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After the <keyword id="479174" type="General" weightage="20" keywordseo="Karnataka-cabinet" source="Orion">Karnataka cabinet</keyword> approved a bill that mandates 100% <keyword id="19914887" type="General" weightage="20" keywordseo="reservation" source="keywords">reservation</keyword> for Kannadigas in Category C and D <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in all industries in the state, businessman and philanthropist TV <keyword id="20076594" type="General" weightage="20" keywordseo="Mohandas-Pai" source="keywords">Mohandas Pai</keyword> slammed the state government saying that <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword> Kannadigas is the only way to promote them for jobs rather than giving them reservation. "If you want to promote Kannadigas for jobs, spend more money on higher education. Give training to them. Spend more money on skill development. Spend more money on internships, spend more money on apprenticeship programs. So they all become skilled. Not like this. What are you trying to achieve by this?," Pai said, speaking on Wednesday. Pai, the Chairman of <keyword id="22445179" type="General" weightage="20" keywordseo="Manipal-Global-Education-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Manipal Global Education Services" meta.hostid="261" meta.entityid="Manipal Global Education Services">Manipal Global Education Services</keyword> said that the Bill is "fascist" and also unconstitutional. "This bill should be junked. It is discriminatory, regressive and against the constitution @Jairam_Ramesh is govt to certify who we are? This is a fascist bill as in Animal Farm, unbelievable that @INCIndia can come up with a bill like this- a govt officer will sit on recruitment committees of the private sector? People have to take a language test?" he had earlier said in a post on 'X'. <keyword id="19896017" type="General" weightage="100" keywordseo="Karnataka" source="keywords">Karnataka</keyword> minister Priyank Kharge however, assuaged the fears of the industrialists saying that wide consultation will be held before the rules of the bill are formulated. "The bill has been brought in by the labour department. They are yet to consult with the industry, the Minister of Industry and the Department of Information Technology. I am sure that before coming up with the rules of the bill, they will have due consultations with the respective ministries and more importantly, a wider consultation with the industry. So there is no need to panic. We are going to safeguard the jobs for the state as well as encourage investments in the industries with their consultation," Kharge said. <keyword id="20582906" type="General" weightage="20" keywordseo="karnataka-industries" source="keywords">Karnataka Industries</keyword> Minister MB Patil said any apprehensions will be resolved in meetings with the Chief Minister "I have seen that many people have apprehension regarding this. We will resolve this confusion. We will sit with the CM and resolve this so that it does not have any adverse effect," Patil told ANI. On Tuesday, the Karnataka cabinet approved a Bill that seeks to reserve 50% of management jobs and 75% of non-management jobs for locals in the private sector. The bill also seeks 100% reservation for locals in "C&amp;D" grade government jobs. On Wednesday, several industry leaders in the state objected to the move saying that it is "discriminatory" and raised apprehensions that the tech industry may suffer.

Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

<ul class="summary-list"><li>While Democrats touted job growth under Biden, Trump won over voters facing high prices.</li><li>A BI analysis found real wages declined in states that had the biggest swings toward Trump.</li></ul>High prices dominated voters' minds this election cycle — and they likely played a key role in handing <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">President-elect Donald Trump</a> his victory.On the campaign trail, Trump clashed with President Joe Biden and Vice President Kamala Harris over their <a target="_blank" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5">handling of the economy</a>.<a target="_blank" class="" href="https://fred.stlouisfed.org/series/UNRATE">Unemployment</a> sharply fell during the first year of Biden's term and has remained low. Biden <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/01/statement-from-president-joe-biden-on-the-october-2024-jobs-report/">oversaw the creation of 16 million new jobs</a> during his term as of October, and his administration frequently touted that growth.But <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">inflation</a> also spiked during the early years of Biden's presidency, before its pace gradually slowed, creeping toward the Federal Reserve's 2% target.Trump told voters he would provide relief to their wallets across the board, from groceries to housing."I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime and surging incomes for citizens of every race, religion, color, and creed," Trump <a target="_blank" class="" href="https://www.c-span.org/video/?538141-1/president-trump-remarks-economic-club-york">said</a> during remarks in September. "My plan will rapidly defeat inflation, quickly bring down prices, and reignite explosive economic growth."That promise resonated: Real, or inflation-adjusted, wage growth — or lack thereof — across the country shows a possible reason why.Many states where Trump most improved his margins saw large declines in real wages under Biden. Increases in wages were more than offset by higher living costs in these states.Counties with higher costs of living also voted for Trump more than they did in 2020.<h2 id="592a8bc6-249e-4af5-904c-d806f3ba6a2f">How Trump won on prices</h2>Business Insider looked at how average hourly earnings for private employees have changed in each state from January 2021, when Biden took office, to this past September. BI adjusted 2021 amounts using <a target="_blank" class="" href="https://www.bls.gov/cpi/regional-resources.htm">Census-division-level inflation</a> to understand how much real wages have changed across the US. Rhode Island had the highest real wage growth, just one of around a dozen states that saw an increase.Using the <a target="_blank" class="" href="https://www.nytimes.com/interactive/2020/11/03/us/elections/results-president.html">2020</a> and <a target="_blank" class="" href="https://www.nytimes.com/interactive/2024/11/05/us/elections/results-president.html">2024</a> share of Trump votes by state reported by The New York Times, BI found that states with bigger real wage drops tended to have bigger shifts to Trump than other states.Some of the biggest swings came in heavily blue, expensive states. New York, which saw an 8.3% real wage decline and which has a high cost of living, also had a 6.5 percentage point increase in Trump's vote share from 2020 to 2024. Maryland, which saw an 11.2% real wage decline, swung toward Trump in 2024 by 5 percentage points.The nation's capital was an outlier. Real wages massively fell in <a target="_blank" class="" href="https://www.bea.gov/news/2023/real-personal-consumption-expenditures-state-and-real-personal-income-state-and">costly</a> Washington, DC; even before adjusting for inflation wages were roughly flat. While Trump did see a small uptick in the share of DC votes for him in 2024, it was one of the lowest percentage point increases based on BI's analysis.The cost of living and unemployment levels also factored into voters' feelings as they headed to the polls. Jed Kolko, an economist who served in the Biden administration, <a target="_blank" href="https://www.slowboring.com/p/breaking-down-the-election-results">wrote</a> in Matthew Yglesias' "Slow Boring" column that higher unemployment levels in US counties over the past year matched a swing in county votes toward Trump.The same goes with the cost of living: "Counties with a higher cost of living swung more toward Trump in 2024 relative to 2020. Expensive counties tend to be blue places like big coastal cities; Harris won most of these pricey counties, but by a smaller margin than Biden did in 2020, when controlling for demographics, education, and density," Kolko wrote.Kolko also found that local job growth did not have a significant relationship to voting patterns, while local federal spending from Biden's signature infrastructure and industrial investment programs did not appear to impact county election results either.Some experts have said that Trump's tariff policies would <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">stoke inflation and raise consumer prices</a>. Trump has instead argued that his policies would help with costs, promising voters they will see improvements once he takes office."Prices will come down," Trump <a target="_blank" href="https://www.cnn.com/2024/08/20/business/trump-inflation-prices-deflation/index.html">said</a> during an August speech. "You just watch: They'll come down, and they'll come down fast, not only with insurance, with everything."

Democrats wished the election was about jobs. Trump's win showed it was about prices.

<ul class="summary-list"><li>I was a native New Yorker and thrived on the city's energy.</li><li>When I moved to London with my husband just almost two years ago it was a major culture shock.</li></ul>Growing up in the vibrant borough of <a target="_blank" class="" href="https://www.businessinsider.com/queens-global-food-tour-new-york-most-diverse-borough-2023-11">Queens</a>, the relentless rhythm of the 7 train, the aromas of Indian cuisine, and the crowds at the MET stadium in Flushing were my normal.I thrived on the city's boundless energy. But in February 2023, I <a target="_blank" class="" href="https://www.businessinsider.com/biggest-surprises-moving-to-london-according-to-american-2024-10">moved to London</a> with my British husband to start a new chapter.His career required him to return to his homeland, and I was excited to live abroad in a city I had long romanticized after watching movies like "<a target="_blank" class="" href="https://www.businessinsider.com/living-in-notting-hill-london-reality-compared-to-expectation-photos-2022-6">Notting Hill</a>" and "The Holiday."Leaving behind the fast-paced lifestyle in New York has been exhilarating, but the transition was a challenge.<h2 id="2afd2595-3c66-4ae8-a427-3f0eb50c094a">The job hunt was a culture shock for me</h2>As a New York-qualified attorney, I was used to a <a target="_blank" class="" href="https://www.businessinsider.com/shocker-wall-streeters-are-juicing-to-be-better-at-their-jobs-2012-2">competitive job hunt</a> involving dozens of applications, multiple interviews, and aggressive salary negotiations.In London, the process is <a target="_blank" class="" href="https://www.businessinsider.com/moved-uk-nigeria-job-market-competitive-rejections-2024-7">more formal and patient</a>.<div type="image" title="Pooja Shah in red dress with husband against a snowy background" height="500" width="666" msid="115301511" hostid="261" sizebytes="21494"></div>I had to get used to sitting tight and waiting to hear back, sometimes for weeks, instead of following up or receiving a response within days.I also had to complete many more tests and assignments during my London-based job search compared to interviews back home.<h2 id="8e58ec17-e87f-4869-a41d-212ee60d8468">The job termination policies here aren't my cup of tea</h2>In New York, I was an at-will employee, meaning my employer could <a target="_blank" class="" href="https://www.businessinsider.com/amazon-laid-off-rehired-quit-no-longer-respect-culture-changed-2024-11">terminate me at their discretion</a>. Or, I could leave with a two-week notice period.This meant that, in my profession, I could laterally move to other roles immediately or take a brief <a target="_blank" href="https://www.businessinsider.com/quit-six-figure-job-solo-travel-career-break-no-regret-2024-10">vacation between jobs</a> without disrupting my career trajectory.In the UK, notice periods are a minimum of three months, which I found really frustrating.I'm <a target="_blank" class="" href="https://www.businessinsider.com/how-to-build-an-education-program-that-helps-retain-employees-2022-11">not looking to change roles</a>, but I worry that I will be overlooked for potential future jobs due to the lengthy notice period and a more laborious handover transition.<h2 id="4997bb13-d122-46c2-be94-b2eed27546ce">But London's work-life balance has been a huge relief</h2><div type="image" title="Pooja Shah with husband in red Indian wedding attire" height="3840" width="4976" msid="115301512" hostid="261" sizebytes="1571084"></div>My salary has been pretty comparable across both cities. But the attitude toward work is significantly different.In New York, I worked around the clock and sometimes on weekends. I'd log back online in the evenings after happy hours or social outings. I even had my phone during my wedding and honeymoon.At the beginning of my career, I was excited by this because I was constantly learning, but soon enough, I <a target="_blank" href="https://www.businessinsider.com/burnout-work-boss-left-office-on-stretcher-2024-4">felt burnout</a> and couldn't sustain being available all the time.In London, there is a <a target="_blank" class="" href="https://www.businessinsider.com/best-work-life-balance-advice-boss-lessons-job-2024-1">clear work-life balance</a>. I have not been contacted by an employer outside work hours, while on vacation, or on sick days.It's been a welcome relief from my days in New York when I always felt obligated to keep my work phone on.<h2 id="5dd76f89-4839-438a-b656-9830925b4d67">The cultural differences made finding friends a challenge</h2>When I was living in New York, I felt like people were more sociable and open to getting to know each other. It was <a target="_blank" class="" href="https://www.businessinsider.com/how-to-make-friends-at-work-2024-10">easy for me to connect</a> with someone I met at a bar or the library.However, my experience with the British is that they are more reserved and have a dryer sense of humor, which I don't always understand.There are also cultural references in TV, film, or politics, which I can't relate to because I didn't grow up here.<h2 id="929954d2-088b-4243-ba33-cb38e36f492a">But my new social circle has given me a whole new perspective</h2>Over time, my social circle has solidified, and I appreciate how different it is from back home.Given London's proximity to the Middle East and Asia, my new friends come from diverse backgrounds and offer unique perspectives on geopolitical and cultural issues that aren't talked about in my NYC friend circle.These friendships have exposed me to different mentalities, cities that are now on my bucket list, and <a target="_blank" class="" href="https://www.businessinsider.com/famous-foods-meals-to-eat-in-life-2019-8">new culinary dishes</a>.<h2 id="2e24a655-0204-447b-af95-6ae37bfeed84">I've had an amazing experience with the UK's healthcare system</h2><div type="image" title="Pooja Shah with husband and sunset in background" height="1152" width="1536" msid="115301509" hostid="261" sizebytes="94628"></div>The <a target="_blank" class="" href="https://www.businessinsider.com/british-healthcare-as-an-american-2017-3">UK's National Health Service (NHS)</a> has provided a more straightforward, universal healthcare experience than the private insurance I had through my employer in the US.I no longer worry about sky-high medical bills or filing insurance claims. Sure, there can be longer wait times for certain procedures, such as routine dental cleaning or eye exams, but the peace of mind of knowing I'm covered is invaluable.Earlier this month, my husband and I welcomed our firstborn child. Initially, I was worried about navigating an unfamiliar health system.Then, I learned about a hotline service through the NHS that any parent can use as often as they want <a target="_blank" class="" href="https://www.businessinsider.com/what-i-wish-i-knew-about-pregnancy-before-getting-pregnant-2022-10">during pregnancy</a>. The team of compassionate midwives I spoke to over the phone offered guidance and reassurance throughout my pregnancy, free of charge.After my son's birth, community health visitors and midwives visited our home, ensuring that both my newborn and I were coping well with the postpartum period.My son, who was born preterm, was closely monitored, and I was offered breastfeeding assistance. We also had the option to go to local drop-in clinics as often as we liked to improve latching, meet other parents, and attend music therapy sessions.Moving to a new country in your 30s is never an easy transition, but overall, I prefer life in London over New York City because of the slightly more relaxed lifestyle, reliable healthcare system, and work-life boundaries.Though I miss my family and friends in New York City, London is now home for the foreseeable future.

I moved from New York City to London. The job hunt was a culture shock but it was worth it for the healthcare and work-life balance.

<ul class="summary-list"><li>An Idaho couple retired with a net worth of over $2 million by living frugally and making smart investment choices.</li><li>Richard learned investment strategies later in life after losing thousands in the dot-com bubble.</li></ul>Richard, who is in his mid-70s, never held a very high-paying job and made various <a target="_blank" class="" href="https://www.businessinsider.com/a-successful-investor-shares-the-top-money-mistakes-she-made-2024-8">investment mistakes</a> that cost him thousands over his life.However, the Idaho resident said living <a target="_blank" class="" href="https://www.businessinsider.com/early-retirement-not-worth-it-dad-sacrificed-frugal-died-2024-9">frugally</a>, prioritizing <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/best-ira-accounts">retirement accounts</a>, and making smart <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-financial-independence-retire-early-fire-investing-real-estate-2024-7">real estate</a> decisions allowed him and his wife to retire comfortably with over $2 million in assets after a career in state government and consulting.Richard learned about investment strategies later in life after losing thousands in the <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-crash-dot-com-bubble-similarities-ai-nvidia-roberts-2024-6">dot-com bubble</a>. After that, he said his path to growing wealth was modest and careful. He asked to use his first name only for privacy concerns.His path is indicative of the "<a target="_blank" class="" href="https://www.businessinsider.com/millionaire-investing-saving-spending-financial-independence-retire-early-fire-2024-9">millionaire next door</a>" mindset, which involves concerted efforts to save and invest using very accessible strategies, rather than flashy but risky get-rich-quick schemes or landing an elite, ultra-high-paying career. Still, he acknowledged that <a target="_blank" class="" href="https://www.businessinsider.com/retirement-savings-medical-costs-baby-boomers-paying-for-cancer-treatment-2024-9">not all retirees</a> have the resources to save a substantial amount for their retirement."Having a work ethic has helped me throughout my life not just in accumulating wealth but in having people recognize that I'm a reliable person," Richard said. "You have to be honest, you have to be kind, and you have to help other people."<h2 id="6b034785-0a70-4458-8ecf-bf9e2feb864d">Saving up but making mistakes</h2>Richard said his "near-ideal" upbringing taught him the value of money and hard work.As a teenager, he worked as a paperboy, produce clerk, ice cream vendor, and root beer stand cashier. He estimated earning about $5.25 a week in high school, or about $53 in 2024 dollars."I realized the value of money because it gave me this independence to buy the clothes I wanted to buy, allowed me to buy Christmas presents for my siblings and parents," Richard said.He also acknowledges that he grew up in a time when life's necessities were more affordable. In his small, middle-class hometown in Illinois, he said a family could be supported on one income. He worked and <a target="_blank" class="" href="https://www.businessinsider.com/pinching-pennies-wealth-building-2024-8">lived frugally</a> while attending the University of Illinois, which he said cost just $173 his first semester. He paid back his student loans right after graduating with a psychology degree.While serving in the Air Force for nearly six years, he purchased a modest home in Sacramento. He and his wife grew food in their garden and made granola from scratch. He said he sold the house when its value doubled."I never really thought about what my financial goals were until later," Richard said. "I remember coming home one Sunday, and I said I really don't want to have a middle-class existence. I would like to do better if I can."In graduate school, he worked as a teaching assistant, started investing using his stockbroker friend's advice, and bought a condo. He admitted because his parents weren't financially savvy, he wasn't a "very disciplined saver or investor," though he knew never to go into major <a target="_blank" class="" href="https://www.businessinsider.com/millennial-phd-cant-find-job-significant-student-loan-debt-2024-10">debt</a>.He said he wasn't always sure how to invest properly. Some now-common vehicles intended to make it easy for everyday savers to make diversified investments, like <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/what-is-an-etf">exchange-traded funds</a>, weren't yet invented, and he said he invested too heavily in penny stocks and riskier investments. He decided to save and invest as much as possible while building his IRA and paying off his existing loans.While his career has been fairly stable, he weathered two layoffs and lost thousands in investments when the dot-com bubble burst in 2000."I haven't been a disciplined, smart investor throughout my life, but I have always lived frugally," Richard said. "I purchased real estate and invested whenever the opportunity arose, so it's an imperfect background. But it shows that even if you make those kinds of <a target="_blank" class="" href="https://www.businessinsider.com/money-mistakes-financial-planner-2024-5">mistakes</a>, it's still possible to accumulate wealth."<h2 id="a516b46e-8a92-403c-a73b-33aa525bce3a">How they're investing in retirement</h2>Richard maintained his frugality as he inched closer to retirement, avoiding big-ticket items.Richard retired at 62 when he realized he could be "liberated from a <a target="_blank" class="" href="https://www.businessinsider.com/gen-xers-financial-independence-retire-early-fire-started-saving-late-2024-6">lifetime of labor</a>" and had enough saved. He waited until 65 to claim Social Security, noting he never wanted to rely solely on Social Security for his retirement. His wife retired in 2013, and their assets now total about $2 million, split evenly between their investments and their house.They live comfortably on about $3,500 monthly in <a target="_blank" class="" href="https://www.businessinsider.com/boomer-living-on-social-security-retirement-savings-401k-bus-driver-2024-7">Social Security</a> and dividends from investments, investing about $25,000 annually with annual dividends of about $120,000. Richard said they have long-term care insurance and reserved much of their money for healthcare expenses.Richard described his investment strategy as "somewhat atypical." They primarily invest in mutual funds that pay consistently high dividends of about 10%. At their age, Richard said he wants to eliminate individual stocks."Although market values can decline or rise, we just stay focused on the rate of return and hope that will not change appreciably," Richard said. "So far, this is working, and we are satisfied to have a steady income without having to sell funds to generate revenue."They still live within their means, but they occasionally take international trips. They keep costs low by flying economy, avoiding expensive restaurants, never going on tours, and staying in Airbnbs."I've never stayed at a five-star hotel, and I've almost always had used cars," Richard said. "We don't order takeout every day, and we might go to a restaurant once a week. Add that up, and you're saving tens of thousands of dollars."In retirement, Richard has produced over 70 books about his hometown, American history, and trail guides. He's also directed a local community group and now volunteers as a tour guide."Retirement has been a total joy; it's similar to having a second childhood where you have complete freedom, and your job is to keep yourself entertained," Richard said.Are you part of the FIRE movement or living by some of its principles? Reach out to this reporter at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a>.

A boomer who retired with a $2 million net worth despite working modest jobs shares his advice on retiring comfortably

The <keyword id="19949639" type="General" weightage="100" keywordseo="Rupee" source="keywords">rupee</keyword> inched up 1 paisa to 83.43 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Thursday on the back of a weak American currency and positive domestic equity markets. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said an upward movement in the crude oil prices resisted a sharp rise in the Indian currency even as investors moved cautiously ahead of the RBI's monetary policy decision to be announced on Friday. At the interbank foreign exchange market, the local unit opened at 83.40 and slipped to 83.43 against the greenback, trading 1 paisa higher from its previous close. On Wednesday, the domestic currency settled 7 paise higher at 83.44 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.15 per cent lower at 104.06. Analysts attributed the weakness in the dollar index to a sharp fall in US Treasury yields after the latest data showed private sector job growth in May was slower than estimated, raising expectations of an <keyword id="20071379" type="General" weightage="20" keywordseo="interest-rate-cut" source="keywords">interest rate cut</keyword> by the US Federal Reserve. They said that market participants are expected to take further cues from the weekly US jobs data to be released later in the day. Also, they said the decision of RBI's rate-setting panel to impact investors' sentiment. The Monetary Policy Committee (MPC) of RBI on Wednesday started its three-day deliberations to decide the next monetary policy. Reserve Bank Governor Shaktikanta Das will announce the decisions on Friday. "The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is set to keep its repo rate at 6.5 per cent at its June 7 review. Policy is turning more restrictive as cooling inflation pushes up real rates, hurting growth," said Amit Goel, Co-Founder &amp; Chief Global Strategist, Pace 360. He further said the RBI's record dividend payment of Rs 2.1 lakh crore to the government for FY24 may alleviate concerns about the growth outlook. Brent crude futures, the global oil benchmark, advanced 0.38 per cent to <keyword id="54123" type="General" weightage="20" keywordseo="USD" source="Orion">USD</keyword> 78.71 per barrel. On the domestic equity market, the 30-share BSE Sensex climbed 303.91 points or 0.41 per cent to 74,686.15 in early trade. The NSE Nifty went up 70.25 points or 0.31 per cent to 22,690.60. Foreign investors were net sellers of Indian equities on Wednesday as they offloaded shares worth Rs 5,656.26 crore on a net basis. FIIs bought shares worth Rs 21,012.72 crore and sold equities worth Rs 26,668.98 crore in the cash segment. India's service sector growth eased to a five-month low in May amid fierce competition, price pressures and a severe heatwave, even as new orders from international markets expanded at the steepest pace in a decade, according to a monthly survey released on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index fell to 60.2 in May from 60.8 a month earlier, its lowest mark since last December.

Rupee rises 1 paisa to 83.43 against US dollar in early trade

<ul class="summary-list"><li>US stocks ended higher while the 10-year Treasury dropped on Tuesday. </li><li>Tuesday JOLTS report showed job openings reach the lowest level in over three years.</li></ul>Major US stock averages ended up on Tuesday as investors took in the latest signs of a cooling economy and bet on the increased likelihood of rate hikes later this year. Tuesday's JOLTS report from the Bureau of Labor Statistics showed US job openings hitting their lowest level in over three years, reaching 8.059 million vacancies in April.That's reinforced expectations for the Federal Reserve to cut interest rates, with <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">futures markets now pricing higher odds</a> for a policy pivot in September.Cooling labor also extended a Treasury rally, with yields on the benchmark 10-year note dropping over seven basis points."When the job market was red-hot in 2022, Fed officials were getting concerned that wage-price pressures could cause inflation to accelerate out of control," Comerica's chief economist Bill Adams said. "Most labor indicators are pointing to a considerably cooler job market now. That's why Chair Powell took it in stride when inflation accelerated in the first half of the year, saying that further interest rate hikes were unlikely."More labor data is scheduled for Friday, when May's much-anticipated payroll figures come out. Consensus estimates expect 178,000 jobs to have ben added that month, in line with April figures. In Bank of America's view, a reading of 125,000-175,000 would be the optimal range, pointing to continued strength without the need to keep interest rates higher for longer. The bank said a reading in that range would be a catalyst for further stock market gains. Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,291.34, up 0.15%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,711.29, up 0.36% (+140.26 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 16,857.05, up 0.17%</li></ul>Here's what else happened today:<ul><li>Home prices could drop for the <a target="_blank" href="https://www.businessinsider.com/home-prices-drop-us-housing-market-outlook-mortgage-rates-gfc-2024-6">next six months amid the highest increase in unsold inventory since the financial crisis,</a> one analyst says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-correction-stagflation-economy-inflation-fed-rate-cuts-outlook-2024-6?_gl=1*1k71tl1*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNzUyNDUyOC4yODguMS4xNzE3NTI3MjQ2LjYwLjAuMA..">The S&amp;P 500 could drop 10% if stagflation risk keeps interest rates elevated</a>, Stifel says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-payment-systems-euro-yuan-threat-us-reserves-2024-6?_gl=1*1nf3cof*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNzUyNDUyOC4yODguMS4xNzE3NTI3NTg1LjYwLjAuMA..">Regional payment systems are popping up to de-dollarize local economies</a>. Odds are low it can dent the greenback's reign, a think tank says.</li><li>Mike Novogratz's Galaxy Digital has <a target="_blank" href="https://markets.businessinsider.com/news/currencies/catherine-the-great-violin-crypto-tokenization-assets-galaxy-digital-novogratz-2024-6?_gl=1*x5tnkz*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNzUyNDUyOC4yODguMS4xNzE3NTI3Njc2LjYwLjAuMA..">tokenized a 316-year-old violin</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/63-problem-banks-517-billion-unrealized-losses-fdic-interest-rates-2024-6">Higher interest rates mean the banking system is sitting on $517 billion in unrealized losses</a>, the FDIC says.</li><li><a target="_blank" href="https://markets.businessinsider.com/news/stocks/keith-gill-gamestop-stock-bet-79-million-one-day-gain-2024-6?_gl=1*3bakbw*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcxNzUyNDUyOC4yODguMS4xNzE3NTI3ODI5LjYwLjAuMA..">'Roaring Kitty' Keith Gill scored $79 million on a one-day gain</a> after disclosing his GameStop bet.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil fell 1.2% to $73.3 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, inched up 0.4% to $77.62 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> slumped 1.02% to $2,326 per ounce.</li><li>The 10-year Treasury yield dropped seven basis points to 4.33%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> increased by 2.8% to $70,738.</li></ul>

Stock market today: Stocks rise and yields fall as fresh data points to cooling job market

<ul class="summary-list"><li>US <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword> gained ground Thursday, putting the <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> in line for a fourth consecutive rise. </li><li>Chip stocks helped put the <keyword id="11909203" type="UNKNOWN" weightage="60" keywordseo="nasdaq-composite" source="Orion">Nasdaq Composite</keyword> on course to extend its own win streak. </li></ul>US stocks advanced Thursday, with tech shares among gainers as investors set aside a rise in jobless claims to a six-month high. Wall Street's big three indexes were on course to rise for a fourth consecutive session. Chip stocks, including <a href="https://markets.businessinsider.com/stocks/intc-stock">Intel</a> and <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>, were among the early winners after Samsung, the world's largest chipmaker, offered a solid second-quarter earnings outlook. Investors gearing up for Friday's US jobs report for June assessed weekly jobless claims data from the Labor Department. Claims for unemployment benefits rose modestly, by 4,000 to 235,000. The reading was ahead of the Econoday estimate of 230,000 claims.Here's where US indexes stood at 9:30 a.m. on Thursday: <ul><li> <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">S&amp;P 500</a>: 3,872.81, up 0.72%</li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Dow Jones Industrial Average</a>: 31,284.07, up 0.79% (246.39 points)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Nasdaq Composite</a>: 11,421.80, up 0.53%</li></ul>Investors entered the session with news of potential fresh economic stimulus from the Chinese government, with officials in the world's second-largest <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> looking at $220 billion in sales of special bonds by local governments, <a href="https://www.bloomberg.com/news/articles/2022-07-07/china-mulls-220-billion-stimulus-with-unprecedented-bond-sales?sref=GUP2BhaG">according to Bloomberg</a>.Around the <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, meme stock and videogames retailer <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> rose after the company said it plans a 4-for-1 stock split.A Russian court has ordered the Caspian Pipeline Consortium, which transports oil from Kazakhstan to the Black Sea, to suspend operations for 30 days. The block <a href="https://markets.businessinsider.com/news/commodities/russia-suspends-caspian-oil-pipeline-eu-supply-risk-energy-2022-7">could pull 1 million barrels a day</a> from Europe's supply. <a href="https://markets.businessinsider.com/news/commodities/oil-refining-gas-prices-shell-profit-energy-supply-demand-companies-2022-7">Shell logged an extra $1 billion</a> from oil refining in three months as gas prices soared. Oil prices gained ground. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wtisource=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">West Texas Intermediate crude</a> rose 1.2% to $99.69 per barrel.<a href="https://markets.businessinsider.com/commodities/oil-price"> Brent crude,</a> the international benchmark, added on 1.1% to trade at $101.75. <a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest">Gold</a> rose 0.4% at $1,742.90 per ounce. The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years"> 10-year Treasury yield</a> slipped 1 basis point to 2.91%. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 0.3% to $20,449.60.

US stocks rise to head for 4th straight win as investors digest latest jobs data

<ul><li>The <keyword id="74503" type="ORGANIZATION" weightage="20" keywordseo="Goa-government">Goa government</keyword> wants to reserve 80% private jobs for locals. </li><li>Recently, <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> government too announced 75% <keyword id="7915650" type="UNKNOWN" weightage="20" keywordseo="job-reservation-for-locals">job reservation for locals</keyword> in private companies. </li><li>India’s unemployment rate stood at 7.91% in June, according to the Centre for Monitoring Indian Economy (CMIE). </li></ul>The Goa government is bringing a policy in place, that will ensure nearly 80% of the state’s private sector jobs will be reserved for locals. Four in every five jobs in Goa will now belong to Goans only. <keyword id="864632" type="PERSON" weightage="20" keywordseo="Pramod-Sawant">Pramod Sawant</keyword>, the Chief Minister of Goa said that reservations will apply to permanent jobs across industry roles. The companies will have to hire a minimum of 60% permanent staff, Hindustan Times <a href="https://www.hindustantimes.com/india-news/goa-to-reserve-80-private-jobs-for-locals/story-uu1yxrg0Hm0qZaaG5mje4L.html">reported</a>. Goa does not have an employment or labour policy at present. However, this recent change will require them to have one. It will take at least six months of the policy to come in place. “In the interest of the state’s youth, who mainly are employed on a contractual basis in various industries, if we are to ensure 80% jobs are given to Goans and to secure their jobs, then the policy will have to be finalised at the earliest,” Sawant said. However, the state government also noted that the initiative can only be implemented if the companies also benefit from it. As job crisis looms across the country, more states are taking protectionist measures. The Andhra Pradesh government too reserved <a href="https://www.news18.com/news/politics/andhra-pradesh-becomes-first-state-to-reserve-75-private-jobs-for-local-youths-2241653.html">75% jobs</a> for its local citizens. In fact, the Madhya Pradesh government also said that it will formulate a law to ensure 70% jobs belong to locals. In India, the unemployment rate stood at <a href="https://www.businesstoday.in/sectors/jobs/unemployment-rate-rises-to-33-month-high-june-2019-cmie-jobs/story/360660.html">7.91% in June</a> this year, as per Centre for Monitoring Indian Economy (CMIE). See also: <a href="https://www.businessinsider.in/skill-india-mission-employment-rate-is-too-low/articleshow/70459576.cms">Only one in five people trained under government's Skill India Mission found jobs</a> <a href="https://www.businessinsider.in/soft-skills-can-save-your-job-from-the-machines-but-young-professionals-are-severely-short-of-it/articleshow/70243130.cms">Soft skills can save your job from the machines but young professionals are severely short of it</a> <a href="https://www.businessinsider.in/there-may-be-33000-vacancies-for-freshers-in-indias-retail-and-fmcg-sector/articleshow/69889840.cms">There may be 33,000 vacancies for freshers in India's retail and FMCG sector</a>

Goa will reserve 4 in every 5 private jobs for locals-- making it the third Indian state to crackdown on migration

<ul class="summary-list"><li>Paul "Kip" Turner credits continuous learning with helping him stay with AT&amp;T for 50 years.</li><li>He started in 1973 after deciding that becoming a veterinarian would take too long.</li></ul>Paul Turner has an unusual LinkedIn profile.It lists him as "Lead - Product Development Engineer" with AT&amp;T. Look a little closer and you see how long he's been with the telecom giant: 50 years and two months.Turner, who goes by Kip, has far outlasted most of us in how long he's stayed with the same company. Government figures from 2022 show that the median time US workers have been with their current employer is 4.1 years. The secret to his longevity, Turner told Insider, is to stay interested in what you're doing — and to maintain a healthy reserve of patience."I have encouraged and counseled a lot of younger employees over my years and I've advocated patience," he said.That's not always easy for many of us. <a target="_blank" href="https://www.businessinsider.com/quit-job-great-resignation-big-stay-changing-jobs-market-2023-5">Job hopping has slowed</a> from its peak in recent years, though some Gen Zers say they're <a target="_blank" href="https://www.businessinsider.com/gen-z-happy-job-hopping-quit-without-backup-oliver-wyman-2023-1">not afraid to quit</a>, even without a backup. Nevertheless, the rate of <a target="_blank" href="https://www.pewresearch.org/short-reads/2022/12/02/for-todays-young-workers-in-the-u-s-job-tenure-is-similar-to-that-of-young-workers-in-the-past/">young adult workers leaving their jobs</a> has remained relatively stable over the decades.Stability is something Turner can relate to."I enjoy what I do. And that's been one of the major tenets is learning and enjoying my role. If I didn't enjoy it, I would talk to my supervisor and say I need to find something else. And I think people may be afraid to do that — that they think you're unhappy. And then I've had supervisors misunderstand that."Often, younger people tend to go into an organization and look to climb quickly, Turner noted. "If that's your aspiration, that's great. But you still have to have patience. It's not going to happen overnight." And changing jobs isn't always a cure-all, he advised. "I would try to explain, believe me, whatever you think is driving you away here, it'll be the same over there. And sure enough, a lot of them, a few years later, came back," Turner said.<h2>Vet school was going to take too long</h2>Turner, 68, essentially grew up in the telephone company. As a kid, he would roam the Southwestern Bell Telephone office in Conway, Arkansas, where his parents worked. He would poke at the equipment and ask questions about what everything did.After a year in college made Turner realize it was going to "take too long" to become a veterinarian, he went into the family business. In August 1973, Turner got a job installing rotary telephones — look 'em up, kiddos — in Faulkner County, Arkansas. In rural areas, he also set up party lines, where multiple households shared a landline and had to wait until others were done chatting before placing a call.To keep up with technology, Turner grabbed chances to learn formally through company training and in the field."I always found that I learned more by actually repairing things, working on things, bringing up new systems. And, honestly, that's where I got most of my education," Turner said.<h2>A missile silo, a presidential campaign, and a tornado</h2>Turner's career has included a night spent deep below ground in a missile silo trying to repair a phone line. He also, in the span of only months in the early 1990s, helped convert copper video cable to fiber optic lines so that the broadcast TV networks covering Bill Clinton's presidential campaign from Little Rock, Arkansas, had sufficient bandwidth.<div type="image" title="Paul &quot;Kip&quot; Turner" height="1975" width="1299" msid="104015428" hostid="261" sizebytes="85356"></div>In 1997, a tornado raked across the small town of Hickory Ridge, Arkansas. Turner ran part of the company's response, which included bringing in a "cell on wheels" — known as a COW — to restore wireless service. The tornado hit the company's local facility, knocking out most of the walls and shearing off much of the roof. It took a couple days to get wireless and landlines working again. That was fast for back then though Turner gets excited by how much quicker recovery can happen now — and, more broadly, how much faster technology moves today."What we're able to deliver to a handheld device is hundreds of times better and faster than what I dealt with when I worked on teletype systems back in the '80s," he said. "It's kept me interested."<h2>He hasn't always followed his own advice</h2>He's worked to remain engaged in what he does, Turner said, because just being somewhere for a long time doesn't mean you'll have all the answers."I'm amazed sometimes that people think I know something just because I've been here 50 years," he said. And yet, experience has given him the ability to sometimes tell early on whether a plan will work. "I've tried to advise either coworkers or supervisors or leadership that, you know, you probably shouldn't do that because it didn't work the first time."Those times are when Turner tries to show the composure he advises for some of his younger colleagues.He counsels young workers to look at all the opportunities before them. For example, he's traveled around the country to complete technical training, which has helped him keep pace with the technology.Turner's advice: "Just be patient. Be as content as you can be in your role. Be kind. And I haven't always followed my own advice, but it seems to have paid off somewhat."

He's been at the same company for 50 years. Here's why he stayed so long and what he tells workers who want to jump from job to job. 

<ul class="summary-list"><li>State and local government tax revenues have performed "better than expected," <keyword id="1841448" type="ORGANIZATION" weightage="60" keywordseo="Fed-chair">Fed Chair</keyword> <keyword id="1727754" type="PERSON" weightage="60" keywordseo="Jerome-Powell">Jerome Powell</keyword> said.</li><li>Employment is still down by 1.3 million jobs, but school reopenings should bring back some payrolls, he added.</li><li>Expenses related to the pandemic are still murky and could present risks, the <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword> chief said.</li></ul>One of the biggest laggards of the previous economic recovery is recovering better this time around, <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword> Chair Jerome Powell said Wednesday.The direct payments and expansion to unemployment benefits included in President Joe Biden's $1.9 trillion relief plan are already among its most popular elements. But the inclusion of state and local government funding also addresses what many deem the biggest mistake of the 2009 stimulus package.A lack of sufficient funding for governments allowed for budget shortfalls that <a href="https://www.businessinsider.com/economic-stimulus-outlook-state-local-government-aid-needed-risks-experts-2020-12">forced job cuts and gutted social programs</a> for years. Economists at JPMorgan estimated the absence of adequate aid slowed economic growth by an average of 0.26 points in the four years after the financial crisis.The Fed feared a similar dynamic would emerge at the start of the COVID-19 recession, but data so far has been encouraging, Powell told the House Financial Services Committee on Wednesday."What we see is that revenues have performed better than expected. They're about flat overall. Some states are down a lot, other states they're actually up," the <keyword id="6358156" type="ORGANIZATION" weightage="60" keywordseo="central-bank">central bank</keyword> chief said.Employment in state and local government is still down about 1.3 million payrolls. Yet many of those jobs are in education and school reopenings should lift that labor market, Powell said.To be sure, the Fed chair avoided commenting on Democrats' stimulus plan, noting central bank officials should stick to deliberating monetary policy and leave fiscal matters to lawmakers.Certain areas remain murky. Fed policymakers "don't have a great picture" of <keyword id="10422253" type="UNKNOWN" weightage="60" keywordseo="state-and-local-governments">state and local governments</keyword>' expenses, Powell said, particularly those linked to the COVID-19 crisis like testing and vaccine distribution. Fiscal support passed in 2020 addressed some costs, but discrepancies across states make for a "complicated picture," he added.The Fed's overall outlook, however, is fairly optimistic. Powell on Tuesday told the Senate Banking Committee that falling COVID-19 case counts and vaccine rollouts "offer hope for a return to more normal conditions later this year. He reiterated his positive view during the House hearing, saying the US is well on its way to reversing the pandemic's impact."What I see is an <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> where there is still a great deal of slack. I see the prospect of really significant progress as we put the pandemic behind us," Powell said.

You Searched For "job reservation for locals" and got 10 results

Spend money on skilling, says Mohandas Pai on Karnataka bill seeking job reservations for Kannadigas

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Stock market today: Stocks rise and yields fall as fresh data points to cooling job market

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US stocks rise to head for 4th straight win as investors digest latest jobs data

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Goa will reserve 4 in every 5 private jobs for locals-- making it the third Indian state to crackdown on migration

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