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<ul class="summary-list"><li>The small-cap-heavy Russell 2000 jumped as much as 5% on Wednesday after Donald Trump's victory.</li><li>Small-caps stand to benefit from Trump's protectionist trade and deregulation policies.</li></ul>Small-cap stocks have taken off after Donald Trump secured a second term in the White House.The <a target="_blank" href="https://markets.businessinsider.com/stocks/ishares_russell_2000_etf_cert_deposito_arg_repr_01_sh-stock?miRedirects=1">Russell 2000</a> surged as much as 5% on Wednesday. The index tracks small-cap companies, which are seen as major beneficiaries of a Trump presidency. The index is now up roughly 17% year-to-date.The Trump administration's protectionist plan is at least partially designed to protect domestic business. Throughout his campaign, Trump has promised double-digit tariffs on virtually all US exports, citing that China could face as much as a 60% tax rate.In a note ahead of the election, JPMorgan also noted that small-caps could benefit under Trump due to deregulation and possible tax cuts targeting domestic-oriented businesses.Small-caps were not the only <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-djt-tesla-stock-crypto-election-energy-2024-11">sector to jump after Trump's victory</a>.Financial stocks also gained on the prospect of easier regulation and tax cuts. Meanwhile, Trump's supportive stance on cryptocurrency sent <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-djt-tesla-stock-crypto-election-energy-2024-11">bitcoin soaring to fresh record high</a>.Amid market losers, however, were clean-energy stocks, with stocks such as <a target="_blank" href="https://markets.businessinsider.com/stocks/plug-stock">Plug Power</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/run-stock">SunRun</a> falling over 10% in pre-market trading. Concern has mounted that the president-elect could try to repeal the Inflation Reduction Act that provides tax credits to renewable-energy firms.

The market's smallest stocks are rocketing higher with Trump's protectionist policies seen favoring domestic operators

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/meta-zuckerberg-wealth-nvidia-huang-tech-stock-ai-wealth-billionaires-2024-9">Meta</a> terminated employees who used $25 Grubhub credits meant for office meals on non-food items.</li><li>Meta employees reacted to the news on the company's Blind channel.</li></ul>"Grubgate" is reverberating around Meta.The tech giant recently fired roughly two dozen Meta <a target="_blank" class="" href="https://www.businessinsider.com/meta-fires-employees-abusing-grubhub-meal-credit-perk-2024-10">employees who misused $25 Grubhub meal credits,</a>Employees took to the tech giant's channel on the workplace forum Blind to share their reactions to the news, which ranged from the sympathetic to those who felt the firings were deserved.Blind, which is unaffiliated with Meta, requires a company email to access a specific company channel and comment.A poll posted to the forum and seen by Business Insider asked employees to respond with whether they were "Safe from Grubgate" or "Affected by Grubgate."<div type="image" title="Meta employee poll on Blind about being safe on Grubgate" height="714" width="620" msid="114331127" hostid="261" sizebytes="13942"></div>Other messages seen by Business Insider appeared to empathize with the fired individuals and shared their concerns about the company's enforcement of those who break its office policies.The <a target="_blank" rel="" class="" href="https://www.businessinsider.com/guides/tech/how-does-grubhub-work">Grubhub</a> meal perk is meant to support Meta employees at locations where free meals aren't provided by a cafeteria, or when employees work into the evening. Those who violated the policy used the $25 credit to order other items, including laundry detergent, wine glasses, and acne pads, a person familiar with the situation told Business Insider. Not everyone who misused the perk was fired, the person said — only those who had demonstrated a pattern of abusing it.Several on the forum said they weren't aware Meta would strictly enforce the policy and expressed concern about potentially violating other company policies without knowing."This action instills fear in employees," one employee wrote. "Anyone can violate a policy by mistake. It's like taking away your driving license because you were going 55 instead of 50. I challenge anyone to say that they know ALL the policies this company has."Another employee was less sympathetic."It's not weird," they wrote. "They violated a 'follow this rule or you will be terminated' policy, and they were terminated. There is nothing to worry about unless you are also violating company policies.""The rules you need to follow to keep your job are all written out for you. Read them," they added.One Meta employee wrote on the forum that they had used their Grubhub credit for a laid-off worker and received a "warning email." Then, they said they were terminated within a week."My Grubhub account got deactivated first and then my intern account," the employee said in the forum.Another Meta employee referenced <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-year-of-efficiency-working-meta-ai-2023-7">Mark Zuckerberg's "year of efficiency"</a> strategy in assessing the recent firings."Although Meta still thinks itself a large company of small entrepreneurship, with the 'year(s) of efficiency,' it's starting to take policy noncompliance of employees more seriously," they wrote."Should folks [have] done a better risk assessment for their $25 dinners? Likely," the employee added. "Should Meta have requested the employee refund the company, put a block on the benefit, and delivered a one-more-strike-of-any-kind-you-are-out warning? Probably."Others drew a connection between the firings and recent layoffs. <a target="_blank" rel="" class="" href="https://www.businessinsider.com/meta-reorganized-major-businesses-eliminated-roles-whatsapp-instagram-reality-labs-2024-10">The company announced on Wednesday</a> that it reorganized some of its biggest businesses, including Instagram, WhatsApp, and Reality Labs, which resulted in some role eliminations.One post on Blind suggested knowing the reason for being fired was a silver lining for those impacted by "Grubgate.""These fools are so lucky… at least they know WHY they got laid off," they wrote. "Imagine having to wonder for the rest of your life where you went wrong."

Meta employees react to 'Grubgate' firings over misuse of $25 meal credits

Lana Linge has $42,000 in credit-card debt, but it's not the giant tab that has her most frustrated.The 29-year-old says she takes full responsibility for her debt. After getting her first credit card in her early 20s, Linge accumulated small amounts of debt but was always able to pay it off. That changed in 2020: Linge struggled with managing her spending on necessities and other items, like clothes, while in isolation, causing her bills to grow. Things got worse after she lost her job this past October, and she eventually depleted her savings to keep up with the payments on her card."I know for a lot of people, they're in debt because of these freak things that are outside of their control," Linge tells me. "The reason that I'm in debt primarily is from overspending, and I don't try and negate that in any way."Overwhelmed, Linge is going through the painful bankruptcy process to discharge the debt. Looking back, she regrets not paying more attention to the details of her card's interest rate. Wooed by the rewards and perks the companies were offering, Linge signed up for a card with an interest rate she says ballooned to over 20%. The growing interest payments meant that even as she worked to get her spending under control, the bills kept growing.Linge's experience may be on the extreme end of America's personal finance journeys, but she isn't alone in her interest-rate woes. Consumers are always looking for deals, and it's easy to be swayed by credit-card companies offering glitzy rewards and points. As Adam Rust, the director of financial services at the Consumer Federation of America, told me, issuers are "putting the sizzle before the steak." But many of these cards come with high rates and hidden fees, and by the time consumers realize just what they signed up for, credit-card companies have raked in the profits."Credit-card companies can get away with charging high rates of interest because consumers aren't necessarily paying attention and marketing doesn't focus on that," he said.The average credit-card interest rate is now just over 21%, up from about 15% a decade ago. More importantly, the gap between the interest rate that credit-card companies pay banks that oversee their business and the one they charge you is the widest it has been in nearly 30 years. Even with existing regulations and the recent interest-rate cuts from the Federal Reserve, credit-card companies have the power to exploit consumers, and people with growing debt piles have few avenues for relief. Additionally, as credit-card companies continue to charge high interest rates, more cardholders in debt become delinquent — and that could push the US economy closer to recession."What we're seeing from the data shows a rapidly deteriorating financial landscape for Americans," Bruce McClary, a senior vice president at the National Foundation for Credit Counseling, tells me, "with a lot of people teetering on the brink of severe financial crisis."<h2 id="ddbac9bc-8e83-4317-902e-7a4e1408e665">The squeeze is on</h2>Americans have a lot of debt piled up on their little pieces of plastic. The Federal Reserve Bank of New York said in August that Americans owed a record $1.14 trillion on their credit cards in the second quarter and that balances increased by $27 billion from the same period a year ago, a 5.8% jump. TransUnion says the average credit-card balance per debtor stands at $6,329, up by 4.8% from a year ago. Most worryingly, according to the New York Fed, the percentage of people who had fallen more than 90 days behind on their payments climbed to 6.4% by the end of 2023, up from 4% at the end of 2022. Austan Goolsbee, the president of the Federal Reserve Bank of Chicago, described those rising delinquencies as "uncomfortably high" and a "warning sign" for the economy.This may be worrying news for average households and the US economy, but it is wonderful news for the credit-card companies. Credit-card issuers make money in a few ways, but one of the most important is interest payments. When a customer doesn't pay off their full balance each month, they pay interest that the credit-card company collects, so increasing interest rates is an easy way to bring in more profit. To better understand the strength of the credit-card industry, look at the split between the federal funds rate — the interest rate at which banks make very short-term loans to each other, which is also used as the benchmark for almost every other type of loan — and the average credit-card interest rate. Data from the St. Louis Federal Reserve indicates the difference between the rates is at a nearly three-decade high, suggesting credit-card companies feel free to charge high interest rates regardless of what the Federal Reserve does with the federal funds rate."We should never lose sight of just how profitable credit cards are," Rust says. "You've got interest, you've got interchange, you've got late fees; credit-card companies are making so much money."The Consumer Financial Protection Bureau estimated in February that major credit-card companies earned about $25 billion in additional interest revenue in 2023 by raising their annual-percentage-rate margins, or the difference between the APR and the interest rate set by banks, known as the prime rate. It also found that major issuers raised the average margin by 4.3 percentage points over the past decade, to an all-time high. Using data on how Americans deploy their cards to paint a representative picture, the CFPB estimated that the margin increase cost the average consumer with a balance of $5,300 more than $250 in 2023. On top of that, the bureau's 2023 report to Congress on the credit-card market said companies charged consumers over $105 billion in interest in 2022, helping boost the profit margin for these companies to 5.9% from 4.5% in 2019.These staggering numbers are made possible by the tactics that credit-card companies use to lure in new customers. Antoinette Schoar, an economist at MIT who coauthored a paper examining credit-card companies' use of behavioral biases to acquire customers, says companies use data to determine a prospective customer's education and income levels and will tend to offer products with hidden fees and high rates to people with lower educational attainment and income. For example, a company might advertise a 0% APR, but the consumer might not realize that that rate can't last forever, leading them to take on balances higher than they can afford to pay off. She says that while the tactics companies use to appeal to certain consumers can lead to high balances and credit-card debt, the companies aren't the only ones to blame — government regulations to prevent this kind of misleading marketing by credit-card companies could force the companies to compete by offering customers a better deal."We need better regulation so that the card companies are competing on the right dimensions and not on increasing convolution or increasing confusion to their customers," Schoar says.<h2 id="a19bffcc-ffc0-46bd-9211-4a8e68d3409d">'The highest credit-card rates we've ever seen'</h2>Until 1978, most states had laws capping interest rates for credit cards and consumer products. But a Supreme Court decision that year allowed banks to charge whatever interest rate they wanted if they were headquartered in a state without a usury law. This inspired a race to the bottom, with states like South Dakota and Delaware doing away with their laws in order to attract more business from banks. The industry ended up with, as David Silberman, a senior fellow for the Center for Responsible Lending, put it, virtually "no legal constraints on the interest rate they charge." Lawmakers have tried to rein in the industry — for instance, the CARD Act, enacted in 2009, required card issuers to notify consumers of interest-rate increases at least 45 days in advance and put restrictions on things like late fees and withdrawal fees. The legislation, however, didn't cap interest rates or rate increases. Lowering the current high interest rates, and the profits that come with them, has become a priority across the aisle. GOP Sen. Josh Hawley introduced a bill in 2023 that would cap interest rates at 18% and impose penalties on companies that violate the cap. "Americans are being crushed under the weight of record credit card debt—and the biggest banks are just getting richer," Hawley said in a statement, adding that "capping the maximum credit card interest rate is fair, common-sense, and gives the working class a chance." Democratic Sen. Elizabeth Warren brought up the issue during a Senate hearing in May, saying credit-card companies had "grown their profits through interest and fees."The Federal Reserve cut its benchmark interest rate in September after holding it steady for over a year, but credit-card holders with high interest rates won't feel any relief off the bat. Michele Raneri, a vice president and head of US research and consulting at TransUnion, told me that's because consumers have to pay off their balances at the interest rate in place when they accumulated the debt, so the lower rate wouldn't apply."It'll take a while for the consumer to realize the benefit of it," Ranieri says.The high inflation of the past few years has also made it easier for consumers to fall into credit-card debt. Ted Rossman, a senior industry analyst at Bankrate, described the feedback loop of high prices and high interest rates as "a tough cycle to break." Credit-card companies know what they need to do to maximize profit: If they offer rewards and bonuses up front, they can snag new customers before they realize the high rates they're signing up for. Profits keep rolling in for issuers, while consumers fall further behind.<a target="_blank" rel="" href="https://www.businessinsider.com/author/ayelet-sheffey">Ayelet Sheffey</a> is a senior economic policy reporter on Business Insider's economy team.

Credit card companies are ripping you off like never before

Amid questions on the depleting <keyword id="20776807" type="General" weightage="100" keywordseo="loan-to-deposit-ratio" source="keywords">loan-to-deposit ratio</keyword> in <keyword id="19895091" type="General" weightage="20" keywordseo="Indian-banks" source="keywords">Indian banks</keyword>, a recent report by <keyword id="19896146" type="General" weightage="20" keywordseo="Motilal-Oswal" source="keywords" meta.keywordsubtype="org" meta.entityname="Motilal Oswal" meta.hostid="269" meta.entityid="Motilal Oswal">Motilal Oswal</keyword> suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming months. The debate on loan-to-deposit ratio (LD), particularly concerning sluggish <keyword id="19998084" type="General" weightage="20" keywordseo="deposit-growth" source="keywords">deposit growth</keyword> and potential risks to <keyword id="20089808" type="General" weightage="20" keywordseo="financial-stability" source="keywords">financial stability</keyword> is raised by even the finance minister and the <keyword id="20151998" type="General" weightage="20" keywordseo="RBI-governor" source="keywords">RBI governor</keyword>. However, the report notes that on closer examination, the situation may not be as alarming as it seems. As of 9th August, 2024 the Indian <keyword id="19964544" type="General" weightage="20" keywordseo="banking-sector" source="keywords">banking sector</keyword>'s loan-to-deposit (LD) ratio stood at 77.2 %, which is slightly below its recent peak of 78.2 % on 22nd March 2024, and its all-time high of 78.8 % in September 2013. The report stated that typically a rising LD ratio is indicative of a tightness in the banking sector, potentially indicating overheating. A lower LD indicates that the bank is aggressive in its credit disbursement practises, which could be risky. It highlighted that an analysis of the sector's transactions with the Reserve Bank of India (RBI) through the liquidity adjustment facility (LAF), along with recent trends in the weighted average call rate (WACR), suggests that the current rise in the LD ratio does not indicate tightness, which is why there is no immediate cause of concern. In fact, the report added that the concern over weak deposit growth may be overstated. Historical data show that bank deposits grew at an average rate of 9.5 % during the pre-COVID period (January 2015 to February 2020) and 10.4 % in the post-COVID period (March 2020 to August 2024). Earlier, Finance Minister Nirmala Sitharaman also urged state-run banks to enhance deposit mobilization through attractive offers and focusing on Tier-2 and Tier-3 cities. Loan-to-deposit ratio pegs the total deposits received by the bank against the loans it has offered. It helps in understanding how liquid the bank is. The loan-to-deposit ratio (LDR) is a financial metric that compares a bank's total loans to its total deposits. It's used to assess a bank's liquidity and credit risk, and to inform lending and deposit-taking decisions The report said while the exact measures are unclear, the deposit growth could potentially be increased by making other asset classes less attractive through taxation or interest rates, or by boosting fiscal spending to increase net credit to the government. In its forecast, the report noted that private banks will witness a moderation in their <keyword id="19998083" type="General" weightage="20" keywordseo="credit-growth" source="keywords">credit growth</keyword>, while public sector banks will maintain a healthy credit growth rate. "Our analysis suggests that deposit growth could be raised by either making other asset classes unattractive (through taxation and/or interest rate) or increasing the growth in net credit to the government by pushing fiscal spending higher" the report added. Alternatively, policymakers might consider curtailing loan growth to lower the LD ratio. However, this could slow deposit growth, particularly if corporate credit growth remains weak. Encouraging savers to shift investments from other assets to bank deposits could also be an option, but this carries risks of overreach and potential damage to economic confidence. Das had also flagged the excessive growth, or froth developing in the personal loan space. Notably, while credit growth in unsecured personal loans like credit cards continues to decline, it remains elevated at 23.3% as of June 2024. However, this is a significant reduction from 34.2% witnessed in November 2023. As fiscal spending increases, bank credit to the government is likely to grow, which should elevate deposits and broad money supply. The report said "However, the extent of foreign capital inflows and the RBI's policy for managing these inflows remain uncertain". Last month, RBI governor Shaktikanta Das had also addressed this issue in the 50th meeting of MPC (Monetary Policy Committee). Per him, deposit mobilisation has been lagging credit growth for some time now. This may potentially expose the system to structural liquidity issues. "While there could be a debate regarding ‘deposits funding loans’ vis-à-vis ‘loans funding deposits’, the current regulatory concern stems from the fact that there could be structural changes happening which banks need to recognise and, accordingly, devise their strategies. Households and consumers who traditionally leaned on banks for parking or investing their savings are increasingly turning to capital markets and other financial intermediaries", Das said. Per him, while bank deposits continue to remain dominant as a percentage of financial assets owned by households, their share has been declining consistently, since households are now increasingly allocating their savings to mutual funds, insurance funds, pension funds and other avenues.

Loan-to-deposit ratio will subside on its own in coming months, notes Motilal Oswal report

The technology platform for providing "<keyword id="22918315" type="General" weightage="20" keywordseo="frictionless-credit" source="keywords">frictionless credit</keyword>" launched by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword>) last year as a pilot project will soon be introduced nationwide soon, said Reserve Banks of India Governor, <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> on Monday. This technology platform will be named "<keyword id="22918314" type="General" weightage="20" keywordseo="Unified-Lending-Interface" source="keywords">Unified Lending Interface</keyword> (ULI)", Das said while speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies. Governor Das said "Just like <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> journey." The ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. The technology platform introduced last year as a pilot projects cuts down the time taken for credit appraisal, especially for small and rural borrowers. Das stated that the ULI architecture has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources. "This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation. By digitising access to customer's financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers," the RBI governor stated. Showing confidence in the newly launched ULI, Das said, "Just like UPI transformed the payments ecosystem, "we expect that ULI will play a similar role in transforming the lending space in India." Speaking about the success of Unified Payment Interface (UPI) Das said, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals." Das further stated stated that the apex bank is consistently trying to secure the financial system in the country. "We are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer-centric," Das said. Additionally, Das also highlighted that the central bank is constantly working on devising policies, systems, and platforms that will make the financial sector stronger, nimble and customer-centric. Das said that over the last decade, the traditional banking system has undergone an unprecedented technological transformation. By all indications, this process is likely to become even more intense in the coming years, he said. On the country's experience in DPI, he said, "DPI has enabled India to achieve in less than a decade levels of financial inclusion that would have otherwise taken several decades or even more" He also emphasised that UPI system has the potential to evolve into a cheaper and quicker alternative to available channels of cross-border remittances. The Governor also stressed that financial institutions should be abundantly mindful of associated risks of Artificial Intelligence.

After UPI, RBI set to launch Unified Lending Interface (ULI) for friction-less credit

The <keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> is expected to hold its key rates at the forthcoming <keyword id="22706079" type="General" weightage="20" keywordseo="policy-review" source="keywords">policy review</keyword>, but may sound more confident about reaching its 4% inflation objective, a foreign brokerage said on Wednesday. The rate-setting panel may prefer to stick to the 'withdrawal of accommodation' stance of the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>, HSBC said in the report on the eve of the <keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="19918491" type="General" weightage="20" keywordseo="MPC" source="keywords">MPC</keyword>'s decision. "While it's a close call, we also think the policy stance will remain unchanged, even as the RBI sounds more confident than before about getting to its 4% <keyword id="20661141" type="General" weightage="20" keywordseo="inflation-target" source="keywords">inflation target</keyword>," it said, listing out the aspects it will watch out for in the document or the resolution. These include any softness in tone around increased confidence of getting to 4% inflation durably, or a change in growth or inflation forecasts, and, further commentary around the use of OMO (open market operations) sales to take out excess liquidity. In the background of another member dissenting at the last policy review, the brokerage said the number of MPC members calling for a rate cut or change in stance will also be watched keenly. Apart from this, it said any more colour on the plans to change regulatory requirements on the <keyword id="20479869" type="General" weightage="20" keywordseo="liquidity-coverage-ratio" source="keywords">liquidity coverage ratio</keyword>, which is reported to have a bearing on banks' profitability, will also be watched, it said. On the stance questions, there are several points in support of softening from the current "hawkish" posturing, the brokerage said, adding that there are an equal number of aspects against such a move as well. Factors such as global turmoil, improving rains, soft core inflation, weaker credit growth and fiscal consolidation support a softening of the stance, while on the other side, there are competing ones like long wait for a durable fall in food inflation, loose financial conditions, OMO sales and growth being strong on the other side, it said.

RBI to hold rates, may sound more confident of reaching inflation target, says report

<ul class="summary-list"><li>Harris added the policy page just ahead of the debate, stripping Trump of a potential attack.</li><li>The page mentions venture capital multiple times, indicating Harris' efforts to be pro-business.</li></ul>Vice President Kamala Harris finally added a policy section to her <a target="_blank" href="https://kamalaharris.com/issues/">campaign website</a> on Sunday, robbing former President <a target="_blank" class="" href="https://www.businessinsider.com/category/donald-trump">Donald Trump</a> of a potential attack line during <a target="_blank" href="https://www.businessinsider.com/trump-harris-presidential-debate-preview-2024-9">Tuesday night's debate</a>. Though the page, entitled "A New Way Forward," is sparse on many specifics, it does reference venture capital multiple times, indicating the vice president's effort to <a target="_blank" href="https://www.businessinsider.com/harris-trump-debate-silicon-valley-crypto-regulation-ai-taxes-2024-9">court the business tech vote</a>.The page, which is split up into various sections, begins with a portion on the economy and focuses largely on building up the middle class. Amid platitudes, Harris is careful to address entrepreneurship early on — the page's third bullet point is directed toward small business investment."Vice President Harris and Governor Walz know that small businesses—neighborhood shops, high-tech startups, small manufacturers, and more—are the engines of our economy," the page reads. It goes on to highlight Harris' work as vice president to increase access to capital and expand venture capital to middle America. As president, the page says, she'll aim to oversee 25 million new business applications and will "expand the startup expense tax deduction for new businesses from $5,000 to $50,000."Harris nods to the tech community again with her bullet point about American innovation, when she promises to support AI growth. She returns to the AI race in the page's final section on national security, pledging to ensure that we remain a leader in the sector and mentioning her work "rallying international leaders at an AI summit."The campaign's frequent references to the tech and business sector are unsurprising, as Harris is seeking to present herself as the pro-business candidate who understands Silicon Valley better than her opponent.Big corporate names have rallied behind her, and a slate of nearly <a target="_blank" href="https://www.businessinsider.com/murdoch-cuban-corporate-executives-silicon-valley-wall-street-endorse-harris-2024-9">100 current and former CEOs</a> recently penned a letter endorsing her campaign. In August, a group of <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">powerful venture capitalists</a> coalesced to pledge their support. Mark Cuban, the billionaire investor and owner of the Dallas Mavericks, says he is in <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-sec-capital-gains-business-2024-9">consistent communication with her team</a> and praised her for embodying <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-only-candidate-in-founder-mode-2024-9">"Founder Mode."</a> Cuban has also <a target="_blank" href="https://www.businessinsider.com/mark-cuban-trump-never-invested-in-us-startups-outside-family-2024-9">blasted Trump</a> for failing to invest in start-ups that don't involve his family.Other tech giants, however, support the former president. <a target="_blank" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">A vocal faction led by Tesla owner Elon Musk</a>, investor Marc Andreessen, and venture capitalist David Sacks back Trump and insist that he is the pro-business candidate.On the policy page, Harris actively distinguishes herself from Trump on issues beyond tech. Each broad section of policies — the economy, freedom, safety, security — includes a blurb contrasting her policies with those of <a target="_blank" href="https://www.businessinsider.com/what-is-project-2025-conservative-political-playbook-heritage-foundation-trump-2024-7">Project 2025</a>, the conservative agenda that Trump is trying to distance himself from <a target="_blank" href="https://www.businessinsider.com/jd-vance-heritage-foundation-project-2025-report-ivf-pornography-aboriton-2024-9">despite evident ties</a> to the effort.When the issues page does include details, they largely focus on <a target="_blank" href="https://www.businessinsider.com/kamala-harris-economic-plan-price-controls-gouging-food-inflation-election-2024-8">Harris' economic agenda</a>, which she outlined in a speech last month. She commits to a federal ban on grocery price gouging, extending the $35 limit on insulin prices, and expanding the Child Tax Credit. In terms of housing, Harris reiterates her <a target="_blank" href="https://www.businessinsider.com/kamala-harris-unveils-housing-proposals-yimby-economic-agenda-experts-2024-8">commitment to building three million new homes</a> and offering $25,000 in down-payment assistance to new homeowners.Social issues get some attention as well, with the vice president vowing to sign any bill Congress passes that would restore reproductive freedom nationwide. Despite Trump's attempts to bash her immigration policy and label her a "Border Czar," Harris only devotes one paragraph to immigration. It references the recent drop in border crossings and her support for the bipartisan border bill. The website notes that Trump "killed the border bill for his political gain."Harris is relatively vague on the question of <a target="_blank" href="https://www.businessinsider.com/uncommitted-movement-protest-after-convention-plans-vote-kamala-harris-2024-8">the war in Gaza</a>, saying that she "will always stand up for Israel's right to defend itself" and is working to end the war. She commits to ensuring that "the Palestinian people can realize their right to dignity, security, freedom, and self-determination," but offers no clues as to how that will happen.Trump is not alone in dragging Harris for her failure to talk to the media or detail specific policy — she has only sat for <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-tim-walz-first-interview-cnn-takeaways-2024-8">one major interview thus far</a>, and did so alongside Gov. Tim Walz, her running mate.

Harris' new policy page is light on some details but careful to mention startups

<ul class="summary-list"><li>The Harris-Walz campaign launched a Fortnite map to engage young male voters.</li><li>The map, Freedom Town, USA, focuses on affordable housing and Harris' proposed policies.</li></ul>Welcome to <a target="_blank" class="" href="https://kamalaharris.com/fortnite/">Freedom Town, USA</a>, a Fortnite world created by the Harris-Walz campaign.On Monday, a new colorful world appeared in the video game Fortnite. It's littered with Easter eggs for Harris-Walz devotees: You can pick up sporting goods at <a target="_blank" class="" href="https://www.businessinsider.com/tim-walz-coach-kamala-harris-first-rally-2024-8">Coach Walz's</a> store, for instance, or head to <a target="_blank" class="" href="https://www.businessinsider.com/doug-emhoff-tim-walz-on-sidelines-kamala-harris-dnc-strategy-2024-8">Doug's Deli</a> for lunch. Slipped in between are details on some of the Harris campaign's main policy proposals.It's a move to reach the <a target="_blank" class="" href="https://www.businessinsider.com/porn-website-advertisement-project2025-male-harris-trump-2024-10">key young male</a> voters that <a target="_blank" class="" href="https://www.businessinsider.com/harris-campaign-sends-tim-walz-to-court-millennial-male-voters-2024-10">Harris would need</a> to carve out a path toward winning the election. Some of those avid gamers are eligible to vote this year. A <a target="_blank" href="https://today.yougov.com/topics/overview/survey-results/daily/2019/07/26/59418/2">2019 YouGov survey</a> of 1,570 US adults found that 22% of adults ages 18 to 24 had played Fortnite before; 82% of male Gen Zers play an hour plus of video games a week, per a survey of 5,000 Americans by the <a target="_blank" href="https://www.theesa.com/wp-content/uploads/2024/05/Essential-Facts-2024-FINAL.pdf">Entertainment Software Association</a> via YouGov.I took a trip to Freedom Town, USA, and spent the day observing and attempting to talk to players. Spoiler: There weren't very many, and a lot of them seemed to be children. Here's what I saw and learned.<h2 id="be1f2591-2a6b-4d46-8503-1a2602269832">Details on policy positions hidden inside a mission to build housing</h2>Getting to the map itself proved a challenge for a first-timer like me, as it's not part of the game's default and wildly popular multiplayer combat mode. A true Fortnite aficionado would've known how to use the access code online to find Freedom Town, but it took me a few minutes to track it down.When I finally arrived in Harris' Fortnite world, I was plopped into a train station that resembles the New York City subway or DC Metro.My mission: Use Harris' <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-small-businesses-tax-breaks-cut-red-tape-2024-9">proposed $50,000 tax break</a> for small businesses to acquire building supplies to assemble new affordable housing.As I went about my tasks, I noticed the map was also very public transit-oriented, from the subway station to buses dotting almost every corner.For a Fortnite first-timer like me, the game was relatively easy to pick up, although I found myself floundering in mini-games meant to help me collect construction tools.At its peak, I saw around 180 other gamers present on the map with me. They seemed to be notably younger. One player who remained unmuted appeared to be a coughing child.To get a real gamer's perspective, I spoke to a 23-year-old in Ohio who had been exploring the world with her boyfriend.Lauren Obanion, a loyal Fortnite user in recent months, heard about Freedom Town, USA, from her mom. She thinks the map could make a real difference, especially because she said some gamers may not be in touch with policies. Small title cards for different quests discussed Harris' policies fairly in-depth — one of the first things you see upon entering the map is a quest invitation that tells you about the $50,000 tax credit for small businesses."It's nice for them to put something in a game so people can be interested and then want to do research outside of it," she said.So far, Freedom Town hasn't taken off; according to third party player statistics tracker Fortnite.GG, the <a target="_blank" class="" href="https://fortnite.gg/island?code=7331-5536-6547">Freedom Town map</a> saw an all-time and 24-hour peak of 563 users. That's a tiny fraction of the 24-hour peak of 267,000 players on the main <a target="_blank" class="" href="https://fortnite.gg/island?code=set_br_playlists">Battle Royale map</a>.But for some users, the message is still getting across. Obanion said her boyfriend is an example of a gamer who is interested in reading about some of her platforms as he built houses."I think it's good to try and reach out to the younger demographic," she said, "because otherwise a lot of people who don't get off Fortnite probably haven't seen anything."Ultimately, while I was not good at any of the mini-games — and didn't end up getting most of the construction supplies — I still did have a good time. I can understand how some gamers can get lost in the world of Fortnite for hours, but I have my doubts Freedom Town, USA, will impact the election very much.

I spent a day in Kamala Harris' Fortnite town. It was full of policy details meant to reach young voters, but was mostly empty.

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

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