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<ul class="summary-list"><li>Grocery chain Asda is calling workers back to the office three days a week from January.</li><li>The British retailer says it will improve on-site catering and provide better bathrooms for staff.</li></ul>Stuart Rose, chair of grocery store Asda and a veteran of British retail, says the company will improve bathroom facilities and on-site food as it mandates a return to the office for corporate staff.Rose, who has also held leadership roles at major UK retailers Marks &amp; Spencer, Argos, and Topshop, said last week that from January, <a target="_blank" class="" href="https://corporate.asda.com/20241105/a-message-from-stuart-and-rob-putting-ourselves-back-in-the-service-of-our-customers">all Asda corporate staff must be in the office three days a week.</a>After the announcement, Rose said in an interview with <a target="_blank" class="" href="https://www.theguardian.com/business/2024/nov/09/in-no-great-rush-to-get-back-to-the-office-uk-home-workers-may-not-have-a-choice">The Observer</a> that having too many staff based at home was "not a satisfactory way of working," particularly in a "fast-moving consumer goods industry.""It's not always as efficient with those teams working together in terms of online, in terms of Zoom calls," he told the outlet.Asda said it will "improve the working environment" in its offices as part of the RTO push.That includes "a better catering offer, an on-site Asda Express, a more welcoming atrium, more meeting spaces, quiet-space working pods, upgraded toilets, new chairs and redecoration."A spokesperson confirmed to Business Insider that in November, the grocery chain cut 475 management roles and announced a major restructuring amid slowing sales.Rose has taken on a leading role in Asda's transformation after one of the grocery chain's owners, Mohsin Issa, stepped down from running day-to-day operations in September.In 2021, Issa, along with his brother Zuber and private equity firm TDR Capital, purchased a majority stake in Asda from its previous owner, Walmart.Asda said that its RTO policy, combined with the restructuring and job cuts, would bring the business "in line with our competitors and the wider market, allowing us to build high-performing teams with a collaborative culture and respond to what our business needs the most."Rose is not alone in wanting his employees back in the office. While many bosses are firm advocates for the potential productivity gains of in-person work, some <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/rto-policies-dont-improve-employee-performance-company-value-controlling-bosses-2024-1">studies</a> have found that hybrid working does not affect productivity.As the pandemic years fade further into the past, more CEOs have been returning to policies similar to those that existed in most corporate environments pre-2020. In recent months, companies like <a target="_blank" class="" href="https://www.businessinsider.com/dell-staff-return-office-order-sparks-panic-parents-childcare-wfh-2024-10">Dell</a> and <a target="_blank" rel="" class="" href="https://www.businessinsider.com/amazon-ceo-return-to-office-mandate-5-days-week-2024-9?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_Insider%20Today,%20September%2017,%202024">Amazon</a> have announced that staff must be back in the office five days a week.Asda's chair told The Observer he thinks demand for hybrid work has swung too far in favor of workers."Hybrid working wasn't invented in the pandemic," Rose said. "It has to fit the business's needs."Experts say workers still have some say in the working culture debate. If RTO policies become too strict, top talent will simply leave to find a system that works for them, Ravin Jesuthasan, a respected future-of-work researcher, <a target="_blank" class="" href="https://www.businessinsider.com/ravin-jesuthasan-why-companies-enforce-rto-mandates-future-of-work-2024-8">previously told Business Insider.</a>If the labor market swings back around to favor workers, organizations will be under more pressure to meet their employees on their terms, the author "The Skills-Powered Organization" said.Nick Bloom, a Stanford economist and a leading expert on remote work, previously told <a target="_blank" class="" href="https://www.businessinsider.com/wfh-remote-work-findings-rto-nick-bloom-2024-10">BI he believed</a> working from home is "here to stay," citing big steps in technology such as video calls and virtual reality.In a presentation published in September, Bloom shared that surveys in 2021 had shown that, on average, employees regarded the right to work two or three days a week from home as valuable as an 8% pay rise, based on 17,087 responses.

Better catering and nicer bathrooms will help get workers back to the office, says this retail CEO

<ul><li>Smartphone makers and e-commerce players have come under the scanner of CCI.</li><li>Smartphone makers have been accused of colluding with <keyword id="19904608" type="General" weightage="20" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> and <keyword id="19896939" type="General" weightage="20" keywordseo="Flipkart" source="keywords" meta.keywordsubtype="org" meta.entityname="Flipkart" meta.hostid="261" meta.entityid="Flipkart">Flipkart</keyword>.</li><li><keyword id="23184977" type="General" weightage="20" keywordseo="exclusive-launches" source="keywords">Exclusive launches</keyword> and steep discounting are among the practices being investigated.</li></ul>The <keyword id="19895221" type="General" weightage="20" keywordseo="Competition-Commission-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Competition Commission of India" meta.hostid="261" meta.entityid="Competition Commission of India">Competition Commission of India</keyword> (CCI), the antitrust watchdog in the country has reportedly accused smartphone makers such as <keyword id="19901379" type="General" weightage="100" keywordseo="Xiaomi" source="keywords" meta.keywordsubtype="org" meta.entityname="Xiaomi" meta.hostid="261" meta.entityid="Xiaomi">Xiaomi</keyword> and <keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword> of colluding with e-commerce players Amazon and Flipkart. According to a <a href="https://www.reuters.com/world/india/india-accuses-samsung-xiaomi-colluding-with-amazon-flipkart-2024-09-14/">report </a>by Reuters, smartphone makers have been accused of colluding with e-commerce players to launch products on their platforms exclusively. The smartphone makers have also been accused of violating competition laws by giving preference to select sellers, prioritising listings, steeply discounting products and more. <h2>CCI submits report on Amazon and Flipkart</h2>The CCI has reportedly submitted a 1,027-page report on Amazon which has accused Samsung, Xiaomi, OnePlus, Motorola and Realme of being “involved in the practise of exclusive phone launches” and “colluding” with Amazon, breaking competition law. Similarly, the watchdog has submitted a 1,696-page report on Flipkart that has accused Samsung, Xiaomi, Lenovo, Motorola and Vivo of “colluding”. "Exclusivity in business is anathema” CCI's additional director general G.V. Siva Prasad said, as per the report. “Not only is it against free and fair competition but also against the interest of consumers," Prasad added. While the e-commerce giants Amazon and Flipkart reportedly downplayed the practice of launching “exclusive” smartphones, the practice was found to be “rampant” during the investigation. India’s e-commerce market is expected to grow from $57 billion in 2023 to over $160 billion in 2028. Smartphone maker Vivo currently has a market share of 19% in smartphone shipments, followed by Samsung and Xiaomi, which have a combined market share of over 35%. As per a recent <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-records-7-2-growth-in-the-first-half-of-2024-vivo-leads-the-market-in-q2/articleshow/112629172.cms">report</a> by the International Data Corporation, the shipments to online channels grew by 8% year-on-year to reach 50% in Q2 2024, up from 47% in Q2 2023. As per the report, the exclusive launches pushed customers towards these online platforms and harmed small retailers. The investigation stems from a complaint lodged by the Confederation of All India Traders (<keyword id="20143308" type="General" weightage="20" keywordseo="CAIT" source="keywords">CAIT</keyword>) in 2020. The traders body, which has over 80 million members had accused the smartphone makers and e-commerce players of disadvantaging offline retailers and favouring online exclusive launches. We should know more about the investigation and its impact on smartphone makers, e-commerce players and the future of exclusive launches in the coming weeks. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ford-is-returning-to-india-expresses-intent-to-restart-its-tamil-nadu-plant-for-exports/articleshow/113317956.cms">Ford is returning to India, expresses intent to restart its Tamil Nadu plant for exports</a> <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Xiaomi and Samsung accused of colluding with Amazon and Flipkart

<ul class="summary-list"><li>Amazon's Wondery is launching a "Wow in the World" toy line, expanding beyond audio content.</li><li>The toys, priced from $14.95 to $29.95, will be sold in stores like Barnes &amp; Noble and Nordstrom.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/amazon">Amazon</a>'s <a target="_blank" class="" href="https://www.businessinsider.com/how-youtube-plans-to-compete-podcasting-with-spotify-apple-2024-5">podcast</a> studio Wondery is continuing to branch out beyond audio with a new line of toys tied to the kid podcast "Wow in the World." Wondery is billing it as the first toy line based on a podcast.Wondery is giving a big rollout treatment to the toys, which it sees as the start of a bigger push into consumer products. The toys, from manufacturers Thames &amp; Kosmos and Goliath, include a volcano kit and dinosaur collection and range from $14.95 to $29.95. There are also new story sets from Tonies, an audio storybox company. Distribution includes promotion in Amazon's Holiday Dash print catalog and on a new Wondery Kids Amazon storefront and sales at physical and online stores, including Barnes &amp; Noble, Mastermind Toys, and Nordstrom.<div type="image" title="Product shot of Wondery Kids &quot;Wow in the World&quot;-tied toy." height="2000" width="2000" msid="113910750" hostid="261" sizebytes="302234"></div>The toy rollout shows Amazon's ambitions for Wondery, which it <a target="_blank" class="" href="https://www.businessinsider.com/amazon-will-acquire-podcast-startup-wondery-2020-12">acquired in early 2021</a>. Three years ago, Wondery hired Nicole Blake, who helped develop the Harry Potter franchise while at Warner Bros. Entertainment, to build its top podcasts into bigger businesses. Blake calls it a <a target="_blank" class="" href="https://www.businessinsider.com/biggest-movie-franchises-ranked-successful-fandom-study-2023-9">Hollywood-style approach to franchises</a>, with full consumer product lines in addition to other touchpoints like books and <a target="_blank" class="" href="https://www.businessinsider.com/private-equity-investors-vc-live-events-entertainment-rebound-2023-10">live events</a>."I thought, could the next major franchise come from audio?" Blake said. "Every medium that has broken through in entertainment and created a fandom has then generated IP that delivered these long-lasting franchises and 360 franchises. So I thought, wow, that's an exciting challenge."The Guy Raz- and Mindy Thomas-hosted "Wow in the World" from media company Tinkercast already has a line of books with HarperCollins and a live national tour. Wondery's "Dr. Death" podcast was adapted into an anthology TV series in 2021; other pods like "WeCrashed" have <a target="_blank" class="" href="https://time.com/6168849/podcast-tv-shows/">also made the leap to screen</a>. Fans of "Morbid" can buy T-shirts and a board game based on the true-crime podcast. Up next, Blake is planning more live events tied to Wondery's kid-aimed podcasts and a direct-to-retail deal.<div type="image" title="Nicole Blake of Wondery." height="800" width="800" msid="113910752" hostid="261" sizebytes="32136"></div>By getting into consumer products, Wondery is betting it can not only feed the retail sales business of its parent Amazon, but attract top podcasters who have multi-hyphenate ambitions. In <a target="_blank" href="https://www.aboutamazon.com/news/entertainment/new-heights-podcast-amazon-wondery-deal">announcing</a> its recent deal with "New Heights with Jason &amp; Travis Kelce," Wondery touted its plan to grow the popular podcast with live experiences and merch. Blake and her team are also working with existing podcast hosts to build product lines, and evaluating future shows for their franchise potential."We're helping them build their personal brands," she said.<h2 id="3a0f698f-5961-4c64-abb1-2a23b9a2469a">Franchises are coming from places outside film and TV</h2>Wondery's push into audio franchises comes as people have more entertainment options than ever, including creator-made content, and Hollywood faces <a target="_blank" href="https://medium.com/@mattnitowski/the-future-of-entertainment-franchises-eec16e0ceaf9">doubts</a> about whether its famous franchises can keep generating the same returns they have in the past.Meanwhile, franchises have sprung from new places like video games such as Nintendo's Mario Bros., which spawned 2023's popular "Super Mario Bros. Movie"; Netflix, which has parlayed "Bridgerton" into merch, collaborations, and experiences; and the YouTube kids hit "Ryan's World," which sells clothing and toys at Target and Walmart.The growing time people are spending on podcasts makes it a ready opportunity for franchise development, said Amanda Cioletti, VP of content and strategy for B2B company Informa Markets' licensing group. Podcast listening growth has slowed since it shot up during the pandemic but continues to rise, with US adults listening to 28 minutes a day in 2024, up from 16 minutes in 2020, according to <a target="_blank" class="" href="https://www.emarketer.com/insights/the-podcast-industry-report-statistics/">Emarketer</a>. Emarketer projects advertising in podcasts to grow 15.9% in 2024 to $2.28 billion, though podcast ad spending lags behind the media time spent. (Emarketer shares a parent with Business Insider.)Toys are a natural direction to go for brand extensions. In a survey of licensors by Informa Markets, toys and games were listed as the third biggest licensing opportunity after apparel and food and beverage. Cracking the crowded toy aisle won't be easy, though, she said."There is a lot of competition for that shelf," Cioletti said.The "Wow in the World" toys were designed to drive kids back to the podcast. Toys come with step-by-step guides and QR codes that link to "Wow" content and with a three-month subscription to Wondery+, which allows for early and ad-free listening.For Thames &amp; Kosmos, the Wondery deal was a chance to reach young kids, a group that's eluded the science toy and game maker due to their age and short attention spans, said Andrew Quartin, the company's CEO. By working with the podcast, it will reach its target market and get built-in promotion."This is the audience they're talking to," Quartin said. "They have millions of listeners of curious kids. Guy and Mindy, they're like science superstars."

Amazon's Wondery is launching a new toy line as it aims to build the next big franchises from podcasts

In 2024, grocery shopping is a thing of the past in India. Delivery platforms like <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords" meta.keywordsubtype="org" meta.entityname="Blinkit" meta.hostid="261" meta.entityid="Blinkit">Blinkit</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword> have made life easier for millions of people by delivering regular household items at their doorsteps. Ran out of salt? Order it online. Ran out of flour? Order it online. Need some stationery items for your kid’s school project? It can be delivered too. The list is endless. <h2><keyword id="21384253" type="General" weightage="100" keywordseo="Zepto-CEO" source="keywords">Zepto CEO</keyword> compares it with Zomato</h2> Zepto, which is newer when compared to Swiggy and Blinkit, is a popular choice in many areas. And its CEO and co-founder <keyword id="22736526" type="General" weightage="20" keywordseo="Aadit-Palica" source="keywords">Aadit Palica</keyword> feels that the company is in the stage where <keyword id="19904608" type="General" weightage="20" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> was in 1990s or early 2000s. While speaking at the Moneycontrol Startup Conclave 2024 on Friday, Palicha drew a bold comparison between his company’s current trajectory and that of Amazon during the late 1990s and early 2000s. He added that with the right execution, Zepto could potentially achieve a valuation between $50 billion and $80 billion, positioning itself as a leader in the global quick commerce sector. With that being said, Palicha is keenly aware that success isn’t guaranteed. “It is largely just execution,” he noted, talking about the importance of flawless operational strategy in turning potential into reality. He also acknowledged the history of companies that had the right ingredients for success but failed to execute, highlighting Zepto’s commitment to staying focused on its core business for the foreseeable future. Over the past year, Zepto has been on an aggressive fundraising streak, securing significant investments that have fuelled its growth. In August 2023, Zepto raised $231 million at a valuation of $1.4 billion, marking its entry into the unicorn club. But that was just the beginning. The startup recently closed another funding round, pulling in $665 million and boosting its valuation to $3.6 billion. The momentum doesn’t stop there. Zepto has attracted further interest from investors, with discussions underway for an additional $250 million in funding. This new round, which could grow to as much as $400 million, is expected to push the company’s valuation to around $4.6 billion. <h2>When Palicha said Zepto will be bigger than D-Mart </h2> This isn’t the first time that Palicha has made a bold prediction about Zepto. Last month, Palicha had said that Zepto would be bigger than D-Mart in the near future. Speaking at the JIIF Foundation Day event in Delhi, Palicha had pointed out that despite D-Mart’s impressive $30 billion valuation, the retail behemoth is currently only 4.5 times larger than Zepto in terms of sales. "D-Mart is a $30 billion company, and they are only 4.5 times our size in sales. If we maintain our current pace, growing 2-3 times each year, we could potentially surpass them in the next 18-24 months," Palicha had said.

Zepto CEO compares his startup to Amazon, says it can be worth 80 billion if things go right

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi! The housing market is rough, but you can get a three-bedroom home in pricey San Francisco for $488,000. <a target="_blank" href="https://www.businessinsider.com/san-francisco-home-catch-488k-tenant-30-years-russian-hill-2024-6">Just be prepared to wait 30 years to move in</a>.Also, our sale on a Business Insider subscription ends Thursday. <a target="_blank" href="https://www.businessinsider.com/subscription/limited-offer">More details here</a>.In today's big story, Amazon is finally <a target="_blank" href="https://www.businessinsider.com/amazon-chatgpt-rival-codenamed-metis-2024-6">throwing its hat into the AI-assistant ring</a>.What's on deck:<ul><li>Markets: Don't sweat the dip; <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-upside-200-per-share-target-ai-2024-6">Nvidia's stock can keep climbing</a>.</li><li>Tech: The fastest-growing career in the US <a target="_blank" href="https://www.businessinsider.com/fastest-growing-career-wind-technicians-job-salary-us-2024-6">might blow you away</a>.</li><li>Business: The terrifying reality of how <a target="_blank" href="https://www.businessinsider.com/gen-z-most-trusted-news-source-online-comment-sections-google-2024-6">young people consume information online</a>.</li></ul>But first, better late than never.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="f50703ff-bc02-4083-a06e-550c58d75f27">The big story</h3><h2 id="d859cda8-af54-458f-94cd-14450b76d6df">Amazon's got an AI assistant (again)</h2><div type="image" title="Sam Altman and Andy Jassy" height="1500" width="2000" msid="111262385" hostid="261" sizebytes="238698"></div>Amazon is working on an AI-powered assistant to compete with the incumbent in the space.Before you get any further, you haven't traveled back in time. It's not 2014, and I'm not referring to Amazon's Alexa competing with Siri.This time, Amazon has its eyes on OpenAI's ChatGPT with a project codenamed "Metis." Business Insider's Eugene Kim <a target="_blank" href="https://www.businessinsider.com/amazon-chatgpt-rival-codenamed-metis-2024-6">has all the details on the new AI assistant</a> based on an internal document he obtained and conversations with people familiar with the project.The plan is for Metis to offer tech- and image-based answers conversationally and share links to how it sources answers.In short, it sounds a lot like the AI chatbots you're already familiar with. And that's part of the potential problem.Google, Microsoft, and OpenAI have all had their AI assistants available for a while. And they're already making big moves.AI agents (tools that can automate and perform complex tasks based on existing data) were a <a target="_blank" href="https://www.businessinsider.com/google-future-ai-agents-project-astra-2024-5">heavy focus of Google's annual developer conference</a>. Microsoft's Copilot AI assistant tool is a part of the tech giant's strategy to <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-software-bundle-365-copilot-e7-e5-e3-2024-6">start seeing a return on its AI bets</a>. And ChatGPT was tapped by <a target="_blank" href="https://www.businessinsider.com/apple-ai-announcement-wwdc-friendly-big-step-openai-partnership-access-2024-06">Apple as a key piece of Apple Intelligence</a>, its version of AI.<div type="image" title="Open AI &amp; Amazon logo in water" height="548" width="1120" msid="111262383" hostid="261" sizebytes="110198"></div>Meanwhile, Amazon is showing up noticeably late to the AI-assistant party.Metis isn't scheduled to launch until September, according to Eugene's reporting, leaving time for its rivals to continue honing their chatbots.(Apple Intelligence is also launching in the fall, but it's not starting from scratch, thanks to OpenAI. It also has a built-in potential user base of iPhone users.)Playing from behind has been the name of the game for Amazon with generative AI. The company that's spent the past decade-plus sitting on top was left noticeably behind <a target="_blank" href="https://www.businessinsider.com/amazon-chatgpt-response-scared-crowdsourcing-hackathon-openai-microsoft-2023-6">with the launch of ChatGPT back in 2022</a>.As disappointing as it might be for Amazon to trail its peers, there are some benefits to not being first. Amazon can see what's worked and <a target="_blank" href="https://www.businessinsider.com/googles-ceo-response-gemini-ai-image-controversy-2024-5">what's gone horribly wrong</a> for others.One potential differentiator for Metis is its plans to offer more up-to-date responses, like the latest stock prices.But will that be enough to get people to switch allegiances from their favored chatbot? Only time will tell, and that might not be something Amazon can afford.<h2 id="01dd5414-9c82-44b2-a36f-17dbd3d93b49">3 things in markets</h2><div type="image" title="Photo illustration of bitcoin" height="1334" width="2000" msid="111262387" hostid="261" sizebytes="227218"></div><ol><li>Bitcoin is approaching an ominous drop-off. The cryptocurrency, which has been falling for the past month, is <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-sell-off-support-level-downside-crypto-btc-2024-6">close to dipping below a dangerous threshold</a>. That doesn't bode well for the token's near future, and it could also signal a downturn for the broader stock market.</li><li>Moelis banker resigns following viral video. Jonathan Kaye, who ran the investment bank's global business services franchise, has left Moelis after a video circulated online <a target="_blank" href="https://www.businessinsider.com/moelis-banker-jonathan-kaye-resigns-after-punching-video-pride-allegation-2024-6">appearing to show him punching a woman at a Brooklyn Pride event</a>. Kaye was placed on leave shortly after the video made the rounds earlier this month.</li><li>Nvidia's endless ceiling. The AI chipmaker took a dip Monday, dropping more than 6%, but one research firm thinks it has plenty of room to run. Constellation Research said Nvidia shares could rise 65% over the next year, thanks to its CEO and industry with a high barrier to entry. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-upside-200-per-share-target-ai-2024-6">Here are five other reasons Nvidia's business is protected</a>.</li></ol><h2 id="8957e69d-5adf-4dd4-a30f-54c89a0bef06">3 things in tech</h2><div type="image" title="Social Isolation due to AI Devices" height="1500" width="2000" msid="111262382" hostid="261" sizebytes="491076"></div><ol><li>Wanted: Apple's next big product. The public's lackluster response to Apple's Vision Pro release in February has led the company to reflect on its next big product. According to Bloomberg, it has its sights set on <a target="_blank" href="https://www.businessinsider.com/apple-soul-searching-around-next-big-product-vision-pro-2024-6">smart glasses and a more affordable Vision Pro</a>.</li><li>China's tech bosses are taking efficiency to the extreme. Inspired by Silicon Valley, Chinese tech companies are <a target="_blank" href="https://www.businessinsider.com/china-tech-bosses-put-pressure-on-workers-2024-6">turning up the pressure on their workers</a>. The increased intensity is in response to the country's top five tech companies losing around $1.3 trillion in market value since 2021.</li><li>Clean energy for the win(d). <a target="_blank" href="https://www.businessinsider.com/fastest-growing-career-wind-technicians-job-salary-us-2024-6">Wind power is the fastest growing career in the US</a>, thanks to the country's clean energy transition. The number of wind power jobs is expected to increase 45% between 2022 and 2032, and the average salary listed on Indeed sits around $80,100.</li></ol><h2 id="4f6739fb-b9ec-4550-b3e3-18e89f47a332">3 things in business</h2><div type="image" title="avatar walking with like and comment buttons" height="540" width="1112" msid="111262384" hostid="261" sizebytes="79420"></div><ol><li>Gen Z flocks to the comment section. Instead of trying to fact-check online news, Gen Z tends to rely on other users' opinions to inform their own. In the age of influencers and cancel culture, <a target="_blank" href="https://www.businessinsider.com/gen-z-most-trusted-news-source-online-comment-sections-google-2024-6">they're taking cues from their peers</a> rather than traditional forms of authority.</li><li>BuzzFeed really needs a "Hot Ones" deal, but the market thinks the price is too spicy. BuzzFeed has had a hard time <a target="_blank" href="https://www.businessinsider.com/buzzfeed-needs-hot-ones-deal-fend-off-vivek-ramaswamy-2024-6">trying to sell "Hot Ones," its viral show</a>. Doing so would help the outlet pay off some of its $119 million debt, putting it in a better position to make a deal with Vivek Ramaswamy, who's been scooping up shares of the digital publisher.</li><li>A recruiting shakeup has sent young bankers into a panic. A handful of leading private-equity firms, including Apollo and KKR, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/private-equity-firms-start-recruiting-early-investment-bank-apollo-kkr-2024-6">kicked off recruiting for lucrative positions</a> that won't start for two more years, BI has learned. It marked buyside recruiting's earliest start date on record — and left most candidates with virtually no work experience.</li></ol><h2 id="95c2624a-e09f-4bfc-b340-19152de84b75">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/tyrese-haspil-convicted-murder-dismemberment-tech-ceo-fahim-saleh-2024-6">Killer of dismembered tech CEO found guilty of murder.</a></li><li><a target="_blank" href="https://www.businessinsider.com/spotter-exec-shares-how-ai-will-impact-the-creator-economy-2024-6">A top Spotter exec breaks down how AI is changing the creator economy — and why short-form video could be a casualty</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/drinking-from-plastic-bottles-can-increase-diabetes-risk-new-research-2024-6">Groundbreaking study shows why drinking from plastic bottles may increase your risk of type 2 diabetes</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/exclusive-london-vc-firm-octopus-ventures-has-made-layoffs-2024-6">London VC fund and Depop-backer Octopus Ventures lays off 8 of its investment staff</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/how-to-use-amazon-outlet-saving-money-tips-2024">Amazon Outlet is the retailer's best-kept secret. I've saved hundreds of dollars buying name-brand products for over 50% off</a>.</li></ul><h2 id="59bf375f-d907-4723-9349-df5f35d080e2">What's happening today</h2><ul><li>SpaceX's Falcon Heavy rocket launches, carrying a NASA weather satellite.</li><li>Arraignment of former Alaska Airlines pilot accused of <a target="_blank" href="https://www.businessinsider.com/off-duty-pilot-accused-crash-plane-bail-conditions-mental-health-2023-12">trying to shut down plane's engine</a> mid-flight.</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.

Amazon is finally throwing its hat into the AI-assistant ring

As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani Group, are on the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The <keyword id="17234676" type="General" weightage="50" keywordseo="resolution-professional-of-future-retail-ltd" source="Orion">Resolution Professional of Future Retail Ltd</keyword> (<keyword id="658389" type="General" weightage="80" keywordseo="frl" source="Orion">FRL</keyword>), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include <keyword id="17234674" type="General" weightage="50" keywordseo="whsmith-travel-ltd" source="Orion">WHSmith Travel Ltd</keyword>, Sahara Enterprises, Century Copper Corp, Greentech worldwide, <keyword id="1726468" type="General" weightage="50" keywordseo="harsha-vardhan-reddy" source="Orion">Harsha Vardhan Reddy</keyword>, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and <keyword id="17234675" type="General" weightage="50" keywordseo="universal-associates" source="Orion">Universal Associates</keyword>. Except for Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies have been included in the final list. Bommidala Enterprises indicated that it will not be submitting a resolution plan. Earlier this month, the Mumbai-based NCLT bench granted FRL an extension of 90 days till July 15, 2023, for concluding the Corporate Insolvency Resolution Process (CIRP). On March 23, 2023, creditors of FRL invited new EoIs whereby prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in more than four months. Earlier, it had received EoIs and finalised 11 prospective bidders, including Reliance and <keyword id="15486694" type="General" weightage="50" keywordseo="april-moon-retail" source="Orion">April Moon Retail</keyword>, but could not get a resolution plan despite two extensions in the deadline for submissions. The Committee of Creditors had provided two options in the EoI, for which the last date for submission was April 7, 2023. In the first option, the Prospective Resolution Applicant (PRA) could bid for the acquisition of FRL as a whole, including its shareholding interest in the subsidiaries. Under the second option, FRL's business has been distributed into five clusters and PRAs can bid for "any individual cluster or any combination of clusters". "Having regard to the complexity and scale of operations of FRL, the resolution professional has, in consultation with and prior approval of the <keyword id="230701" type="General" weightage="50" keywordseo="coc" source="Orion">CoC</keyword> of FRL, categorised the business of the corporate debtor in five clusters," as per the new EoI. CIRP was initiated against FRL by its lender Bank of India following loan defaults. Under the Insolvency &amp; Bankruptcy Code, EoI was invited from prospective bidders on October 4, 2022. FRL operated multiple retail formats in both the hypermarket supermarket and home segments under brands such as Big Bazaar, Easyday, and Foodhall. At its peak, FRL was operating more than 1,500 outlets in nearly 430 cities. It was part of the 19 Future group companies operating in the retail, wholesale, logistic and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020. However, lenders had rejected the takeover of the 19 Future group companies, including FRL, by Reliance amid a legal challenge by Amazon. Last year in August, stock market regulator Sebi ordered a forensic audit of the accounts of FRL for the financial years 2019-20, 2020-21 and 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-resources-cuts-gross-debt-by-usd-1-billion/articleshow/99731225.cms">Vedanta Resources cuts gross debt by USD 1 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/five-popular-investments-under-80c-in-2023-24/articleshow/99732870.cms">5 popular deductions you can claim under Section 80C in 2023-24</a>

Future Retail insolvency process: 48 cos selected as eligible prospective bidders

<ul class="summary-list"><li>Walmart is offering half off the price of a Walmart+ membership until July 18.</li><li>That timing gets ahead of <a target="_blank" href="https://www.businessinsider.com/guides/deals/amazon-prime-day">Amazon's Prime Day</a>, which happens on July 16 and 17.</li></ul>Walmart's members-only sales event is in the rearview, and Amazon's Prime Day isn't for another week, but that doesn't mean the war between the two biggest retailers is on pause.Until July 18, Walmart is offering Walmart+ memberships for $49 a year, or half off the usual $98 fee.If that date catches your eye, it's because the timing gets ahead of Amazon's Prime Day, which happens on July 16 and 17.For 10 years now, <a target="_blank" href="https://www.businessinsider.com/history-of-amazon-prime-day-impact-on-retail-industry2023-7">Amazon's annual deals event</a> for Prime members has become a fact of American retail life — and one that has <a target="_blank" href="https://www.businessinsider.com/amazon-really-wants-you-to-join-ecosystem-this-prime-day-2024-7">helped drive new sign-ups</a> for the company.Offering a discounted membership in the days leading up to Prime Day is another way Walmart has been stepping up its effort to woo customers over from the e-commerce giant.Look no further than remarks from Walmart's chief financial officer, John David Rainey, who said the company's delivery orders had overtaken in-store pickup orders in recent months.He also said Walmart+ members were starting to make more frequent orders with fewer items — <a target="_blank" href="https://www.businessinsider.com/walmart-ecommerce-online-orders-getting-smaller-more-frequent-like-amazon-2024-6">acting a little more like Amazon shoppers</a>.Meanwhile, Walmart has aggressively expanded its <a target="_blank" href="https://www.businessinsider.com/what-is-walmart-marketplace-for-third-party-sellers2023-12">marketplace of third-party sellers</a>, following a strategy that has enabled Amazon to offer a mind-boggling range of products on its website.Walmart's "store of the future" upgrades are helping too, as the company uses its <a target="_blank" href="https://www.businessinsider.com/walmart-going-after-amazon-with-ecommerce-strategy-from-target-2023-12">4,700 US locations to fulfill online orders</a>."You would expect the in-store benefit perhaps," Rainey said last month, referring to a sales increase after a renovation. "But we also see that there's an uplift in e-commerce sales in those areas where we've done a remodel."Walmart is already making a lot of <a target="_blank" href="https://www.businessinsider.com/walmart-and-target-are-looking-increasingly-similar-these-days-2023-12">Target-style moves to win customers</a>, and now it's taking even more pages from Amazon.

Walmart is trying to lure Amazon shoppers with a half-price membership ahead of Prime Day

<ul><li><keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> has filed a writ petition in the Delhi high court against India’s ED.</li><li>The ecommerce company has accused ED of unnecessarily harassing its employees and overstepping its authority.</li><li>ED initiated an investigation into the Amazon-Future Coupon deal of 2019.</li></ul>Amazon has filed a writ petition in the Delhi High Court against India’s Enforcement Directorate (ED), seeking clarification on the “unnecessary” summons issued to the ecommerce player’s employees. The Jeff Bezos-led company has highlighted that the investigative agency is summoning multiple executives, which amounts to unnecessary harassment. Besides this, the company also noted that the ED is carrying out the investigation in a manner that is “beyond the scope and power” under India’s foreign exchange laws. ED had initiated an enquiry last month to find whether Amazon violated Foreign Exchange Management Act (FEMA) while buying 49% stake in Kishore Biyani-led Future Coupon in 2019. The deal had triggered more than two dozen legal cases between Amazon and Future Group. Please note, the same deal became the grounds for Amazon to halt Future Retails’ ₹24,715 crore deal with Reliance Retail. The Competition Commission of India (CII), earlier this month, had<a href="https://www.businessinsider.in/retail/news/amazon-future-deal-cci-clears-the-way-for-reliance-acquisition-by-revoking-2019-deal/articleshow/88343227.cms"> revoked its clearance</a> to Amazon’s 2019 deal with Future Coupons. Therefore, clearing the way for Reliance to acquire Retail assets of Future Group. Amazon, in the plea before court, accused the Indian ED of conducting a “fish and roving enquiring” against it. The company has alleged that the investigative agency has sought accounts of privileged legal opinion given to it by its lawyers/law firms in India, a list of former employees in its legal team, and accounts of bank details as well as legal expenses that Amazon has incurred in the last decade. “ED cannot compel the petitioner number 1 (Amazon) to submit privileged legal advice and legal opinions given by law-firms/advocates and legal counsel of Amazon,” Amazon said in its plea, adding that the ED is seeking information which is not related to the Future Group’s transactions. The company has requested the Delhi High Court to pass an interim order, staying all investigations, inquiries, summons or proceedings commenced by the ED. The plea will be heard before the Delhi High Court bench led by Justice Rekha Palli today, December 23. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/zee-entertainment-zomato-medplus-health-and-other-hot-stocks-on-december-23/slidelist/88443739.cms" data-type="tilCustomLink">Zee Entertainment, Zomato, Medplus Health and other hot stocks on December 23</a> <a href="https://www.businessinsider.in/stock-market/news/data-patterns-ipo-will-list-on-exchanges-tomorrow-gmp-indicates-strong-listing-at-230/articleshow/88440028.cms" data-type="tilCustomLink">Data Patterns’ IPO will list on exchanges tomorrow; GMP indicates strong listing at ₹230</a> <a href="https://www.businessinsider.in/stock-market/news/cms-info-system-ipo-subscription-last-day-today-gmp-at-30/articleshow/88435478.cms" data-type="tilCustomLink">Today is the last day to subscribe to CMS Info Systems — GMP at ₹30</a>

Here’s why Amazon is suing India’s financial investigating agency

<ul><li><keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> has reportedly alleged that <keyword id="375475" type="General" weightage="20" keywordseo="future-retail" source="Orion">Future Retail</keyword> transferred $939 million as a capital advance to a company controlled by the founder Kishore Biyani.</li><li>Another $575 million was transferred into an unusual rental security deposit and advances were made to suppliers.</li><li><keyword id="23644" type="General" weightage="20" keywordseo="Future" source="Orion">Future</keyword> Retail says that the transactions were a part of public disclosures made by the company as a part of standard governance practices.</li></ul>Amazon, which is trying to prevent Reliance Industries from taking over the retail assets of Kishore Biyani-led <keyword id="44949" type="General" weightage="20" keywordseo="future-group" source="Orion">Future Group</keyword>, has reportedly made a fresh set of allegations against Future Retail. The ecommerce giant has reportedly accused Future Retail of diverting $1.5 billion from its account to other companies. As per a report by Bloomberg, Amazon has alleged that Future Retail transferred 70 billion Indian rupees, which is close to $939 million at current conversion rate, in the financial year March 2020 as a capital advance to a company controlled by the founder Kishore Biyani. This was a payment for the goods and services purchased by the related firm. Future Retail said that the transactions were a part of public disclosures made by the company as a part of standard governance practices. There is nothing new that is being brought to notice here, “except for false speculations being created out of selective excerpts,” the company’s representative told Bloomberg. The ecommerce giant has written, as per the report, to Indian finance minister Nirmala Sitharaman, Reserve Bank of India (RBI) governor Shaktikanta Das, market regulator Securities and Exchange Board of India (SEBI) and several other authorities, seeking an investigation into Future Retail. The copy of the letter was<a href="https://www.bloomberg.com/news/articles/2021-11-25/amazon-alleges-1-5-billion-diverted-from-indebted-future-retail"> seen </a>by Bloomberg, which first reported the development. Business Insider has shared a detailed list of questions to Amazon and Future Retail. The copy would be updated if and when they respond. Amazon has also alleged, as per the Bloomberg report, that Future Retail created an unusual rental security deposit and made advances worth 43 billion ($575 million, at current conversion rate) Indian rupees to suppliers in the same year even though its business had slumped and it was shutting down stores. “Significant amounts may have been diverted from Future Retail…,” Amazon reportedly said, adding that a part of these transactions can help Future Retail immediately repay the outstanding debt owed to banks and creditors. The legal battle between Amazon and Future Retail dates back to August 2020, after Mukesh Ambani-led Reliance Retail agreed to buy Future Group’s retail, wholesale and warehousing assets for ₹24,713 crore. Amazon — which held about 3% stake in Future Retail through its 49% shareholding in Future Coupon — objected to the deal, saying that it had barred Future Group from getting into any retail agreement with 11 companies, including Reliance. The <a href="https://www.businessinsider.in/retail/news/amazon-wins-supreme-court-case-against-mukesh-ambani-reliance-retail-and-kishore-biyanis-future-group/articleshow/85092072.cms">Supreme Court of India in August</a> upheld the emergency award given to Amazon by Singapore International Arbitration Centre (SIAC), which considered the Future and Reliance deal invalid. The case is still pending before India’s Supreme Court. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year</a> <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms" data-type="tilCustomLink">From Nykaa to Cipla to 3i infotech — these are some of the themes the market is betting on amid a sell-off</a> <a href="https://www.businessinsider.in/stock-market/news/pvr-inox-mainland-china-barbeque-nations-share-price-falls-due-to-new-covid-19-variant/articleshow/87925164.cms" data-type="tilCustomLink" style="">Shares of PVR, INOX, Burger King, Barbeque Nation tumble as investors panic over the new COVID-19 variant</a>

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