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<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Sunday edition. Maybe it's <a target="_blank" class="" href="https://www.businessinsider.com/how-to-tell-imposter-syndrome-versus-bad-at-job-2024-9">imposter syndrome</a>, or maybe you're bad at your job. Microsoft's former vice president of HR shares <a target="_blank" href="https://www.businessinsider.com/microsoft-hr-performance-signs-bad-at-job-2024-10">three signs it's the latter</a>.On the agenda today:<ul><li>Meet the exec tasked with Citi's biggest challenge: <a target="_blank" href="https://www.businessinsider.com/citi-anand-selva-transformation-consent-orders-fines-2024-10">getting the bank's house in order</a>.</li><li>Amazon's growing cash mountain has <a target="_blank" href="https://www.businessinsider.com/amazon-big-tech-cash-king-wall-street-wants-a-piece-2024-10">Wall Street licking its lips</a>.</li><li>Millennials are about to be crushed by <a target="_blank" href="https://www.businessinsider.com/millennial-gen-x-boomer-inheritance-stuff-house-collectibles-2024-10">all the junk their parents accumulated</a>.</li><li>A writer finally caved and got solar panels. <a target="_blank" href="https://www.businessinsider.com/solar-industry-collapse-my-roof-nightmare-2024-10">It turned out to be a huge mistake</a>.</li></ul>But first: Elon Musk's robotaxi got lost on the way to Wall Street.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" href="https://www.insider.com/app">here.</a><h3 id="58506b3b-b008-4ead-9e90-71439c9e98dd">This week's dispatch</h3><h2 id="445f5814-a55f-4878-a10e-9b6683bfa158">Robotaxi dreams meet Wall Street reality</h2>Elon Musk unveiled Tesla's <a target="_blank" href="https://www.businessinsider.com/tesla-robotaxi-event-cybercab-elon-musk-2024-10">robotaxi</a>, along with a <a target="_blank" href="https://www.businessinsider.com/what-we-know-about-teslas-new-robovan-so-far-2024-10">robovan</a> and updates to its <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-event-optimus-robot-serves-drinks-dances-2024-10">humanoid</a> robot, at a flashy event in Los Angeles this week. Wall Street wasn't buying it.The billionaire took a ride in Tesla's new Cybercab around Warner Bros. Discovery's movie studio in Burbank, later saying it would be in production before 2027 and could sell for less than $30,000.Investors didn't seem convinced. <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-cybercar-analysts-self-driving-fleet-ai-2024-10">Tesla's stock</a> finished Friday down almost 9%, leaving shares down 17% over the past year.Musk has long promised a robotaxi, saying in 2019 that Tesla would have a million of them on the road by 2020. That prediction was later revised to 2023. Five years on from that first prediction, Tesla remains <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-safety-regulation-2024-10">some distance away from fully autonomous driving</a>, and doesn't yet have permission to let driverless cars loose on open streets.In the meantime, tech startups and old-guard Detroit automakers have <a target="_blank" href="https://www.businessinsider.com/robotaxi-ridesharing-tesla-waymo-uber-2024-10">developed their own versions of self-driving tech</a> that can <a target="_blank" href="https://www.businessinsider.com/tesla-robotaxi-elon-musk-ride-hailing-uber-lyft-waymo-rivals-2024-10">more or less match Tesla</a>. You can already <a target="_blank" href="https://www.businessinsider.com/waymo-robot-taxis-weird-san-francisco-traffic-parking-cars-2024-9">order a driverless Waymo</a> in three major cities today.It's tough to bet against Elon Musk, as many on <a target="_blank" href="https://www.businessinsider.com/tesla-short-sellers-bleed-billions-elon-musk-threatens-obliteration-2024-7">Wall Street</a> have discovered. If Tesla does crack fully autonomous driving, it could herald a new era for the company. But for now, investors are skeptical about Tesla's self-driving dreams.<h2 id="8de1f093-db58-438e-a296-ab09ff92ad5c">Save our Citi</h2><div type="image" title="&quot;Photo collage featuring Anand Selva, chief operating officer, with Citibank's logo in the background" height="1500" width="2000" msid="114190225" hostid="261" sizebytes="179366"></div>Last year, Anand Selva was named Citigroup's COO. His mandate: oversee an unsexy yet crucial initiative to regain compliance with regulators. He's been tasked with overseeing the "Transformation," an aptly named initiative to overhaul the bank's technology.BI spoke with 14 current and former Citi employees who've worked under Selva to get a picture of the challenge facing him — and why he was put in charge of the bank's No. 1 priority.<a target="_blank" href="https://www.businessinsider.com/citi-anand-selva-transformation-consent-orders-fines-2024-10">Inside Selva's tenure so far</a>.<h2 id="8d221ec2-a40e-4d73-80e7-638d6c30f428">Big Tech's cash king</h2><div type="image" title="Andy Jassy" height="1000" width="2000" msid="114190226" hostid="261" sizebytes="205428"></div>Amazon has long been famous for running on thin margins, reinvesting most of its profits, and holding relatively little cash compared with peers. By 2027, that's expected to change, with the company's cash balance estimated to hit $400 billion.That number puts it on track to far outpace rivals Alphabet and Microsoft. Wall Street is taking note, and Amazon could soon face pressure to return some of its cash with buybacks or dividends.<a target="_blank" href="https://www.businessinsider.com/amazon-big-tech-cash-king-wall-street-wants-a-piece-2024-10">Wall Street wants in on the action</a>.<h2 id="69bad2e5-a5bf-4ba9-b958-e3eff00ffc5b">The boomer stuff avalanche</h2><div type="image" title="A mountain of antique items with a cutout in the shape of a person with their arms on their hips in the center of the pile" height="1500" width="2000" msid="114190227" hostid="261" sizebytes="591740"></div>An old boomer habit is raining down on their children: There's too much stuff, and not enough space.Boomers have spent lifetimes acquiring things, and their Gen X, millennial, and Gen Z progeny are figuring out what to do with everything. Family dynamics can make it hard to say no, even if there's no use or space for all that junk.<a target="_blank" href="https://www.businessinsider.com/millennial-gen-x-boomer-inheritance-stuff-house-collectibles-2024-10">The "great stuff transfer."</a><h2 id="dc96d953-8312-4bf5-8432-dfb9ba5779e5">A solar panel fiasco</h2><div type="image" title="a house with solar panels burns down." height="1000" width="1334" msid="114190228" hostid="261" sizebytes="173944"></div>Business Insider's Vishal Persaud spent months getting his solar panels installed and inspected. All that was left was to switch them on, but the solar panel company needed final approval from its partner, SunPower, to do so. Then, SunPower filed for bankruptcy protection.Despite the ongoing climate crisis, much of the solar panel industry is cooling. Over the years, it's faced high interest rates that have decimated demand, questionable financial engineering, and more than 100 bankruptcies across America in 2024 alone.<a target="_blank" href="https://www.businessinsider.com/solar-industry-collapse-my-roof-nightmare-2024-10">Now some customers are stuck in solar purgatory</a>.This week's quote:"When you move fast and break things in healthcare, you go to jail."— 27-year-old startup founder Ibrahim Rashid on <a target="_blank" href="https://www.businessinsider.com/gen-z-tech-founder-gap-zuckerberg-bezos-holmes-2024-10">the lessons learned from intrepid tech founders</a>.More of this week's top reads:<ul><li>The hidden upside of a college degree: <a target="_blank" href="https://www.businessinsider.com/college-graduates-more-likely-have-friends-participate-community-civil-engagement-2024-10">Having more friends</a>.</li><li>The housing market's Ice Age is <a target="_blank" href="https://www.businessinsider.com/housing-market-ice-age-homebuyers-mortgage-rates-spring-real-estate-2024-10">finally starting to thaw</a>.</li><li>Dell's sudden five-day RTO order left parents <a target="_blank" href="https://www.businessinsider.com/dell-staff-return-office-order-sparks-panic-parents-childcare-wfh-2024-10">scrambling to find childcare</a>.</li><li>Five things to include in your résumé, and <a target="_blank" href="https://www.businessinsider.com/cant-get-job-what-to-never-always-include-resume-hiring-2024-10">eight things to leave out</a>.</li><li>Welcome to the <a target="_blank" href="https://www.businessinsider.com/job-market-outlook-claudia-sahm-layoffs-hiring-economy-twilight-zone-2024-10">job market "Twilight Zone."</a></li><li>How politicians' fundraising appeals got to <a target="_blank" href="https://www.businessinsider.com/politicians-desperate-fundraising-appeals-2024-10">sound so desperate</a>.</li><li>Want to get into the AI industry? <a target="_blank" href="https://www.businessinsider.com/abu-dhabi-uae-ai-powerhouse-mgx-openai-investment-2024-10">Head to Abu Dhabi</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" class="" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. Grace Lett, editor, in Chicago. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York.</li></ul>

Insider Today: Robotaxi reality check

<ul class="summary-list"><li>Workers can struggle with packed schedules. Full calendars can hurt productivity and well-being.</li><li>Busy calendars can be seen as a status symbol yet can lead to burnout, an executive coach told BI.</li></ul>It's not uncommon for Brandon Dock to hear from execs that they're <a target="_blank" class="" href="https://www.businessinsider.com/one-on-one-weekly-meeting-with-boss-mistakes-2024-1">too busy to meet</a>.Dock is the managing director at the recruitment firm TGC Search. Sometimes, he told Business Insider, hiring managers will play that "busy" card when he wants to discuss what they'd want to see in an ideal job candidate.It's understandable, Dock said, that managers with roles to fill would be short on time — because they're short on staff, something he could help with."So you could either be busy every day for the next five weeks, as you claim, or you could take a half hour," Dock said. "Let's prioritize this."Dock and his clients are hardly alone in squaring off against calendars with more back-to-back colors than TV test patterns. Yet being that booked can be a problem for people's productivity and well-being, workplace experts told BI.The good news is that there are ways to reduce the crunch and for leaders to push back on a culture that implies congested calendars are virtuous.<h2 id="91552944-8197-49a7-98d8-d2b8ccd7036e">Busyness as a sign of worth</h2>Joep Leussink, head of growth at AddEvent, which develops software for managing events and calendars, told BI that at some organizations, a full schedule is interpreted to mean that a worker is valuable — even if the time isn't spent in the best way."If you have a very busy calendar, some workers use this as a status symbol," Leussink said. "It has become kind of like a humblebrag."There are other indicators (like being <a target="_blank" href="https://www.businessinsider.com/gen-z-skip-lunch-break-meetings-too-much-work-2023-11">too busy to take lunch</a>) that some people might use to signal the significance of their to-do list.Kate Walker, a human resources consultant and executive coach in San Francisco, told BI that some workers might feel pressure to keep their calendars booked up so their bosses won't wonder what they're doing all day."Full calendars can kind of look sexy," Walker said. Yet, she said, that approach risks making workers' presence in meetings more valued than the work they accomplish.Walker said that she's worked with execs who have suffered mental, emotional, and physical strain from being overbooked."I have a couple of clients that are really going through some pretty heavy burnout right now, based on their calendars," Walker said.She said an unforgiving meeting schedule can also leave little time for brainstorming, creativity, reflection, and innovation.<h2 id="07316860-3906-47bd-903e-845f724f46f5">Meetings can stand in the way of goals</h2>Ethan Kross, a psychologist and neuroscientist who's director of the Emotion and Self-Control Laboratory at the University of Michigan, told BI that if workers' focus is consumed by "responding to emails and balancing calendars," that's attention that might otherwise be put toward achieving more important goals.Taking control of our schedule — and not giving ourselves over to our inboxes while we're at it — can help make us more efficient and "allow us to more joyfully pursue our jobs," said Kross, who's also the author of the forthcoming book "Shift" about managing emotions."Most people didn't sign up for jobs to, you know, work on calendar and email for three to four hours a day," Kross said.Kross said some organizations manage to prioritize "deep work" in service of getting the important things done by identifying ways to help workers restore themselves so they return to work fresh.Kross said that as a leader himself, he'd rather someone on his team work "eight amazing hours" than 12 with their attention fragmented.Workers should be thinking regularly about how to be most efficient with their limited attention and time, he said.Part of doing so, he said, is considering how they might construct systems to allow for this. For some, that might mean automating calendars as much as possible.<h2 id="0fe2e41e-cd44-4b36-a81c-8222d608c3a5">Do I need to be here?</h2>Some meeting fatigue might be a legacy of the pandemic. During lockdowns, many bosses, both well-meaning and suspicious, shoehorned more meetings onto calendars to "check in."While some surveys indicate the amount of <a target="_blank" href="https://www.businessinsider.com/workers-spending-less-time-in-meetings-productivity-2024-4">time in meetings</a> has started to retreat, there are still more than many workers might like, Walker, the executive coach, said.She recommends that workers consider asking whether their attendance in a meeting is necessary, even if the meeting organizer hadn't listed their attendance as optional. However, doing that might be more difficult for junior employees, Walker said, who could worry that it would look bad.Beyond asking whether attendance is necessary, it's often OK to ask for notes from a meeting, she said. That signals people still have an interest in what's discussed.For those running meetings, having a well-defined agenda can keep something that should have been 30 minutes from expanding, Walker said. It's also worth asking the age-old question of whether a meeting could instead be an email, she said.Of course, one way of fighting fire with fire is for workers to block time on their calendars for focusing and taking breaks. Walker often recommends this to her clients.She also suggests that workers and, if necessary, their bosses periodically <a target="_blank" href="https://www.businessinsider.com/cutting-work-meetings-can-make-you-happier-and-more-productive-2024-7">review their meetings</a> to determine what might not be necessary. Other approaches include <a target="_blank" href="https://www.businessinsider.com/founder-two-days-week-without-meetings-boosts-productivity-2024-9">limiting meetings to certain days</a>.Kross, the psychologist and neuroscientist, said that some of the most successful people he knows are "extremely judicious" in apportioning time on their calendars. Some block time for everything from focused work to exercise, he said."They're putting guardrails on there," Kross said.

It's time to stop humblebragging about how busy we are

<ul class="summary-list"><li>Red Lobster's incoming CEO Damola Adamolekun does not practice work-life balance personally.</li><li>Adamolekun, former CEO of P.F. Chang's, prefers integrating work into his personal life.</li></ul>Red Lobster's newly named CEO doesn't believe in practicing a work-life balance — at least for himself.Damola Adamolekun, who is <a target="_blank" class="" href="https://www.businessinsider.com/pf-changs-ceo-damola-adamolekun-red-lobster-bankruptcy-filing-fortress-2024-8">set to take over Red Lobster as CEO</a> pending a court approval next month, <a target="_blank" class="" href="https://fortune.com/2024/08/26/red-lobster-new-leader-is-a-millennial-wall-street-fave-who-doesnt-believe-in-work-life-balance/">told</a> Fortune in a 2023 interview that he's never really "been a person that separated work and life.""I worked in banking, so I was working all the time," he said. "But I liked it. I like what I did; I thought it was interesting."Even after his stints in investment banking and private equity, long workdays don't phase the former CEO of Asian-fusion restaurant chain P.F. Chang's. Adamolekun previously told Business Insider that he <a target="_blank" class="" href="https://www.businessinsider.com/pf-changs-ceo-damola-adamolekun-daily-routine-2022-7">likes to start with a 5 a.m. workout</a>, a 6 a.m. home office start, and work that can extend all the way to dinner with partners, directors, or other executive team members.In his interview last year with Fortune, Adamolekun said although he didn't necessarily have to go into the office on a Saturday, sometimes he had ongoing tasks that he just wanted to knock out or look into something."So even on a Saturday, I'll be by my pool, but I'll still be checking emails or responding to things," he said. "And it's me, it's fine, it doesn't stress me out." Adamolekun <a target="_blank" class="" href="https://www.businessinsider.com/ceos-who-hate-phrase-work-life-balance-prefer-alternative-views-2023-11">is not the first CEO</a> to not practice work-life balance. Other executives have even gone so far as to criticize the phrase. Former <a target="_blank" class="" href="https://www.businessinsider.com/google-ceo-eric-schmidt-criticism-remote-work-google-openai-2024-8">Google CEO Eric Schmidt</a> recently claimed that the tech giant's remote work policy and overfocus on work-life balance was the reason Google was falling behind other AI startups, though he later walked back his remarks after they drew attention.Others like Jeff Bezos and Microsoft CEO Satya Nadella didn't necessarily disagree with balancing work and life but rather likened it more to a "work-life harmony" or circle.However, Adamolekun said that people's work-life relationship is "an individual thing" and that his <a target="_blank" class="" href="https://www.businessinsider.com/burnout-business-owner-cozy-entrepreneur-2024-6">hustle-culture</a> tendencies are not necessarily the most effective for everyone."Now, if you're a person who, work stresses you out, then you need to separate the two," he said. "So you have moments where you're not stressed, you're not thinking about work all the time."And that's actually more likely to be the majority of people. In its <a target="_blank" class="" href="https://www.mercer.com/assets/global/en/shared-assets/local/attachments/pdf-2024-global-talent-trends-report-en.pdf">2024 global trends report</a>, consulting firm Mercer found that 82% of employees surveyed felt at risk of burnout.In fact, work psychologist Tina Armasu <a target="_blank" class="" href="https://www.businessinsider.com/tips-work-life-balance-work-psychologists-2024-8">previously told</a> Business Insider that it's important to minimize talking about work after you've logged off."I think you need to know yourself," Adamolekun said. "And know how you react, how work impacts you."

Red Lobster's next CEO once explained why he doesn't practice work-life balance

<keyword id="20509941" type="General" weightage="20" keywordseo="spectrum-auction" source="keywords">Spectrum auction</keyword> for <keyword id="22185968" type="General" weightage="20" keywordseo="mobile-radiowaves-services" source="keywords">mobile radiowaves services</keyword> worth Rs 96,000 crore ended with <keyword id="20055672" type="General" weightage="20" keywordseo="bids" source="keywords">bids</keyword> worth about Rs 11,000 crore, according to sources. The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> has put over 10,500 Mhz spectrum in eight <keyword id="21197262" type="General" weightage="20" keywordseo="frequency-bands" source="keywords">frequency bands</keyword> -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction. "There were no fresh bids in the morning session. The auction has ended with bids worth about Rs 11,000 crore," the source said, adding that <keyword id="19951944" type="General" weightage="20" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="261" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> has emerged as the biggest bidder in the auction. During the last auction in 2022, which turned out to be a seven-day affair, a record over Rs 1.5 lakh crore worth of 5G telecom spectrum was sold, with billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s <keyword id="19906886" type="General" weightage="20" keywordseo="Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio" meta.hostid="261" meta.entityid="Jio">Jio</keyword> emerging as the top bidder, cornering nearly half of all the airwaves (worth Rs 88,078 crore). At that time, telecom tycoon Sunil Mittal's Bharti Airtel made a successful bid of Rs 43,084 crore, while Vodafone Idea bought Spectrum for Rs 18,799 crore. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank">Stanley Lifestyles IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank">OnePlus Nord CE 4 Lite vs Poco X6 – which phone should you buy under ₹25,000?</a><a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank">IPOs this week – Allied Blenders and Vraj Iron and Steel look to raise ₹1,671 crore</a>

Spectrum auction ends with bids worth ₹11,000 crore, Bharti Airtel emerges as the biggest bidder

<ul class="summary-list"><li>Companies are cutting <keyword id="21771459" type="General" weightage="20" keywordseo="middle-management" source="keywords">middle management</keyword> roles, and millennials are likely to be most affected.</li><li>Work culture has changed, and some companies see middle managers as obsolete.</li></ul>Companies are increasingly ditching middle <keyword id="21263594" type="General" weightage="20" keywordseo="management-positions" source="keywords">management positions</keyword>, and it could be millennials who find their jobs are most at risk. The great "<keyword id="21771460" type="General" weightage="20" keywordseo="unbossing" source="keywords">unbossing</keyword>" has been brought on by several factors, including cost-cutting, <a target="_blank" href="https://www.businessinsider.com/gen-z-might-kill-middle-management-2023-11">Gen Z's distaste for management</a>, remote working, and increased pressure on performance. The repercussions are that future generations entering the workforce may receive less mentorship while being put under more stress from above. But it's not just <keyword id="998753" type="General" weightage="20" keywordseo="junior-employees" source="Orion">junior employees</keyword> that could be worse off. Lara Milward, a neuro-leadership coach with expertise in how <keyword id="20346862" type="General" weightage="20" keywordseo="workplace-culture" source="keywords">workplace culture</keyword> is changing, told Business Insider it's the 30-somethings who are buying houses, starting to have children, and juggling "<keyword id="21219154" type="General" weightage="20" keywordseo="career-progression" source="keywords">career progression</keyword> and family life" that may find their jobs are suddenly axed. "It could well be that that's the generation that takes this hit," she said. <h2>Millennial middle managers are at risk</h2>Joe Galvin, the chief research officer of the executive coaching organization Vistage, told BI the unbossing trend has come about due to the normalization of working from home, advances in tech and AI, and generational shifts. "In the analog era, going back to, let's say, the eighties, you had to communicate manually to be able to align your workforce," he said. "Today, technology has made that all possible. And the behavior change that we saw during the pandemic was an accelerant to that." In 2021, Steven Baert, then the chief people and organization officer of Novartis, <a target="_blank" href="https://www.gallup.com/workplace/349589/unbossing-leaders-novartis.aspx">told Gallup</a> that traditional leadership was "becoming redundant." He said the company's goal was to have a workforce that's motivated and encouraged to be effective rather than told what to do. It's now rare to see the traditional version of a boss who walks around an office and checks in on what all their employees are doing. "That boss's job has changed tremendously," Galvin said. "How you manage relationships in a more digital environment is much more difficult." While Galvin said the intent of reducing middle management is to streamline communication between employees and senior executives, the impact could be unfairly balanced. Middle management positions <a target="_blank" href="https://www.businessinsider.com/middle-managers-layoffs-2023-meta-tech-companies-jobs-employment-2024-3">accounted for almost a third of layoffs</a> in 2023, according to <a target="_blank" href="https://www.bloomberg.com/news/newsletters/2024-03-15/bloomberg-evening-briefing-middle-managers-are-getting-fired-more-often">an analysis for Bloomberg</a> — an increase from 20% in 2018. <a target="_blank" href="https://www.livedatatechnologies.com/layoffs-by-job-level">Analysis from Live Data Technologies</a> also found that manager-level or higher roles made up almost 50% of all layoffs in 2023, a jump of 57.6% compared to five years ago. As a result, <a target="_blank" href="https://www.businessinsider.com/middle-managers-feeling-squeeze-amid-cost-and-job-cuts-glassdoor-2024-3">confidence levels of mid-managers have dropped</a> significantly, according to research from Glassdoor. It just so happens that a lot of middle managers are millennials. Aged between 28 and 43, millennials are often in their first management positions or on their way to climbing to more senior roles. They were also hit the hardest during <a target="_blank" href="https://www.businessinsider.com/millennials-won-great-resignation-now-losing-the-big-firing-2022-9">the Great Firing of 2022</a>, making up 94% of laid-off workers. "Since millennials make up a large portion of middle management, they, along with some Gen X, are most likely to be affected by this trend," Chris Lovell, a careers expert at SoFi Technologies and the founder of Careers by Chris, told BI. "These are also the generations that were most likely taught to follow a traditional career path: go to school, earn a degree, and climb the corporate ladder." <h2><keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">Work-life balance</keyword> has changed</h2>Ironically, millennials are "less interested in corporate bureaucracies or hierarchies," Lovell said, which could be part of why middle management roles are being cut. Data suggests that both millennials and Gen Zers are <a target="_blank" href="https://www.businessinsider.com/why-millennials-and-gen-z-dont-want-to-be-managers-2023-11">turning away from management positions</a>, with a lack of trust in senior leadership, a perceived limited financial reward, and a greater focus on a work-life balance and time off. Many current <a target="_blank" href="https://www.businessinsider.com/middle-management-having-worst-year-ever-rto-layoffs-burnout-2023-9">middle managers are also burned out</a> with their teams being downsized, and an increased workload. Gen Zers could also be shifting the culture of the workforce, putting more emphasis on their boundaries, their mental health, and wanting more autonomy. "I think this collides with economies and the way that the world is going, that companies are cutting costs," Milward said. "If we're thinking about a world of diversity, inclusivity, and including new generations, they are trying to move towards a more flat structure and less of the old-school parent-child sort of relationship." However, Joel Wolfe, the founder and president of the customer service agency HiredSupport, told BI he believes this attitude from younger generations may be backfiring. There is pressure on managers to constantly do better than they did the previous quarter, but millennials aren't necessarily performing at that high level. <keyword id="21771458" type="General" weightage="100" keywordseo="millennial-managers" source="keywords">Millennial managers</keyword>, in Wolfe's opinion, can be "difficult to work with." "They have fixed schedules and aren't flexible, which is something difficult to adapt to, especially when you are working with different timezones," he said. Millennials and Gen Zers are increasingly opting out of working overtime and going above and beyond for promotions, instead favoring more time off and leaving work at the door when they go home. Wolfe said this may make them seem inflexible and thus vulnerable when layoffs happen. "I prefer employees working when they have some tasks to do," he said. "I don't want them to sit in front of the screen and wait for the clock to strike 5 p.m." <h2>The impact on Zoomers</h2>Shoshanna Davis, the founder of Fairy Job Mother and a consultant who helps young people with their careers, told BI she's not convinced unbossing is a direct response to how younger generations perceive the world of work. But it is likely to disproportionately affect Gen Zers in their first or second jobs. "They are new to the world of work, and they do really need managers to help them find the ropes," Davis said. "Ultimately, eliminating this kind of middle management position means less guidance, less coaching, and less mentoring, which I feel like is still desperately needed in a post-COVID world." Zoomers are already unenthused by management. They are the generation that coined the term "<a target="_blank" href="https://www.businessinsider.com/lazy-girl-job-trend-tiktok-explained-defending-low-stress-work-2023-7">lazy-girl jobs</a>" and strongly believe in the benefits of "<a target="_blank" href="https://www.businessinsider.com/gen-z-quiet-quitting-work-ethic-millennials-money-struggles-2023-10">quiet quitting</a>." Will fewer management positions be replaced by higher salaries? Will career progression stagnate for Gen Z, if they have no millennial managers to look up to? What does this mean for the generations after them? Davis isn't sure. "If it's just truly a way to cut costs, and there's going to be no replacements, then what incentive is there for people to perform at work?" Davis said. "I don't really see how that's going to pan out." Correction: May 22, 2024 — An earlier version of this story misstated Steven Baert's current employment and position. He currently works at GE Vernova, not Novartis. His position at Novartis in 2021 was chief people and organization officer, not CEO.

Companies are 'unbossing' the workplace, and millennial managers are getting axed

<ul class="summary-list"><li>A retired woman said doctors wrote off her health isssues as menopause, but she was prediabetic.</li><li>Tracking her blood sugar levels helped her build healthy habits and find foods that worked for her.</li></ul>When Gayle Pagano turned 53, it was like a switch was flipped.Suddenly, without changing her diet or exercise habits, she started to gain weight, her joints ached, and nothing felt right. Blood tests suggested that she had <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/normal-blood-sugar-levels">prediabetes</a>.Doctors wrote off her symptoms as part of getting older and undergoing <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/reproductive-health/menopause-age">menopause</a>, noting that her blood sugar measurements were within the higher range of normal."It was insanely frustrating," she told Business Insider. "When I tell you this is how I feel, regardless of a number or what's normal, I know it's not normal for me."Pagano started using a continuous glucose monitor (CGM), a wearable device that gives live updates on changes to blood sugar levels. She was connected to the device via the health tech company Nutrisense, which provides support from a nutritionist as well as a prescription that was, until recently, necessary to get a CGM.While the devices are still an emerging trend and researchers are skeptical they can benefit just anyone, Pagano said it worked for her.Now 56, she's lost 50 pounds and said tracking her blood sugar has helped her build healthy habits and choose foods that keep her energized.<h2 id="5ba5d07c-d5cc-4ca5-939e-42326dc46a32">Cutting back on processed carbs</h2>Coming from an Italian family, Pagano is a huge fan of pasta.Tracking her blood sugar helped her realize she didn't need to give it up completely. After experimenting to see how different foods affected her body, she said making pasta and bread at home led to fewer blood sugar spikes.What she did cut back on were <a target="_blank" class="" href="https://www.businessinsider.com/some-ultra-processed-foods-may-be-healthier-than-homemade-scientist-2024-6">processed foods</a>, even items like salads. Despite being convenient, some premade meals can be loaded with hidden additives like sugar."The biggest surprise and the most disappointing thing is packaged, prepared foods and restaurant foods," she said. "It doesn't matter how healthy you think something might be."Pagano has found healthier way to enjoy similar flavors with more nutrients and fewer preservatives, though. For instance, she's shifted from having fruit jelly at breakfast to eating blueberries, raspberries, or blackberries instead, which are rich in fiber as well as vitamins and antioxidants.<h2 id="be1cb743-1cfc-4d9e-a000-6df5739a6ba3">More protein and fiber with each meal</h2>One simple way to balance blood sugar without cutting carbs completely is to load up on other nutrients first, according to Pagano."I have my proteins first, then fibers, then starches," she said.There's good science to this approach, since digesting protein and fiber can slow the absorption of glucose from the carbs to <a target="_blank" class="" href="https://www.businessinsider.com/high-protein-lunches-manage-blood-sugar-without-cutting-carbs-2022-2">prevent blood sugar spikes after eating</a>, dietitians previously told BI.<h2 id="e1c39bbe-3004-4daa-af88-22b06bad5f32">Intermittent fasting</h2>Pagano said her daily routine includes a 14-hour period of <a target="_blank" class="" href="https://www.businessinsider.com/intermittent-fasting-benefits-and-risks-for-longevity-weight-loss-cancer-2024-4">intermittent fasting</a>. She finishes eating around 5 pm, and said her previous habit of eating late at night was disrupting her sleep.<a target="_blank" class="" href="https://www.businessinsider.com/intermitting-fasting-benefits-control-blood-sugar-levels-obesity-pre-diabetes-2023-6">Fasting</a> may help keep blood sugar levels within normal ranges for people with prediabetes, research suggests.Pagano said she often has <a target="_blank" class="" href="https://www.businessinsider.com/nuts-healthy-for-liver-and-gut-despite-high-calories-expert-2021-6">nuts</a> and cheese as an evening snack before fasting. The combination includes a hefty dose of fiber, healthy fats, and some protein, all of which are associated with feeling full for longer.<h2 id="1308b0ef-e5e8-4635-aa55-71274ea2e5e1">A new supplement: berberine</h2>To help balance her blood sugar, Pagano started using an herbal supplement sometimes called "nature's Ozempic."<a target="_blank" class="" href="https://www.businessinsider.com/what-is-berberine-this-supplement-isnt-natures-ozempic-2023-6">Berberine</a>, a yellow compound found in plants like barberry and goldenseal, has a long history in traditional medicine. There's not much evidence it significantly boosts weight loss, but some studies suggest it can have a modest benefit on blood sugar and cholesterol levels.However, it can have side effects like digestive upset. Like other supplements, berberine isn't well regulated, so it can be tough to know if you're getting a quality product in the right dose.<h2 id="219a4b53-41b8-4128-9b42-31768a0fc89e">Strength training with resistance bands</h2>Pagano said she's always made walking a habit and aims to get in her <a target="_blank" class="" href="https://www.businessinsider.com/walking-10000-steps-for-health-not-science-based-in-marketing-2021-7">10,000 steps a day</a>. Now retired and living in Florida, the heat can sometimes make outdoor exercise more daunting.She added strength training to her routine with 15 minutes of resistance band exercise, a few times per week. Studies suggest resistance training, with bands or weights, can <a target="_blank" class="" href="https://www.businessinsider.com/weight-lifting-and-cardio-may-help-you-live-longer-study-2022-9">boost longevity</a> and help prevent illness.Pagano still walks regularly, and aims to take a quick stroll after meals to help keep her <a target="_blank" class="" href="https://www.businessinsider.com/diet-and-exercise-strategies-for-lower-blood-sugar-reverse-type-2-diabetes-2024-5">blood sugar in check</a>."I absolutely must move after eating," she said.

A 56-year-old woman lost weight and balanced her blood sugar with 5 simple changes

<ul><li><keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> has become the world's largest mobile operator in terms of data traffic.</li><li>The total traffic on the <keyword id="2003276" type="General" weightage="20" keywordseo="jio" source="Orion">Jio</keyword> network has reached 40.9 Exabytes, marking a 35.2 per cent year-on-year increase.</li><li>This surge is attributed to the growing adoption of <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> and Home services.</li></ul>Reliance Jio, the telecom giant of India, has become the world's largest mobile operator in terms of data traffic, surpassing <keyword id="20669190" type="General" weightage="20" keywordseo="China-Mobile" source="keywords" meta.keywordsubtype="org" meta.entityname="China Mobile" meta.hostid="261" meta.entityid="China Mobile">China Mobile</keyword>. The announcement came on Monday as Jio revealed its quarterly results, showcasing staggering numbers and milestones achieved in various segments. As of March 2024, Jio boasts a subscriber base of 481.8 million, out of which 108 million subscribers are on Jio's True5G Standalone network. The number reflects Jio's stronghold in the Indian telecom market. According to a press release, the total traffic on the Jio network has reached 40.9 Exabytes, marking a 35.2 per cent year-on-year increase. This surge is attributed to the growing adoption of 5G and Home services. Notably, 28 per cent of the traffic comes from 5G subscribers, indicating a swift transition towards next-generation connectivity. Additionally, Jio's Fixed Wireless Access (FWA) services have contributed significantly to the data traffic. Since the onset of the COVID-19 pandemic, there has been a dramatic 2.4x increase in annual data traffic, with per capita monthly data usage skyrocketing to 28.7 GB from just 13.3 GB three years ago. This surge underscores the growing reliance on digital connectivity in India. Commenting on the results, <keyword id="3820" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="Orion">Mukesh Ambani</keyword>, Chairman and Managing Director of Reliance Industries Limited, expressed his satisfaction with the company's performance and its contribution to the Indian economy. He highlighted the significant achievements, including becoming the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Ambani said, "Initiatives across RIL's businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits." Ambani also emphasized Jio's role in driving the digital transformation in India, from upgrading 2G users to smartphones to leading the effort in producing AI-driven solutions. He noted, "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation's digital infrastructure." He reiterated Jio's commitment to strengthening the nation's digital infrastructure and its continued efforts to provide innovative solutions to consumers. The company's retail arm, Reliance Retail, also showed robust growth, with a 36 per cent increase in footfalls and strong digital commerce platforms offering a broad brand catalogue. "Reliance Retail continued to provide customers endless choices through its robust omni-channel presence. We continue to offer product differentiation and superior offline experience through stores remodelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space", said Ambani. In addition to its telecom and retail segments, Reliance Industries Limited has shown resilience in its Oil to Chemicals (O2C) segment, despite challenging market conditions. The KG-D6 block has achieved significant production milestones, accounting for 30 per cent of India's domestic gas production. Ambani emphasised, "Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year." He added, "Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30 per cent of India's domestic gas production." In terms of financial performance, Reliance Jio has achieved several remarkable milestones. The consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) at Rs 178,677 crore, while the consolidated Profit Before Tax (PBT) has surpassed Rs 100,000 crore. The company's market capitalization has crossed Rs 20,00,000 crore, further solidifying its position as one of India's most valuable companies. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a>

Reliance Jio emerges as World's largest mobile operator in data traffic, surpassing China mobile

<ul><li>The Indian government has reportedly called a meeting of major smartphone makers and telecom operators.</li><li>The meeting has been called to push smartphone makers to roll out software updates to enable 5G services.</li><li>All of <keyword id="6354427" type="General" weightage="100" keywordseo="apple" source="Orion">Apple</keyword>’s 5G smartphones and several <keyword id="10591" type="General" weightage="80" keywordseo="samsung" source="Orion">Samsung</keyword> devices are yet to receive an update.</li></ul>India announced the launch of <a href="https://www.businessinsider.in/business/telecom/news/airtel-5g-services-launched-in-eight-cities-the-entire-country-to-be-covered-by-2024/articleshow/94579199.cms">5G services</a> in the country on October 1, and ten days later, several users are still unable to use 5G despite having a 5G smartphone. This is because a small software update is needed from the smartphone makers to enable 5G. While a few smartphone makers have already started rolling out an update to enable 5G, the government wants smartphone makers to prioritise the rollout of updates to enable 5G. According to a <a href="https://www.reuters.com/world/india/india-press-apple-samsung-faster-5g-software-upgrades-phones-2022-10-11/">report</a> by Reuters, the Indian government has called a meeting of major smartphone makers and India’s telcos to push them for a speedy rollout of updates. The government has reportedly called major smartphone makers such as Apple, Samsung, Xiaomi and Vivo for the meeting. The government has also called India’s telecom companies such as <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-to-begin-beta-trial-of-5g-in-four-cities-on-dussehra-with-unlimited-data/articleshow/94645577.cms">Reliance Jio</a>, <keyword id="15491" type="General" weightage="80" keywordseo="airtel" source="Orion">Airtel</keyword> and Vodafone Idea. The meeting, which will be held on Wednesday, will include talks "to prioritise" and release a software update to enable 5G. If we view Airtel’s list of 5G-ready devices, all of Apple’s and several of Samsung’s devices show that the device has yet to receive the software update. Most smartphones from other companies show that they are 5G ready. Apple’s recently launched <a href="https://www.businessinsider.in/tech/mobile/news/heres-everything-new-on-the-iphone-14-and-14-pro-dynamic-island-satellite-connectivity-always-on-display-and-more/articleshow/94060331.cms">iPhone 14</a> has yet to receive an update for 5G. "Apple has been taking a lot of time. Airtel has been concerned about this as many of their premium clients are on Apple devices," said an industry source familiar with the matter to Reuters. Apple is reportedly testing and validating 5G offering on its devices in the country. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-7-and-pixel-7-pro-with-tensor-g2-chipset-launched-in-india-starting-at-59999/articleshow/94696867.cms">Google Pixel 7 and Pixel 7 Pro with Tensor G2 chipset launched in India starting at ₹59,999</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-5g-services-launched-in-eight-cities-the-entire-country-to-be-covered-by-2024/articleshow/94579199.cms">Airtel 5G launched in eight cities, entire country to be covered by 2024</a>

Indian government wants Apple and Samsung to quickly roll out the update to enable 5G support

Bengaluru, Echoing India skipper <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword>'s sentiments, star batter <keyword id="19907934" type="General" weightage="20" keywordseo="Virat-Kohli" source="keywords">Virat Kohli</keyword> has criticised the Impact Player <keyword id="21710391" type="General" weightage="20" keywordseo="substitution-rule" source="keywords">substitution rule</keyword> and said it is "disrupting the balance" of the game. The mid-innings substitution rule, adopted in the previous edition of the <keyword id="19906063" type="General" weightage="20" keywordseo="IPL" source="keywords">IPL</keyword>, has sparked a row with Rohit expressing his displeasure in a podcast last month. Now, Kohli has urged for a rethink of the rule. "I agree with Rohit. Entertainment is one aspect of the game but there is no balance," Kohli said on Jio Cinema. "I think it has disrupted the balance and a lot of people are feeling this way, not just me," he said. Rohit in the podcast had said, "I'm not a big fan... It's going to hold back all-rounders. Cricket is played by 11, not 12 (players)." Punjab Kings set the record for the highest successful chase in T20 history when they overhauled Kolkata Knight Riders' 262 with eight balls to spare. Sunrisers Hyderabad also smashed the record for the highest-ever total in franchise cricket by posting 287/3 against Royal Challengers Bengaluru. This edition has witnessed eight 250-plus totals and Kohli felt the bowlers' pain. "Bowlers are feeling like what they should do," Kohli said. "I have never experienced anything like it where bowlers think they will concede four or a six on every ball. "Not every team has a Bumrah (Jasprit) or the mystery of Rashid Khan," he said. "I am telling you, with one extra batter there is a reason I am playing with 200-plus strike rate in the powerplays. I know there is a batsman waiting at No. 8 as well. "We are playing a high level of cricket and it should not be that dominant in my opinion. There is a beauty about having an equal balance between bat and ball," Kohli added. BCCI secretary Jay Shah has said that the <keyword id="21099854" type="General" weightage="20" keywordseo="Impact-Player-rule" source="keywords">Impact Player rule</keyword> is a "test case", implemented to give two Indian players opportunity in a game. He has also indicated that they would talk to the stakeholders for using it in future editions of the IPL. "I am sure Jay (Shah) bhai has mentioned it already that they will review it and I am sure that they will come to a conclusion which brings the game into balance," said Kohli. "As a batsman, I can say this rule is good but the match should be exciting. Only fours and sixes are not exciting in cricket. Exciting is that you can defend 160 as well," Kohli said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank">iQOO Z9x 5G with 120Hz display, 6000mAh launched starting at ₹12,999</a><a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank">Woman loses ₹54 lakh in work-from-home scam! Here's what it is and how to protect yourself</a>

Impact Player rule has disrupted balance of game: Virat Kohli

<keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> on Monday reported an almost flat March quarter net profit, while its annual earnings hit a record high on the back of a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. The oil-to-telecom-and-retail conglomerate's consolidated net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in January-March quarter of the 2023-24 fiscal compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company's stock exchange filing. The profit was, however, higher quarter-on-quarter when compared to Rs 17,265 crore in October-December period. For the full fiscal FY24 (April 2023 to March 2024), Reliance posted a record net profit of Rs 69,621 crore as compared to Rs 66,702 crore earnings in the preceding financial year. Reliance also became the first Indian company to hit Rs 10 lakh crore turnover in FY24 when revenue from operations rose 2.6 per cent from Rs 9.74 lakh crore in 2022-23. The oil-to-chemicals (O2C) business, the main milch cow, posted a rise in profitability annually as well as sequentially, while retail business' earnings rose on new store openings despite lower footfalls. The firm helmed by billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> saw telecom revenues soar as it outpaced competition in subscriber addition and data traffic. While quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) was up 14.3 per cent year-on-year to Rs 47,150 crore, registering growth across all businesses, the revenue from operations rose almost 11 per cent to Rs 2.64 lakh crore. The mainstay oil refining and petrochemicals business, called O2C, posted a 11 per cent rise in revenue and a 3 per cent higher EBITDA at Rs 16,777 crore in Q4. This was primarily because of "advantageous" sourcing of feedstock (crude oil) for refining business and use of ethane for making chemicals as well as higher domestic product placement, a company statement said, adding exports were down 8.5 per cent. With the consumer base swelling to 481.8 million from 470.9 million at the end of December on a flat per-user revenues of Rs 181.7, Reliance <keyword id="21397660" type="General" weightage="20" keywordseo="Jio-Infocomm-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio Infocomm Ltd" meta.hostid="261" meta.entityid="Jio Infocomm Ltd">Jio Infocomm Ltd</keyword> - the digital services business - posted a 12 per cent rise in net profit at Rs 5,583 crore in the fourth quarter of FY24. Also, aiding the business was rise in data traffic to 40.9 billion GB in January-March from 38.1 billion GB in the preceding quarter. For the full year, Jio posted a profit of Rs 21,424 crore as compared to Rs 19,124 crore in FY23. Profits from the retail business climbed 11.7 per cent to Rs 2,698 crore as store count rose to 18,836 from 18,774. Store footfalls dropped to 272 million from 282 million in October-December 2023 but were higher than 219 million recorded in January-March 2023. Oil and gas EBITDA soared 47.5 per cent to Rs 5,606 crore as higher gas volumes partly offset lower price realisation. The firm's flagship KG-D6 block in Krishna Godavari basin in the Bay of Bengal is now producing about 30 million standard cubic metres per day of gas and 23,000 barrels a day of oil/condensate. The company said its outstanding debt rose to Rs 3.24 lakh crore from Rs 3.11 lakh crore in December-end. After accounting for cash in hand, net debt at Rs 1.16 lakh crore as on March 31 was lower than Rs 1.25 lakh crore a year back. Mukesh Ambani, Chairman and Managing Director of <keyword id="20076630" type="General" weightage="20" keywordseo="reliance-industries-limited" source="keywords">Reliance Industries Limited</keyword>, said all segments of business have posted a robust financial and operating performance. "This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 1 lakh-crore threshold in pre-tax profits," he said. Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services, he said. "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India." <keyword id="19901342" type="General" weightage="20" keywordseo="reliance-retail" source="keywords">Reliance Retail</keyword>, he said, continued to provide customers endless choices through its robust omni-channel presence. "We continue to offer product differentiation and superior offline experience through stores re-modelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue," Ambani said. Strong demand for fuels globally, and limited flexibility in refining system worldwide supported margins and profitability of the O2C segment. "Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance," he said. "We remain committed to our projects and initiatives, including those in the new energy segment, which will bolster the company, and help it deliver sustainable growth for the future," he added. 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