overview/Working-at-Amazon-com-EI_IE6036.11,21.htm">not many people enjoy working at Amazon</a>. Many companies have come north to open offices (e.g. DropBox, Facebook, Palantir, Salesforce, Twitter) and usually say they are there to lure talent from Microsoft. Yet with the notable exception of recent SoCal immigrants Oculus and<a href="http://www.geekwire.com/2015/spacexs-new-seattle-area-office-redmond-elon-musk-visit-region-week/">SpaceX</a> who are on Microsoft's side of the lake, most choose to locate their offices a stone's throw from Amazon's campus.Amazon relies heavily on its stock for both recruiting and retention. They pay below market salaries, offer signing bonuses that pay out over the first two years and after that rely on stock to both carry the compensation load and overcome the drawbacks of the work environment. Independent of stock performance, you see a lot of Amazon resumes on the street as soon as the signing bonuses are paid out.Amazon's stock price obviously reflects perceptions of the company broadly. It has been run as a profitless machine yet been richly valued for most of its history. Skepticism has emerged over the last year or two about whether the company will ever get out of "investment mode" and focus on financial returns. Amazon <a href="http://www.businessinsider.com/r-aws-move-disclosure-suggest-amazon-yielding-more-to-wall-street-2015-1">turned in a strong Q4</a> including an unexpected profit (they have conditioned Wall Street well…) which popped the stock by over 25%, but it still trades below its all-time high even as the rest of the market hits record highs.Amazon has guided investors to <a href="https://hbr.org/2014/10/at-amazon-its-all-about-cash-flow/">focus on its free cash flow as opposed to profits</a>. Yet they felt the need to more explicitly call out the significant use of capital leases in their most recent earning call, which had heretofore been buried and largely ignored amongst the footnotes. The free cash flow picture looks very different, in both magnitude and trend, when these leases are considered:<div class="KonaFilter image-container"><div class="image"><a href="http://www.fool.com/investing/general/2014/12/22/amazoncom-inc-is-losing-more-money-than-you-think.aspx"></a></div></div>And note this debt is being incurred today at unprecedentedly low interest rates, a phenomenon that is unlikely to continue much longer.AWS is growing fast and needs to continue to hire rapidly as it chases the Jackpot. Dependence on Amazon's stock, and the company's ability to sell Wall Street on anything-but-profit metrics, adds risk to their ability to recruit and retain. AWS also needs to build a culture that can meet enterprise customer expectations and that culture surely looks different than today's Amazon.For example, Amazon's secrecy fetish and chronic inability to put numbers on the y-axis of charts is inconsistent with need to provide long-term roadmaps for customers contemplating taking enormous dependencies on AWS. The secretive culture alienates a whole range of useful hires for AWS. Further, Amazon the retailer gets <a href="http://www.platformonomics.com/2011/08/amazon-retailer-or-platform-company/">confused</a> about what it means to be a platform company. AWS has generally done a decent job walking this fine line (and platforms and their ecosystems are never static, which is a topic for another day) but a deft touch in nurturing the ecosystem is critical to AWS's future success.<h2>Set the Cloud Free</h2>On balance, I think AWS would be better positioned to realize the opportunities in front of it as an independent company, away from the vanities and vicissitudes of Amazon.A full spinout of AWS from Amazon or even a partial IPO a la VMware would establish a focused entity that can single-mindedly pursue the Jackpot, with its own culture and compensation model. Amazon can stake the new company and the transparency associated with being a pure play chasing a $1 trillion TAM should give it the opportunity to raise all the money it needs to compete, especially while growth is still in the mid double digits. More distance from Amazon would also help AWS land more customers. Many large retailers <a href="https://gigaom.com/2015/03/01/for-retailers-the-buy-or-build-cloud-decision-looms-large/">consider AWS verboten</a> and as Amazon's sprawl continues, that competitive dynamic could impact AWS's ability to sell to media, consumer products and other industries.A spinout of AWS may already be in progress. Amazon<a href="http://gigaom.com/2015/01/29/surprise-amazon-cloud-shows-growth-in-q4/">announced it will start disclosing AWS numbers</a> this year, which could be a first step. These numbers will be scrutinized every which way and will be fascinating to see. We could learn that it is AWS's capex specifically that is being capitalized and thus intended to be portable. Rumors also suggest AWS gets far less attention from the chief product designer and octopus taster at Amazon.Will AWS still be part of Amazon in two years?This article originally appeared on <a href="http://www.platformonomics.com/" target="_blank">Platformonomics</a>. Copyright 2015. Charles Fitzgerald is a Seattle area angel investor and cloud watcher. Read more posts from Charles at <a href="http://www.platformonomics.com/" target="_blank">Platformonomics</a>. Follow Charles on <a href="http://www.twitter.com/charlesfitz" target="_blank">Twitter</a>.Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/inventor-auto-tune-music-kanye-west-t-pain-andy-hildebrand-2015-2">Here's the unlikely story of how auto-tune was created</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hvOGE1czq9Y2lLOX0M4NZLaRu-dBP8ZI" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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