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<ul class="summary-list"><li>Federal prosecutors in Oregon have brought charges against seven defendants <a target="_blank" href="https://www.businessinsider.com/home-depot-self-checkouts-florida-thieves-stole-roof-sealer-crime-2024-2">conspiracy to defraud Home Depot</a>.</li><li>The complaint says the group rented equipment from the retailer using stolen credit card numbers.</li></ul>Home Depot's rental department continues to battle the theft of its heavy equipment in schemes where suspects sell the machinery on sites like Facebook Marketplace, prosecutors allege.Earlier this month, federal prosecutors in Oregon brought <a target="_blank" href="https://storage.courtlistener.com/recap/gov.uscourts.wawd.333818/gov.uscourts.wawd.333818.2.0.pdf?utm_source=substack&amp;utm_medium=email">charges</a> against a group of seven defendants, accusing them of conspiring in a scheme in which they stole heavy machinery from Home Depot by renting it and not returning it.According to the indictment, first reported by <a target="_blank" href="https://www.courtwatch.news/p/court-watch-72-were-sorry-swifties">Court Watch</a>, members of the group would go to the retailer's rental desk at locations in Oregon, Washington, and Colorado to borrow the equipment using <a target="_blank" href="https://www.businessinsider.com/personal-finance/best-identity-theft-protection-services">stolen credit and debit card information</a>.Prosecutors also said the defendants would "often use their real driver's license" for the required identification.But rather than return the equipment, the defendants instead <a target="_blank" href="https://www.businessinsider.com/target-internet-flea-market-on-steroids-theft-stolen-products-crime-2023-9">sold it on Facebook Marketplace</a> and other online platforms, according to the court documents.In each instance, the equipment was borrowed under a one-day rental, GPS tracking devices were disabled, and items were listed for sale on Facebook and elsewhere, the prosecutors said.The thefts bear a striking resemblance to several <a target="_blank" href="https://www.myfloridalegal.com/newsrelease/organized-retail-theft-ring-spanning-16-counties">cases</a> in the past year, <a target="_blank" href="https://www.kiro7.com/news/local/two-indicted-allegedly-stealing-more-than-800000-equipment-wa-home-depots/3P3GBIRDQFBWFNVDXUYQQJY5GU/">one</a> in Washington, and two in Florida.In <a target="_blank" href="https://www.myfloridalegal.com/newsrelease/organized-retail-theft-ring-spanning-16-counties">one</a>, Florida prosecutors <a target="_blank" href="https://www.wfla.com/news/florida/florida-man-behind-home-depot-theft-ring-spanning-15-counties-gets-prison-time/">sentenced</a> a man to eight years in prison for leading a crime ring that rented more than 60 pieces of heavy equipment, such as trenchers, stump grinders, and excavators, which were never returned, costing Home Depot more than $1 million.Officials said he too used his actual ID when borrowing equipment, the local Fox affiliate <a target="_blank" href="https://www.fox13news.com/news/pcso-6-accused-of-stealing-more-than-500000-of-equipment-from-home-depot-and-selling-it-on-social-media">reported</a>.And just last month, Florida's Attorney General brought <a target="_blank" href="https://www.myfloridalegal.com/newsrelease/ag-moody-files-criminal-charges-against-organized-theft-ringleader-stealing-nearly-half">charges</a> against another man in a strikingly similar scheme that involved 21 pieces of equipment and cost Home Depot more than $460,000.Beyond the rental desk, Home Depot and other retailers have been raising the alarm in recent years over theft, which cost the industry <a target="_blank" href="https://www.businessinsider.com/retailers-lost-112-billion-to-inventory-shrink-in-2022">an estimated $41 billion in 2022</a>.In response to shoplifters, the home improvement retailer, in particular, has turned to measures including <a target="_blank" href="https://www.businessinsider.com/walmart-home-depot-lowes-deter-shoplifting-with-anti-theft-measures-2023-1">locked-up displays</a> and <a target="_blank" href="https://www.businessinsider.com/walmart-home-depot-lowes-deter-shoplifting-with-anti-theft-measures-2023-1">power tools that won't work</a> unless they've been activated at purchase.

People keep stealing heavy equipment from Home Depot's rental department and selling it on Facebook

<ul class="summary-list"><li>Kevin O'Leary says the US needs to impose heavier tariffs on China.</li><li>"You squeeze them because the Chinese only understand the stick," O'Leary told Fox News on Sunday.</li></ul>"Shark Tank" star <a target="_blank" class="" href="https://www.businessinsider.com/kevin-oleary-right-to-disconnect-laws-crazy-dumb-2024-9">Kevin O'Leary</a> says the US needs to level the playing field against China by imposing heavy tariffs on the country.O'Leary was on Fox News' "Sunday Night in America with Trey Gowdy" when he called for increased trade restrictions with China."I want to go to DEFCON 19 against China. I don't like tariffs against anybody else, but I want to bring them to their knees with a blowtorch to deal with us fairly, and that's why you use tariffs," O'Leary told Gowdy on Sunday."You squeeze them because the Chinese only understand the stick. I've said it countless times, they understand the stick, they respect the stick, give them the stick," O'Leary added.This isn't the first time O'Leary has <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/kevin-oleary-dedollarization-dollar-dominance-china-yuan-renminbi-trade-stocks-2023-4">expressed his frustrations with the Chinese market</a>. In August, O'Leary told Fox Business host Stuart Varney that he's had a bad experience investing in China."I'm an investor. I have positions in China. And just so everybody knows why I'm so biased — they have screwed me over the last 12 years," O'Leary told Varney."I have no access to their courts. I can't understand why they get to list their companies without the same cost and compliance that I have to pay," O'Leary added.Representatives for O'Leary didn't immediately respond to a request for comment from Business Insider sent outside regular business hours.O'Leary's call for heavier tariffs echoes former President <a target="_blank" class="" href="https://www.businessinsider.com/trump-78-just-called-himself-fine-brilliant-young-man-2024-7">Donald Trump's position on the matter.</a> Trump has said that if he returns to the White House, he plans to <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-impose-tariffs-china-if-elected-2024-2">impose more than 60% tariffs on Chinese goods</a>."You know, obviously, I'm not looking to hurt China. I want to get along with China. I think it's great. But they've really taken advantage of our country," Trump told "Sunday Morning Futures" host Maria Bartiromo in February.The former president has also floated the possibility of imposing tariffs on US companies that move parts of their business abroad. In September, Trump threatened to <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-trump-call-200-percent-tariffs-john-deere-insane-2024-9">impose a 200% tariff on agriculture equipment company John Deere</a> if it moved part of its manufacturing to Mexico."They think they're going to make product cheaper in Mexico and then sell it in for the same price as they did before, make a lot of money by getting rid of our labor and our jobs," Trump told attendees at an agricultural policy roundtable in Smithton, Pennsylvania.To be sure, Trump isn't the only politician who has incorporated tariffs into his economic policy.For one, President Joe Biden <a target="_blank" class="" href="https://www.businessinsider.com/china-tariffs-biden-trump-trade-inflation-outlook-fed-rate-cuts-2024-5">retained most of Trump's trade restrictions</a> on China. The Biden administration has even gone further by <a target="_blank" class="" href="https://www.businessinsider.com/china-tariffs-trade-restrictions-budget-deficit-biden-trump-stephen-roach-2024-7">imposing more tariffs and duties</a> on Chinese exports.In May, the US government <a target="_blank" class="" href="https://www.businessinsider.com/white-house-joe-biden-hikes-tariffs-on-chinese-made-evs-2024-5">raised tariffs on Chinese EVs from 25% to 100%</a>, effectively shutting Chinese automakers out of the US market.Vice President <a target="_blank" class="" href="https://www.businessinsider.com/what-you-need-to-know-about-kamala-harris-opportunity-economy-2024-9">Kamala Harris</a>, who is vying against Trump for the presidency, has criticized the latter's push for higher tariffs.During the presidential debate on September 10, Harris said that Trump's tariffs are essentially a "sales tax" on American households.Notably, Harris hasn't said if she would retain Biden's tariffs. But she did say on her campaign website that she "will not tolerate unfair trade practices from China or any competitor that undermines American workers.""Vice President Harris will employ targeted and strategic tariffs to support American workers, strengthen our economy, and hold our adversaries accountable," a Harris campaign spokesperson said in a statement to Foreign Policy magazine last month.

Kevin O'Leary says the US needs to go 'DEFCON 19 against China' and break the country with heavy tariffs

<ul class="summary-list"><li>US stocks were lower on Monday as investors looked to new economic data due out in the week.</li><li>Late last week, major indexes nearly erased all of the losses incurred in a sharp three-day sell-off.</li></ul>US stocks were lower on Monday ahead of new economic data as investors struggled to extend a rebound and completely erase all of the losses from last week's big sell-off.The stock market ended last week nearly flat after the biggest sell-off in over two years.This week, traders will be looking for signals in the latest updates on the economy. On Tuesday, data on wholesale inflation will be released, though the main event for the week will be consumer inflation data on Wednesday with the consumer price index report for July.Core CPI is expected to be 0.2%, slightly ahead of June's 0.1% reading. On an annual basis, inflation is expected to show prices rose 3% last month, in-line with June figures.A slight month-to-month increase wouldn't be enough to disrupt the outlook for rate cuts next month, market experts say, and the only debate in markets seems to be how big of a rate cut will be delivered.According to the CME FedWatch Tool, markets see almost even odds of a 25 basis point or a 50 basis point cut at next month's policy meeting.As for further swings in stocks, Bank of America says look for further moves based on the data this week, with a soft CPI reading likely to spark a relief rally. However, the risk of a "major downside event" is possible if the data is hotter than expected."A hotter print would be a bigger surprise to the market than a softer print," BofA analysts wrote. "Equities need the Fed at least until the next strong macro data (or blowout NVDA earnings). What's missing is the Fed's nod, restoring confidence that growth is ultimately going to be supported."Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,332.46, down 0.3%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 39,280.12, down 0.6% (221 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,729.56, down 0.1%</li></ul>Here's what else is going on today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ai-stocks-risk-nvidia-gpus-blackwell-tech-outlook-depreciation-accounting-2024-8">There's a hidden risk lurking for AI stocks in 2025.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-earnings-demand-blackwell-chips-tech-stocks-2024-8">Mizuho bumped Nvidia's price target</a> ahead of the chip giant's earnings.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/us-job-market-recession-outlook-workers-quitting-hiring-trends-2024-8">American workers are stuck in place</a> because everyone is too afraid of a recession to quite.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Oil futures were up. West Texas Intermediate</a> crude oil rose 1.3% to $77.84 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, increased 1% to $80.49 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.45% to $2,485 per ounce.</li><li>The 10-year Treasury yield was up one basis point to 3.957%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> dipped 1.3% to $59,698.</li></ul>

Stock market today: Indexes slide to start heavy week of new economic data

<ul class="summary-list"><li>A reckoning is coming for the artificial intelligence boom.</li><li>Tech stocks have enjoyed huge rallies this year but now face an aggressive sell-off.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/big-tech-meta-microsoft-google-ai-earnings-investor-2024-7">Artificial intelligence</a> has made fortunes for companies and investors this year. A violent correction is now triggering a reckoning.Tech companies at the heart of the AI boom are facing a devastating sell-off as investor panic over the possibility of a US recession is leading global markets into a major correction — while leaving this year's most hyped trades among the hardest hit.On Monday, tech giants including Nvidia, Apple, and Microsoft, faced big falls in pre-market trading, with <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5">Jensen Huang's AI chip firm</a> down more than 13%, while the iPhone maker down more than 9% ahead of the bell.Apple's fortunes will not have been helped by Warren Buffett's Berkshire Hathaway disclosing over the weekend that it had offloaded almost half its stake in Apple in the second quarter.The tech slide follows a dramatic sell-off in Asia, with <a target="_blank" class="" href="https://www.businessinsider.com/markets-japan-rate-hike-yen-fx-carry-trade-stock-futures-2024-8">Japan's main stock market index</a>, the Nikkei 225, ending 12.4% lower and other AI heavyweights such as SoftBank slid hard. Monday's falls come after a week in which the spell of AI showed serious signs of breaking.As Google kicked off Big Tech's earnings season at the end of July, company after company struggled to convince investors that mammoth spending on the expensive chips and data centers needed to sustain their AI ambitions would deliver returns anytime soon.Google CEO Sundar Pichai struggled to offer a direct answer about returns as the company noted capital expenditure in the quarter had grown to $13 billion, up from $6.9 billion in the same period a year earlier.Meta's chief financial officer, Susan Li, told investors to <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-wins-ai-race-by-cornering-users-2024-8">expect "significant capex growth" in 2025</a>. By the end of the year, the company expects to spend up to $40 billion on AI research and product development.Microsoft forecast <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-satya-nadella-tech-payoff-investment">AI monetization</a> in "the next 15 years and beyond." The sell-off shows how investors who were hoping for monetization somewhat sooner than that are feeling. Its shares dipped more than 5% in pre-market trading.Investors have, of course, been aware for some time of the heavy spending being taken on by tech giants in the name of AI, and been willing to put up with it. That's because AI's been touted as a technology as revolutionary as the internet and smartphones by tech luminaries like Bill Gates.<h2 id="fc290fa8-890b-43f9-9c93-3bd98c626caf">Delivering returns</h2>But for some time now, there have been growing concerns that the technology's ability to deliver on the hype has been a tad overestimated.Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/insights/top-of-mind/gen-ai-too-much-spend-too-little-benefit">published some probing research toward the end of June</a> that posed the question investors have spent the past week doubling down on during earnings calls: "Too much spend, too little benefit?"Its conclusions were at odds with what Silicon Valley CEOs spent much of last week telling investors.Jim Covello, Goldman's head of global equity research, suggested AI "must be able to solve complex problems" to "earn an adequate return" on the roughly $1 trillion needed to develop and run it. In his view, in vogue, generative models simply aren't built to do that.Daron Acemoglu, an MIT professor and economist the bank interviewed as part of the research, also sounded skeptical, with his prediction that AI will affect fewer than 5% of all tasks.Nvidia, which briefly became the world's most valuable company thanks to nonstop demand for the chips it supplies to AI model makers, won't report earnings until the end of August. Yet it's found itself unable to escape the panic spreading in the markets.<h2 id="e5f92224-5911-4124-9402-35324de4aad4">'Overhyped'</h2>The chip company showed its first major sign of weakness last week after The Information reported that a design flaw would delay the production of its newest chip, the Blackwell B200, by at least three months. That's bad news for Meta, Google, and Microsoft, the report said, which have put in huge orders for the powerful new chip.Meanwhile, hedge fund Elliott Management has been busy telling investors that Nvidia is "overhyped," the Financial Times reported on Friday.If others really start to believe that's the case, it could mark the beginning of the end for the AI rally. However, some remain hopeful that it's just a passing phase. In a research note on Monday, Wedbush analyst Dan Ives wrote that despite investors "feeling massive pain globally," his message to those wondering if this "tech bull market and historic run for tech stocks is over" was clear: "It's NOT in our view and this is just a white knuckle moment in a multi-year bull run for tech stocks that need hand-holding."On its current trajectory, though, AI hype looks ready to make a violent return to reality. Investors better brace themselves for the full force of the landing.

Tech stock sell-off may herald the long-awaited AI reckoning

<ul class="summary-list"><li>The value of Donald Trump's Truth Social stake has tanked by about $4 billion since May.</li><li>The ex-president may face further declines when stock-selling restrictions ease later this month.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/who-is-donald-trump-bio-age-family-key-positions-2019-4">Donald Trump</a> has seen about $4 billion wiped off the value of his Truth Social stake since May — and could suffer further losses once selling restrictions on the stock are lifted later this month.The former president owns about 115 million shares of Trump Media &amp; Technology Group, Truth Social's parent company. It <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-soars-djt-ticker-symbol-truth-social-2024-3">went public</a> in March after merging with a special-purpose acquisition vehicle.TMTG shares hit an intraday high of $79 on their market debut, and still traded around $54 on May 9, but have <a target="_blank" class="" href="https://www.businessinsider.com/trump-media-truth-social-stock-down-lockup-polls-2024-8">crashed</a> 68% since then to hover around record lows of $17.The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-price-presidential-election-forecast-kamala-harris-2024-8">heavy sell-off</a> has cut the right-wing social media company's market value from about $10 billion in May to below $3.5 billion. It has slashed the value of Trump's roughly 60% holding from about $6 billion to $2 billion over the same period.The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-kamala-harris-presidency-election-odds-meme-2024-8">downturn reflects a shake-up</a> of the presidential race with Kamala Harris replacing Joe Biden as the Democratic nominee. Harris is widely seen as a greater threat to Trump's reelection chances — the pair are virtually tied in recent polls, whereas Trump held a steady lead over Biden.Trump has also <a target="_blank" class="" href="https://www.businessinsider.com/trump-twitter-account-tweets-ad-campaign-musk-2024-8">resumed posting</a> after a yearslong hiatus on Elon Musk's X, which is arguably the biggest rival to Truth Social. The ex-president's use of his own social media site instead of the platform formerly known as Twitter was seen as one of its biggest strengths — especially if he were to regain office.<h2 id="3838a405-fc89-4192-b316-ac6e95bc1cdf">Fast fall</h2>Trump's TMTG stake <a target="_blank" class="" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">briefly catapulted</a> him into the top 300 of the world's 500 wealthiest people as measured by the Bloomberg Billionaires Index. The rich list estimated his net worth above $7 billion in late March, <a target="_blank" class="" href="https://www.businessinsider.com/trump-wealth-tmtg-dwac-billionaires-stock-court-judgment-rich-list-2024-3">ranking him</a> above the likes of George Soros, Mark Cuban, Giorgio Armani, Reed Hastings, and Bernie Marcus.But the Republican presidential candidate <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-rich-list-meme-stock-crash-truth-social-tmtg-2024-4">quickly fell off</a> the index once TMTG shares sank. Forbes pegs his current net worth below $4 billion — and Trump is not rich enough to still make the Bloomberg list.Trump's fortune could shrink further as the lock-up period on TMTG insiders selling shares expires later this month, threatening to push down the stock price even more.The real-estate mogul might cash out some of his shares, but Trump faces constraints on how fast he can sell, and will have to make public regulatory filings when he reaches certain thresholds.

Trump takes near-$4 billion hit on Truth Social since May — and the stock faces a fresh selling spree

The <keyword id="20161017" type="General" weightage="20" keywordseo="Vedanta-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Vedanta Group" meta.hostid="153" meta.entityid="Vedanta Group">Vedanta Group</keyword> is aiming to invest USD 20 billion across all its businesses in India over the next four years, its Chairman <keyword id="19919725" type="General" weightage="20" keywordseo="Anil-Agarwal" source="keywords">Anil Agarwal</keyword> said on Wednesday. The group will sell the steel business only at the right price, and is committed to continue running it if it does not get the right price, Agarwal told PTI on the sidelines of a company event. "At the moment, we have a plan to invest USD 20 billion across sectors in four years time," Agarwal said. The investments will be focused on technology, electronics, and glass businesses apart from the other activities that the group is engaged in, he said. Semi-conductors and glass -- used in making smartphones and laptops screens -- are very essential from a future perspective, he said, adding that the group is present in both the businesses already. It has land in Gujarat for a <keyword id="19920003" type="General" weightage="20" keywordseo="semiconductor" source="keywords">semiconductor</keyword> plant and is scouting for a credible and strong partner, he said. On the glass front, it is already into manufacturing in other countries but not in India, Agarwal said, hinting that the plan would involve undertaking some capacity building locally. Meanwhile, when asked about the steel business sale, which was supposed to be sold by March, Agarwal said a transaction depends on getting the right price. "We are committed... if we get the right price to divest it," he said, adding that if the group doesn't get the right price, it will choose to continue running the business by itself. He said the steel business is profitable and has really committed people who can ensure that it continues going ahead. Amid concerns around the debt position of the company, Agarwal said the overall debt of the company stands at only USD 12 billion at present and seemed to suggest that the same is manageable. He said the group has never defaulted on any of its debt repayment commitments, and that each of the businesses will require heavy investments if it were to be started from scratch. The London-based billionaire said he "is in very critical areas" and added that every developed economy has made it big by focusing on minerals under the ground. He rued that there are concerns on the environmental impact of mining in India. Foreign investors are very keen to take bets on India, he said, hoping for "simplification and encouragement for entrepreneurs after the elections". The billionaire from Bihar said he wants to play the role of a catalyst in helping his home state grow, but "there is a need for strong support from the policy front for it". <keyword id="19919721" type="General" weightage="20" keywordseo="Vedanta" source="keywords">Vedanta</keyword> wants to take the total number of Nand Ghars -- under which it takes care of children's nutritional requirements in villages -- to 25,000 over the next two years from the present 6,000, Agarwal, who was speaking on the sidelines of an event to announce scaling up of the group's philanthropic activities, said. The ultimate plan is to increase the number of beneficiaries to over 7 crore children and 2 crore women, he said. Agarwal said the group may also look at investing in the entertainment business going forward but did not offer any timeline or investment details. All successful corporates in the world have interests in education, healthcare, sports and entertainment, he said, conceding that he "does not understand entertainment a lot". More than profits, entertainment has to be looked at a means to instil the right cultural values, he added. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Vedanta plans to invest $20 bn in India in 4 years; will sell steel biz only at right price: Agarwal

<ul class="summary-list"><li>Birgir Jónsson is the CEO of Play, an Icelandic airline offering cheap transatlantic flights.</li><li>He played drums in a metal band until 2018, and has held several other jobs outside aviation.</li></ul>Birgir Jónsson is well aware of how a budget airline's fortunes can quickly turn around.From 2014 to 2015, he was the deputy CEO of <a target="_blank" href="https://www.businessinsider.com/what-its-like-to-fly-on-budget-airline-wow-air-2017-1">Wow Air</a>, an Icelandic ultra-low-cost carrier that went bankrupt in 2019. Shortly afterward, two former Wow executives set up its spiritual successor, Play. Jónsson was brought on as CEO in 2021.Play is now one of, if not the <a target="_blank" href="https://www.businessinsider.com/new-european-low-cost-carrier-entering-us-market-spain-iceland-2021-12">cheapest way to fly transatlantic</a>. It made headlines in 2022 for $99 flights between the US and Europe — but that was only for one leg of a roundtrip.Looking at flights for next month, a roundtrip from New York to London starts at around $450.It costs at least $560 for the same journey with <a target="_blank" href="https://www.businessinsider.com/flying-saga-premium-class-on-icelandair-review-worth-it-2023-5">Icelandair</a> — the country's flag carrier which Jónsson calls its main competitor since both would include a connection in Reykjavík.For <a target="_blank" href="https://www.businessinsider.com/norse-atlantic-flight-review-paris-new-york-2023-6">Norse Atlantic</a>, the low-cost airline that instead uses widebody jets for direct flights, return tickets in April start around $400. Although with varying prices, Play is still cheaper on some days.<a target="_blank" href="https://www.businessinsider.com/play-icelandic-airlines-budget-red-eye-flight-photos-2023-4">Play</a> is run by a CEO with an unconventional medley of experience.Speaking to Business Insider over a video call while wearing a black t-shirt and jacket, Jónsson was modest in saying: "I'm not an interesting guy."His foray into the sector began as CEO of Iceland Express, which was acquired by Wow. But unusually for an airline boss, he has also had several jobs outside aviation.Jónsson's LinkedIn lists him as the co-owner of a Reykjavík perfumery and, until 2018, the drummer for a metal band called Dimma. YouTube <a target="_blank" href="https://www.youtube.com/watch?v=ry3x4pQai8A">videos</a> show his tattoo sleeve on display during concerts.He told BI his past jobs included turning around the Icelandic Post Office and running a Romanian printing company."I've done a lot of things, but it's always the same things," he said. "Running companies, creating a team, building a good culture, and getting shit done, basically."<div type="image" title="Birgir Jónsson, CEO of Play, wears a navy suit and black shirt with his arms crossed." height="4917" width="7371" msid="108370145" hostid="261" sizebytes="503350"></div><h2>How the budget airline keeps costs low</h2>With a fleet of only 10 jets covering 41 destinations (some of which are seasonal), <a target="_blank" href="https://www.businessinsider.com/play-airline-flying-between-iceland-us-with-airbus-a321neo-2022-4">Play</a> is able to operate the low-cost model across the Atlantic thanks to Iceland's geography: it's two hours closer to New York than London is.It's a similar airline to the likes of Southwest and Ryanair in the sense that it's strictly no-frills. There's no in-flight entertainment, minimal legroom, and it flies to smaller airports like <a target="_blank" href="https://www.businessinsider.com/see-inside-new-yorks-nearly-abandoned-stewart-airport-play-2022-6">New York's Stewart International</a>, a nearly-unused facility about 60 miles from Manhattan.Costs are also saved on training and maintenance by only using one type of jet: the Airbus A320neo and <a target="_blank" href="https://www.businessinsider.com/see-inside-airbus-a321neo-pioneering-long-haul-single-aisle-trend-2022-1">A321neo</a>.Plus the fleet is almost constantly in the air — around five flights a day for a total of 12 or 13 hours, Jónsson said."That's the only way to make money in this game, you know," he added. "The aircraft, they're meant for flying."Transatlantic flights aren't the only part of the business model. Jónsson also pointed to the flow of tourists between Iceland and mainland Europe.<h2>Icelandic tourism</h2>He told BI the average Icelander travels abroad two or three times a year because "it's a relatively affluent place."The island nation with a population of 370,000 — about the same as New Orleans — has a long history with aviation.Back in the 1960s, Icelandair started offering connecting customers the opportunity to extend their <a target="_blank" href="https://www.businessinsider.com/iceland-first-visit-what-surprised-me-no-trains-mcdonalds-population-2024-1">stay in Iceland</a> for no extra cost — a benefit also offered by Play. That helped put it on the map as a tourism destination.Tourists are also drawn by the country's incredible scenery and volcanic activity. Iceland sits on the meeting point of the North American and Eurasian tectonic plates.Volcanic activity is dangerous for planes: if ash gets into the engines, they can stop working, as in the case of <a target="_blank" href="https://www.businessinsider.com/captain-announcement-after-all-four-engines-failed-2013-2">British Airways Flight 009</a> back in 1982.But Jónsson says volcanic eruptions are great for the country's image because tourists "want to experience brutal nature, ice and fire.""This is what we're selling, as long as we don't lose any people or lives," he added.Jónsson pointed to the <a target="_blank" href="https://www.businessinsider.com/eyjafjallajokull-ash-crisis-business-2010-4">2010 eruption of Eyjafjallajökull</a>, which caused huge disruption to European air travel."That made Iceland a household name everywhere and started a massive tourist boom," he told BI. "So that was the greatest marketing campaign ever done by a destination in the history of the world, basically."<div type="image" title="Ash plume from Iceland's Eyjafjallajokull crater during it's eruption, spewing tephra and ashes that drift toward continental Europe, Seen from a Cesna aircraft on May 15, 2010 near Reykjavik, Iceland" height="3744" width="5616" msid="108370150" hostid="261" sizebytes="601826"></div>"So we are not doing anything new. We are doing the same business model that has been operating here in Iceland for decades," Jónsson said. "We just knew that if we could do this with a lower cost and offer lower fares, we would be successful."However, Jónsson is also wary not to repeat the mistakes of Wow Air.He pointed to different financing and bad business moves. Wow was privately owned by one person whereas Play is listed on the Nasdaq stock exchange. Wow, the extinct airline increased spending by using three Airbus A330 jets to expand its offerings to the likes of India and Los Angeles — instead of keeping to one type of plane like most budget airlines.Play's jets are all part of Airbus' single-aisle A320 family, and Jónsson said it's also eager to order the <a target="_blank" href="https://www.businessinsider.com/airbus-a321xlr-will-be-a-game-changer-2023-7">A321XLR</a>. The extra-long-range version of the A321 could open up California and Dubai as destinations, without the need to retrain pilots, he added.<h2>Building an airline during the pandemic</h2>Another advantage for Play is that it has the youngest fleet in Europe. Born out of the pandemic, it was able to start on a more even footing as other airlines suffered lower demand, as well as getting good deals on new aircraft."We were able to get the neos, the latest generation Airbus, brand new at exceptional prices," Jónsson said. "They're probably 30, 40% more expensive now."Play was also in the rare position of benefiting from sanctions against Russia. While other airlines had to avoid the country's airspace — <a target="_blank" href="https://www.businessinsider.com/russia-closed-airspace-adds-hours-flight-times-united-ba-finnair-2023-8">lengthening journey times</a> — Play got planes at discount prices."I think we got one of the aircraft that were confiscated from Russia, so we even got that on very good terms," he told BI.Jónsson said last year came with "unbelievable" pressure on Play as it expanded: hiring 200 new people, adding 30 destinations, plus a "really big hurry" to get to 10 aircraft."So we are all here — I'm not gonna say taking a breather — but we're focusing on our daily jobs, and not just always on growth," he added."That's what I'm excited about. Actually, we will emerge from this year stronger than before."

Meet the heavy metal-drumming CEO bringing back cheap transatlantic travel, and learning from the mistakes of his airline's failed predecessors

<ul><li><keyword id="1673591" type="General" weightage="20" keywordseo="indian-residents" source="Orion">Indian residents</keyword> are required to report their foreign investments, which may include holdings in foreign <keyword id="6354298" type="General" weightage="20" keywordseo="stocks" source="Orion">stocks</keyword>, bonds, or other financial instruments. </li><li>Ownership of foreign real estate, whether residential or commercial, must be reported to Indian tax authorities. </li><li>If you possess ESOPs from a foreign company, you are required to disclose these foreign holdings when filing your <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> return. </li></ul>Recently, the IT Appellate Tribunal of Mumbai imposed a penalty of ₹10 lakh per year on <keyword id="59866" type="General" weightage="20" keywordseo="taxpayers" source="Orion">taxpayers</keyword> who failed to report <keyword id="466213" type="General" weightage="20" keywordseo="foreign-assets" source="Orion">foreign assets</keyword> under schedule FA of the income tax return (ITR) form. The penalty was levied under black money Act. Compared to the Income Tax Act, the penalty under the black money act is enormous. "The ITAT decision is a wake-up call for many working professionals and NRIs regarding the complexity of tax compliance in India; even if the taxpayer has paid their taxes, mere non-disclosure results in hefty penalties,” says Suneel Dasari, CEO and founder, EZtax.in. Here's a breakdown of the key foreign assets and income that must be disclosed in the income tax returns. <cmsannotation type="cmsannotation" annotationid="Foreign investments" comment="Subhead" text="Foreign investments">Foreign investments</cmsannotation>: Indian residents are required to report their foreign investments, which may include holdings in foreign stocks, bonds, mutual funds, or other financial instruments. This reporting extends to income generated from these investments, such as dividends, interest, or capital gains. Individuals need to disclose the nature and value of these investments in their tax returns. For example, if you have invested in shares of Microsoft or Apple, the investments and any income from them, need to be disclosed when filing your tax returns. <cmsannotation type="cmsannotation" annotationid="ESOPs" comment="subhead" text="ESOPs">ESOPs</cmsannotation>: If you possess employee stock ownership plans (ESOPs) from a foreign company, you are required to disclose these foreign holdings when filing your income tax return, typically under schedule FA. “In India, when an Indian employee is allotted shares of a foreign parent company as a part of their compensation or as an employee stock option plan (ESOP), it is considered an investment in foreign assets,” says Abhishek Soni, CEO, Tax2Win.in, a tax filing platform. Foreign bank accounts: Any foreign bank accounts, whether savings, current, or fixed deposit accounts, must be reported. This includes accounts held individually or jointly, along with details such as the name of the bank, account numbers, and the highest balance maintained during the financial year. <cmsannotation type="cmsannotation" annotationid="Foreign real estate" comment="Subhead" text="Foreign real estate">Foreign real estate</cmsannotation>: Ownership of foreign real estate, whether residential or commercial, must be reported to Indian tax authorities. This includes details about the property's location, current market value, and any income generated from it, such as rental income. “Any rental income or capital gains from selling these assets may be subject to taxation,” says Soni. <cmsannotation type="cmsannotation" annotationid="Financial or beneficial interest in overseas entities" comment="Subhead" text="Financial or beneficial interest in overseas entities">Financial or beneficial interest in overseas entities</cmsannotation>: In case an individual possesses a financial or beneficial stake in any overseas entity, such as serving as a partner in an overseas limited liability partnership (LLP) or firm, or receiving benefits from a foreign private trust, it is imperative to disclose this interest in accordance with tax regulations. “Residents in India with foreign income from ESOPs, or the voluntary purchase of foreign stock or other non-tangible instruments are at risk due to country or central bank level reciprocity agreements that would allow the Indian government access to information that would otherwise be unavailable,” says Dasari. Non-declaration also revokes your right to claim relief under the double taxation avoidance agreement for your foreign income. Hence it is critical to disclose such foreign assets in the schedule FA of ITR.

Have foreign assets or income? Not disclosing it may lead to heavy penalties

<ul class="summary-list"><li>US stocks slid lower on Friday, dragged down by a sell-off in tech.</li><li>The Nasdaq tumbled after touching record highs, pulled down by a sharp drop for Nvidia. </li></ul>US stocks tumbled on Friday, dragged down by a sell-off in tech.The Nasdaq ended down more than 1% after touching an all-time high earlier in the day. Stoking the rout was Nvidia, which dropped by 5.5%. Stocks fizzled after fresh jobs data rolled in hotter than expected on Friday, but included signs of a cooling economy. The US added 275,000 new jobs in February, which blew past estimates of 200,000. At the same time, downward revisions to prior months' figures pushed the unemployment rate up to 3.9%, <a href="https://www.businessinsider.com/jobs-unemployment-work-labor-market-wage-growth-in-february-2024-3">the highest level in two years</a>. Meanwhile, wage growth slowed down during the month. Those factors bode well for rate cuts but are an acknowledgement that the economy may finally be slowing after a period of stunning strength throughout all of last year. All eyes will shift to the consumer price index report slated for next Tuesday. Inflation in January came in at 3.1%, higher than expected. Here's where US indexes stood at the closing bell at 4:00 p.m. on Friday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,123.69, down 0.65%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,722.69, down 0.18% (-68.66 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 16,085.11, down 1.16%</li></ul>Here's what else is going on:<ul><li>The <a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-recession-fed-rate-cuts-bubble-michael-gayed-2024-3?mrfhud=true">stock market is set up for panic</a>, and it could spark a steep crash, portfolio manager says.</li><li>Americans saw their <a href="https://markets.businessinsider.com/news/stocks/american-household-wealth-record-highs-stock-market-fed-rate-cuts-2024-3?mrfhud=true">net worth soar to records last year</a> thanks to the stock market.</li><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-breadth-healthy-despite-mega-cap-tech-strength-2024-3?mrfhud=true">2 signals suggest</a> breadth in the stock market is healthy despite mega-cap tech dominance.</li><li>100 years of history shows today's <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-stocks-concentration-nvidia-meta-dotcom-bubble-2024-3?mrfhud=true">tech-heavy stock market still has room to run</a>, Goldman Sachs says.</li></ul>In commodities, bonds, and crypto: <ul><li>Oil prices fell, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets"> West Texas Intermediate</a> down 1.29% to $77.91 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, dipped 1.23% to $81.94 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.82% to $2,183 per ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets"> 10-year Treasury yield</a> slipped one basis point to 4.077%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> rose by 2.34% to $69,327.75.</li></ul>

Stock market today: US stocks tumble amid tech sell-off as investors weigh mixed jobs data

There are some signs of market recovery after the heavy sell-off

<ul class="summary-list"><li>A Rivian R1T, with a curb weight of over 7,100 pounds, tore through a steel guardrail at 60 mph.</li><li>The crash test highlights safety experts' concerns about faster and heavier EVs.</li></ul>A new video of a <a target="_blank" href="https://www.businessinsider.com/rivian-electric-r1t-truck-available-for-lease-future-of-evs-2023-11">Rivian truck</a> bursting through steel guardrails during a crash test highlights some of the safety concerns experts have raised about heavy electric vehicles.Last year, researchers at the University of Nebraska-Lincoln's Midwest Roadside Safety Facility wanted to see how guardrails that could be used on US roads would perform against a Rivian R1T electric truck, which has a curb weight of over 7,100 pounds.The results aren't pretty.At 60 mph, the Rivian truck blew right through the steel guardrails with little reduction in speed, according to the university's newsroom, <a target="_blank" href="https://news.unl.edu/newsrooms/today/article/nebraska-experts-weigh-highway-safety-and-electric-vehicles/">Nebraska Today</a>.The publication reported that the guardrail was made of 12-gauge corrugated steel attached to 6-inch deep steel posts. The top of the rail is more than two and a half feet above the ground.Spokespersons for the Midwest Roadside Safety Facility and Rivian did not respond to a request for comment.<h2>Bigger the car, deadlier the crash</h2>Safety experts have previously raised concerns about the <a target="_blank" href="https://www.businessinsider.com/vehicle-related-deaths-increase-car-safety-pedestrians-cyclists-2023-9">risks heavy vehicles</a> and heavier EVs could bring to the roads.Last January, Ann Carlson, the acting administrator of the National Highway Traffic Safety Administration, told reporters that the agency was "very concerned" about the "degree to which heavier vehicles contribute to greater fatality rates," Reuters reported."Bigger is safer if you don't look at the communities surrounding you and you don't look at the other vehicles on the road," she said. "It actually turns out to be a very complex interaction."An analysis of 18,000 pedestrian crashes published in November by the Insurance Institute for Highway Safety found that pickups, SUVs, and vans with a hood height greater than 40 inches are 45% more likely to cause fatalities than cars with a hood height of 30 inches or less.In the UK, safety experts say the heavier weight could cause <a target="_blank" href="https://www.businessinsider.com/heavy-weight-electric-cars-could-cause-aging-parking-lots-collapse-2023-4">older parking garages</a> across the country to collapse.<div type="image" title="A row of black Ford F-150 Lightning pickup trucks." height="2656" width="5312" msid="107377097" hostid="261" sizebytes="811306"></div>The concerns around heavier cars come as the world sees an inflection point between two trends: an increasing appetite for <a target="_blank" href="https://www.businessinsider.com/road-rage-speeding-driving-traffic-large-expensive-cars-suv-2022-5">larger cars</a> and the adoption — albeit <a target="_blank" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">a slower one</a> — of EVs.Electric vehicles, small and large, are heavier than their gasoline-powered counterparts due to their batteries.Kevin Heaslip, a professor and director of the Center for Transportation Research at the University of Tennessee, told <a target="_blank" href="https://www.politifact.com/article/2023/jun/21/carry-that-weight-electric-vehicles-outweigh-gas-c/#:~:text=Civil%20and%20environmental%20engineering%20professor,hundreds%20of%20pounds%20or%20more.">Politifact</a> that EVs often weigh 30% more than gas-powered vehicles.At the same time, car makers are seeing more demand for larger vehicles.In recent years, automakers have slowly phased out small car segments, such as the sedan and hatchback, for <a target="_blank" href="https://www.businessinsider.com/cheapest-cars-abandoned-by-automakers-in-search-of-profits-2023-3">SUVs and pickups</a>. The US's top-selling vehicle for more than four decades has been Ford's F-Series trucks, according to an analysis by S&amp;P Global Mobility.As such, EV automakers have little choice but to respond and fill the gap with <a target="_blank" href="https://www.businessinsider.com/car-buying-tips-electric-vehicles-pricing-americans-pickups-trucks-suvs-2023-2">electric SUVs and trucks</a>."It's no surprise and no coincidence that most of the new models being introduced or planned to be introduced over the coming months are around that segment because that's what we as US consumers want to purchase," Steve Patton, EY America's mobility sector leader, previously told Business Insider's Alexa St. John.<h2>Heavy trucks with Ferrari speed</h2><div type="image" title="GMC Hummer electric vehicle" height="1500" width="3000" msid="107377098" hostid="261" sizebytes="204326"></div>Larger electric vehicles, such as the <a target="_blank" href="https://www.businessinsider.com/gmc-hummer-ev-efficiency-weight-electric-vehicles-pickup-trucks-2022-12">GMC Hummer EV</a> and the Ford <a target="_blank" href="https://www.businessinsider.com/ford-f150-lightning-platinum-electric-pickup-truck-review-photos-2023-10">F-150 Lightning</a>, have shown that the batteries can add anywhere from two to three tons more weight.The curb weight of the <a target="_blank" href="https://www.businessinsider.com/tesla-truck-cybertruck">Tesla's Cybertruck</a> is nearly 7,000 pounds. The <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-safety-guideless-missile-experts-say-2023-12">weight, speed, and autopilot capabilities</a> are why one safety expert described the truck as a "fucking deathtrap" and "death machine.""Something like the Cybertruck and the F-150 electric, these things are different," Myles Russell, a Canadian civil engineering technologist, told BI's Madison Hall. "Now you're packing in Ferrari and McLaren-level powers, and even arguably Tesla high-energy vehicles, into the size of a truck."<div type="image" title="Cybertruck" height="1250" width="2500" msid="107377099" hostid="261" sizebytes="257572"></div>Research by the University of Nebraska-Lincoln's Midwest Roadside Safety Facility found that EVs could crash into roadside barriers with 20% to 50% more impact energy because they're involved in run-off-road crashes at about the same rate and speeds as gasoline vehicles, the university newsroom reported."There is some urgency to address this issue," Cody Stolle, Midwest Roadside Safety Facility's assistant director, told the publication. "As the percentage of EVs on the road increases, the proportion of run-off-road crashes involving EVs will increase, as well."Spokespersons for GMC, Tesla, and Ford did not respond to a request for comment sent outside regular working hours.

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