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Chennai, With the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword>'s (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) Monetary Policy Committee (MPC) deciding to retain the repo rate at 6.5 per cent, economists are of the view that a rate cut may not happen any time soon or at least for next six months, said senior economists. In a 5:1 decision, the MPC which met on February 6-8, decided to hold the repo rate -- the rate at which the RBI lends to banks -- at 6.5 per cent. The RBI MPC also decided not to change its stance to 'neutral' from 'withdrawal of accommodation'. "It was no surprise that RBI MPC decided to keep the status quo on the interest rates for the sixth consecutive time. However, RBI continued to sound hawkish as against the market expectations and has not provided any indication of the timing of the change in monetary stance from withdrawal of accommodation," said <keyword id="20504468" type="General" weightage="20" keywordseo="suman-chowdhury" source="keywords">Suman Chowdhury</keyword>, Chief Economist and Head - Research, Acuite Ratings &amp; Research. "Given the tone of the MPC statement and the expectation of growth buoyancy, we believe that the likelihood of any rate cut by RBI has significantly reduced over the next six months," Chowdhury added. The RBI MPC will not cut the repo rate ahead of the US Federal Reserve, said Madhavi Arora, Lead Economist, Emkay Global Financial Services. "We understand that shifting debates on global narratives requires the RBI to be flexible as well. We have long maintained that the RBI's policy has been somewhat pegged to the Fed, specifically in the last two years, even as it formally targeted inflation. The swift turn of tone and action pivots of the RBI in the last two years have been influenced purely by global narrative. We do not see RBI preceding the Fed in rate cuts," Arora said. Predicting that RBI will remain cautious owing to high food inflation, CARE Ratings's Chief Economist Rajani Sinha said: "Healthy economic growth gives room to the Central Bank to maintain status quo for some more time." "However, in the second half of the year, as domestic inflationary concerns recede and the US Fed starts cutting rates, we can expect a shallow rate cut by RBI. On the liquidity front, RBI will continue to intervene through appropriate tools as required," Sinha said. <keyword id="20504469" type="General" weightage="20" keywordseo="sujan-hajra" source="keywords">Sujan Hajra</keyword>, Chief Economist &amp; Executive Director, Anand Rathi Shares and Stock Brokers, was also of view that rate cut may not happen any soon and RBI will be on wait and watch mode. "With RBI's inflation projection of 4.5% for FY25, any expectations of cuts coming in the current year become unlikely. We think the progress in food prices will be the key monitorable for RBI's tone in the upcoming policy. Like other central banks, higher growth for the current and next year gives RBI more headroom to be on a wait-and-watch mode," Hajra said. As to the 7% economic growth rate for FY25 stated by RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword>, Chowdhury said: "They have significantly upgraded their growth prospects for the next fiscal to 7.0%, reflecting that there are minimal concerns on economic growth at this time." "RBI's assessment on global growth also appears to be positive versus last year and it also believes that central banks are unlikely to resort to a pivot within a short period. Our outlook on the domestic growth prospects are moderate with a base forecast of 6.3% for FY25, given the visible weakness in the private consumption growth which is estimated at 4.4% in FY24 in the NSO estimates," Chowdhury said. "On the inflation front, the base forecast for headline CPI in FY25 is set at 4.5% which in our opinion has significant upside risks if the growth really maintains such a high level of momentum and if there are even moderate risks in the monsoon behavior," Chowdhury added.

RBI may not cut repo rate any soon or for six months: Economists

Hyderabad (Telangana) [India], December 3 (ANI): The Congress 'hand' has stopped Bharat Rashtra Samiti (BRS) 'car' in Telangana as the grand old party has comfortably reached the majority mark as per the latest trends of the Election Commission of India. The Congress is leading on 61 seats while the BRS on 36 and the BJP leading on 10, as per ECI. Telangana Congress President, Anumula <keyword id="933541" type="General" weightage="20" keywordseo="revanth-reddy" source="Orion">Revanth Reddy</keyword> is leading from the Kamareddy seat leaving CM KCR trailing behind. Revanth Reddy is MP in the Lok Sabha from INC representing Malkajgiri Constituency. Earlier, He was a two-time MLA in the Andhra Pradesh Assembly from TDP in 2009 and 2014 and in the Telangana Assembly between 2014 and 2018 representing Kodangal Constituency. He left TDP and joined Congress in 2017. In June 2021, he was appointed as president of the Telangana Pradesh Congress Committee replacing N. Uttam Kumar Reddy. Both Congress candidate Konda Surekha and Naini Rajender Reddy are leading from Warangal East and West seats. Telangana CM KCR is leading from the Gajwel seat. Since the formation of the State in the year 2014, BRS has been holding power with KCR as its chief minister. Kalvakuntla Taraka Rama Rao (KTR) is leading from Sircilla, which is considered one of the most important seats. KTR fought from the same seat in the 2018 elections and won. Payal Shanker from BJP is leading on the Adilabad seat while Dhanpal Suryanarayana leading from Nizamabad (Urban). Jaffar Hussain from AIMIM is leading on the Yakutpura seat. Celebrations were seen outside the Congress office in Hyderabad over the party crossing the halfway mark comfortably. The party cadre chanted "Bye bye KCR". The Telangana election results will be important for the Congress as it heads into the 2024 Lok Sabha elections. A win in Karnataka and Telangana would further concrete its presence in the South. The Congress party, which is now in reckoning, was completely written off just six months ago. Several factors could have contributed to the Congress's upturn: Perceived anti-incumbency at the constituency level against BRS MLAs; energy infused by the Karnataka victory in the party leaders and cadres; the BJP's decline following the removal of Bandi Sanjay as the Telangana unit chief; and the perception that the BRS and AIMIM are in cahoots with the BJP. Congress leader <keyword id="41270" type="General" weightage="50" keywordseo="renuka-chowdhury" source="Orion">Renuka Chowdhury</keyword> said that Bharat Rashtra Samiti (BRS) leaders are in touch with the grand old party. On being asked if BRS leaders are in touch with the Congress party, Renuka Chowdhury told "Of course! Today's politics is like that. They are in touch with us. Sometimes they take away ours (MLAs), and sometimes theirs come here." Karnataka Deputy Chief Minister DK Shivakumar who is in Telangana as an AICC observer on Sunday spoke about the possibility of MLA poaching and said that not even a single MLA or candidate will break. TPCC Vice President Kiran Kumar Chamala also spoke on the MLA poaching issue in Telangana and said that the party's MLAs will not be provoked. "It's not the trend what we see this morning, these are the waves and positive vibrations in Telangana. The 6 guarantees that <keyword id="689" type="General" weightage="50" keywordseo="sonia-gandhi" source="Orion">Sonia Gandhi</keyword> has promised to the people of Telangana have turned the tide towards us. Poaching is one of the main agenda of KCR. We have taken some measurements. But after seeing the trends, we don't think it is needed. At least we'll have 80-plus seats. Our President Revanth Reddy is also leading. Everything is under control and our MLAs will not be provoked," the TPCC Vice President said. The fate of 2,290 candidates from 109 parties including the national and regional parties will be revealed as the counting proceeds. The contestants include 221 women and one transgender. A total of 103 legislators are re-contesting this time, most of them from the ruling BRS. A clear picture of the result is likely to emerge by noon. Telangana went to vote on November 30. In 2018, BRS (then Telangana Rashtra Samithi) won 88 of the 119 seats and had a 47.4 per cent vote share. The Congress came a distant second with 19 seats. (ANI)

Congress 'hand' stops BRS 'car' in Telangana, Revanth Reddy leads in Kamareddy seat as KCR trails

<ul><li>The fall in retail inflation has been due to the quick drop in vegetable prices .</li><li>Cereals and milk inflation, the top two contributors to food inflation, are still elevated and on an upward trend.</li><li>The Central Banks' decision to go for another rate hike in the February meeting will be a close call.</li></ul> With core inflation continuing to be high, credit rating agencies like Acuite Ratings &amp; Research and <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE Ratings</keyword> do not expect any significant downtrend in the retail inflation for the next few months. "It is a pleasant surprise to see the headline CPI inflation print at 5.88 per cent in Nov-22 from 6.77 per cent in Oct-22 since most market participants estimated it to be above 6.0 per cent. This is an eleven-month low figure and is clearly driven by the faster-than-expected decline in food inflation which stood at 5.1 per cent in the previous month," Suman <keyword id="41544" type="General" weightage="80" keywordseo="chowdhury" source="Orion">Chowdhury</keyword>, Chief Analytical Officer said. According to Chowdhury, the fall in retail inflation has been due to the quick drop in vegetable prices which is a seasonal phenomenon apart from the continuing softness in edible oil prices. "Nevertheless, the core inflation figure remains high for <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>'s comfort and has in fact moved up further to 6.29 per cent in Nov-22 from 6.23 per cent in Oct-22; on an MoM basis, the core inflation went up by 0.43 per cent, highlighting the embedded nature of the current inflationary environment," Chowdhury said. The moderately healthy, if not strong, momentum in domestic demand is leading to the holding up of the core inflation. Also, the base factor was relatively an advantage for the Nov-22 print which may not be the case for Dec-22. Therefore, we don't expect any significant trend downward for the CPI inflation for the next few months, Chowdhury said. "Given the core inflation trajectory, we continue to forecast an average figure of 6.7 per cent for CPI inflation in FY23. We also continue to expect another round of modest hike in Feb-23 which will take the terminal rate to 6.5 per cent or higher," Chowdhury said. According to CARE Ratings, though the inflationary pressures are on a declining trend, the war against inflation is still not over. The moderation in food inflation is comforting, but it is mostly led by vegetables which are susceptible to weather fluctuations. Cereals and milk inflation, the top two contributors to food inflation, are still elevated and on an upward trend, CARE Ratings said. In this context, better <keyword id="6384972" type="General" weightage="50" keywordseo="rabi" source="Orion">Rabi</keyword> acreage in the current season is a comforting factor. The strengthening of services inflation has led to sticky core price pressures despite easing of goods inflation. Taking cue from the recent data, the RBI will remain cautious to prevent inflationary expectations from spiralling upwards. However, with disappointing data from the <keyword id="6362048" type="General" weightage="50" keywordseo="manufacturing" source="Orion">Manufacturing</keyword> sector, the Central Banks' decision to go for another rate hike in the February meeting will be a close call. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-declines-20-paise-to-82-71-against-us-dollar-in-early-trade/articleshow/96188516.cms">Rupee declines 20 paise to 82.71 against US dollar in early trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/online-education-company-and-unicorn-pluralsight-lays-off-400-employees/articleshow/96187396.cms">Online education company and unicorn Pluralsight lays off 400 employees</a>

November retail inflation may be down, but the war against inflation is on say experts

<ul><li><keyword id="184851" type="ORGANIZATION" weightage="20" keywordseo="glance">Glance</keyword>'s latest campaign is aimed at communicating the possibilities of content delivered on locked screen.</li><li>The campaign features several well-known names from the world of entertainment and sports including <keyword id="1946388" type="PERSON" weightage="20" keywordseo="Rajkummar-Rao">Rajkummar Rao</keyword>, <keyword id="6354903" type="PERSON" weightage="20" keywordseo="Hardik-Pandya">Hardik Pandya</keyword>, <keyword id="486750" type="PERSON" weightage="20" keywordseo="Ali-Fazal">Ali Fazal</keyword>, <keyword id="13161" type="PERSON" weightage="20" keywordseo="Trisha">Trisha</keyword> and <keyword id="84792" type="PERSON" weightage="20" keywordseo="Rana-Daggubati">Rana Daggubati</keyword>, among others.</li><li>The campaign has been crafted by DDB Mudra.</li></ul>Glance, a screen zero platform which provides digital content on the lock screens of smartphones, has launched its multi-media advertising campaign 'Ye Glance Hai'. Crafted by DDB Mudra to communicate the exciting possibilities of content delivered on locked screen, the campaign is brought alive with vibrance, which is intrinsic to the brand, by several well-known names in the world of entertainment and sports. The light-hearted campaign co-relates ‘Glance’ with familiar words and their quirky representations, in a way that India can relate. The tagline “Bar Bar Dekho” is to signify how as users we keep discovering more and more on our phones which get further amplified by the lock screen of smartphones, as in this case. The faces of the campaign have been carefully chosen from different segments such as fitness, sports and entertainment. They include Telegu superstar Rana Daggubati; one of the biggest hitters of IPL Hardik Pandya; versatile Bollywood actor Rajkummar Rao; popular television actress Hina Khan; globally acclaimed Indian comedian Vir Das; Tamil model and actress Trisha, and Ali Fazal, popular actor and model from Lucknow. Their characters mostly depict their real and reel-life personalities, making it even more exciting for consumers watching. The ad campaign has been launched across channels which includes television, digital platforms and various OTT platforms to capture the minds of the new age audience. “We wanted to keep it pithy. We wanted to entertain. And most importantly, we wanted to leave the name ‘Glance’ in the mind of consumers. We realised that a product as rich and varied as this (Glance) needed to be experienced. So, we decided to a simple, running gag that entertains every time and just leaves enough intrigue on the table for you to check out the product,” said <keyword id="1449228" type="PERSON" weightage="20" keywordseo="Vishnu-Srivatsav">Vishnu Srivatsav</keyword>, Creative Director - DDB Mudra Group. <keyword id="247934" type="COMPANY" weightage="20" keywordseo="Bikash-Chowdhury">Bikash Chowdhury</keyword>, Chief of Marketing, Glance said, “Just within two years of its launch, Glance has already positioned itself as the leading platform for content delivery with millions of happy users who are following favourite content almost every seconds and minutes. We wanted to further amplify this, by telling them how Glance can take them to their exciting worlds of content preferences through simple and crisp stories told by their favourable stars, truly living up to “Ye Glance Hai.” Glance delivers AI-driven personalized content in multiple languages including English, Hindi, Tamil, Telugu and Bahasa on the lock screen of Android smartphones. With more than 115 million daily active users that spend 25 minutes per day, Glance is one of the largest digital consumer platforms in the world. As a subsidiary of <keyword id="164941" type="COMPANY" weightage="20" keywordseo="inMobi">InMobi</keyword> Group and owner of the fast-growing video-sharing social media platform Roposo, Glance also has access to 33 million monthly active users who spend 20 minutes daily consuming content across multiple genres in more than 10 languages. The Roposo app has been downloaded more than 100 million times on the Google Play Store. Glance delivers trending content across entertainment, sports, fashion, news, and other content categories in a rich, visual format that is easy to consume with just a tap on the lock screen. It leverages its strategic partnership with world’s leading Android smartphone brands to deliver this native user experience to consumers. Watch the films here <keyword id="83395" type="PERSON" weightage="20" keywordseo="Hina-Khan">Hina Khan</keyword> <div type="Youtube" id="YKB7uNzI5K0" title="Glance - Baar Baar Dekho" thumbUrl="https://i.ytimg.com/vi/YKB7uNzI5K0/mqdefault.jpg"></div> Hardik Pandya <div type="Youtube" id="pnSUnvZW2dQ" title="Glance - Baar Baar Dekho" thumbUrl="https://i.ytimg.com/vi/pnSUnvZW2dQ/mqdefault.jpg"></div> Rajkummar Rao <div type="Youtube" id="SnDMxTrRRV4" title="Glance - Baar Baar Dekho" thumbUrl="https://i.ytimg.com/vi/SnDMxTrRRV4/mqdefault.jpg"></div> Rana Daggubati <div type="Youtube" id="zcMb0Luvizg" title="Glance - చూడండి, చూస్తూనే ఉండండి." thumbUrl="https://i.ytimg.com/vi/zcMb0Luvizg/mqdefault.jpg"></div> Trisha <div type="Youtube" id="waW2AHZPklE" title="Glance - கொஞ்சம் இங்க பாருங்க" thumbUrl="https://i.ytimg.com/vi/waW2AHZPklE/mqdefault.jpg"></div> Vir Das <div type="Youtube" id="q0pJRRdentk" title="Glance - Baar Baar Dekho" thumbUrl="https://i.ytimg.com/vi/q0pJRRdentk/mqdefault.jpg"></div> Ali Fazal <div type="Youtube" id="kN1XNYmf2DI" title="Glance - Baar Baar Dekho" thumbUrl="https://i.ytimg.com/vi/kN1XNYmf2DI/mqdefault.jpg"></div>

Rajkummar Rao, Hardik Pandya and Rana Daggubati feature in Glance's multi-media campaign

<ul><li>All 7 who were found guilty in the murder and rape of an eight year old girl in Katha have been convicted. The court has acquited one of the accused in the case. </li><li>The court will announce the quantam of sentence in the case against the six convicted at 2 pm today. </li></ul> The J&amp;K Court has convicted the main accused, Sanji Ram, for the murder and rape of 8-year old girl last year in Kathua district in <keyword id="17605" type="PERSON" weightage="20" keywordseo="Jammu-and-kashmir">Jammu and Kashmir</keyword>. The court will announce the quantam of sentence in the case against the six convicted at 2 pm today. The rest six accused in the Kathua rape case are convicted under three sections including <keyword id="7741461" type="UNKNOWN" weightage="20" keywordseo="Ranbir-Penal-Codes-Sections-201">Ranbir Penal Codes' Sections 201</keyword> (pertaining to the disappearance of evidence) and 120-B (pertaining to criminal conspiracy). One of the eight accused has been acquitted by the court. The horrific rape and murder case that shook India In January 2018, the brutal rape and murder of an eight-year-old girl in Kathua district of Jammu and Kashmir sent shivers across the nation, raising questions on the safety of women in India. According to the J&amp;K police, the girl was forced to take sleeping pills, dragged and locked inside a nearby temple. She was repeatedly raped for the next three days, said the Jammu and Kashmir police. The girl was strangled to death as one of the accused tried to rape her yet again. Her bloodied corpse was found in the forest. The Jammu and Kashmir police arrested eight men in connection with the crime. Reports of two police officers accepting bribes for covering up the crime also surfaced. One of the arrested suspects is juvenile. India toughned its juvenile law for serious crime including rape after the horrific December 2016 Delhi gangrape. The bill allows juveniles between 16 and 18 years of age to be treated as adults for serious crimes like rape or murder. The police officials said that they have DNA tests and physical evidence of the defendants connected with Asifa’s case. The officials also said that they interviewed over 130 witnesses who “unequivocally corroborated the facts that emerged’’.

Kathua rape case: The J&K Court convicted six of seven who were held guilty for 8-year-old's rape-murder last year

MUMBAI: A proposal in the Rajya Sabha to put a cap on doctors' fee has created uproar in the medical fraternity. The <keyword id="6365835" type="ORGANIZATION" weightage="20" keywordseo="Indian-Medical-Association">Indian Medical Association</keyword> (IMA) has already decided to go to the court, even as patient bodies and activists hail the move. 
 The proposal titled 'Regularization of Doctors' Fees' was put forward by <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> leader <keyword id="41270" type="PERSON" weightage="20" keywordseo="Renuka-Chowdhury">Renuka Chowdhury</keyword>. It calls for formation of an expert committee to study the pattern of charging, classifying the kind of services offered by doctors, and putting a cap on the consultation charges accordingly. At present, doctors' fees can range from a few hundreds to a few thousands depending on seniority and specialty. 
 "Regularization of consultation charges has never been done for any professional. Why only doctors?" questioned IMA <keyword id="44284" type="POSITION" weightage="20" keywordseo="Secretary">secretary</keyword> Dr Jayesh Lele. He said IMA has already taken legal advice and is prepared to go to the court, if the proposal is passed. "It is against the Constitution to fix remuneration of professionals," he added. 
 <keyword id="200423" type="POSITION" weightage="20" keywordseo="senior-physician">Senior physician</keyword> Dr Pratit Samdani, who practices in several south Mumbai hospitals, was of a similar view. "It is wrong to pin down a single profession when there is a general consensus that professionals such as doctors, lawyers, architects decide their own remuneration," said Samdani. "For example, when one goes to an A-grade restaurant, he or she is willing to pay 50 per cent more than a B-grade restaurant. Then why seclude only doctors?" he asked. 
 
The final draft of the Maharashtra Clinical Establishment Act, which was submitted to the government in June, has also done away with the most important clause of 'standardization of rates for patients'. According to health activist Abhay Shukla of the Jan Swasthya Abhiyan, the patients' groups and health activists had demanded the cap on the rates, while doctors' lobby had opposed it completely. 
 
 
 
 
"At the end, doctors had their way and the final draft did not have any clause on regularizing the rates," said Shukla, adding it was absolutely justified and possible to have standard rates. 
 
"Most western countries follow this pattern. Healthcare is a distress good and not a luxury good. Therefore, basic health services including the doctors' fees should have a cap," he added. 
 
Health activists were also of the view that if doctors followed a standard treatment protocol like the West, rate variation will not take place. "Standard treatment protocol will result in doing away with all unnecessary investigations, tests and medications that are commonly prescribed here," said Shukla.

Uproar Among Doctors Over Rajya Sabha Plan To Cap Consultation Charges

<ul class="summary-list"><li>Elon Musk has added Microsoft as a defendant to an amended lawsuit against OpenAI.</li><li>The suit, which also adds Reid Hoffman as defendant, accuses Microsoft and OpenAI of forming a monopoly.</li></ul>Elon Musk has amended a lawsuit against OpenAI to name Microsoft as a defendant, calling their partnership a "de facto merger" and accusing them of anticompetitive practices. The lawsuit, filed Thursday, also names Reid Hoffman, a Microsoft board member and former OpenAI board member, as a defendant. It also names Musk's startup, xAI, and Shivon Zilis, the mother of three of his children, as plaintiffs. Zilis was previously an OpenAI board member and is now an executive at Neuralink, Musk's brain implant company. The complaint accuses OpenAI and Microsoft of creating an AI monopoly and engaging in "intensified" anticompetitive practices, citing "lavish compensation" offers as one example. Lawyers for Musk said in the amended complaint, filed at a federal court in Northern California, that "OpenAI has attempted to starve competitors of AI talent by aggressively recruiting employees with offers of lavish compensation, and is on track to spend $1.5 billion on personnel for just 1,500 employees."Bloomberg previously <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2023-11-22/openai-staff-mutiny-for-sam-altman-shows-rare-skills-equal-leverage#xj4y7vzkg">reported</a> that some OpenAI employees are making up to $800,000 a year, which can include bonuses and stock awards. It also said that most OpenAI engineering roles pay between $200,000 and $370,000, according to job postings it reviewed.Musk's lawyers said that the defendants "possess a nearly 70% share of the generative AI market, constituting a monopoly, or, in the alternative, an attempt or conspiracy to monopolize the generative AI market."The suit describes Microsoft's partnership with OpenAI as a "de facto merger" and said, "Microsoft is now OpenAI, and OpenAI, Microsoft." It refers to a New York Times <a target="_blank" class="" href="https://www.nytimes.com/2024/10/17/technology/microsoft-openai-partnership-deal.html?unlocked_article_code=1.TE4.WJJV.Pq4rHw2UNGmo">report</a> from last month, which says Microsoft AI chief Mustafa Suleyman is among a group of Microsoft employees who work from OpenAI's San Francisco office.The amended lawsuit is the latest escalation between longtime rivals Musk and Sam Altman, the CEO of OpenAI. Musk first <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-sues-sam-altman-betrays-openai-mission-chatgpt-2024-3">sued OpenAI and cofounders Altman and Greg Brockman</a> in March, accusing the company of jeopardizing its nonprofit mission by partnering with Microsoft, which has invested more than $13 billion into the startup. OpenAI responded to the suit by <a target="_blank" rel="" href="https://www.businessinsider.com/openai-calls-elon-musk-lawsuit-incoherent-2024-3">calling it "incoherent" and "contradictory."</a>Musk, who helped create OpenAI in 2015, then <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-drops-lawsuit-against-sam-altman-and-openai-2024-6">dropped his lawsuit</a> without explanation. He <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-sues-openai-sam-altman-again-why-2024-8">filed the latest suit in August</a>, arguing that OpenAI had abandoned its founding mission to develop AI that is beneficial for humanity by putting commercial interests first, and claimed that he was "deceived" into cofounding the company. OpenAI said in September that it is <a target="_blank" class="" href="https://www.businessinsider.com/what-openai-needs-to-do-to-become-for-profit-altman-2024-9">moving to a for-profit governance structure</a>. The current lawsuit claims that OpenAI acted in an anticompetitive manner by asking investors in its most recent funding round not to invest in competitors, including Musk's startup xAI. The suit references a <a target="_blank" href="https://www.ft.com/content/66e0653e-c446-47b2-8a7f-baa54ccbfb9a ">report</a> from the Financial Times in October, which said this was one of the terms asked of potential investors for the <a target="_blank" class="" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">$6.6 billion funding round</a> that was closed last month. As part of that round, SoftBank committed $500 million to OpenAI. Navneet Govil, chief financial officer of SoftBank's Vision Funds <a target="_blank" class="" href="https://www.businessinsider.com/softbank-openai-investment-explained-vision-fund-cfo-2024-11">previously told Business Insider</a> that SoftBank still has the ability to invest in other AI companies. Govil told BI's Hasan Chowdhury, "Our view is if it's a disruptive company and the addressable market is large, there's room for more than one player."Microsoft, OpenAI, and Hoffman didn't immediately respond to requests for comment from Business Insider, made outside normal working hours. In September, Hoffman called Musk's lawsuit against OpenAI a case of "sour grapes."

Elon Musk adds Microsoft as a defendant in OpenAI lawsuit, accusing them of  anticompetitive conduct 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello there! Already thinking about holiday shopping? Maybe this Apple coffee-table book could be good for the music lover in your life. Be warned: It's not cheap, and <a target="_blank" href="https://www.businessinsider.com/apple-coffee-table-book-top-100-music-albums-list-2024-11">there won't be a ton of them made</a>.In today's big story, Saudi Arabia's futuristic city, which is part of its big modernization plans, <a target="_blank" href="https://www.businessinsider.com/neom-saudi-arabia-parts-ways-with-boss-desert-megacity-2024-11">just got another reality check</a>.What's on deck:<ul><li>Markets: Goldman Sachs' newest partners <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partner-promotions-how-they-celebrated-2024-11">told us how they celebrated the news</a>.</li><li>Tech: IBM + AWS (Nvidia chips) = <a target="_blank" href="https://www.businessinsider.com/aws-negotiating-huge-cloud-deal-supply-ibm-with-nvidia-gpus-2024-11">a huge potential deal</a>.</li><li>Business: Donald Trump appoints Elon Musk to help lead the <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">new Department of Government Efficiency</a> with Vivek Ramaswamy.</li><li>But first, it's not all going according to plan.</li></ul>If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">A broken vision</h2><div type="image" title="A conceptual image of the planned design for The Line in Saudi Arabia's Neom, shows a large mirrored facade extending out into the water from the desert." height="1080" width="1920" msid="115261958" hostid="261" sizebytes="248100"></div>Saudi Arabia's dreams of the future are facing the realities of the present.The CEO of the Kingdom's futuristic city, Neom, <a target="_blank" href="https://www.businessinsider.com/neom-saudi-arabia-parts-ways-with-boss-desert-megacity-2024-11">abruptly stepped down after six years in the role</a>. It's another setback for the country's ambitious Vision 2030 plan to diversify its economy away from relying on oil and make it an attractive tourist destination.Neom is arguably the most high-profile portion of Crown Prince Mohammed bin Salman's plan. Even if you haven't been closely following the project, <a target="_blank" href="https://www.businessinsider.com/neom-saudi-arabia-quirky-features-swim-lanes-ai-robot-clerks-2024-5">you've likely seen mockups of the twin mirrored skyscrapers</a> dubbed "The Line" that look like a massive wall running through the desert.But Neom is having an "Instagram vs. reality" moment … literally. Influencers and vloggers who posted videos of their lives in the yet-to-be-completed city <a target="_blank" href="https://www.businessinsider.com/influencer-posts-life-saudi-city-neom-not-glamorous-2024-9">were mostly mocked</a> in what one viewer described as having "low security prison vibes."Grand plans also don't come cheap. Estimates for Neom have swelled to as much as $1.5 trillion. Saudi has already invested $1.3 trillion in the wider Vision 2030 project.Foreign investments in the plan haven't panned out the way Saudi hoped either, leading the Kingdom to look to China for help with the bill. The move is part of the <a target="_blank" href="https://www.businessinsider.com/china-saudi-arabia-vision-2030-neom-tech-investing-oil-econom-2024-11">deepening financial ties between the two countries</a>, which poses a potential threat to the US.<div type="image" title="Infinity pool Neom" height="1152" width="2048" msid="115261961" hostid="261" sizebytes="158652"></div>Saudi Arabia's big plans also include tech's biggest prize: AI.The Kingdom has spent years investing billions in the tech, including the recent creation of a <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-ai-groq-a16z-vision-2030-mbs-2024-9">$40 billion fund dedicated to AI investments</a>.But it's also looking to <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-ai-hub-tech-investment-2024-11">develop the tech in its home country</a>, writes BI's Hasan Chowdhury. Saudi Arabia's approach to AI isn't unlike the role it plays as an energy giant: Provide the fuel others rely on to make their projects go."Project Transcendence" includes building all-important data centers in the country and serving as the Middle East AI hub for tech giants. AWS has already committed more than $5 billion to building data centers in the country.It's not alone, though. The United Arab Emirates is <a target="_blank" href="https://www.businessinsider.com/abu-dhabi-uae-ai-powerhouse-mgx-openai-investment-2024-10">aiming to be the AI leader in the region by 2031</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/diddy-sean-combs-private-jet-available-charter-sex-trafficking-case-2024-11">Diddy's private jet</a> is available for rent amid his sex trafficking case.</li><li>Trump wins stay in hush-money case, <a target="_blank" href="https://www.businessinsider.com/trump-wins-stay-criminal-hush-money-case-2024-11">allowing him time to argue for its dismissal</a>.</li><li>Olivia Nuzzi <a target="_blank" href="https://www.businessinsider.com/olivia-nuzzi-withdraws-protective-order-against-ryan-lizza-rfk-f2024-11">withdraws protective order against Ryan Lizza</a> in aftermath of RFK Jr. relationship.</li><li>SoftBank is partnering with Nvidia to power an <a target="_blank" rel="noopener" href="https://www.businessinsider.com/softbank-nvidia-first-blackwell-chips-customer-huang-son-ai-supercomputer-2024-11">AI supercomputer in Japan</a>.</li><li>Taylor Swift's fans-first business strategy <a target="_blank" rel="noopener" href="https://www.businessinsider.com/taylor-swift-leann-rimes-concert-fan-loyalty-2024-11">began in her own fangirl days</a>.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-today-btc-90000-donald-trump-election-crypto-policies-2024-11">Bitcoin approaches $90,000</a> as post-election record streak rages on.</li><li>Apple Vision Pro's killer app is actually <a target="_blank" href="https://www.businessinsider.com/apple-vision-pro-killer-app-2024-11">just working on your laptop</a>?</li><li>This map shows how young Americans are <a target="_blank" rel="noopener noreferrer" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=07fda258e0bc460c8694aed78b1aa74d&amp;_e=cNzM3MDu-tRH4Hxe6UMoLJCcxG4HzzAaSmuTWGQNUtMA_nzjVjo7fu4JPuOaZdXnRfJNer34Z7N06liv1sKXGIH1k8A4edQAhuP16-LAruvhGI8I6PsSCUl_hRqvJv1AQszMSKOfoN4Gn2XCBJrhLrFFepplbn2BzpQup6l124GViBTL6pllAZ7jeS7wMuuobYZlhjXWL9N-uCoNkPZtx6JrdfYqaCllNEfQ9y5TnUfAkGBTZuuw8UqgAr6h2GFjC41U5oSeSCTfFnhxtmlHmkW_SZQdLOCT3ro-ciZZDea7tF10PUX7P9TclZO-a28bZ4R_HVKrD3bzlVi4qk59cVFQ34JWOCRZMju-Pl7GkDcf7QMV1ldxz_cauXs9BLwSKGFQ8Sdiq1Vqf9Xf631ZtIvGfwRolGzQ9xT7ceUAjI3sqPzkL2Mk5g11h955VD_n87R06dPh1ZQwjri5UwR41bjSaMntJwnSrygD0i4wSnHg7tj-W5tjauYaFeBwRZ2H">flocking to smaller towns</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of Cathie Wood" height="1875" width="2500" msid="115261960" hostid="261" sizebytes="294662"></div><div type="image" title="Dice with the faces of Trump, Musk, RFK, and Zelensky" height="1500" width="2000" msid="115261965" hostid="261" sizebytes="103426"></div><ol><li>Cathie Wood's next big bet is on shaking up the VC market. The investor previously grabbed attention for making bold calls on tech stocks that generated returns that boomed or busted. One of the key executives behind her venture capital strategy <a target="_blank" href="https://www.businessinsider.com/ark-venture-fund-cathie-wood-ai-2024-10">detailed the firm's approach to getting in on high-growth startups</a>.</li><li>Goldman Sachs' newest royalty shares how they celebrated the career milestone. The bank announced its largest partner class — 95 people — under CEO David Solomon. Nine new members of the group described their reactions to BI, from quiet reflection to jubilant celebrations with their team. Here's how they celebrated, <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partner-promotions-how-they-celebrated-2024-11">in their own words</a>.</li><li>Trump's big plans for the oil industry might not be possible. ExxonMobil CEO Darren Woods said the market is well supplied with oil and <a target="_blank" href="https://www.businessinsider.com/trump-lower-gas-prices-exxonmobil-ceo-oil-boom-2024-11">there's not much of an opportunity to up production in the near term</a>. Energy analysts also said oil majors are focused on returning money to shareholders rather than investing in projects that'll boost production.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="A Make America Great Again hat draped over a computer" height="1500" width="2000" msid="115261964" hostid="261" sizebytes="329030"></div><ol><li>Silicon Valley's getting redder, and it's not just the billionaire backers. In the three Bay Area counties that make up the epicenter of America's tech hub, Donald Trump made small but significant gains with voters. Though the valley is still a long way from a Republican majority, <a target="_blank" href="https://www.businessinsider.com/silicon-valley-swing-toward-trump-voting-data-2024-11">the data shows a clear shift toward Trump</a> over the past three elections.</li><li>A chip match made in heaven. Amazon Web Services is negotiating <a target="_blank" href="https://www.businessinsider.com/aws-negotiating-huge-cloud-deal-supply-ibm-with-nvidia-gpus-2024-11">a huge deal to supply IBM with Nvidia GPUs via its cloud</a>, according to an internal document obtained by BI. The potential deal could expand the partnership between IBM and AWS in the AI space.</li><li>Intel is struggling to become America's chipmaking powerhouse. US officials are counting on Intel to lead the country's chip manufacturing resistance. Strategic missteps, layoffs, and the company's worst quarter ever contributed to <a target="_blank" href="https://www.businessinsider.com/intel-chip-troubles-problem-us-economy-domestic-production-chips-act-2024-11">a perfect storm that slowed progress</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Elon Musk on Trump/Vance platform cheering" height="4240" width="6376" msid="115261966" hostid="261" sizebytes="747846"></div><ol><li>It's official: Elon Musk has a role in Trump's future administration. Musk and businessman Vivek Ramaswamy are set to <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">lead a new Department of Government Efficiency — "DOGE" — under the president-elect</a>. In a statement on Tuesday, Trump said Musk and Ramaswamy "will pave the way for my Administration to dismantle the Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies."</li><li>TikTok ramped up hiring of Chinese employees even amid national security concerns. According to US Immigration Services data, TikTok and its owner ByteDance <a target="_blank" href="https://www.businessinsider.com/tiktok-ramped-up-hiring-chinese-employees-amid-us-political-scrutiny-2024-11">hired more than 600 Chinese staff on US H-1B visas in 2023</a>, a 50% increase from the previous year. The new hires came as members of Congress worried the platform could be compelled to hand over US user data to the Chinese government.</li><li>Not For Sale: new homes. America has the most new homes since 2009, but good luck trying to buy one. Both builders and buyers find themselves in a tricky position, and the demand for rentals is strong. That means a sizable chunk of America's home supply may never be sold to prospective homeowners — <a target="_blank" href="https://www.businessinsider.com/homebuilders-new-construction-rental-homes-investors-price-cuts-mortgage-rates-2024-11">and some opportunistic investors are about to win big</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>President Joe Biden hosts President-elect Donald Trump at the White House.</li><li>US Supreme Court hears Nvidia securities fraud pleading standard case.</li><li>Bureau of Labor Statistics releases CPI data for October.</li><li>Senate Republicans hold vote to select new majority leader.</li><li>Cisco and other companies report earnings.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

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