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<ul class="summary-list"><li>Investment firms want to offer private-credit ETFs to ordinary investors, the WSJ reported. </li><li>It would give retail investors access to a $1.7 trillion market. </li></ul>A booming corner of the financial markets that has only been available to institutions might soon be open to everyday investors. <a target="_blank" class="" href="https://www.wsj.com/finance/investing/wall-street-races-to-bring-private-credit-to-the-masses-8a25b624?mod=finance_lead_story">According to The Wall Street Journal,</a> some of the biggest private equity and investment management giants want to offer retail investors access to exchange-traded funds backed by private credit. The term broadly refers to loans made to companies and consumers by nonbank lenders. Historically, fund managers have sold "alternative assets" like private debt to institutional investors at a high cost, generating returns of around 10% in recent years — more than they would have seen from investing in the stock or bond markets.Now, as those institutions slow allocations to private credit, the biggest players in the space want to target a new class of investors. According to the Journal, firms like State Street, Apollo Global Management, and BlackRock are working to roll out private credit ETFs to regular investors. The challenge, though, is building a highly liquid ETF out of illiquid private loans. That hurdle is also what will likely draw the eye of regulators as they ensure the ETFs are appropriate for retail investors. But if these ETFs get approved, they will enable regular investors to tap into a booming market, one that BlackRock expects will more than double to $3.5 trillion by 2028. The race to launch private credit ETFs has heated up in recent months.In May, Capital Group and KKR teamed up to start offering funds investing in both public and private assets—including in private credit—starting next year.Last month, State Street proposed a private debt ETF to the Securities and Exchange Commission. The ETF would blend public debt with private debt on mortgage, corporate, and consumer loans purchased from Apollo Global Management. Anna Paglia, State Street's chief business officer, <a target="_blank" class="" href="https://investors.statestreet.com/investor-news-events/press-releases/news-details/2024/State-Street-Global-Advisors-and-Apollo-Global-Management-Join-Forces-to-Increase-and-Broaden-Investor-Access-to-Private-Markets/default.aspx">said in a statement</a> the ETF would "democratize access to private asset exposures," and make them "more accessible to a wider swathe of investors.""It is our goal to bring these investments to scale and help facilitate the process of making private assets more accessible and liquid over time. We see this as only the beginning of a new wave of innovation as public and private markets increasingly converge," Paglia said. Alternative assets make up a small share—less than 3%—of individual investors' global investments, KKR's head of Global Client Solutions Eric Mogelof, told the <a target="_blank" href="https://www.wsj.com/finance/investing/wall-street-races-to-bring-private-credit-to-the-masses-8a25b624">Wall Street Journal</a>.But he says there is huge potential for that share to grow by over three times. "We anticipate these allocations to rise to 10% or greater in the future," he told the Journal.

Investing giants want to offer retail traders access to a booming sector of financial markets

The upcoming <keyword id="23311823" type="General" weightage="20" keywordseo="Executive-Council-meeting" source="keywords">executive council meeting</keyword> of the <keyword id="19896477" type="General" weightage="100" keywordseo="Indian-Olympic-Association" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Olympic Association" meta.hostid="261" meta.entityid="Indian Olympic Association">Indian Olympic Association</keyword> (<keyword id="19934453" type="General" weightage="20" keywordseo="IOA" source="keywords" meta.keywordsubtype="org" meta.entityname="IOA" meta.hostid="261" meta.entityid="IOA">IOA</keyword>) is poised to be a contentious gathering as various contentious issues are added to the agenda. One of the primary topics of discussion will be the alleged "threatening letters" issued by the IOA president, <keyword id="20284696" type="General" weightage="20" keywordseo="PT-Usha" source="keywords">PT Usha</keyword>, to council members. This meeting is taking place amidst escalating tensions between Usha and IOA treasurer <keyword id="21208123" type="General" weightage="20" keywordseo="Sahdev-Yadav" source="keywords">Sahdev Yadav</keyword>. On Tuesday, Yadav announced his intention to pursue legal action against Usha, claiming that she defamed him following her issuance of a show cause notice related to a complaint questioning his eligibility for the treasurer position. The agenda for the meeting has expanded to include 14 points, prominently featuring discussions around the "illegal and threatening letters issued by the President to the members of the Executive Committee from time to time." Additionally, the council plans to explore the scope of the president's powers under the IOA Constitution and will consider whether to report the president's conduct to the IOA <keyword id="23311824" type="General" weightage="20" keywordseo="Ethics-Commission" source="keywords">Ethics Commission</keyword>. A joint communication regarding the meeting was issued by 12 council members, including senior vice president <keyword id="21151445" type="General" weightage="20" keywordseo="Ajay-Patel" source="keywords">Ajay Patel</keyword>, vice-presidents Rajalaxmi Singh Deo and Gagan Narang—an Olympic medallist — along with former wrestler and council member Yogeshwar Dutt. Notably, members who refrained from signing this communication include boxer M.C. Mary Kom and table tennis player A. Sharath Kamal, both of whom are part of the IOA athletes' commission. <h2>Focus on recent <keyword id="19933819" type="General" weightage="20" keywordseo="Olympics" source="keywords">Olympics</keyword> and financial concerns</h2>The meeting will also address significant matters related to the recent Paris Olympics. Key topics will include an examination of sponsorship agreements and "additional expenditures" incurred during the event, such as the costs associated with the president's room upgrades, which are alleged to have been covered by the IOA. Furthermore, the council will discuss the accreditation process, including the distribution of accreditation cards and various passes and invites issued during the Olympics. Another important point of discussion will be the selection process for the <keyword id="23311825" type="General" weightage="20" keywordseo="Sportsperson-of-Outstanding-Merit" source="keywords">Sportsperson of Outstanding Merit</keyword> (SOM) from November 2022 and the implications for their participation in the IOA elections for elected positions. The athletes' commission previously designated eight SOMs, including Usha, Yogeshwar Dutt, MM Somaya (hockey), Rohit Rajpal (tennis), Akhil Kumar (boxing), Shuma Sirur (shooting), Aparna Popat (badminton), and Dola Banerjee (archery). As the meeting approaches, the air is thick with anticipation regarding how these issues will unfold and the potential implications for the IOA's governance and integrity. (With inputs from PTI)

Indian Olympic Association to soon hold council meeting to address PT Usha’s “threatening letters”, accreditation card controversy and more

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

<ul class="summary-list"><li>The US Securities and Exchange Commission isn't happy with Elon Musk.</li><li>The financial regulator thinks Musk blew off court-ordered testimony to attend a SpaceX launch, according to a court filing.</li></ul>The US Securities and Exchange Commission wants a federal judge to show <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> that there will be serious costs if he blows off court-ordered testimony in the agency's probe of his <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-twitter">takeover of Twitter</a>, according to court documents filed Friday."Without further action by the Court, nothing deters Musk from violating the May 31, 2024 Order again by simply failing to show up for that date," Robin Andrews, an SEC attorney, wrote in a court filing.For now, the SEC does not want to sanction Musk; it just wants the <a target="_blank" href="https://www.businessinsider.com/elon-musk-twitter">X</a> owner to know that he will face repercussions if he misses his now-rescheduled testimony early next month.The commission is investigating Musk's 2022 acquisition of Twitter, later rebranded as X. The SEC has previously disclosed that it is investigating whether Musk violated securities law by secretly amassing Twitter stock in 2022 and statements he made before the ultimately successful $44 billion deal was finalized. Musk had tried to resist the SEC's efforts to compel him. US Magistrate Judge Laurel Beeler said in February that Musk viewed the SEC's investigation as "baseless and harassing."The SEC and Musk, who have <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-rejects-elon-musk-remove-twitter-sitter-sec-2024-4">tussled repeatedly</a> in the past, disagree on whether Musk blew them off when his attorneys told the agency he could not show up for previously scheduled testimony in California on September 10 because he needed to attend a <a target="_blank" class="" href="https://www.businessinsider.com/spacex-elon-musk">SpaceX</a>'s Polaris Dawn launch in Florida.Andrews' filing said that Musk's attorneys sent their request to reschedule his testimony just three hours before he was scheduled to testify at the SEC's Los Angeles office. In the regulator's view, Musk should have known about the launch and made proper arrangements beforehand."Despite this advance knowledge, Musk did not notify the SEC of his intent to attend the launch until three hours before his testimony was to begin, and after the SEC spent thousands of dollars to fly three attorneys to Los Angeles," the filing said.Musk's attorney, Alex Spiro, responded that the SEC's intent to seek sanctions is a "drastic action" that is inappropriate at this time. Spiro also argued that Musk's attendance at the SpaceX launch was exactly the type of emergency that the court order agreed could lead to rescheduling."The parties have already rescheduled the testimony for approximately three weeks after the original date, an immaterial amount of time in the context of an investigation that began two and a half years ago," Spiro wrote in his part of the joint statement to the court. "Any request for sanctions should be denied."In response to Business Insider, Spiro continued to dismiss the SEC's efforts."The last time the SEC went hysterically running into court, they were told to 'put their big boy pants on,'" Spiro wrote in an email to BI.The SEC declined to comment on Spiro's claim.Musk's contempt for the SEC is well documented.In 2018, he lashed out after a settlement with the regulator led him to step down as chairman of Tesla for three years and to pay a $20 million fine. The agreement did not require Musk or Tesla to admit to or deny the SEC's allegations related to his tweet where he claimed to have "secured" funding to potentially take Tesla private at $420 a share."Just want to that the Shortseller Enrichment Commission is doing incredible work," Musk wrote on Twitter. "And the name change is so on point!"

SEC is unhappy that Elon Musk did not give testimony to the financial regulator to attend a SpaceX launch

<ul class="summary-list"><li>A proposed plan in Maui would phase out 7,000-plus short-term rentals to address housing shortages.</li><li>Rental owners say their property values will tank. One said his family may have to leave Maui.</li></ul>Andrew Church has lived on <a target="_blank" class="" href="https://www.businessinsider.com/hawaiian-local-thoughts-feelings-about-tourism-2023-11">Maui</a> for more than two decades, while his long-term partner and fiancée, with whom he has a daughter, was born and raised on the island.After working and saving for years, Church started purchasing properties to operate as rentals in September 2022 and now has four units. His vacation rentals are now the primary source of income for his family.Maui officials have rolled out a plan to phase out 7,000-plus short-term rentals in an effort to open up more housing for local residents and bring down housing costs — a move that Church said will devastate his family."My family is losing sleep every night over this thing," Church told Business Insider. He said if the ban takes effect, he might not be able to pay his mortgage and would probably have to sell everything and leave Maui, where his fiancé's family roots go back over a century."By enforcing this ban, they are going to bankrupt my family," he said.With some of the most expensive real estate in the US, Maui has long had housing issues. Hawaii's median home price is higher than nearly every other US state. Maui specifically had a median home price of around $1.1 million in July 2024, compared to the countrywide median home price of $438,706, according to Redfin.The island's housing problems were exacerbated by the <a target="_blank" class="" href="https://www.businessinsider.com/maui-fires-where-to-visit-avoid-2023-8">wildfire that devastated Lahaina</a> in August 2023, destroying much of the downtown and displacing thousands of residents.The plan to phase out some short-term rentals came in the wake of the fire, but as a tourist destination with local housing issues, Maui is hardly alone. Barcelona and <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-numbers-shrink-hotel-prices-soar-ban-nyc-2024-6">New York City</a> are among the cities that have banned or implemented restrictions on Airbnb and vacation rentals.But on an island the size of Maui, where the <a target="_blank" class="" href="https://www.businessinsider.com/four-seasons-maui-manager-great-time-visit-deals-less-crowds-2024-7">tourism industry</a> is estimated to be directly or indirectly responsible for 70% of every dollar generated, the consequences could be significant.<h2 id="577b47e3-5221-4d7e-a6cd-34798463da7c">Owners say their property values will tank</h2>The ban, which applies to properties on the so-called "Minatoya List," includes 7,160 units largely concentrated in the touristy areas of South Maui, primarily Kihei, and West Maui, mostly Kaanapali.The properties are technically zoned for residential apartments but, since 2001, have been allowed to legally operate as short-term rentals — and have been taxed to that effect. The list is named for the city employee who initially wrote a memo about allowing the short-term rentals, which was eventually put into law.<div type="image" title="Aerial view of fire damage in Lahaina" height="723" width="1024" msid="113169089" hostid="261" sizebytes="184546"></div>Maui Mayor Richard Bissen earlier this year announced a plan to end those permissions. The Maui Planning Commission voted unanimously in favor of it, recommending it be approved by the city council. If approved, the ban will take effect, depending on the area, in 2025 and 2026.Church said three of his four properties are on the list, but when he bought them in 2022 and 2023, he had no idea the list existed. When researching the properties, he confirmed their tax status as short-term rentals on the county site.He said the units were marketed and sold to him as vacation rentals and that no one, not a real-estate agent or a government official, mentioned the list to him. Church said other owners he knows said the same thing and are also concerned about the financial impacts of the ban. The Maui County mayor's office did not provide comment when reached by Business Insider.Jason Gobey, another <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-hosts-competition-summer-travel-direct-bookings-influencers-boost-revenue-2024-5">short-term rental owner</a>, told BI he researched and spoke to real-estate agents as well as others before buying his one-bedroom condo in Kihei in 2019. He also said he confirmed the property's tax status as a short-term rental and had no idea there could be an issue with it.Gobey and his wife live in Arizona but spend about four months of the year on Maui. He said he does not make a substantial profit on his condo but that buying it and renting it out was the only way they could afford to visit Maui as often as they do, during which time they are also spending heavily on the local economy."We bought it to use it," he said. "But we need some income off of it."Both owners said their property value is going to plunge as a result of the ban. They said plenty of similar units have been listed for sale since the ban was proposed, but that no one is buying them. They feel certain that if they eventually sell their properties it will be at a substantial loss.Though some of the Minatoya List properties will likely be converted to long-term rentals, Church said it is not financially feasible for him. Due to the high costs associated with property maintenance, he thinks he would have to charge far too much to make a long-term rental work.Gobey said since he and his wife spend a month on Maui every few months or so, his unit will just sit empty when they are not on the island. Both owners said the people who help them maintain the units, like proper managers and cleaners, would also lose work as a direct result of the ban.<div type="image" title="Beach scene" height="683" width="1024" msid="113169086" hostid="261" sizebytes="88980"></div><h2 id="8211afe0-0b5d-4768-8694-bf33b931d67c">The ban should help Maui's housing problem, but the wider impacts are unclear</h2>The owners also said they did not think phasing out their rentals would actually solve Maui's housing crisis, saying the value of the properties would likely still be higher than the average family could afford.However, Justin Tyndall, an associate professor of economics at the University of Hawaii at Manoa, said the policy change would have a <a target="_blank" class="" href="https://uhero.hawaii.edu/maui-short-term-rentals-the-minatoya-list-and-housing-supply/">significant positive impact on housing in Maui</a>, increasing the long-term residential housing stock by 13%."That would just be a huge flood of new units. Some of them would end up for sale, or some of them would be rented out to locals," he told BI, adding, "It would definitely make housing more affordable."Even if many of the properties would still be unattainable to lower-income residents, increasing the supply of housing would likely put downward pressure on home prices and rents more broadly.Tyndall said Maui's housing issue largely comes down to a lack of housing supply resulting in extremely high prices. A significant driver of that is how few new construction projects there have been on the island over the past two decades, in part due to government regulations that make obtaining a permit difficult and costly.He said some of those regulations make sense, like those intended to protect ecologically sensitive areas, while others are misguided, and that there are changes the government could make to encourage developers to build more housing.But the benefit of adding the Minatoya List properties to the housing stock is that they are already built.He said the property value of those units will almost certainly go down, but that that's not a bad thing for the broader Maui housing problem. He also noted that 85% of the units on the list are owned by people who live out of state, while 92% are owned by people who don't live on Maui.While he said there's a consensus among experts that the change will benefit Maui housing by increasing supply and bringing down costs, he is still looking into what the broader impacts might be."Maui is so dependent on tourism, taking away 7,000 visitor accommodation units will certainly reduce tourism levels," Tyndall said. "It's unclear by how much."He added that most hotels on the island generally operate at 60 to 70% capacity, so some would-be short-term renters will likely end up there, but at this point, it's still a big unknown.If the change leads to a significant reduction in <a target="_blank" class="" href="https://www.businessinsider.com/maui-food-truck-owner-irresponsible-to-tell-tourists-island-is-closed-2023-8">tourists visiting Maui</a>, it would mean less tax revenue for the county and job losses for people in the service industry.As for the short-term rental owners, Tyndall said folks should've known this was a possibility and that many people who work in real estate at least knew about the list."Property investment involves risk," he said."There's no guarantee you can operate a vacation rental in perpetuity."Are you a short-term rental owner on Maui, or have you or your family struggled to obtain housing on Maui? Want to share your perspective on the plan to phase out some vacation rentals? Contact this reporter at <a target="_blank" href="mailto:kvlamis@businessinsider.com">kvlamis@businessinsider.com</a>.

Maui could soon ban some Airbnbs. Short-term rental owners say it will be financially devastating for them.

The parents were right, folks; we should have been looking out for a government job, especially if you reside in the startup capital of India. In a move that has left <keyword id="19974189" type="General" weightage="20" keywordseo="private-sector" source="keywords">private sector</keyword> employees green with envy, the <keyword id="19896017" type="General" weightage="20" keywordseo="karnataka" source="keywords">Karnataka</keyword> cabinet on Monday decided to implement the recommendations of the <keyword id="20985744" type="General" weightage="20" keywordseo="Seventh-Pay-Commission" source="keywords" meta.keywordsubtype="org" meta.entityname="Seventh Pay Commission" meta.hostid="261" meta.entityid="Seventh Pay Commission">Seventh Pay Commission</keyword>, resulting in an impressive 27.5% hike in the basic salary of state government employees. <h2><keyword id="20727223" type="General" weightage="20" keywordseo="pay-hike" source="keywords">Pay hike</keyword> like few others</h2>The Chief Minister is expected to make the official announcement in the Legislative Assembly, detailing how over seven lakh state government employees will benefit from this substantial increase starting August 1, as per sources. The Seventh Pay Commission, chaired by former chief secretary K Sudhakar Rao, has recommended this hefty pay rise, which will cost the state exchequer an additional Rs 17,440.15 crore annually. This move comes on the heels of the interim 17% salary hike given by the former Chief Minister Basavaraj Bommai in March 2023, to which the current administration is adding another 10.5%, making the total hike 27.5%. <div type="Article" hostid="261" msid="111663090" title="The latest trick companies could be using to pay workers less" mstype="2" mssubtype="0"></div>The decision for this remarkable pay raise wasn't just an act of benevolence, however. The Karnataka State Government Employees Association had announced plans to go on an indefinite strike starting August, pressuring the Siddaramaiah government to act decisively. With this hike, the state administration aims to not only meet the demands of its employees but also to bolster morale and productivity within its workforce. <h2>Miles above the average</h2>To put this in perspective, let's compare the raise to the private sector. HR research firm Aon's latest survey indicates that while India Inc. is set to offer an average hike of 9.5% in 2024, the manufacturing sector is expected to be the most generous with a 10.1% increase. Financial institutions come close with a 9.9% hike, and Global Capability Centres (GCCs) of multinational firms are likely to offer 9.8%. Even tech product companies, known for their competitive salaries, are projected to give an average hike of 9.5%. Yet, all these figures pale in comparison to the Karnataka government's increment. <h2><keyword id="21315567" type="General" weightage="20" keywordseo="employee-retention" source="keywords">Employee retention</keyword></h2>As private companies grapple with attrition rates that have almost reached pre-pandemic levels, the Karnataka government's move could be seen as a strategic effort to attract and retain talent. Aon's study shows that attrition in 2023 was 18.7%, a decrease from over 21% in 2021 and 2022. By offering a significant pay hike, the Karnataka government is positioning itself as an attractive employer in a competitive <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword>. <div type="Article" hostid="261" msid="111115782" title="Flexibility, salary key jobseeker parameters for new roles in India: Report" mstype="2" mssubtype="0"></div>However, even if you look at salary increments across Asia Pacific countries, India's expected average hike of 9.5% is significantly higher than its neighbours. Bangladesh follows at 7.3%, China at 5.7%, and Japan at a modest 3.6%. Karnataka's 27.5% hike, therefore, is not just a national highlight but an extraordinary figure in the broader regional context. In an era where private sector employees are often seen as the beneficiaries of generous pay hikes, Karnataka's state government has flipped the script. With this 27.5% salary hike, the allure of a government job in Karnataka has never been stronger.

Time for a govt job? Karnataka announces impressive 27% pay hike for state employees

<ul class="summary-list"><li>The Supreme Court stripped out some of the SEC's financial-fraud enforcement powers.</li><li>It ruled that defendants in those cases have a right to a jury trial.</li></ul>The Supreme Court dealt a blow to the US Securities and Exchange Commission in a ruling Thursday, sharply limiting the way it pursues financial fraud cases.Until Thursday, the SEC had two ways of pursuing fraud cases. It could sue in federal district court. Or it could bring an "administrative proceeding" in its own in-house court, where it appoints its own judges and the cases have no juries.In Thursday's SEC v. Jarkesy decision, Chief Justice John Roberts wrote that the latter method violated the Seventh Amendment of the US Constitution, which protects the right to a jury trial."A defendant facing a fraud suit has the right to be tried by a jury of his peers before a neutral adjudicator," Roberts wrote.The ruling stripped out part of 2010's Dodd-Frank Act, which was passed in the wake of the 2008 financial crisis and gave federal agencies more enforcement mechanisms.In this case, the SEC accused George Jarkesy Jr. and his financial firm, Patriot28, of lying to investors about the firm's value and about the identity of its auditor and broker.Critics of the decision argue that the SEC's in-house courts worked much-more efficiently than federal district courts. The SEC hired its own judges, who were presumably knowledgeable about financial-fraud laws and could handle cases relatively quickly. And they could be predictable and consistent, unlike trial juries.By contrast, there are fewer than 700 federal district-court judges. They handle all sorts of cases, not just financial fraud. And each one must be appointed by the president of the United States and approved by the US Senate, a process that can take months and is often held up by partisan fighting.Critics have also argued that such a ruling is part of a larger project among conservative judges to dismantle the "administrative state" of government regulation, despite the wishes of a democratically elected Congress and president.The ruling was decided 6-3, with appointees of Republican presidents all in the majority and Democratic appointees dissenting.Justice Sonia Sotomayor, who wrote the dissenting opinion, wrote that the majority decision disrespected the separation of powers between the different branches of government. She said that throughout the country's history, the federal government had frequently delegated enforcement mechanisms to individual agencies."Make no mistake: Today's decision is a power grab," she wrote.She added that the decision could have ramifications for other agencies, such as how the Department of Labor could resolve workplace issues or how the Occupational Safety and Health Administration could handle safety concerns."By giving respondents a jury trial, even one that the Constitution does not require, the majority may think that it is protecting liberty," Sotomayor wrote. "That belief, too, is deeply misguided. The American People should not mistake judicial hubris with the protection of individual rights."

The Supreme Court just made it much harder to go after financial fraud 

Have you heard the phrase “a happy home makes for a happy life”? It's often believed that contentment at home positively influences overall well-being, including one's professional life. However, a new study and its surprising findings have now challenged this notion. This new research has found that positive life-changing events, including those within the family, can negatively impact the growth or survival of <keyword id="6355515" type="General" weightage="100" keywordseo="business" source="Orion">business</keyword> ventures — even more than negative events! Occasions like the birth of a child, purchasing a new home or winning the lottery can boost an entrepreneur's confidence. Yet, this emotional uplift often leads to overconfidence, resulting in poor <keyword id="723268" type="General" weightage="20" keywordseo="business-decisions" source="Orion">business decisions</keyword> due to an inflated sense of capability. Conversely, <keyword id="20041662" type="General" weightage="20" keywordseo="entrepreneurs" source="keywords">entrepreneurs</keyword> facing negative events like divorce, financial troubles or the death of a family member, tend to approach business decisions with more caution and deliberation. This increased prudence can lead to better decision-making and more sustainable business practices. Positive occurrences can make entrepreneurs more passionate, alert to opportunities and creative, but these traits do not necessarily predict future business success. Overconfident entrepreneurs may be good at identifying opportunities, but often make critical mistakes by overestimating their abilities and underestimating challenges, the study found. “In short, there is a negative association shown in research between entrepreneur overconfidence and new venture survival,” said Professor Pi-Shen Seet, the study’s lead author. <cmsannotation type="cmsannotation" annotationid="Blessings and business blunders: How positive events can derail new ventures" comment="subhead" text="Blessings and business blunders: How positive events can derail new ventures">Blessings and business blunders: How positive events can derail new ventures</cmsannotation> Even during the venture creation process, positive <keyword id="21836444" type="General" weightage="20" keywordseo="family-events" source="keywords">family events</keyword> can inadvertently boost entrepreneurs' confidence, affecting their assessment of risks and opportunities. This often leads to snap decisions that might not be well thought out, the findings indicated. Positive family events tend to induce a global thinking style among entrepreneurs, where they tend to focus on abstract, high-level features of problems and choose the first acceptable solution that comes to mind. This can help them make necessary decisions quickly and efficiently under tight time and resource pressures. However, if these positive events lead to overconfidence, as the research shows, entrepreneurs may believe their talents and skills alone can compensate for any lack of information and overcome real difficulties in the venture creation process. This reinforces errors in judgement and inferior decision-making, increasing the vulnerability to mistakes that can harm the new venture. The study also highlighted that changes in family dynamics can further affect a new venture's trajectory. Entrepreneurs do not embark on the venture creation process alone; their families share in the journey, experiencing the emotional highs and lows alongside them. Significant family changes, such as births, marriages, or deaths, disrupt the family system and affect the entrepreneur. These events alter the family structure, change roles, and modify interactions among family members, impacting the entrepreneur's ability to manage their business effectively. This research was conducted by ECU's Professor of Entrepreneurship and Innovation, Pi-Shen Seet, in collaboration with Associate Professor Wee-Liang Tan from the Singapore Management University. It utilised panel data from the HILDA survey, commissioned by the Australian government and administered by the Melbourne Institute of Applied Economic and Social Research at the University of Melbourne. This dataset has previously been employed by researchers investigating the effects of negative family events, such as divorce, on <keyword id="1372640" type="General" weightage="20" keywordseo="financial-decisions" source="Orion">financial decisions</keyword>. Its findings are published in the International Entrepreneurship and Management Journal and can be accessed <a href="https://link.springer.com/article/10.1007/s11365-024-00970-w#Sec8">here</a>.

Home sweet hindrance? Positive events in one’s personal and family life can be bad for business, study finds!

The <keyword id="19895782" type="General" weightage="20" keywordseo="Election-Commission" source="keywords">Election Commission</keyword> has received eight applications from aggrieved <keyword id="19902220" type="General" weightage="20" keywordseo="candidates" source="keywords">candidates</keyword>, including those from the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="153" meta.entityid="BJP">BJP</keyword> and the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="153" meta.entityid="Congress">Congress</keyword>, for verification of tampering or modification in micro-controller chips embedded in the EVMs post declaration of Lok Sabha election results on June 4. Terming the suspicion of manipulation of the electronic voting machines "unfounded", the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords">Supreme Court</keyword> had on April 26 rejected the demand for reverting to the old paper ballot system. But at the same time, the top court had opened a window for the aggrieved unsuccessful candidates securing second and third places in the poll results and allowed them to seek verification of micro-controller chips embedded in five per cent EVMs per assembly constituency on a written request upon the payment of a fee to the poll panel. BJP's Ahmednagar (Maharashtra) candidate Sujay Vikhe-Patil has sought verification of the machines from 40 <keyword id="20300567" type="General" weightage="20" keywordseo="polling-stations" source="keywords">polling stations</keyword>. Vikhe-Patil had lost to Nilesh Lanke of NCP (Sharad Pawar) faction. A YSRCP and a DMDK candidate too have applied for the verification, according to data shared by the poll panel. According to the EC, eight parliamentary seats spread across six states are involved. The total number of polling stations for which verification has been sought is 92. Candidates who come second or third and seek verification of the EVMs will have to pay Rs 47,200 per EVM set, according to the standard operating procedure issued by the EC on June 1. According to the EC's Standard Operating Procedure (SOP), the cost submitted by manufacturers BEL and ECIL to carry out EVM "check and verification" is Rs 40,000 (plus 18 per cent GST) per set of EVM. "In addition to the cost incurred by the manufacturers, there are also administrative costs like cost of labour to shift the units, CCTV coverage, electricity charges, videography costs and various other operational costs at the district election officer level," the document said. It, however, said to make the <keyword id="21143428" type="General" weightage="20" keywordseo="verification-process" source="keywords">verification process</keyword> "more accessible" and inclusive in compliance to the referred mandate of the Supreme Court, it is decided that instead of going purely by the actual economic costs incurred, the administrative expenditure on <keyword id="22122362" type="General" weightage="100" keywordseo="EVM-verification" source="keywords">EVM verification</keyword> will be treated as "election expenditure and borne by the central or state government, as the case may be". "Accordingly, the administrative charges will be waived for the applicants -- the same shall not be charged to the applicants," it noted. The charges for EVM verification to be paid by the applicant candidate is for the current financial year 2024-25 -- till March 31, 2025, it said. An EVM set has at least one Ballot Unit, one Control Unit and a <keyword id="19975285" type="General" weightage="20" keywordseo="vvpat" source="keywords">VVPAT</keyword> machine. Separately, YSRCP and BJD candidates from Andhra Pradesh and Odisha respectively have also applied for EVM check following the announcement of assembly results on June 4. Assembly polls in Andhra Pradesh, Odisha, Sikkim and Arunachal Pradesh were held along with the Lok Sabha elections. In the verification exercise for assembly poll results, total assembly constituencies involved are three where verification has been sought in 26 polling stations. According to the SOP, the concerned state chief electoral officer (CEO) was required to communicate to the manufacturers the consolidated list of applicants within 30 days of the date of declaration of results -- by July 4. The CEOs have already conveyed the same to the manufacturers 15 days ahead of the schedule, the EC said. The technical SOP enumerating the methodology and steps for checking and verification of burnt memory/ micro-controller of the EVM units will be issued by the EC in due course.

EC receives applications for EVM verification on 8 LS seats in 6 states

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.<ul class="summary-list"><li>A financial advisor can help plan for retirement, build an investment portfolio, or budget to reach your financial goals.</li><li>When hiring an advisor or planner, make sure to consider their specialties and certifications.</li></ul>Hiring a financial advisor or a financial planner can help you achieve your short- or long-term goals — like having a comfortable retirement, funding your child's college tuition, or buying a house. These professionals aren't one-size-fits-all, though, and finding the right one is critical to your success. Here's what you need to know about financial advisors and planners, and how to zero in on the best one for your goals and budget.<h2>How to find a financial advisor</h2>To choose the right <a href="https://www.businessinsider.com/personal-finance/best-online-financial-advisors">financial advisor</a> or planner, you first need to understand what you're trying to achieve. Are you looking to maximize your retirement funds? Do you want to make more from your investments? Is planning your estate and legacy top of mind?Financial professionals typically have specialties, so you'll want to choose one that aligns closely with your goals. Common <a href="https://www.businessinsider.com/personal-finance/financial-plan">financial planning</a> specialties include:<ul><li>Estate planning</li><li>Investing </li><li>Retirement planning</li><li>Business planning </li><li>Debt management</li><li><a href="https://www.businessinsider.com/personal-finance/how-to-budget">Budgeting</a></li><li>Tax planning</li><li>Insurance</li></ul>There are also advisors and planners who specialize in specific life stages, demographics, or even people with certain occupations. "When looking for a financial planner, it is important to understand exactly what you're looking for," says Jay Zigmont, a CFP® planner and founder of <a href="https://childfreewealth.com/" target="_blank" rel="noopener">Childfree Wealth</a>, which focuses on financial planning for adults who choose not to have children. "You will find planners who specialize in just about every group, job, and life stage, so find one that fits you."Choosing a financial planner who's a <a href="https://www.businessinsider.com/personal-finance/fiduciary">fiduciary</a> is also important. This means they must avoid conflicts of interest and always put your interests first."A planner that operates under the fiduciary standard is required by law to always keep your financial best interests ahead of theirs," says Jason Steeno, president of financial advisory firm <a href="https://corecapinv.com/" target="_blank" rel="noopener">CoreCap Investments</a> in Southfield, Michigan. Find a Qualified Financial AdvisorLooking for the right advisor for you? <a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005&amp;aff_sub=businessinsider&amp;aff_sub2=bus__falc_bicontent&amp;aff_sub3=msn_find_advisor&amp;aff_sub4=cpc" target="_blank" rel="noopener">Datalign</a> makes finding a financial advisor specific to your needs easier than ever. Datalign Advisory's free tool matches you to an advisor based on your unique financial profile in 3 minutes. All advisors on the platform are registered with the SEC.<a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005&amp;aff_sub=businessinsider&amp;aff_sub2=bus__falc_bicontent&amp;aff_sub3=msn_find_advisor&amp;aff_sub4=cpc" target="_blank" rel="noopener"> Get started planning for your financial future!</a><h2>Steps to choose a financial advisor</h2><h3>1. Search for financial advisor options in your area </h3>There are many ways to find a financial advisor or planner near you. Asking friends, family members, and colleagues is often a good place to start, as they can recommend local professionals they've had personal experience with. You can also use one of these online resources, all of which allow you to filter by geographic area:<ul><li><a href="https://www.plannersearch.org/" target="_blank" rel="noopener">Financial Planning Association</a>: FPA's tool lets you search for CFP® professionals in your area, and you can filter by specialty, compensation type, and certification. </li><li><a href="https://www.napfa.org/" target="_blank" rel="noopener">National Association of Personal Financial Advisors</a>: With NAPFA's search tool, you enter your ZIP code and can filter planners based on their distance from you. There's also a map you can use to view all your options in one place.</li><li><a href="https://www.letsmakeaplan.org/" target="_blank" rel="noopener">Let's Make a Plan</a>: This is the Certified Financial Planner Board of Standards' search tool. You can search by location, services offered, or both. All planners listed are CFP® professionals. </li><li><a href="https://www.xyplanningnetwork.com/" target="_blank" rel="noopener">XY Planning Network</a>: XY's tool lets you search for fee-only financial advisors (more on this below) in your area. You can look by location and filter results using various keywords and specialties.</li></ul>Once you've shortlisted a few names, cross-check them on <a href="http://www.brokercheck.com" target="_blank" rel="noopener">BrokerCheck.com</a> and with the <a href="http://www.adviserinfo.sec.gov" target="_blank" rel="noopener">Securities and Exchange Commission (SEC)</a>. There, Steeno says, "You can see how long they've been in business or if they've had any disciplinary history."<h3>2. Review a financial advisor's credentials</h3>There isn't a single "financial planner" or "financial advisor" license or certification. As Steeno puts it, "Just about anyone can call themselves a financial planner."To ensure you're choosing an experienced and knowledgeable professional, look for professional designations like CFP®, CFA, or CIMA. These are just a few credentials a financial advisor can seek, each indicating a different specialty or skill set.Here's a look at some of the credentials you might see:<ul><li>CFP®: A <a href="https://www.businessinsider.com/personal-finance/cfp" rel="noopener">CFP</a>® is a CERTIFIED FINANCIAL PLANNERTM. These professionals must have a bachelor's degree, three years minimum in full-time financial planning, and complete a board-certification program. CFP®s also must take 30 hours of continuing education every two years.</li><li>CFA: CFA professionals must take a three-part exam focusing on investment tools, assets, wealth planning, and portfolio management to be certified.</li><li>CIMA: Professionals with a CIMA designation are Certified Investment Management Analysts. CIMAs are required to have three years of experience in financial services and enroll in a CIMA education course at the Yale School of Management, The Wharton School at the University of Pennsylvania, the University of Chicago Booth School of Business, or the Investment Management Research Program in Australia.</li><li>MRFC: An MRFC is a Master Registered Financial Consultant. These professionals need at least four years of full-time financial planning experience, have a bachelor's degree in accounting, economics, or finance, and complete 40 hours of continuing education every year. </li><li>ChFC: ChFCs are Chartered Financial Consultants. They must have at least three years of full-time business experience, complete 27 credit hours of courses, and receive 30 continuing education credits every two years.</li><li>CRC: This one is a Certified Retirement Counselor. They must have two years of professional retirement planning experience, pass a specialized certification exam, and take 15 hours of continuing education courses annually. </li></ul>You can usually find a planner's credentials listed after their name — both in the online search resources under Step 1 and on their professional profile or LinkedIn account. Important: There are many other designations and credentials a financial professional can hold. To look up a specific one you've seen, use <a href="https://www.finra.org/investors/professional-designations" target="_blank" rel="noopener">this glossary</a> from the Financial Industry Regulatory Authority (<a href="https://www.businessinsider.com/personal-finance/finra" target="_blank" rel="noopener">FINRA</a>).<h3>3. Review fee structures </h3>There are many ways a financial advisor may charge you, so be sure you understand how they charge before working with them. Some services are charged based on the assets or investments the planner manages, while others charge flat fees or receive commissions. How they charge can influence how much you'll end up spending to work with a financial planner so it's always important to research this part beforehand.Here's a look at some of the various fee structures financial planners use:<ul><li><a href="https://www.businessinsider.com/personal-finance/fee-only-financial-advisor">Fee-only</a>: Fee-only planners are paid for the services they provide. This might mean an hourly rate, a flat fee, or a retainer of some sort. Fee-only planners do not receive commissions or kickbacks from the products and policies they recommend.</li><li>AUM: Assets Under Management is another fee-only approach. With this fee structure, you'll pay a set percentage of the total assets your planner manages. </li><li>Commission: Commissioned financial planners get compensated based on the products they sell to you. This can cause a conflict of interest, as it motivates them to recommend certain products, even if they're not best suited to your needs.</li><li>Fee-based: A fee-based model is a combination of fee-only and commission structures. You may pay a fee for the planner's service, and they also may receive a commission for certain products they recommend to you. </li></ul>Generally speaking, most professionals recommend seeking someone who is fee-only, as this ensures they have your best interests at heart. This includes AUM-based models, which motivate the planner to grow your assets (and avoid losses)."It ensures the advisor's interests are in line with yours," Steeno says. "They want your assets to increase in value just as you do."<table style="border-collapse: collapse; width: 100%; height: 88px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Fee-only</td><td style="width: 50%; height: 22px;">Fee-based</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">The planner is paid based on services provided</td><td style="width: 50%; height: 22px;">The planner is paid based on the services provided and the products they recommend</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">May include a flat fee, hourly rate, retainer, or AUM approach</td><td style="width: 50%; height: 22px;">May include a combination of commissions and fees</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Ensures the planner puts your interests first</td><td style="width: 50%; height: 22px;">May encourage planners to put their interests before your own</td></tr></tbody></table><h2>Online financial advisors vs. traditional advisors </h2>You don't have to meet with a financial advisor or planner in person to get professional help. Many financial advisors offer online services that allow you to get the guidance you need without leaving your home. These usually include phone and video calls, in which you "meet" your planner virtually over Zoom, Skype, or another similar service.These can be a good option if you want faster, more convenient service or to work with a planner not in your geographic area. There are also <a href="https://www.businessinsider.com/personal-finance/best-robo-advisors">robo-advisors</a>, which can be used for building and managing your investment portfolio. They're typically more affordable than using a real-life advisor and have low starting balance requirements, but they're also less comprehensive and personalized. Robo-advisors typically won't help with budgeting, estate planning, tax planning, or other non-investment services.As Rob Burnette, an MRFC and chief executive officer of <a href="https://outlookfc.com/" target="_blank" rel="noopener">Outlook Financial Center</a> in Troy, Ohio, explains, "Robo-advisors are only useful for the investment part of a financial plan."Important: Most major investment brokerages offer robo-advisor services. Examples include Schwab Intelligent Portfolios, Fidelity Go, and Vanguard Digital Advisor.In some cases, robo-advisors may include interactions with a live advisor (sometimes for an added fee). But it's usually not a dedicated account professional, and you may be limited on how many times you can interact with them. This means less consistency and personal guidance than you'd get with a financial planner you hired directly."Robo-advisors generally offer a one-size-fits-most solution," says Kris Maksimovich, a CRC and president at <a href="https://www.gwadvisors.net/" target="_blank" rel="noopener">Global Wealth Advisors</a> based in Lewisville, Texas. "They lack personalization and input and don't offer hand-holding during periods of market volatility."<table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">Robo-advisor</td><td style="width: 50%;">Online financial advisor service</td></tr><tr><td style="width: 50%;">Can help you build an investment portfolio quickly and easily</td><td style="width: 50%;">May be more efficient and convenient than meeting a planner in person</td></tr><tr><td style="width: 50%;">Lower cost than traditional financial planners</td><td style="width: 50%;">Allows you to work with a financial planner located anywhere</td></tr><tr><td style="width: 50%;">Services are less personalized to your needs</td><td style="width: 50%;">Gives you personalized guidance and consistency</td></tr><tr><td style="width: 50%;">Does not include non-investment services, like budgeting, tax planning, or estate planning</td><td style="width: 50%;">May be harder to build a personal relationship with your planner</td></tr></tbody></table>A financial advisor or financial planner can help you achieve your long-term goals but choose yours carefully. There are many types of financial planners, and their specialty, costs, credentials, and services should all play a role in your decision. Don't be afraid to interview a few candidates. Set up introductory meetings with two or three professionals, and use the time to ask questions, understand their processes and fees, and make sure they're a good fit before moving forward.

How to Choose a Financial Advisor - Pick the Right Financial Planner for You

It takes an Oscar-worthy director to come up with the juicy drama that somehow seems to pervade India’s pre-general election seasons. Amid all the chaos, a political hot topic has just witnessed a major development: the electoral bonds row. <cmsannotation type="cmsannotation" annotationid="What are electoral bonds?" comment="subhead" text="What are electoral bonds?">What are electoral bonds?</cmsannotation> For those unversed in the whole episode, the government introduced the <keyword id="4697813" type="General" weightage="100" keywordseo="electoral-bond" source="Orion">Electoral Bond</keyword> Scheme via the Finance Act of 2016-2017, allowing anyone to anonymously make an indefinite number of non-capped donations to their preferred political parties. Before this scheme, all donations above Rs 20,000 had to be explicitly made public, and donations of more than a certain percentage of the company’s revenue were disallowed. Such restrictions were meant to ensure that no political party had an unfair monetary advantage over the others and that the policies would not be influenced by the rich. Therefore, many experts were concerned that this new lack of transparency in the donation process opened up a gaping avenue for big corporations to donate for favourable outcomes from the ruling regime in terms of acquiring licences, government contracts, leases, and even accelerating favourable policy changes. The government insists that the measure ensures transparency as the purchaser would be allowed to buy bonds only on due fulfilment of all the extant KYC norms and by making payment from a bank account. However, the opposition parties kept raising objections, with the <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> leader Rahul Gandhi terming the electoral bond scheme as a legalisation of the process of accepting bribes and commissions. <cmsannotation type="cmsannotation" annotationid="How did the Supreme Court step in?" comment="subhead" text="How did the Supreme Court step in?">How did the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> step in?</cmsannotation> Recently, in a move that many celebrated as a major win for transparent and fair electoral practices, a Constitution Bench panel of five Supreme Court judges scrapped the Centre’s electoral bonds scheme on February 15, deeming that the whole ordeal was “unconstitutional” to begin with. Subsequently, the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) was ordered to disclose all details of the donors that had purchased electoral bonds, the amount purchased, and the recipients of these “support” donations. Nearly a month after the directive, SBI finally submitted the electoral data to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword> on March 13, after the apex court denied its application for more time. The bank attributed the delay in compiling the information to the non-digital nature of the way electoral data was collected and stored, making it harder to collate and produce. <cmsannotation type="cmsannotation" annotationid="What does the data reveal?" comment="subhead" text="What does the data reveal?">What does the data reveal?</cmsannotation> The data published by the Election Commission based on SBI’s affidavit revealed information on over 22,217 electoral bonds purchased between April 1, 2019 and February 1, 2024. This also means there exists a year’s worth of data missing from the first year of the electoral bonds scheme, amounting to hundreds of crores of Rupees. Further, the very content of the data remains lacklustre, many experts maintain. The problem is that individual electoral bonds do not have their serial numbers attached. This makes it impossible to accurately ascertain who these bonds were directed to, meaning we still do not know which corporations donated how much to which parties. Condemning the SBI for not divulging the unique serial numbers as per its previous full-disclosure directive, the Supreme Court has now issued a notice for a prompt response by March 18. <cmsannotation type="cmsannotation" annotationid="Which political party benefited the most?" comment="subhead" text="Which political party benefited the most?">Which political party benefited the most?</cmsannotation> While many political parties benefited from this scheme, the Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>) encashed about 1,300 crores worth of electoral bonds during the 2023 financial year, according to media reports. This amounted to about half of the total electoral bond donations, and more than seven times the amount Congress received during the same period. Out of a total of 12,155 crores worth of electoral bonds purchased between 2019 and 2024, BJP redeemed Rs 6061 crores, followed by Mamata Banerjee’s Trinamool Congress at Rs 1610 crores. A total of 213 donors purchased bonds worth over Rs 10 crores, with the top 20 donors accounting for nearly half of the total electoral bonds. <cmsannotation type="cmsannotation" annotationid="Are scams hiding behind the electoral bonds?" comment="subhead" text="Are scams hiding behind the electoral bonds?">Are scams hiding behind the electoral bonds?</cmsannotation> The ruling party receiving such a disproportionate share of the electoral bonds has raised many eyebrows. Rajya Sabha Minister Kapil Sibal expressed discontent with the SBI report, calling it a “scam” and explaining that it needs thorough investigation by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Jharkhand Congress President Rajesh Thakur emphasised that a comprehensive study is essential to ascertain the true extent to which companies might have their money to get favour from the central government. Many Congress leaders, such as Manickam Tagore and Jairam Ramesh, also held that it was suspicious that only companies that donated funds to the BJP were given projects and contracts. The other problem is the fact that several of the big purchasers have been consistently under the radar of central agencies, facing frequent raids. This includes the top donor, Lottery company Future Gaming and Hotel Services, led by “Lottery King” Santago Martin, who donated a whopping Rs 1,368 crores. Many others also concern that large corporations may have donated money through shell corporations, in order to hide their involvement in any political favouritism. Congress MP Manish Tewari asked for a Supreme Court order to “lift” this corporate veil of shell companies to reveal the true purchasers of the bonds. Further, as per a Mint analysis, several donor companies who contributed massive amounts were found to be ‘inactive’, and thus the true details of the donors were not transparent at all. According to their report, this included entities such as Rungta Sons, SN Mohanty, Sasmal Infrastructure Private Limited, Avees Trading Finance, and others, whose collective contributions amount to hundreds of crores of Rupees. The official electoral bond data can be accessed via the <a href="https://www.eci.gov.in/candidate-politicalparty" data-type="tilCustomLink">Election Commission of India website</a>.

Electoral bonds: What are they? What does the newly-released data reveal? Would it make an impact?

New Delhi, Fair trade watchdog CCI on Monday invited request for proposals from entities to carry out a detailed market study on <keyword id="19904566" type="General" weightage="20" keywordseo="Artificial-Intelligence" source="keywords">artificial intelligence</keyword> and its impact on competition that will cover various aspects, including the ways AI-driven personalised recommendations, services and pricing influence <keyword id="21386825" type="General" weightage="20" keywordseo="Consumer-Choices" source="keywords">consumer choices</keyword>. The proposed market study on 'Artificial Intelligence and Competition' also comes at a time when the growing use of AI across industries has given rise to novel questions around its implications for competitive dynamics in markets. Issuing the Request for Proposal (RFP) document to engage an agency/institution for conducting the study, the CCI said the transformative capabilities of AI have significant pro-competitive potential, both on the supply and the demand side, and at the same time, there may be concerns with regard to potential competition risks stemming from the use of AI. The last date for submitting the bids is June 3 and after technical presentations by the entities, the deadline for the financial bids is June 28. Among the various aspects, the study will look at whether and in what manner can AI facilitate and/or implement <keyword id="21386826" type="General" weightage="20" keywordseo="Anti-competitive-Strategies" source="keywords">anti-competitive strategies</keyword> as well as the novel strategies aided by AI that can lead to anti-competitive outcomes. The new forms of collusion prompted by the use of AI such as self-learning algorithms and whether bias in <keyword id="20153346" type="General" weightage="20" keywordseo="AI-Algorithms" source="keywords">AI algorithms</keyword> can impact competition will also be examined during the study. Other elements that will be covered include "how do AI-driven personalised recommendations, services and pricing influence consumer welfare and choice", "what are the synergies and risks that may stem from M&amp;As involving firms with AI capabilities" and "what are the specific factors/parameters that need to be considered in assessing competitive effects of such M&amp;As". Through the study, the <keyword id="20115755" type="General" weightage="20" keywordseo="Competition-Commission" source="keywords">Competition Commission</keyword> of India (CCI) will also seek to understand the main sources of competitive advantage and disadvantage for AI adopters and non-adopters, and how AI technologies influence the entry and exit barriers, market concentration, innovation incentives, and market power of firms. Further, it will look to "understand trends and patterns of AI and to ascertain enforcement and advocacy priorities of the Commission with respect to AI and its application in markets," as per the document. Among others, the study will look at the existing and evolving regulatory/legal frameworks governing AI systems and applications in India and other major jurisdictions and also reach out to the relevant stakeholders. In a recent interview to PTI, CCI Chairperson Ravneet Kaur said that AI and machine learning can drive efficiency and innovation but also raise concerns related to market concentration and potential anti-competitive behaviour. The CCI has the mandate to promote competition and curb anti-competitive practices in the marketplace. SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a><a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/playstation-5-is-now-available-at-a-discount-of-10000-for-a-limited-period/articleshow/109183034.cms" target="_blank">PlayStation 5 is now available at a discount of ₹10,000 for a limited period</a><a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank">EV sales expected to grow by over 65% in 2024, double its overall market share</a>

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