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<ul class="summary-list"><li>College graduates have stronger social lives than non-college-educated Americans, a survey found.</li><li>College can foster connections and offer financial benefits that can boost one's social life.</li></ul>In recent years, many young people have questioned whether the benefits of a <a target="_blank" href="https://www.businessinsider.com/only-1-in-4-americans-think-going-college-worth-it-2024-5">college degree</a> are worth the cost of tuition. According to a new survey, college graduates appear to have a clear edge in one area: their social lives.The Survey Center on American Life — a nonprofit organization backed by the right-wing think tank the American Enterprise Institute — published a <a target="_blank" href="https://www.americansurveycenter.org/research/disconnected-places-and-spaces/">report</a> in August based on a survey of more than 6,500 US adults conducted in March and April. The respondents were asked about their <a target="_blank" href="https://www.businessinsider.com/longevity-antiaging-friendship-social-interaction-relationships-2023-9">social interactions</a> and participation in their communities.The survey found that 24% of non-college-educated Americans had no close friends and 17% had at least six close friends. Among Americans with at least a bachelor's degree, 45% had at least six close friends, and 10% had none.Question after question, the same social divide continued to emerge in the survey. For example, compared to Americans without a degree, college graduates were much more likely to say they had friends who could help them move, give them a ride, take them to a doctor's appointment, or offer them a place to stay.Across all education levels, Americans reported having significantly fewer friends than they did in a similar Gallup survey conducted in 1990, according to the Survey Center report. However, the widespread <a target="_blank" href="https://www.businessinsider.com/hanging-out-book-sheila-liming-social-isolation-2023-3">decline in socialization</a> in recent decades has been steeper for people without a college degree. "Americans with fewer years of formal education participate less often in community life, are less civically active, have fewer close friends, and have less social support than those with four-year college degrees," the authors wrote. "Increasingly, the ability to cultivate strong social support is a privilege reserved for the college-educated, rather than an ordinary feature of American life," they added.The Survey Center report provides additional evidence for something several experts have been saying in recent years: Americans <a target="_blank" href="https://www.businessinsider.com/death-casual-fringe-friendships-gen-z-sad-jobs-alone-2024-2">aren't making friends</a> like they used to and are <a target="_blank" href="https://www.businessinsider.com/weekends-feel-different-post-pandemic-isolation-loneliness-economy-tiktokers-2024-1">spending more time alone</a>. Last year, US Surgeon General <a target="_blank" href="https://www.businessinsider.com/american-culture-social-individualism-loneliness-epidemic-2024-1">Vivek Murthy</a> said the US was facing an "epidemic of loneliness and isolation" and raised concerns about the physical and mental health consequences of this development.Declining participation in social institutions like marriage, insufficient access to public amenities like community centers, and financial challenges are among the reasons Americans without degrees could be having a particularly hard time making friends.To be sure, there's disagreement among experts about <a target="_blank" href="https://www.businessinsider.com/there-is-no-loneliness-epidemic-mental-health-2024-4">how much</a> Americans' social lives have changed in recent decades and the primary causes of this shift.<h2 id="687049e2-f7c3-4e53-8ad7-d9b9ceff8c38">It's getting harder for people without degrees to make friends</h2>In the past, marriage, religious organizations, and labor unions were key to providing social support for Americans. However, in recent decades, people have become less likely to <a target="_blank" href="https://www.businessinsider.com/americans-are-moving-less-social-demographic-changes-2022-8">marry</a>, join a <a target="_blank" href="https://www.businessinsider.com/union-households-pay-bump-median-wealth-fewer-race-gaps-2024-3">labor union</a>, and regularly attend a <a target="_blank" href="https://www.businessinsider.com/meet-the-nones-more-americans-religiously-unaffiliated-who-are-they-2024-1">place of worship</a>. This decline has been much steeper for Americans with lower levels of education, according to the Survey Center report.Additionally, non-college-educated Americans were also less likely to be members of nonreligious community groups like hobby or activity groups, community groups or neighborhood associations, and sports leagues or workout groups. In recent decades, Americans with degrees have continued to join these groups at "relatively high" rates, while those without degrees have become "increasingly unattached," according to the report."When all of these things start to come together, you're seeing the bottom fallout of these institutions that historically have provided a grounding of participation and connection in American life," Sam Pressler, coauthor of the report and practitioner fellow at the University of Virginia's Karsh Institute of Democracy, told Business Insider.At the same time, Pressler said there's a "pay to play" system in many Americans' social lives. Public spaces that have the potential to foster social connections often come with a financial cost, and this can benefit college graduates, who tend to earn <a target="_blank" href="https://www.bls.gov/emp/chart-unemployment-earnings-education.htm">higher wages</a> than <a target="_blank" class="" href="https://www.businessinsider.com/young-men-working-less-no-college-degree-student-loan-debt-2024-5">people without degrees</a>."You go to a coffee shop or you go to a bar or a restaurant, those things have dollar signs attached to them," he said. "You go and join a gym, you're going to Equinox or even the YMCA, that costs money."Even in free public spaces like libraries, community centers, and parks, the survey found that non-college-educated Americans were less likely to use them as a social gathering place. Pressler said one explanation for this could be that Americans with degrees were more likely to live in areas with extensive and high-quality public spaces and community groups."If you are out of those traditional structures, you have to do so much more work to schedule time with friends, to build relationships," he said. "All of the work gets put onto you."Additionally, people without a college degree may also be more likely to <a target="_blank" href="https://www.businessinsider.com/side-hustle-recommendations-jobs-to-try-this-year-concerts-surveys-2024-3">work multiple jobs</a>, or have roles with unpredictable hours, Pressler said. For example, he pointed to the <a target="_blank" href="https://www.businessinsider.com/gig-economy-trends-workers-delivery-ride-hailing-apps-uber-doordash-2023-7">rise of gig work</a> in recent years. Driving during nights and weekends — prime social hours — can be the most profitable for an <a target="_blank" href="https://www.businessinsider.com/nyc-uber-and-lyft-driver-who-only-drives-at-night-2022-7">Uber or Lyft driver</a> who's looking to earn some extra cash."If you don't know what your schedule is going to be in a week or two weeks if you are working several jobs, it's very hard to imagine being able to plan to participate in community or spend time with family and build those relationships," Pressler said.For some people, the workplace can provide another opportunity to make friends. In 2022, <a target="_blank" class="" href="https://www.businessinsider.com/millennial-working-from-home-office-misses-friends-loneliness-remote-2024-6">over half</a> of respondents told the Survey Center that they'd met a close friend through their work or a spouse's work. However, college graduates were more likely to have done so.<h2 id="8fcf4dc4-64b7-407d-b2ef-24e5ba206c58">Going to college can be a "supercharger of relationships"</h2>Of course, some of the social benefits of a college degree date back to the connections fostered on campuses. Pressler said the college experience can be a "supercharger of relationships" and that people who don't pursue a degree — and go straight into the workforce for example — may not have the same social opportunities.Once students graduate, many of them move to cities where they can continue to build upon their college connections."You have potentially the leisure time and the discretionary income to participate in community life with other people who have college degrees and you're also involved and meshed in these networks of your fellow alum," Pressler said.On the whole, Pressler said that he thinks the financial and social benefits of a college degree have increased in recent decades, adding that the decline in some middle-class jobs — driven by factors that include <a target="_blank" class="" href="https://www.businessinsider.com/us-men-working-less-recessions-employment-productivity-2024-4">globalization and recessions</a> — is partly responsible for this.When young people decide whether to go to college, Pressler said he thinks many of them place significant value on the social benefits that can come with a college education. He said this is among the reasons many colleges' recruiting efforts — in an attempt to attract students — emphasize the clubs, Greek life, and sports on campus.But despite the social benefits, Pressler said this doesn't mean a college degree is for everyone."I don't think the answer is to necessarily get more young adults to go to college because of the adverse social consequences that we highlighted in our report," he said. "Rather, we should be aiming to mitigate — and, ideally, eliminate — the educational divide in civic life." While Pressler said there is no "silver bullet" solution for Americans' overall friendship decline — and the larger decline for people without degrees — he said there are several solutions worth considering.For example, he said housing and neighborhood policies could be better used to promote connection in communities."This could include everything from housing policies that promote more middle and social housing, to neighborhood policies that provide micro-grants for block parties, community dinners, sports leagues, and block clean-ups that bring neighbors together," he said.Did you go to college in large part for the expected social benefits? Are you willing to share your story? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

The hidden value of a college degree: Graduates are much more likely to have friends 

<ul class="summary-list"><li>HPE says it will continue to pursue its $4 billion lawsuit against <keyword id="20559006" type="General" weightage="20" keywordseo="Mike-Lynch" source="keywords">Mike Lynch</keyword>’s estate.</li><li>Lynch, along with his daughter and top attorney, died when his superyacht sank in August.</li></ul><keyword id="20092876" type="General" weightage="20" keywordseo="Hewlett-Packard-Enterprise" source="keywords" meta.keywordsubtype="org" meta.entityname="Hewlett Packard Enterprise" meta.hostid="261" meta.entityid="Hewlett Packard Enterprise">Hewlett Packard Enterprise</keyword> said Monday that it wouldn't drop its lawsuit against the late <keyword id="22561489" type="General" weightage="20" keywordseo="tech-tycoon" source="keywords">tech tycoon</keyword><a href="https://www.businessinsider.com/the-life-of-mike-lynch-autonomy-hp-2017-5" target="_blank"> Mike Lynch</a>'s estate. The news came two weeks after Lynch died in a tragic<a href="https://www.businessinsider.com/tech-tycoon-mike-lynch-confirmed-dead-superyacht-shipwreck-obituary-2024-8" target="_blank"> yacht sinking</a> off the coast of Sicily. Lynch, along with seven others, including his daughter and his<a href="https://www.businessinsider.com/nyc-lawyer-died-yacht-wrote-chilling-linkedin-post-months-ago-2024-8" target="_blank"> top attorney</a>, drowned when his superyacht, Bayesian, sank. Before his death, Lynch had been embroiled in a nine-year legal battle with the company. Hewlett-Packard bought his software company, <keyword id="19954078" type="General" weightage="20" keywordseo="Autonomy" source="keywords" meta.keywordsubtype="org" meta.entityname="Autonomy" meta.hostid="261" meta.entityid="Autonomy">Autonomy</keyword>, in 2011 and later accused Lynch of valuing it inaccurately. Hewlett-Packard broke into two companies — <keyword id="19960268" type="General" weightage="100" keywordseo="Hewlett-Packard" source="keywords" meta.keywordsubtype="org" meta.entityname="Hewlett Packard" meta.hostid="261" meta.entityid="Hewlett Packard">Hewlett Packard</keyword> Enterprise and HP — in 2015. An HPE spokesperson said Monday that the company would continue to pursue the lawsuit, which seeks $4 billion in damages. <keyword id="22857988" type="General" weightage="20" keywordseo="Angela-Bacares" source="keywords">Angela Bacares</keyword>, Lynch's wife who survived the yacht tragedy, is now expected to inherit her late husband's fight with HPE, Fortune <a target="_blank" class="" href="https://fortune.com/europe/2024/09/02/hewlett-packard-mike-lynch-bereaving-family-4-billion-lawsuit/">reported</a>. "In 2022, an English High Court judge ruled that HPE had substantially succeeded in its <keyword id="23150565" type="General" weightage="20" keywordseo="civil-fraud-claims" source="keywords">civil fraud claims</keyword> against Dr Lynch and Mr Hussain," the spokesperson said in a Monday <a target="_blank" class="" href="https://apnews.com/article/hewlett-packard-mike-lynch-autonomy-bayesian-yacht-sinking-014f4b2195a702a3fc4c0d81eef24e57">statement to the Associated Press.</a> "A damages hearing was held in February 2024 and the judge's decision regarding damages due to HPE will arrive in due course," they added to the outlet. "It is HPE's intention to follow the proceedings through to their conclusion." The Monday statement comes after the group initially sent a statement to several media outlets declining to comment on legal matters in light of the tragedy. "We do not think it appropriate to comment on legal matters in these tragic circumstances," the spokesperson said, per <a target="_blank" class="" href="https://fortune.com/europe/2024/08/27/hp-dilemma-mike-lynch-family-4-billion-claim/">Fortune</a>. We're saddened by this tragic event and our thoughts are with the families and friends of all the victims." The yacht sank just weeks after Lynch and Stephen Chamberlain, his former vice president of finance, were acquitted by a San Francisco jury in June of all criminal charges related to Autonomy's sale. The indictment <a target="_blank" class="" href="https://www.businessinsider.com/mike-lynch-autonomy-hp-legal-battle-court-superyacht-sinking-2024-8">accused</a> Lynch and Chamberlain of falsifying financial documents, lying to auditors and regulators, and suppressing people who criticized Autonomy's financial practices. A representative of HP did not immediately respond to a request for comment from Business Insider sent outside regular business hours. Correction: September 3, 2024 — An earlier version of this story misstated when Lynch and Chamberlain were acquitted of criminal charges. They were acquitted weeks before the yacht sank, not weeks after. An earlier version also misstated the timeline of the lawsuit. It has been in process for nine years, not 13. The story has also been updated to clarify that Hewlett Packard Enterprise is pursuing the lawsuit against Lynch’s estate. HPE broke off from Hewlett-Packard in 2015.

Hewlett Packard Enterprise confirms it will continue its $4 billion suit against Mike Lynch's estate after he died in a tragic yacht sinking

<ul class="summary-list"><li>Italian authorities have requested heightened security around Mike Lynch's sunken superyacht.</li><li>Watertight safes on board the Bayesian may hold sensitive intelligence data, sources told CNN.</li></ul>Italian authorities have requested heightened security around Mike Lynch's sunken superyacht, over fears that safes on board contain highly sensitive intelligence data, according to reports.The <a target="_blank" class="" href="https://www.businessinsider.com/tech-tycoon-mike-lynch-missing-sicily-superyacht-sinking-missing-2024-8">Bayesian sank</a> during a fierce storm off the coast of Sicily a month ago, killing seven, <a target="_blank" class="" href="https://www.businessinsider.com/tech-tycoon-mike-lynch-confirmed-dead-superyacht-shipwreck-obituary-2024-8">including British tech tycoon Lynch</a>, his 18-year-old daughter, and other passengers and crew. Fifteen people survived.Since the shocking accident, Italian prosecutors have <a target="_blank" class="" href="https://www.businessinsider.com/mike-lynch-superyacht-captain-investigated-prosecutors-report-shipwreck-deaths-2024-8">opened an investigation</a> into the conduct of the yacht's captain.Meanwhile, specialist divers have requested additional protection to guard the vessel over concerns that watertight safes on board may hold sensitive data tied to Western intelligence services, <a target="_blank" class="" href="https://edition.cnn.com/2024/09/21/europe/bayesian-yacht-watertight-safes-intl/index.html">CNN reported</a>.<a target="_blank" class="" href="https://palermo.repubblica.it./cronaca/2024/09/17/news/naufragio_palermo_giallo_hard_disk_mike_lynch_bayesian-423504667/">Italian media</a> first reported the possibility that sensitive data was on board last week.Initially, authorities feared the vessel would be looted for jewelry and other valuables on board, unnamed divers from the local fire brigade told CNN.However, it's now believed that the safes contain two super-encrypted hard drives, the outlet reported, citing an unnamed official involved with the salvage operation.The security request includes both surface and underwater surveillance, officials told CNN.A source with the Italian prosecutor's office told CNN that survivors said Lynch "did not trust cloud services" and always kept data on locked-away hard drives when he sailed.Officials believe the information on the hard drives could be of interest to both the Russian and Chinese governments, divers told the outlet.Lynch had ties to intelligence services through companies such as <a target="_blank" class="" href="https://www.businessinsider.com/billionaire-mike-lynch-explains-why-hes-putting-his-money-into-darktrace-2016-7">Darktrace, a cybersecurity startup</a>.Lynch's wife Angela Bacares, who survived the incident, was also an advisor to two successive British prime ministers on matters of technology and cybersecurity, CNN reported.The Bayesian, which is now 164 feet underwater, is believed to have taken <a target="_blank" class="" href="https://www.businessinsider.com/superyacht-disaster-mike-lynch-16-minutes-sink-italian-sea-group-2024-8">16 minutes to go down</a>.Italian media and <a target="_blank" class="" href="https://www.reuters.com/world/europe/autopsy-suggests-tycoon-mike-lynch-likely-died-suffocation-yacht-source-2024-09-07/">Reuters</a> reported that <a target="_blank" class="" href="https://www.businessinsider.com/mike-lynch-likely-died-of-suffocation-after-bayesian-sank-report-2024-9">Lynch</a>, along with <a target="_blank" class="" href="https://www.businessinsider.com/4-mike-lynch-yacht-victims-trapped-air-bubbles-suffocate-report-2024-9">a further four victims</a>, likely suffocated inside the stricken vessel.The gathering on board the $40 million vessel was to celebrate the end of <a target="_blank" class="" href="https://www.businessinsider.com/mike-lynch-autonomy-hp-legal-battle-court-superyacht-sinking-2024-8">a lengthy legal battle</a> that saw the tech tycoon acquitted of all counts in a criminal case in which he was accused of lying about the value of one of his companies, Autonomy, during its sale to Hewlett Packard.Hewlett Packard Enterprise <a target="_blank" class="" href="https://www.businessinsider.com/hp-confirmed-will-continue-sue-mike-lynch-family-2024-9">confirmed</a> in early September that it will continue to pursue its $4 billion case against Lynch's estate.

Mike Lynch's sunken superyacht may contain safes with highly classified intelligence inside: reports

<keyword id="20113876" type="General" weightage="20" keywordseo="Adani-Enterprises-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises Ltd" meta.hostid="267" meta.entityid="Adani Enterprises Ltd">Adani Enterprises Ltd</keyword>, the flagship incubator of billionaire <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s conglomerate, on Thursday reported a 37 per cent drop in March quarter <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword>, bogged down by one-time past airport dues and commercial mining losses. Its consolidated net profit of Rs 450.58 crore in January-March - the fourth quarter of fiscal year 2023-24 - compares to Rs 722.48 crore net profit in the same period last year and Rs 1,888.45 crore earning in the preceding quarter, according to a stock exchange filing by the company. The firm, which incubates business from airports to data centres, reported an 8 per cent decline in EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 3,646 crore in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword>. While incubating businesses like new energy and airports showed strong momentum, the firm suffered a loss of Rs 201.83 crore in commercial mining, while the pre-tax earnings from the road business plummeted 84 per cent to Rs 222.03 crore. Also, its unit Mumbai International Airport Ltd (MIAL) recognised a one-time exceptional expense of Rs 627 crore to make up for past payments. Adani New Industries Limited (ANIL), a unit of the company that holds the new energy business -- including solar module and wind turbine manufacturing, saw a 6.2x growth in EBITDA to Rs 641 crore, while the same at airports business more than doubled to Rs 662 crore. The number of passengers at company-run airports rose 19 per cent to 88.6 million. Its revenue from operations was up at Rs 29,180.02 crore in the three months to March 31 from Rs 28,943.84 crore a year ago. For the full fiscal 2023-24 (FY24), net profit soared 31 per cent to Rs 3,240.78 crore. This is despite revenue from operations falling to Rs 96,420.98 crore from Rs 1,27,539.50 crore in 2022-23. Its consolidated EBITDA for FY24 increased by 32 per cent to Rs 13,237 crore that of incubating businesses grew by 47 per cent year-on-year. "<keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords">Adani Enterprises</keyword> has once again validated its position not only as the premier business incubator in India but also as a global leader in infrastructure development," said Gautam Adani, Chairman of the Adani Group. "AEL's resilient growth model of incubation confirms the operational and organisational excellence. This is supported by high ratings and fully funded growth. Our commitment to excellence in project management and operations continues to set global benchmarks, ensuring sustainable long-term value creation for our stakeholders. We remain dedicated to corporate governance, meticulous compliance, robust performance and effective capital flow management." Giving an operational update, the firm said ingot and wafer units, which are used to manufacture solar modules that trap sunlight to produce electricity, are operational, while it has got orders for the manufacture of 254 sets of wind turbines. Its joint venture with EdgeConneX has one operational data centre in Chennai and construction in Noida and Hyderabad facilities is 81-88 per cent complete. It plans to build nine data centres with a total capacity of 1 gigawatt by 2030 to provide infrastructure for the booming digital services demand. Also, Adani started a copper unit in Mundra in March to foray into the metals business. SEE ALSO:<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><a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30e-with-5500mah-battery-launched-in-india-starting-at-27999/articleshow/109781103.cms" target="_blank">Vivo V30e with 5,500mAh battery launched in India starting at ₹27,999</a>

Adani Enterprises Q4 net falls 37%; incubating businesses show strong momentum

<ul class="summary-list"><li>Activist short-seller Hindenburg Research wiped out $153 billion in market value from Adani Group.</li><li>It recently disclosed that it made just $4 million for its efforts.</li></ul>Nate Anderson, the chief mind behind activist short-seller Hindenburg Research, has had an eventful past 18 months.In January 2023, he accused the Indian conglomerate owned by Gautam Adani — one of the world's richest people — of fraud, subsequently wiping out $153 billion in market value from its associated companies. This led Indian regulators to his doorstep and forced him into defensive mode. A war of words has persisted ever since.A year and a half later, the battle continues. And based on new information released by Hindenburg, one might wonder whether it was all worth it.The firm — which describes itself as specializing in "<a target="_blank" href="https://hindenburgresearch.com/about-us/">forensic financial research</a>" — recently disclosed that it's <a target="_blank" href="https://hindenburgresearch.com/adani-update-sebi/">made just $4 million</a> from its considerable efforts. Compared to the nine figures of market value it helped erase, and the $80 billion wiped from Adani's personal fortune, that's a drop in the bucket.Detailed below is the considerable back-and-forth that's taken place since Hindenburg's initial shot across the bow of Adani Group. The tale that follows highlights the lengths a global conglomerate — and the regulatory body with a vested interest in keeping it afloat — will go to defend itself. It also shows the resolute nature of Anderson as he continues fighting back.<h2 id="7df22065-9960-4dfb-a5ba-2a5dced6dda0">The initial report</h2>Hindenburg accused Indian business magnate Gautam Adani in 2023 of pulling off the "largest con in corporate history." It was the result of a two-year-long investigation, which found a number of financial and accounting irregularities in Adani's empire, the firm said in its <a target="_blank" href="https://hindenburgresearch.com/adani/">106-page report.</a>"Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades," the report said. "We believe the Adani Group has been able to operate a large, flagrant fraud in broad daylight in large part because investors, journalists, citizens and even politicians have been afraid to speak out for fear of reprisal," it later added.Hindenburg identified at least 38 shell companies closely related to Adani Group, which it said appeared to engage in stock manipulation and money laundering. It cited "numerous examples"of those companies funneling money through private companies owned by Adani, before cash was set to Adani's listed public companies.The short-seller's investigation also found Adani's private and public companies to have "numerous" undisclosed transactions with other parties, the researchers found, which violates regulatory laws in India.The "labyrinthian network of shells appears to serve several functions, including shuffling losses into private entities to boost reported earnings, and surreptitiously moving money to prop up entities in the group," Hindenburg said.Adani Group was also affiliated with a number of funds that displayed "flagrant irregularities," the research firm said, such as being offshore entities, having concealed ownership information, and having portfolios being "almost exclusively" invested in Adani's firms.One such fund, Elara, controlled another fund that was around 99% concentrated in Adani shares. That suggested to the researchers it was "obvious Adani controls the shares," the report said.Hindenburg attached a list of 88 questions for Adani to answer, which included inquiries into the billionaire's close contacts, Adani Group executives, and investigations into the company by regulators."If Gautam Adani embraces transparency, as he claims, they should be easy questions to answer," the report said.<h2 id="87ef9631-a695-4bbc-86a3-c6c5152527e7">The response</h2>Nursing deep stock losses, Adani Group hit back with its own <a target="_blank" href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023.pdf">413-page response</a>, calling Hindenburg's original report "nothing but a lie.""We are shocked and deeply disturbed to read the report published by the 'Madoffs of Manhattan,'" the reply said, referring to Hindenburg. "The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," it added.The firm disclosed information on its accounting practices and professional relationships, while disputing many of the claims in the Hindenburg report.Transactions that were identified as suspicious by Hindenburg's team were in compliance with local laws and accounting standards, it said. Offshore companies and funds mentioned in Hindenburg's report were merely public shareholders in Adani-listed companies, the retort added."A listed entity does not have control over who buys/sells/owns the publicly traded shares or how much volume is traded, or the source of funds for such public shareholders nor it is required to have such information for its public shareholders under the laws of India. Hence we cannot comment on trading pattern or behavior of public shareholders," Adani's report said.The firm also criticized Hindenburg for its financial stake in releasing the report, calling the firm an "unethical short seller" and guilty of a "flagrant breach of applicable securities and foreign exchange laws.""This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors," it said.Hindenburg issued a reply to Adani on the same day, denying any wrongdoing from its original report. They argued that Adani Group's reply failed to answer most of their questions. The conglomerate also didn't dispute the existence of certain "suspect" transactions, nor did it explain "their obvious irregularities," researchers added."We also believe that fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world," Hindenburg Research said in its reply.Adani Group eventually <a target="_blank" href="https://www.ft.com/content/d0d318ce-b223-4026-8e7a-69bbd55d36f7">lawyered up</a> and readied for a fight, though the damage had already been done. In less than a week, Adani, known as the world's third richest man, saw his personal wealth plummet by $52 billion.<h2 id="5d579a08-65ec-42f4-bed2-9a0ffa2f2dd5">Conflict over Hindenburg's short-selling arrangement</h2>Indian regulators have raised specific questions about the structure of Hindenburg's short bet on Adani Group. The Securities and Exchange Board of India — the country's version of the SEC — sent a notice to Hindenberg in June 2024, raising questions about the nature of the report and the firm's relationship with Kingdon Capital Management, a New York hedge-fund involved in building a short position against Adani Group.Hindenburg's initial report was described to be "misleading" and have contained "inaccurate statements.""These misrepresentations built a convenient narrative through selective disclosures, reckless statements, and catchy headlines, in order to mislead readers of the report and cause panic in Adani Group stocks, thereby deflating prices to the maximum extent possible and profit from the same," the notice read.Regulators also revealed that Hindenburg had shared its research with Kingdon prior to publication. The two companies had a profit-sharing agreement, the notice says, with Hindenburg set to get 25% of Kingdon's profits for the short bet.Kingdon ended up making $22.3 million on the bet, $5.5 million of which is owed Hindenburg. $4.1 million of that had been paid as of the start of June, the document shows.Hindenburg shrugged off the letter as "nonsense," and an attempt to ward off whistleblowers who expose corruption among the country's most powerful people and companies."One might think that a securities regulator would be interested in meaningfully pursuing the parties that ran a secret offshore shell empire engaging in billions of dollars of undisclosed related party transactions through public companies while propping up its stocks through undisclosed share ownership via a network of sham investment entities," Hindenburg said in its reply.It added: "Instead, SEBI seems more interested in pursuing those who expose such practices."<h2 id="9e74ab2d-614e-4861-acce-77b6ae2aed56">A passion for 'finding scams'</h2>Backlash is nothing new to Anderson, who's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/carl-icahn-hindenburg-research-short-seller-adani-group-nikola-block-2023-5">targeted other high-profile financiers</a> and began sniffing out wrongdoers on Wall Street long before he launched Hindenburg Research in 2017.This decade alone he's been instrumental in weeding out companies in the electric-vehicle industry. His work on Nikola led to fraud charges against its founder, and he also called out now-defunct Lordstown Motors for hyping up commercial interest in its product.More recently he <a target="_blank" href="https://hindenburgresearch.com/icahn/">took aim at activist investor Carl Icahn</a> and his famed operation, Icahn Enterprises."Find[ing] scams" has been a life-long passion, he <a target="_blank" href="https://www.nytimes.com/2021/08/16/business/short-seller-wall-street-scams-hindenburg.html">told the New York Times in a 2021 interview</a>, adding that he had spent hours off-the-clock looking into potential schemes, to the chagrin of some of his former bosses."I didn't plan it this way," he told the Times. "It was a side hobby that my employers were sometimes annoyed by."Fraud-finding is one of his top goals of 2024, he wrote in a <a target="_blank" href="https://x.com/NateHindenburg/status/1609949199730348033">post</a> on X in January."My 2023 New Years professional resolution is to work with our @HindenburgRes team to expose some of the biggest frauds and financial charlatans in the world," Anderson wrote. "I am very confident we will achieve this goal."

How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money

<ul class="summary-list"><li>Since August, Canva has been using <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> Enterprise — and it has already seen gains.</li><li>The graphic design platform used the software to build its own AI tools, Canva's head of AI told Insider. </li></ul>OpenAI, one of the most influential <a target="_blank" href="https://www.businessinsider.com/the-most-promising-artificial-intelligence-startups-of-2023-2023-8">artificial intelligence firms</a>, rolled out ChatGPT Enterprise, a version of <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> designed for businesses, at the end of August. Two months later, the graphic design platform Canva, one of Enterprise's early adopters, is already saving workers hours of time.<a target="_blank" href="https://www.businessinsider.com/workers-leaving-high-paying-jobs-canva-side-hustle-2022-10">Canva</a> first started experimenting with the <a target="_blank" href="https://www.businessinsider.com/how-ai-chatbots-like-chatgpt-work-explainer-2023-7">basic version of ChatGPT</a> when it launched last year, encouraging its 4,000 employees to use the <a target="_blank" href="https://www.businessinsider.com/how-to-use-chatgpt-at-work-job-save-time-ai-2023-2">AI chatbot to boost productivity</a>, Danny Wu, the Sydney-based head of AI products at Canva, told Insider.In August, the company received an invitation from OpenAI to test ChatGPT Enterprise, which <a target="_blank" href="https://openai.com/blog/introducing-chatgpt-enterprise">boasts</a> increased security and privacy; high-speed access to <a target="_blank" href="https://www.businessinsider.com/openai-gpt4-ai-model-got-lazier-dumber-chatgpt-2023-7">GPT-4, OpenAI's most powerful large language model</a>; and more advanced data analysis capabilities. Software firm Zapier, beauty giant Estée Lauder, and consultancy PwC are also among early users.Canva, which declined to disclose how much it paid for the business version of the AI chatbot, jumped on the opportunity to use it, Wu said. The result has been more advanced, useful, and higher quality responses from the chatbot."It's going really well so far," Wu said.<div type="image" title="danny wu - head of AI at Canva" height="311" width="414" msid="104964590" hostid="261" sizebytes="5116"></div><h2>How ChatGPT Enterprise is making Canva's AI products better</h2>Before Canva gained access to ChatGPT Enterprise, employees used the basic version of <a target="_blank" href="https://www.businessinsider.com/how-to-use-chatgpt-at-work-job-save-time-ai-2023-2">ChatGPT to do relatively common tasks,</a> like <a target="_blank" href="https://www.businessinsider.com/marketing-industry-using-ai-save-time-money-boost-productivity-study-2023-6">write first drafts of marketing copy</a>, <a target="_blank" href="https://www.businessinsider.com/consultant-saved-time-using-chatgpt-landed-new-deals-business-2023-5">brainstorm ideas for strategy documents</a>, and <a target="_blank" href="https://www.businessinsider.com/chatgpt-ai-technology-end-of-coding-software-developers-jobs-2023-4">troubleshoot coding errors</a>, Wu said.Some employees reported that using <a target="_blank" href="https://www.businessinsider.com/ceo-buys-chatgpt-plus-accounts-all-employees-sees-productivity-boost-2023-5">the chatbot saved hours of time</a> on certain tasks."AI applications like ChatGPT can very much improve workers' lives," Mark Muro, who researches AI's impact on the workforce at the Brookings Institute, previously told Insider.ChatGPT Enterprise has only amplified these gains by providing more useful and speedy responses, Wu said.Data analysts at Canva have found that ChatGPT Enterprise allows them to <a target="_blank" href="https://www.businessinsider.com/code-interpreter-chatgpt-plus-plugin-data-analysis-2023-7">run analyses more quickly</a>, while others have used it to summarize long documents.ChatGPT Enterprise has also helped software engineers <a target="_blank" href="https://www.businessinsider.com/chatgpt-ai-code-develop-software-guide-prompts-2023-7">write quality code faster</a>."ChatGPT Enterprise has quickly become an integral part of my daily routine," Thomas Hexton, a software engineer at Canva who specializes in frontend development, told Insider over email.Canva's tools are made up of complex bits of code that could take hours to integrate with one another. With ChatGPT Enterprise, developers were able to generate new lines of code that connect those bits of code together to create a cohesive, working product. What would typically take a developer several hours can now take just one, Wu said.ChatGPT Enterprise has even helped Canva build out its own suite of generative AI products called <a target="_blank" href="https://affiliate.insider.com?h=19b3792b931fac7ae79faae9b1b9f10d954584ee7238539c4ec6f6e36edc52ed&amp;postID=653ffb9dcf767c5e2eb9d31a&amp;postSlug=how-canva-uses-chatgpt-ai-enterprise-save-time-improve-products-2023-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.canva.com%2Fnewsroom%2Fnews%2Fmagic-studio%2F">Magic Studio</a>, which includes a text-to-image generator, editing tools, and a writing assistant."The most surprising one is actually using AI to help us build AI," Wu said.Canva's text-to-image generator is trained to block prompts that ask the AI to generate images in the style of a specific artist. But before Enterprise, the tool would occasionally block words included in an artist's name — the word "war," for example, because the name "Andy Warhol" is blocked.Engineers used ChatGPT Enterprise to review Canva's blocklist and flag artist names that were similar to dictionary words for human review. What would've taken a day of engineering time, Wu said, took 10 minutes with ChatGPT.<h2>OpenAI's chatbot can't do everything an employee can do</h2>Of course, ChatGPT Enterprise can't automate everything.It is unable to access internal information like tax return data, Wu said, which means tasks related to accounting require a human to supply the chatbot with context.There are also limits on the amount of data it can analyze, something Wu wishes could be adjusted.Getting employees up to speed on how to use ChatGPT was also a challenge. Before Canva developed an internal AI training program, some employees didn't know how to come up with the right prompts to produce desired answers, Wu said. <a target="_blank" href="https://www.businessinsider.com/chatgpt-courses-instruction-academic-lucrative-side-hustle-2023-4">Teaching employees AI skills </a>been critical in getting value out of the AI for the company.While the company expects to keep using ChatGPT Enterprise moving forward, it doesn't plan on shrinking Canva's workforce."These tools are not being used to replace anyone," Wu said. "They're used to help people."OpenAI did not respond to Insider's request for comment on ChatGPT Enterprise.

How ChatGPT Enterprise has helped Canva save hours of time and build better tools

Inside Vivek Ramaswamy's intense, high-maintenance, and highly air-conditioned empire

<ul><li>FM increased customs duty on precious metals, articles of gold, silver and platinum and imitation jewellery in the Budget 2023-24.</li><li>Increase in import duty will raise prices of silver and <keyword id="571733" type="General" weightage="20" keywordseo="silver-jewellery" source="Orion">silver jewellery</keyword>, which will impact demand and will also be detrimental to refineries, said CRISIL.</li><li>Import duty on articles made of precious metals increased to 25% from 22%.</li><li>Higher tax increases the cost for consumers as the country imports most of the bullion it consumes.</li></ul>Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars. Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” said FM in a budget speech in Parliament. The centre did not raise import duty on gold as India had raised its import duty on gold in July 2022 to 12.5% from 7.5%. India meets most of its gold demand by importing the precious metal. The basic customs duty on silver was raised to 10% from 7.5%; and agriculture infrastructure and development cess (AIDC) on imports to 5% from 2.5%. “Increase in import duty will raise prices of silver and silver jewellery, which will impact demand and will also be detrimental to refineries,” said CRISIL in a report. The import duty on articles made of precious metals was increased to 25% from 22%. Higher tax increases the cost for consumers as the country imports most of the bullion it consumes. “Rise in import duty on imitation jewellery will raise product prices, impacting demand,” said CRISIL in a report post budget. Share prices of most jewellery stocks were trading lower on Thursday <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jewellery stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PC Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Jewellery Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tribhovandas Bhimji Zaveri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.23% </td></tr></tbody></table> Industry body Gem &amp; jewellery export promotion council (GJEPC) said that the industry had recommended reduction in import duty on gold/silver and platinum, which has not been considered in the Budget. “Council will continue to pursue the same with the government for the overall welfare of the industry,” said GJEPC. The council said that the rise in import duty will increase prices of silver products in domestic markets. “The Union Finance Minister has also rationalised the import duty on silver by proposing to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum. However, that will have a net effect of an increase of around 5% duty at import level for silver resulting in increase of price for silver products domestically,” added GJEPC. Lab grown diamonds to boost gold demand, say experts Meanwhile, the FM has reduced basic customs duty on seeds used in manufacturing of lab grown diamonds from 5% to Nil. The government sees lab grown diamonds as a technology and innovation driven emerging sector with high employment potential. These environmentally friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of seeds and machines and to reduce import dependency in the long run, a research and development grant will be provided to one of the IITs for five years as announced in the budget. “The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers. The increase in import duty of silver is unlikely to impact significantly to Kalyan Jewellers. “The increase in the import duty of silver will not have a significant impact for us (Kalyan Jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery,” said Kalyanaraman. Further, lab grown diamond research funding is likely to benefit Vaibhav Global, manufacturer of fashion jewelry, says analysts at Goldman Sachs. Experts say that as lab grown diamonds become more popular and cheap it will eventually reduce demand for natural diamonds and improve demand for gold. “The government also gave a thrust to the lab-grown diamonds industry by reducing the basic customs duty on seeds used in their manufacturing. If lab-grown diamonds become more mainstream in the time to come, it could be positive for gold demand as demand for natural diamonds and thus their prices and appeal as an investment asset declines,” said Ghazal Jain, fund manager- alternative investments at Quantum AMC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price</a>

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