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Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

<keyword id="20253141" type="General" weightage="20" keywordseo="Bharti-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Global" meta.hostid="268" meta.entityid="Bharti Global">Bharti Global</keyword>, the international <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> arm of Bharti Enterprises, will acquire about 24.5 per cent stake in <keyword id="20115879" type="General" weightage="20" keywordseo="BT-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="BT Group" meta.hostid="268" meta.entityid="BT Group">BT Group</keyword>, Britain's largest broadband and mobile company, from <keyword id="22756191" type="General" weightage="20" keywordseo="Altice-UK" source="keywords" meta.keywordsubtype="org" meta.entityname="Altice UK" meta.hostid="268" meta.entityid="Altice UK">Altice UK</keyword>, a release said on Monday. Although it did not divulge the size of the deal, market watchers say that at BT's valuation of roughly USD 15 billion dollars, the deal could be in the ballpark of USD 4 billion. The shares will be purchased through Bharti Televentures UK, which is wholly-owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about 9.99 per cent stake of BT Group's issued capital imminently with the rest about 14.51 per cent of BT's share capital is to be acquired post regulatory clearances. Telecom billionaire Patrick Drahi's Altice UK, the largest shareholder in BT, has been struggling with high debt. "Bharti Global, the international investment arm of Bharti Enterprises, a leading Indian business group with world-class companies in telecoms, digital infrastructure and space communications, has reached an agreement to acquire an interest in 24.5 per cent of the issued share capital of BT Group plc from Altice UK," Bharti said in a release. Bharti hopes the investment will further help create new synergies in the telecom sector between India and UK in the areas of AI and <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> R&amp;D and core engineering among others, "offering great potential to collaborate on industry best practices and emerging technologies". It is pertinent to mention here that Bharti and BT have a relationship going back more than two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and hence Bharti's latest move to acquire a 24.5 per cent chunk in the iconic British company marks a defining moment for the Indian telecom conglomerate. Sunil Bharti Mittal, Chairman of Bharti Enterprises said: "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company". Bharti's investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties, the release said. It noted that during the recently concluded visit of UK Foreign Secretary, David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including telecom. Sunil Mittal said: "This investment in BT aims to support the commitment of our Prime Minister towards his vision in elevating and broadening the India-UK ties. Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business". Shravin Bharti Mittal, Managing Director of Bharti Global said: "We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company." Bharti believes that BT is poised for leadership in the telecom arena, especially home broadband services, he added. Meanwhile, BT Group, in a separate statement said the investment from Bharti is a strong vote of confidence in the future of the British telecom carrier and its strategy. Allison Kirkby, Chief Executive of BT said: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy". "BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come," Kirkby said. Barclays Bank PLC, acting through its Investment Bank served as the sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

The United States government isn’t holding back when it comes to Big Tech, and <keyword id="19902762" type="General" weightage="20" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> is squarely in its sights. After years of concern over the tech giant’s grip on the digital world, the US Justice Department (DOJ) has made a bold demand: sell your Chrome browser. The move comes amid two high-stakes antitrust trials that accuse Google of monopolistic practices. So, what’s at the heart of the government’s case, and why is Chrome a key piece of the puzzle? Let’s break it down. <h3 style="line-height:1.38;margin-top:14.0pt;margin-bottom:4.0pt;">Search, Chrome, and monopoly madness</h3>In one corner, we have the DOJ versus Google in a trial in Washington, D.C., where a judge has already ruled that Google’s search business operates as an illegal monopoly. The DOJ argues that Google’s dominance in search, bolstered by its Chrome browser, gives the company an unfair advantage, effectively locking in users and advertisers. To remedy this, the DOJ has proposed that Google sell off Chrome entirely. This drastic move, they argue, could level the playing field and restore competition to a market where Google currently reigns supreme. <h3 style="line-height:1.38;margin-top:14.0pt;margin-bottom:4.0pt;">The ad tech tug-of-war</h3>Meanwhile, in Virginia, a second trial focuses on Google’s grip on the ad tech market — the engine behind the ads you see while browsing. The government alleges that Google’s trio of advertising software products effectively monopolises the ad tech ecosystem. Publishers like News Corp and Gannett claim they’re stuck using Google’s ad tools to survive. DOJ lawyer Aaron Teitelbaum summed it up bluntly: “Google is once, twice, three times a monopolist.” The DOJ accuses Google of using its financial clout to buy out rivals and control the auction systems that determine which ads appear online. This, they say, allows Google to charge advertisers more while paying publishers less. The government wants Google to divest parts of its ad tech business to dismantle this stranglehold. <h3 style="line-height:1.38;margin-top:14.0pt;margin-bottom:4.0pt;">Google fights back</h3>Unsurprisingly, Google has a different story. The tech giant calls the government’s arguments an attempt to pick “winners and losers” in an already competitive market. “The law simply does not support what the plaintiffs are arguing in this case,” said Google’s lawyer Karen Dunn. Google also argues that the ad tech market isn’t as straightforward as the DOJ claims. The company points out that ads appear across multiple platforms — search engines, social media, and apps — and Google doesn’t dominate all of them. In fact, it says rivals like Meta, Amazon, and TikTok are gaining ground. Dunn warned that forcing Google to sell parts of its business or work with competitors would essentially amount to government interference. “This is central planning,” she said, urging the court to reject the DOJ’s proposals. <h3 style="line-height:1.38;margin-top:14.0pt;margin-bottom:4.0pt;">What’s at stake?</h3>If the court rules against Google, the implications could be seismic. The DOJ’s proposals — selling Chrome or divesting parts of Google’s ad business — would fundamentally reshape how the company operates. But don’t expect a resolution anytime soon. Presiding Judge Leonie Brinkema is expected to issue her opinion swiftly, but any decision will almost certainly be appealed, dragging the case potentially to the US Supreme Court. Even then, the question of enforcement remains murky. While the Biden administration is eager to rein in Big Tech, future administrations could change course. Whether Google will ultimately be forced to sell Chrome or parts of its ad tech business is up to the courts — and potentially years of appeals. For now, the trials highlight a growing unease with the power of tech giants like Google. For Google, the stakes couldn’t be higher. For the rest of us, these decisions will shape the future of the internet as we know it. Stay tuned — this battle is far from over.

Why does the US want Google to sell its Chrome browser?

<ul class="summary-list"><li>The presidential election will influence parents, childfree adults, and reproductive-healthcare access.</li><li>It's the first presidential election since Roe v. Wade was overturned, which could shape votes in swing states.</li></ul>The candidate who wins the Oval Office will influence how Americans build a family.It's the first presidential election since <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-abortion-decision-final-ruling-scotus-roe-v-wade-2022-6">Roe v. Wade was overturned,</a> and <a target="_blank" class="" href="https://www.businessinsider.com/costs-abortions-travel-expenses-increase-scotus-roe-v-wade-dobbs-2024-2">abortion</a>, fertility treatments, childcare expenses, and political rhetoric toward <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-defended-his-childless-cat-ladies-comment-2024-7">childfree adults</a> have been major talking points on the campaign trail.Former President Donald Trump has said he will allow states to restrict abortion as they see fit, while Vice President Kamala Harris wants to restore abortion protections to federal law if she wins.Ahead of Election Day, Business Insider spoke with voters about how family and reproductive healthcare access will influence their decision.BI found that people's views on family don't always fit neatly into a political party. Along the spectrum of support for abortion access, one common thread stood out: The cost of raising a family."It's an issue that actually unites Americans," said Kristan Hawkins, the president of two <a target="_blank" class="" href="https://www.studentsforlifeaction.org/">anti-abortion</a> <a target="_blank" class="" href="https://studentsforlife.org/">organizations</a> for students. She does not support Harris' plan to restore federal abortion access, but she does often hear from families that are struggling with <a target="_blank" class="" href="https://www.businessinsider.com/parents-children-fleeing-nyc-high-housing-daycare-costs-2024-6#:~:text=The%20typical%20New%20York%20City,The%20New%20York%20Times%20reported.">high living costs</a> and a <a target="_blank" class="" href="https://www.businessinsider.com/poverty-line-leaves-behind-low-income-americans-snap-medicare-wic-2024-6">limited social safety net</a>.A representative for Harris referred BI to the vice president's policy record and comments on the campaign trail. A representative for Trump did not respond by the time of publication.<h2 id="5ff513d9-5f50-4cb2-a402-f5352c2aabfc">An anti-abortion Missouri mom who prioritizes family-centered economic policy and says she'll vote for Trump</h2>Erica Choinka, 30, has two young children and lives in Jefferson City, Missouri.She loves being a parent and said the rising cost of raising a family is one of her main economic concerns. She said her household expenses were <a target="_blank" class="" href="https://www.businessinsider.com/trump-control-federal-reserve-jerome-powell-tariffs-inflation-2024-9">cheaper when Trump was president</a>.Choinka also aligns with Trump's promises to <a target="_blank" class="" href="https://www.businessinsider.com/trump-said-abortion-bans-should-be-left-states-2024-4">leave abortion laws to the states</a>, and considers herself "pro-life." For her, the pro-life belief reaches beyond abortion — it's about affordability for parents. That's why she supports a <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-proposals-boost-child-tax-credit-give-parents-money-2024-8">child tax credit</a>, affordable childcare, paid family leave, and access to fertility treatments like IVF.While both Harris and Trump have a child tax credit in their presidential policy plans, this election comes after the pandemic-era child tax credit lapsed, <a target="_blank" class="" href="https://www.businessinsider.com/democrats-poverty-extended-child-tax-credit-expired-2022-3">partly due to Republican opposition</a>. Both candidates have outlined plans to reintroduce a child tax credit, and Harris said she would also <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/09/17/remarks-by-vice-president-harris-in-a-conversation-with-the-national-association-of-black-journalists-philadelphia-pa/">cap childcare costs</a>.In terms of abortion access, Trump has bragged about his role in overturning Roe v. Wade — a decision that led to <a target="_blank" class="" href="https://www.guttmacher.org/state-policy/explore/state-policies-abortion-bans">41 states </a>with bans.Choinka said she agrees with where Missouri has landed: abortion is banned in the state at all stages of pregnancy, with no exceptions for cases of rape or incest. The state will be voting this November on constitutional abortion protections."We have an opportunity to either continue with the status quo of the last four years or go back to Trump, his policies, and his strategy for approaching problems," she said. "That's the path that I want to take."<h2 id="041baf13-1414-4a5c-b8a7-73fc1d354d2d">A Texas voter whose reflections on her own abortion have her supporting Harris</h2>Stephanie Gomez remembers taking a pregnancy test during her senior year in a Houston high school bathroom. She watched as the pink lines formed a plus symbol. She immediately knew she didn't want to be a parent, she said.What followed for Gomez was a visit to a Planned Parenthood clinic and an abortion procedure. It was 2012 and elective abortion was still legal in Texas. The clinic offered Gomez some financial aid, and her twin sister had to come up with nearly $400 between their McDonald's and Denny's paychecks to cover the rest of the bill.Texas now has among the <a target="_blank" class="" href="https://www.businessinsider.com/10000-more-births-afrer-texas-strict-abortion-law-study-2023-7https://www.businessinsider.com/10000-more-births-afrer-texas-strict-abortion-law-study-2023-7">strictest abortion bans in the US</a>. The procedure is banned after six weeks in all cases, except for medical emergencies, with no exceptions for rape or incest.Gomez, who is now 30, lives in Austin with her long-term partner."Being like a childless woman who really lives life on her own terms, I think people don't actually realize how rare that can be," she said, adding that she has the financial freedom to support her parents and younger siblings. "This idea that I don't have a family because I haven't decided to marry someone or be pregnant is insane to me."Her top voting issues include reproductive healthcare access, the economy, climate, and voting rights. She feels Harris' policies most align with her priorities.Gomez said she wished more Americans understood the "diverse" reasons a person may choose to end their pregnancy. She remembers her friends and family saying her abortion was justified because she was young and had college on the horizon."When we try to justify the reason, there's this narrative that there is a 'good' abortion or a 'bad' abortion," she said. "It's a medical procedure."<h2 id="ea19e384-5515-4142-8eac-61da5fe33934">A first-time voter in Indiana who is anti-abortion and plans to to vote third-party</h2>Avie Sark is about to cast her first ballot. The 18-year-old is a college student in central Indiana and works for a couple of advocacy groups that share her political views — including serving as president of her local Democrats for Life of America chapter, which supports anti-abortion Democratic candidates and policy in local elections.Sark said she identifies as a "progressive" and "leftist" on most economic and social issues. Where she differs from many in her party is her anti-abortion stance, saying she "sees fetuses as people."She hopes that, in the future, a president can restrict abortion, along with lowering childcare and healthcare costs. She hopes to foster or adopt children someday.In her first time voting for president, Sark said she plans to vote third party, likely for Green Party candidate Jill Stein. <a target="_blank" class="" href="https://www.npr.org/2024/09/22/nx-s1-5113108/third-party-voters">Third-party voters</a>, like Sark, can have an impact on a Harris-Trump race with razor-thin margins.Anti-abortion policy is Sark's top consideration in the election, and she said neither major party candidate aligns with that priority: Harris won't do enough to limit abortion access and Trump has been inconsistent with his abortion views, Sark said."I don't think that there's really anything that we can do about abortion in this election," Sark said.

Parenthood — and the choice to be childfree — is at stake this election. 3 Americans explain how it's impacting their vote.

<a target="_blank" class="" href="https://www.businessinsider.com/tiktoker-unlimited-pto-scam-experts-say-she-has-a-point-2024-7">Unlimited vacation</a> is the ultimate test of judgment.For employees, it's a high-stakes bet on whether an employer will stay true to their word. It's also a gamble — take too little vacation and risk <a target="_blank" class="" href="https://www.businessinsider.com/highly-engaged-burned-out-employees-turnover-risk-2021-12">burnout</a>; take too much vacation and risk being secretly judged.In 2021, Lucille, who is in her mid-20s, took a chance on a New York-based PR firm offering unlimited vacation. It was her first time working for a <a target="_blank" class="" href="https://www.businessinsider.com/unlimited-pto-vacation-scam-time-off-managers-fight-burnout-culture-2023-1">company with unlimited PTO</a>.After using their policy sparingly, she realized she would need to test its boundaries by asking for 17 days off — a request that meant she would likely exceed what she refers to as the "unofficial" company average of taking three to four weeks a year.She used her colleagues as a sounding board, then anxiously approached her manager about the request and, to her surprise, found them supportive."It wasn't like I took a bunch of vacations," said Lucille, who requested the days off to work on assignments for her <a target="_blank" class="" href="https://www.businessinsider.com/freelance-writer-failed-went-back-full-time-job-2023-5">freelance writing career</a>. "I'm not sure the same thing would have happened if I needed to take weeks and weeks off to go on personal vacation."Unlike Lucille's company average, four weeks of vacation is far from the norm in the US.A <a target="_blank" href="https://affiliate.insider.com?h=8f8da8a1b199b029f06bab16481d7c4e8e031b96b1e0d90c26f3bbd3e83f941a&amp;postID=66b6228be3c9582388cdb32a&amp;postSlug=unlimited-vacation-pto-wins-risks-2024-8&amp;site=bi&amp;u=https%3A%2F%2Fwww.expedia.com%2Fnewsroom%2Fglobal-vacation-deprivation-at-a-ten-year-high-expedia-reports%2F">2023 survey</a> from Expedia found US workers with unlimited time off take an additional three and a half days off a year compared to the country's national average of 11 days.Similarly, the HR platform Namely looked into the PTO trends of 1,000 of its company clients in 2022. It found workers at these employers with unlimited plans took an average of 12.09 days a year compared with 11.36 days for those with fixed plans.Even with unlimited PTO encouraging workers to take more time off, America <a target="_blank" href="https://affiliate.insider.com?h=b3930d00e47fe4fb3969753b7501b5e08b4b41c66db9085512fc6c3175ea8539&amp;postID=66b6228be3c9582388cdb32a&amp;postSlug=unlimited-vacation-pto-wins-risks-2024-8&amp;site=bi&amp;u=https%3A%2F%2Fwww.expedia.com%2Fnewsroom%2Fexpedia-report-finds-americans-win-the-gold-medal-for-taking-fewest-vacation-days-globally%2F">remains</a> one of the most vacation-deprived countries.Workers in the US take an average of 11 days off a year — those working in places like France, Germany, Hong Kong, and the United Kingdom average more than 20, according to Expedia's 2024 Annual Vacation Deprivation Report.Business Insider spoke with employees who have tested their companies' unlimited-vacation policies to mixed results, showing how it can be a high-stakes gamble with either huge rewards or losses.(People identified only by a first name were given pseudonyms because they were not authorized to speak with the media or feared career-related repercussions. Their identities are known to BI.)<h2>With great rewards come big risks</h2>Daniel, a <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-employees-china-iphones-for-work-not-android-report-2024-7">Microsoft employee</a> in his early 30s based out of Seattle, also far exceeded the US average of 11 vacation days this year by using the company's discretionary vacation program.From December 2023 through the end of this year, the program manager will have taken 51 days of vacation to visit spots throughout Canada, Europe, Mexico, and the US. The colleagues he's spoken to typically take four to seven weeks, he said.For him, unlimited vacation is invaluable."I have a kid now, and being able to take her around the world to different destinations so she can experience different cultures and things like that are very important to me," he added.Although Daniel uses discretionary vacation to travel the world, many of his colleagues that he's spoken to use it for flexibility — whether that's a side hustle or giving themselves a <a target="_blank" class="" href="https://www.businessinsider.com/4-day-workweek-could-be-here-sooner-than-you-think-2024-3">four-day workweek</a>.Christopher, a US-based software developer in his early 30s, has also taken advantage of his company's unlimited vacation policy to travel the world. In 2022, he took 33 days off."I didn't take much time off at the beginning," Christopher, who began working at the company in 2020, said. "But when the pandemic happened, and there was an abundance of tech jobs, I started taking more."He said his company's unlimited vacation policy allowed him to become a <a target="_blank" class="" href="https://www.businessinsider.com/digital-nomad-lifestyle-lessons-drawbacks-challenges-2023-8">digital nomad</a>. Many tech companies were hiring when Christopher started the job in 2020, but the landscape started to change rapidly two years later as inflation and interest rates started to soar and companies looked for <a target="_blank" class="" href="https://www.businessinsider.com/recession-2022-companies-prepare-economic-downturn-netflix-layoffs-meta-hiring-2022-5">ways to cut costs</a>.By November 2022, amid a management change, Christopher said he was flagged as having the highest vacation usage in the company and told not to take any more unless there was an emergency.He said he was also told to work during the week of Christmas even though the rest of his team and the direct employees of the client they were working for were on vacation.After that, he said, the company implemented a "flexible PTO policy" with a three-week minimum. A few months later, in March 2023, he was let go as part of company layoffs, which he believes was linked to his vacation usage.<div type="image" title="Man with laptop on the beach" height="1414" width="2121" msid="112529503" hostid="261" sizebytes="111242"></div>Although Business Insider could not verify why Christopher was laid off, taking employers up on unlimited vacation might be a risky move in the current job market, where <a target="_blank" href="https://www.businessinsider.com/why-hard-to-find-job-us-though-unemployment-low-2024-2">hiring is slow</a> and low, <a target="_blank" href="https://www.businessinsider.com/economy-adding-low-paying-healthcare-retail-jobs-high-wages-scarce-2024-5">especially for high-paying roles</a>.The boundaries may be especially dangerous in tech, which had some of the <a target="_blank" class="" href="https://www.businessinsider.com/tech-layoffs-way-down-from-2023-why-so-grim-2024-2">worst layoffs</a> in 2023 and has yet to recover.It was a marked change from the near decade of overhiring by technology companies, which engaged in <a target="_blank" href="https://www.businessinsider.com/banks-hedge-funds-hiring-technologists-engineers-developers-fast-interview-process-2021-12">talent wars</a>, launched <a target="_blank" href="https://www.businessinsider.com/top-tech-recruiters-weigh-in-on-coding-bootcamp-grads-2021-10">coding camps</a> to find new recruits, and <a target="_blank" class="" href="https://www.businessinsider.com/why-big-tech-companies-laying-off-spoiled-workers-perks-2023-2">spoiled workers</a> with six-figure salaries and an abundance of perks.Tech still hasn't recovered from the bloodbath — <a target="_blank" class="" href="https://www.businessinsider.com/tech-layoffs-way-down-from-2023-why-so-grim-2024-2">layoffs</a> have continued throughout 2024, though the cuts have tended to be smaller and more concentrated.Even before the industry shifted, Christopher said many colleagues were scared to take PTO. He added that several coworkers had commented on his vacation usage, saying they wished they could take the same amount.They technically could, he told BI, but most of them "probably maxed out at around 15 days."It's not uncommon that unlimited vacation policies, which are ill-defined by definition, lead to periods where no one takes days off because of uncertainty and fear of standing out negatively, wrote Bruno Luco, head of people at online walking-tour platform GuruWalk, in a message to BI.In some cases, he added, team leaders or influential people within the organization must use vacation to set an example for a company."Once a group of people within the company start taking vacation, a collective group conscience develops that encourages more people to take their vacation, creating the virtuous circle," he wrote.<h2>Finding the breaking point</h2><a target="_blank" href="https://www.marketwatch.com/guides/business/pto-statistics/">Less than 10%</a> of US <a target="_blank" href="https://www.shrm.org/topics-tools/research/employee-benefits-survey">employers</a> offer unlimited PTO as of 2023. Although it sounds like a perk for employees, it's not without benefits to employers who give it.It's a well-known <a target="_blank" href="https://www.fastcompany.com/90934662/the-real-and-problematic-reason-companies-offer-unlimited-vacation">financial accounting hack</a>. Under a traditional paid time-off policy, when an employee has earned their vacation time, a company must set aside funds to pay an employee for any owed PTO if they depart.With an unlimited vacation policy, no such line item is needed.In the absence of a policy, employees often use their managers, colleagues and an understanding of their own work capacity to gauge how much time to take, weighing up the career risks and life benefits of such a request.Carlos Arbona, a midlevel account executive in his late 20s at digital platform CoachHub, said he intends to take around 30 days off this year using his company's unlimited vacation policy.He's already taken 14 days off to <a target="_blank" class="" href="https://www.businessinsider.com/american-moved-to-istanbul-loves-it-cheap-cost-of-living-2024-1">travel to Turkey</a> and Greece and plans to visit Spain later this year.Although Arbona could push the limits beyond two months, he said it wouldn't be in his best interest as it would mean a full quarter off from his sales role, which is his priority.Similarly, Daniel believes six to seven weeks is his limit."That's the sweet spot where the team doesn't miss me too much, and my presence is still felt," he said, adding that anything more would mean his coworkers would have to carry the burden of his "excessive time off."The breaking point often comes when there is a noticeable decline in an employee's performance or availability, which can manifest in missed deadlines, unresponsiveness, or lack of participation, wrote Paul Lee, cofounder and CEO of AI platform Patlytics, in a statement to BI.Lucille said she's found that planning for how the vacation will impact the rest of the team is also a big factor in how receptive management will be to repeated PTO requests.On a similar note, Arbona and Daniel said they can only take this much vacation because they never fully switch off.Arbona checks his laptop and takes calls on holiday to keep things at work ticking along. Daniel keeps his phone on him and brings his laptop on vacation.Employees can plan ahead and not fully take off yet still be directly or indirectly penalized for taking PTO — but that doesn't mean they shouldn't request time off.Lucille describes herself as getting lucky with her company's unlimited vacation policy — but she'd steer clear of places with it in the future because of how dependent it can be on the whims of management and how easily its often poorly defined boundaries can be used against employees.She said if you have unlimited PTO you can take, you should."Everyone should be afforded the dignity of saying, 'I am an adult, I'm going on vacation' without having it framed as taking advantage," she added.

Unlimited vacation is a high-stakes gamble 

<ul class="summary-list"><li>Pennsylvania has one of the fastest-aging populations in the nation.</li><li>It's a case study of how the US will handle a surge of retirees and fewer younger workers.</li></ul>Maureen, 67, is <a target="_blank" class="" href="https://www.businessinsider.com/harris-trump-presidential-election-swing-state-polls-sun-belt-2024-10">planning to vote</a> for former President Donald Trump in November because she believes he'll be more beneficial to her finances now that she's <a target="_blank" class="" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">retired</a>.The northeast Pennsylvania resident, who requested her last name be withheld to protect her privacy, said she approaches each election with an open mind and has previously voted for both Republicans and Democrats. Like many Americans, this time around, Maureen's deciding factor is her <a target="_blank" class="" href="https://www.businessinsider.com/blockbuster-jobs-report-kamala-harris-election-trump-inflation-economy-2024-10">perception of the economy</a>."I'm just looking back over the past eight years, and my 401(k) grew in the four years Trump was in office," Maureen told Business Insider. "Do I like his personality? Heck no, I don't. But my 401(k) went up, interest rates were low, unemployment rates were low."Maureen's view highlights a common theme among American voters, particularly those <a target="_blank" class="" href="https://www.businessinsider.com/older-americans-regret-retirement-savings-taking-social-security-early-investments-2024-10">carefully watching their retirement</a> nest egg: they hold whoever is president accountable for how they feel about their finances. Despite the fact that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-outlook-harris-trump-energy-tesla-biden-2024-10">stocks</a> have enjoyed significant gains under both Biden and Trump and even though the Federal Reserve — <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cut-trump-fed-powell-reaction-independence-history-2024-9">not the president</a> — dictates benchmark interest rates, Maureen still blames the current administration for her dissatisfaction.Marjorie Klein, 80, lives in Philadelphia and is also retired. Similar to Maureen, she's concerned about financial security for older Americans — but she will be supporting Vice President Kamala Harris."He says that he's going to keep Social Security, but you never know with him," Klein told BI of Trump.Americans like Maureen and Klein may decide the election. A Morning Consult <a target="_blank" href="https://www.nytimes.com/interactive/2024/us/elections/polls-president-pennsylvania.html">poll</a> conducted from October 6 to 15 found Harris leading Trump in the swing state of Pennsylvania by just one point. However, among voters aged 50 and over in Pennsylvania, a recent <a target="_blank" href="https://www.aarp.org/politics-society/government-elections/info-2024/pennsylvania-harris-trump-poll.html">poll</a> from AARP found Trump leading Harris by eight points."We're a pivotal state for this presidency," Bill Johnston-Walsh, state director of AARP Pennsylvania, <a target="_blank" href="https://www.aarp.org/politics-society/government-elections/info-2024/pennsylvania-harris-trump-poll.html">said</a>. "Whoever wants it is going to have to go through us."Pennsylvania is a case study for the role the federal government will play in supporting the US's aging population over the next few decades through programs like <a target="_blank" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">Social Security</a> and Medicare. Pennsylvania voters and economists told BI it's vital that the next presidential administration plan for a future when retirees greatly outnumber younger Americans to ensure the economy and workforce can function effectively. As a swing state, it's critical for their campaigns that Harris and Trump listen to older Pennsylvanians' concerns.<h2 id="af5cee7e-b374-4096-b8b8-8442a2e05213">Social Security and Medicare in the hot seat</h2>Pennsylvania is aging rapidly; it has nearly 2.5 million residents over the age of 65, the fifth-highest total in the country. Nationally, the population of adults over 65 is expected to surge by 20 million between now and 2040.The state's residents rely heavily on federal government income, mainly through Social Security and Medicare, with two rural counties — Fayette and Cambria — among the most reliant in the nation, a report from the bipartisan Economic Innovation Group found.Benjamin Glasner, a coauthor of EIG's <a target="_blank" href="https://eig.org/great-transfermation/">report</a>, told BI that the most reliant counties were generally in older, poor, and more rural communities. Cambria, for example, needed more government aid after steel plant closures in the 1980s. Residents' incomes still haven't recovered."You can only receive so much from Social Security. Medicare can only cover so much, and Medicaid can only cover so much," Glasner said, adding that creates "a thin level of economic prosperity" reliant on the program's generosity."Mike Crossey, 73, has seen the limits of government aid firsthand in his work as an advocate for retirees. The Pittsburgh-area resident wants the next president of the US to strengthen Social Security, protect pensions, and expand Medicare. He said he knows too many older Americans who live off Social Security alone, which <a target="_blank" href="https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/">averaged</a> $1,921 nationally for retirees in September."I run into people every day who are still making decisions about, 'Do I take my prescriptions today or do I have lunch today?' And that just breaks my heart," Crossey said.While Trump has denied that he would cut Social Security and previously criticized GOP lawmakers who proposed raising the retirement age to 70, the Committee for a Responsible Budget <a target="_blank" href="https://www.crfb.org/blogs/what-would-trump-campaign-plans-mean-social-security">said</a> that Trump's policies could force cuts to Social Security benefits in as little as six years. Harris has proposed strengthening Social Security by ensuring the wealthy and big corporations pay what they owe in taxes.With the Social Security and Medicare Board of Trustees report recently projecting that Social Security will only be able to pay out full benefits <a target="_blank" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">for the next 11 years</a>, the issue is growing more pressing, and not only for Pennsylvanians. Richard Fiesta, the executive director of the nonpartisan 4 million-member Alliance for Retired Americans, said that "Congress and the next administration needs to have a serious look at Social Security."Some retirees are <a target="_blank" href="https://www.businessinsider.com/retirement-savings-401k-pension-real-estate-investments-baby-boomers-2024-6">able to live comfortably</a> amid economic headwinds. However, Fiesta said the decline in defined benefit pension plans, or employer-subsidized retirement plans, contributes to a <a target="_blank" href="https://www.businessinsider.com/retirement-crisis-social-security-poverty-older-americans-savings-inequality-2024-3">slump in average retiree savings</a>.This means that more and more Americans rely primarily on Social Security to help keep them financially afloat as they age. The previously mentioned EIG report found that income from government aid is the fastest-growing portion of an American's income, and it is primarily driven by retirees, who make up a rising share of the total US population."And we're just kind of seeing that now over the last 10 to 15 years as that generation ages into retirement," Fiesta said.<h2 id="a2e550dc-625f-4039-8e34-cbb0ecc4d25f">An aging workforce creates job mismatches</h2>The workforce in Pennsylvania is already starting to see imbalances as the younger population dwindles and the number of retirees grows.Kyle Kopko, executive director of the bipartisan legislative agency Center for Rural Pennsylvania, said local business owners complain of labor shortages. CRP research suggests that's due to fewer older adults working traditional jobs and instead pursuing entrepreneurship to supplement their retirement incomes. At the same time, lower birth rates mean younger adults are not filling the open roles either, Kopko said."If you don't have a pool of younger adults in Pennsylvania who can backfill for some of the retirees, that's going to create supply and demand imbalances," Kopko said, referring to the role retirees play in the economy as consumers, but less so as workers.When it comes to the issue of jobs nationwide, Harris proposed tax incentives for small businesses to spur more hiring, while Trump has largely focused on bolstering manufacturing in the US to create more jobs.One possible avenue for job creation — the infrastructure industry — has hardly been mentioned by either candidate in policy discussions. Bill Candelori, a 68-year-old retired commercial painter, sees this as an overlooked opportunity. He says Biden's infrastructure investments, which brought $16 billion to Pennsylvania, was a promising step but wants the next administration to go further."It's not only roads and bridges. It's airports, it's water authorities, it's schools, it's libraries, any public project," Candelori said. "That's work for us. And it's work afterward on maintaining those facilities. It's job creation."<h2 id="485b4799-3267-4ca3-96b7-d90ae5f90405">Political steps being taken</h2>State and local governments have already taken steps to address these mounting issues. Pennsylvania Gov. Josh Shapiro — a Democrat — has worked with members of his administration to create a <a target="_blank" href="https://www.pa.gov/content/dam/copapwp-pagov/en/aging/documents/aging-our-way/documents/AOW%20Final%20PDF%20online%20version%20with%20signature.pdf">10-year strategic plan</a> that outlined eight key priorities for older adults, including housing, transportation, and health and community support.Pennsylvania's Aging Secretary Jason Kavulich said it's a bipartisan issue that has bipartisan support: "There is not a representative or senator who I've ever sat down with that does not care about older adults in their district."JR Reed and Krista Geer, both in charge of county-wide aging agencies, have met with older adults in Pennsylvania to hear their top worries. Geer said that one of the biggest concerns she's heard about is the high cost of living, which has interfered with their ability to afford medications, gas, and groceries. Though inflation has moderated in recent months, it's still historically elevated and putting pressure on consumers."Social security just doesn't quite keep pace with that," Geer said. The program adjusts payouts annually to account for inflation. Critics say it isn't tied to a measure that accurately reflects the spending of older Americans.Reed and Geer agree the solution is for older populations to have a bigger nest egg, but not one that comes from Social Security. Reed said that he hopes Trump or Harris will continue to fund a 1965 federal law that provides funding to states to better support older adults.At the federal level, Harris recently proposed a plan that would allow Medicare coverage for in-home eldercare, which Fiesta said would "go a long way" toward helping both older adults and the family members who typically would take care of them.Trump, to date, has offered minimal details about his plans to address eldercare. Brian Hughes — his campaign's senior advisor — told BI that the presidential hopeful and his running mate, JD Vance, "share the principles of using more choice in the marketplace and efficiency as tools for better, more affordable health care."Overall, the stakes for an aging US population are high, and bipartisan participation is required to ensure the country is properly prepared for a surge in retirees.Kavulich said that the shift needs to be addressed head-on."Older adults really drive our economies," Kavulich said. "They drive our communities, and we have to respect that. And we have to not just think of them as frail and old and vulnerable."

A battle over the future of US retirement is playing out in Pennsylvania as the election looms 

New Delhi [India], August 4 (ANI): India's <keyword id="21307504" type="General" weightage="100" keywordseo="outbound-tourism" source="keywords">outbound tourism</keyword> market is expected to reach USD 18817.72 million (USD 18.81 billion) in 2024 and grow at a <keyword id="20256055" type="General" weightage="20" keywordseo="CAGR" source="keywords">CAGR</keyword> of 11.4 per cent in the decade between 2024 and 2034 to reach approximately USD 55388.41 million (USD 55.38 billion), highlighted a FICCI-Nangia knowledge paper. The paper titled '<keyword id="22661864" type="General" weightage="20" keywordseo="Navigating-Horizons" source="Orion">Navigating Horizons</keyword>: <keyword id="22661865" type="General" weightage="20" keywordseo="The-Rise-and-Future-of-Indian-Outbound-Tourism" source="Orion">The Rise and Future of Indian Outbound Tourism</keyword>', released during the '3rd Outbound Tourism Summit' here in the FICCI office earlier this week, asserted that few emerging markets and opportunities for outbound <keyword id="19916662" type="General" weightage="20" keywordseo="travel" source="keywords">travel</keyword> include various Southeast Asian, Middle Eastern, African and Eastern European countries. India's online travel market, which consists of sales of travel services through online channels, is expected to grow at a CAGR of 10.5 per cent between 2024-29, from USD 17.24 billion to USD 28.40 billion. International travel has thus been eased by the steady growth in affordable technology, states the paper. It further states that the government administration and the tourism industry stakeholders in India may undertake various strategic interventions to promote the outbound tourism market. These include bilateral engagement; improved connectivity; support to travel industry stakeholders; marketing of international destinations; curated packages; and hospitality partnerships, among others. Speaking at the launch of the report, Mary M Mutuku, Deputy High Commissioner of Kenya to India said that Kenya is not only committed to deepen the relations between India and Kenya but also promoting Kenya as a preferred tourist destination. "Currently, the India market is among the top 5 Kenya's key sources of tourists, and this has the potential to grow even further," she said in her brief address. To attract more <keyword id="110519" type="General" weightage="20" keywordseo="Indian-tourists" source="Orion">Indian tourists</keyword> to Kenya, Mutuku stated that Kenya has put in place the necessary infrastructure to ease travel in the country. "With an increase in the number of flights between the two countries along with the opening of the Nairobi Expressway, tourists will have more convenience traveling in Kenya. A new cruise terminal at Mombasa port is a major boost to cruise tourism. The berth targets to enhance passenger handling capacity as well as allow for an increased volume of cruise ships arrival at the port," she added. Seitenov Darkhan, Deputy Ambassador, Embassy of Kazakhstan to India had said, "We have huge potential for mutual and beneficial cooperation in the tourism sector. There has been significant growth in the number of tourists coming to Kazakhstan from India which is also due to offering 14 days visa-free regime for Indian tourists along with an increase in a number of direct flights." While highlighting the investment potential for Indian industry, Darkhan further said that in order to meet the needs of Indian tourists in Kazakhstan, it would be advisable to consider building a network of Indian hotels and restaurants in the major cities in Kazakhstan. "We invite major Indian investors to participate in implementing these initiatives in our country," he added. Geshan Dissanayake, Minister Commercial, High Commission of Sri Lanka in India said, "The strong shared heritage between India and Lanka forms the bedrock of our bilateral relationship. India alone stands out as a key source market for Sri Lanka. The integration of the Indian UPI payment system with 'LankaPay' has made simplified payment options for Indian tourists visiting Sri Lanka," he added. Dissanayake further stated that to fully realize the potential of outbound tourism there is a need to focus on marketing and promotion of various offerings by Sri Lanka; infrastructure development; promoting sustainable tourism and further streamlining the visa process. Working together, we can unlock the potential of outbound tourism between India and Sri Lanka," he added. Jyotsna Suri, Past President, of FICCI and CMD, The Lalit Suri Hospitality Group stated that any country has to have healthy inbound and outbound tourism. "<keyword id="644076" type="General" weightage="20" keywordseo="Indian-tourism" source="Orion">Indian tourism</keyword> has witnessed a major growth in the last few years and while we are at the threshold of massive growth, we must be cognizant of sustainability as well," she added. Ankush Nijhawan, Chairman, of FICCI Outbound Tourism Committee and Co-Founder, TBO.com and MD, of Nijhawan Group said that the global travel and tourism industry is expected to reach USD 2.6 trillion by 2027, growing at a CAGR of 8.2 per cent. "Traveler preferences are becoming increasingly diverse, and demand tailor-made travel services. Demographic boost, government support, increased connectivity, and niche segment growth are powering India's outbound travel boom," he added. Representatives from the Embassy of Madagascar to India, the Embassy of Georgia to India, the Malaysia Tourism Promotion Board, Singapore Tourism Board also shared their perspectives during the session.

Indian outbound tourism to reach USD 18817.72 million, grow at over 11% CAGR through 2034: FICCI-Nangia report

In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Ah, to be young and optimistic. Gen Z's <a target="_blank" href="https://www.businessinsider.com/gen-z-reject-corporate-jargon-corporate-accent-2024-7">latest takedown target is corporate jargon</a>. Let's put a pin in that and circle back in a couple of years.In today's big story, what to expect from <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">OpenAI's newest AI model</a> that's in the works.What's on deck:<ul><li>Markets: A research firm says this chart shows why <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-prediction-cyclical-bull-rally-last-years-2024-7">the current bull market is far from over</a>.</li><li>Tech: One canceled Microsoft AI deal <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">should worry the whole industry</a>.</li><li>Business: Internal documents show Amazon's <a target="_blank" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">projections for its healthcare business</a>.</li></ul>But first, let me upgrade you.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="0642bd0e-e971-4663-bff4-7c413bf24f3d">The big story</h3><h2 id="8e8b25cf-af5c-4ba5-823b-ade7efe8b096">Great expectations</h2><div type="image" title="Photo illustration of Sam Altman." height="1500" width="2000" msid="112172694" hostid="261" sizebytes="132654"></div>OpenAI shook up the world with the launch of ChatGPT in 2022. But can its latest upgrade do the same?GPT-5, the newest model upgrade for OpenAI's chatbot, <a target="_blank" href="https://www.businessinsider.com/openai-launch-better-gpt-5-chatbot-2024-3">is coming soon</a>. Business Insider's Darius Rafieyan spoke to OpenAI customers and developers about <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">their expectations for the latest iteration</a>.Plenty of people have high hopes, and for good reason. The jump between GPT-3, which powered ChatGPT when it launched, and GPT-4, which came out last year, was substantial. One user compared it to going from grade school to undergrad.But others don't see the newest model making as big a step as its predecessor. One potential customer told Darius the gap between GPT-4 and GPT-5 will be more like going from undergrad to a PhD program.But they can still dream! High on the wishlist is "agentic actions," or when a model performs <a target="_blank" href="https://www.businessinsider.com/multi-agent-systems-are-the-next-big-thing-in-ai-2024-7">multiple complex steps in a row</a>. Instead of just giving you a trip itinerary, ChatGPT could actually book the trip. Being able to seamlessly work across audio, video, and text is also high on the list.<div type="image" title="sam altman" height="950" width="1440" msid="112172688" hostid="261" sizebytes="167996"></div>Users aren't the only ones with big hopes for GPT-5.OpenAI has a lot riding on its newest model, including its ability to get customers to cough up more cash. The startup hasn't been shy about spending big, with operating costs that could <a target="_blank" href="https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7#open-ai-2">reportedly surpass $8 billion this year</a>.With investors pressing tech companies on their <a target="_blank" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">AI projects' paths to profitability</a>, OpenAI could quickly face pressure if GPT-5 can't attract more customers.But it's not just about making money. (I'll wait for you to stop laughing.)OpenAI took considerable heat during its last big unveiling. The launch of GPT-4o in May <a target="_blank" href="https://www.businessinsider.com/openai-chatgpt-audio-feature-talk-ai-2024-5">was initially praised</a>, but it wasn't long before a literal superhero <a target="_blank" href="https://www.businessinsider.com/scarlett-johansson-angry-chatgpt-voice-declined-offer-openai-sam-altman-2024-5">came after the startup</a>.Criticism <a target="_blank" href="https://www.businessinsider.com/openai-mess-concerns-over-nda-safety-sam-altman-2024-6">continued to mount against OpenAI</a> and CEO Sam Altman about its lack of focus on safety.A new model is bound to get plenty of scrutiny — remember the <a target="_blank" href="https://www.businessinsider.com/google-gemini-bias-sundar-pichai-memo-2024-2">Google Gemini controversy</a> earlier this year? — which could open the startup to additional risk.That's not ideal for a company that's preparing to take on one of the biggest juggernauts in tech: Google's Search. OpenAI announced plans for SearchGPT that's <a target="_blank" href="https://www.businessinsider.com/openai-searchgpt-search-engine-prototype-declares-war-with-google-2024-5">a direct shot at Google's business</a>.SearchGPT relies on GPT-4 at the moment, but it's safe to assume that GPT-5 will take on that underlying role in the future. A big stumble by the latter would almost certainly hurt the former's chances of competing with one of the most widely used tools on the web.<h2 id="e7ad5a04-e409-4b8e-a5a6-9c0198f1ef94">3 things in markets</h2><div type="image" title="wall street bull with illustration of cash floating behind" height="1000" width="2000" msid="112172695" hostid="261" sizebytes="321014"></div><ol><li>The bull market isn't going anywhere. Ned Davis Research highlighted historical trends indicating the current cyclical bull rally will last well into 2025. Slight market corrections like the Nasdaq's dip last week are expected, but the risk of a new bear market is low, according to the research firm. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-prediction-cyclical-bull-rally-last-years-2024-7">This chart maps out the length of previous rallies</a>.</li><li>David Solomon is feeling more bullish about interest rate cuts. The Goldman Sachs CEO, who previously said the Fed would skip rate cuts this year, now believes we could get as many as two. He credits the shift in consumer behavior in the face of inflation <a target="_blank" href="https://www.businessinsider.com/next-interest-rate-cut-forecast-goldman-sachs-ceo-david-solomon-2024-7">as a reason for his U-turn</a>.</li><li>Inside Blackstone's summer internship. It's 10 times harder to score a first-year analyst job at Blackstone than it is to get into Harvard. But the easiest way for undergrads to get a foot in the door is through the private equity giant's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/inside-blackstone-summer-analyst-program-and-internship-2024-7">10-week summer internship program</a>. Two executives walked BI through recruitment, the internship, and how to land a return offer.</li></ol><h2 id="62bb4334-a805-49b4-89b9-d7825f87b766">3 things in tech</h2><div type="image" title="mark and jensen" height="1000" width="2000" msid="112172690" hostid="261" sizebytes="219782"></div><ol><li>Inside the tech industry's most powerful bromance. Mark Zuckerberg and Jensen Huang have a lot in common, and have become increasingly close. But it's not all cozy cookouts and <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-nvidia-jensen-huang-bromance-cooking-2024-4">leather-jacket swaps</a>: Behind their shared experiences and mutual flattery are billions of dollars in deals, and <a target="_blank" href="https://www.businessinsider.com/business-bromance-nvidia-jensen-huang-mark-zuckerberg-siggraph-2024-7">an increasingly tied future</a>.</li><li>The collapse of a Microsoft AI deal is cause for industry-wide concern. A pharmaceutical company stopped using Microsoft's Copilot AI because of high cost and low value, comparing its AI-generated slides to "middle school presentations." <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">The canceled deal is a warning sign</a> for companies hoping their AI products will catch on with consumers — and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/microsoft-investors-freaked-out-about-ai-spending-azure-growth-2024-7">for already freaked-out investors</a>.</li><li>The networking queen of New York City's tech and venture scene. Alexa von Tobel is the <a target="_blank" href="https://www.businessinsider.com/alexa-von-tobel-super-connector-new-york-buzzy-tech-scene-2024-7">superconnector of New York's tech entrepreneurs and investors</a>. Those who work with her say she has a natural extroversion that makes her extremely good at bringing high-powered people together.</li></ol><h2 id="3c244a91-acbf-4e23-8cde-90d1f2a8f4a7">3 things in business</h2><div type="image" title="One Medical Collage" height="1000" width="2000" msid="112172687" hostid="261" sizebytes="99028"></div><ol><li>A leaked document gives a rare look inside the projected finances of Amazon's big healthcare bet. In December, the company forecast more than $1 billion in losses in 2024 for its healthcare business. But that's an improvement from last year, when it lost $1.28 billion. The tech giant also expected revenue <a target="_blank" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">to jump 30% to over $3 billion this year</a>.</li><li>Your trip to Starbucks just got shorter. Long lines, plunging sales, and frustrated workers are all contributing to the chain's downwards spiral. Earlier this month, though, it changed the way it runs its cafes — and it could <a target="_blank" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">turn things around for the company and customers alike</a>.</li><li>What to expect when Apple and Meta report earnings. Mark Zuckerberg's company reports Q2 earnings today, and investors will likely <a target="_blank" href="https://www.businessinsider.com/meta-q2-earnings-preview-tiktok-uncertainty-and-political-ad-boost-2024-7">focus on AI-investment returns</a>. Meanwhile, Apple reports its third-quarter earnings tomorrow, and analysts are expected to ask questions on the recently delayed Apple Intelligence and the <a target="_blank" href="https://www.businessinsider.com/apple-q3-earnings-what-to-look-for-ai-china-services-2024-7">iPhone's lagging performance in China</a>.</li></ol><h2 id="b691d3d2-a3d7-4ee3-8890-aa84cf68a80c">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/women-men-medicine-drug-reviews-online-health-medical-advice-webmd-2024-7">Worried about starting a new drug? See how women say it works</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/jd-vance-couch-sex-joke-author-speaks-2024-7">The author of the viral joke post about JD Vance having sex with a couch breaks his silence</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/harris-vp-pick-roy-cooper-gretchen-whitmer-rule-selves-out-2024-7">Harris' running mate list is narrowing after 2 top contenders ruled themselves out</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/meta-whatsapp-growth-us-messaging-app-ai-apple-imessage-2024-7/">Meta's $19 billion bid to own messaging in the US gains steam — and AI could give it an edge over Apple's iMessage</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/coffee-badging-crackdown-rto-rules-must-change-2024-7">Stop the crackdown on coffee-badging — here's the real problem</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/googles-ai-powered-olympics-ad-faces-backlash-scores-viewers-2024-7">Google's AI Olympics ad is drawing jeers online but scores surprisingly well among viewers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/analyst-says-near-tesla-crash-tesla-shows-fsd-not-ready-2024-7">Tesla keeps touting self-driving but one analyst's near-crash shows it's 'not even close' to autonomy</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/white-dudes-for-harris-twitter-account-elon-musk-donald-trump-2024-7">'White Dudes for Harris' fundraiser thinks Elon Musk might have suspended his account. He's going to keep using Twitter</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ubi-universal-basic-income-ai-risks-destroying-jobs-solutions-2024-7">The tech industry wants to create an AI utopia. Its leaders think Universal Basic Income is the answer</a>.</li></ul><h2 id="265f2581-0e55-4ab6-8ce7-1a67b2d79f37">What's happening today</h2><ul><li>The Fed announces its July interest rate decision. It's expected to hold rates steady today, though analysts believe a rate cut is likely in September.</li><li>Meta, Boeing, Kraft, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

OpenAI's releasing a new AI model soon, and there's a lot at stake

New Delhi, Retail giant <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> has reportedly paid $1.4 billion to acquire VC form <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>'s remaining shares in the e-commerce major. According to a report in Wall Street Journal, <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> has paid the money to boost <keyword id="6354742" type="General" weightage="100" keywordseo="flipkart" source="Orion">Flipkart</keyword>'s stake. "Purchase of shares from <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> values the Indian e-commerce company at about $35 billion," the report said late on Sunday. Walmart purchased Tiger Global's remaining holding in <keyword id="6354742" type="General" weightage="100" keywordseo="flipkart" source="Orion">Flipkart</keyword> to further cement its control of the Indian e-commerce giant. Tiger Global made an overall gain of $3.5 billion on an investment of $1.2 billion, reports mentioned. Flipkart was earlier valued at $37.6 billion in a 2021 funding round. Walmart had 72 per cent share in Flipkart as reported last. Tiger Global held a 4 per cent stake in the e-commerce leader. Last month, Flipkart began a "one-time discretionary" cash payment of $700 million to employees following its separation from fintech firm PhonePe. In an email to employees, <keyword id="3515858" type="General" weightage="50" keywordseo="flipkart-group" source="Orion">Flipkart Group</keyword> chief executive <keyword id="6379357" type="General" weightage="50" keywordseo="kalyan-krishnamurthy" source="Orion">Kalyan Krishnamurthy</keyword> said, "We have exciting times ahead, and as we continue to grow across businesses, I look forward to your continued dedication and determination to bring about the future that we envision and scale new heights together." The <keyword id="15154047" type="General" weightage="50" keywordseo="phonepe-group" source="Orion">PhonePe Group</keyword> was acquired by the <keyword id="3515858" type="General" weightage="50" keywordseo="flipkart-group" source="Orion">Flipkart Group</keyword> in 2016. The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, <keyword id="7116339" type="General" weightage="50" keywordseo="flipkart-wholesale" source="Orion">Flipkart Wholesale</keyword>, Flipkart Health+ and Cleartrip. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's digital commerce revolution, with a registered customer base of more than 400 million, offering over 150 million products across over 80 categories. --IANS na/dpb

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