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<keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed that registered <keyword id="21253972" type="General" weightage="100" keywordseo="investment-advisers" source="keywords">Investment Advisers</keyword> (IAs) and <keyword id="21511721" type="General" weightage="20" keywordseo="research-analysts" source="keywords">Research Analysts</keyword> (RAs) who employ artificial intelligence (AI) tools in their services must disclose the extent of their usage to clients, emphasizing the importance of strong security measures to avoid unintended data exposure. This transparency is crucial for clients to understand how <keyword id="20096338" type="General" weightage="20" keywordseo="AI-tools" source="keywords">AI tools</keyword> contribute to their investment decisions and to make informed choices about their advisory services. "The possibility of unintended data exposure highlights the need for strong security measures and clear disclosure to clients about the extent of AI tool usage", Trivesh D, COO at Tradejini, a stock trading platform, told PTI. The Securities and Exchange Board of India (SEBI), in its consultation paper earlier this month, highlighted the growing usage of AI tools in Investment Adviser (IA) and Research Analyst (RA) services. With technological innovations and advancements, many AI tools are currently available in chatbot form such as OpenAI's ChatGPT, Google's Gemini, etc. AI-based tools allow one to have human-like conversations and receive human-like responses with the chatbot. These tools assist various tasks such as summarising and analysing data and may help in improving efficiency and productivity. "These AI tools, however, may not adequately safeguard sensitive data shared during conversations, potentially leading to unintended data exposure and concerns related to <keyword id="19900735" type="General" weightage="20" keywordseo="data-security" source="keywords">data security</keyword>," SEBI said in its consultation paper issued last week. Feroze Azeez, Deputy CEO, Anand Rathi Wealth Ltd said "while embracing this innovation, we must be mindful of its implications and responsibilities". IAs provide personalised services according to client-specific requirements, based on <keyword id="22797015" type="General" weightage="20" keywordseo="risk-profiling" source="keywords">risk profiling</keyword> and suitability. Similarly, RAs provide recommendations based on certain parameters and methodology adopted and are required to keep records of the research report, research recommendations and rationale for arriving at research recommendations. While AI tools can provide significant assistance in the work of IAs and RAs, they may not always give meaningful outputs that are expected to be based on the understanding of complex security-specific or client-specific scenarios/ requirements such as personal/ financial conditions or goals, SEBI stated. Further, such tools may not always provide all the information based on which output/ recommendation has been generated. For example, AI tools may not bring out whether the requirements of risk profiling and suitability have been complied with by IA, it added. "An IA/RA who uses AI tools for servicing its clients must provide complete disclosure of the extent of use of such tools to its prospective clients, to enable them to take informed decisions of continuance or otherwise with the IA/RA," SEBI suggested in the consultation paper. Considering that the investment advice/ research services provided by IA/RA based on AI tools would affect the investment decision of clients, SEBI said, the responsibility of data security, compliance with the regulatory provisions governing investment advisory services/research services lies solely with the IA/ RA, irrespective of the scale and scenario of IA/ RA using AI tools. Trivesh believes that <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword> can significantly enhance the efficiency and reach of investment advisory service, but it should be used as a complementary tool, rather than a complete replacement for human judgment and expertise. "The dynamic and culturally diverse nature of India's financial landscape demands personalized investment advice that AI alone cannot provide. Since AI will undoubtedly continue to change the <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword> sector, efforts to integrate it into IA and RA services should be pursued with a balanced approach, leveraging its strengths while addressing its limitations," he added. Additionally, SEBI is also looking to create a closed ecosystem for fee collection by registered investment advisers and research analysts through a separate mechanism in order to help investors ensure that their payments are reaching only registered IAs and RAs and help them identify, isolate and avoid unregistered entities, who would be unable to access this closed ecosystem.

Investment Advisers, Research Analysts should disclose AI tools usage to clients, notes SEBI

New Delhi: <keyword id="19900795" type="General" weightage="20" keywordseo="foreign-investors" source="keywords">Foreign investors</keyword> pulled out a massive Rs 94,000 crore (around USD 11.2 billion) from the Indian <keyword id="19925636" type="General" weightage="20" keywordseo="stock-market" source="keywords">stock market</keyword> in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of <keyword id="20295104" type="General" weightage="20" keywordseo="Chinese-stocks" source="keywords">Chinese stocks</keyword>. Before this, foreign portfolio investors (FPIs) withdrew Rs 61,973 crore from equities in March 2020. The latest outflow came after a nine-month high investment of Rs 57,724 crore in September 2024. Since June, FPIs have consistently bought equities after withdrawing Rs 34,252 crore in April-May. Overall, FPIs have been net buyers in 2024, except for January, April and May, data with the depositories showed. Looking ahead, the trajectory of global events like geopolitical developments, interest rate movements, progress in the Chinese economy and the outcome of the US Presidential election will play a crucial role in shaping future foreign investment in <keyword id="20014814" type="General" weightage="20" keywordseo="Indian-equities" source="keywords">Indian equities</keyword>, Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, said. On the domestic front, key indicators like inflation trajectory, corporate earnings, and the impact of festive season demand will also be closely watched by FPIs as they assess opportunities in the Indian market, he added. According to the data, FPIs recorded a net outflow of Rs 94,017 crore in October. The intensity of net outflows could be gauged from the fact that except for one day, FPIs were net sellers throughout the month, bringing their total investment for 2024 down to Rs 6,593 crore. This relentless selling resulted in about an 8 per cent decline in benchmark indices from their peaks. Several factors contributed towards this massive withdrawal of foreign capital from the Indian equity markets in October. The major among them is the elevated valuations of Indian equities. This has triggered a shift in investments towards China, where valuations are currently more attractive. Additionally, a series of stimulus measures, aimed at bolstering Chinese economic growth has made Chinese equities increasingly appealing to global investors, Srivastava said. Despite the massive FPI selling in financials, this sector is resilient since the valuations are fair and every selling is being absorbed by DIIs and individual investors, particularly HNIs, VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said. In addition, FPIs pulled out Rs 4,406 crore from the debt general limit and invested Rs 100 crore from the debt Voluntary Retention Route (VRR) during the period under review. So far this year, FPIs invested Rs 1.06 lakh crore in the debt market.

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

<ul class="summary-list"><li>The presidential election has the potential to reshape the investment landscape.</li><li>Detailed below is what Wall Street is saying about investing implications across multiple asset classes.</li></ul>With the presidential election just over a week away, and the candidates in a dead heat in the polls, Americans are in suspense about how their lives will change under a new leader.Business Insider has prepared a five-part refresher for the final stretch that will unpack the potential impact that both Donald Trump and Kamala Harris presidencies will have on US consumers. Today's first installment is focused on the investment landscape.To date, Trump and Harris have outlined specific policy proposals that will impact different parts of the stock market. Their varying platforms will also be crucial in determining the future path of interest rates, which will shape the bond market.But they're not expected to have diametrically opposed impacts on everything, with both candidates seen as positive forces for crypto.Detailed below is the latest research and commentary from top Wall Street strategists, outlining how the market and investing landscape will shift under potential Trump or Harris administrations.The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each.<h2 id="40896f3b-9c3a-42aa-82ae-49a1761381ac">Stocks</h2>From the perspective of equities, it's helpful to look at the potential impact on both the micro (specific sectors set to be impacted) and the macro (how the broader market will respond).<h3 id="24c47698-0ee7-4a48-bb04-abe2a4f630c2">Trump</h3><h4 id="51cc4655-bf14-43bc-b772-b54703215a1c">Sectors</h4>Much of the industry guidance for the stock market under Trump boils down to his proposed tax policies. Bank of America says his plan to cut the corporate tax rate to 15% from 21% will boost corporate earnings by 4%. How much it impacts each sector ultimately depends on sensitivity to changes in the tax rate.To that end, BofA says the consumer discretionary and communication services sectors — the areas most beholden to tax-rate changes — will benefit the most. On the flip side, less exposed areas like utilities, real estate, and energy will get the smallest boost.For energy specifically, Trump's pro-drilling stance — while supportive of industry activity — will likely lead to oversupply and lower oil prices, says BNY Wealth. That, in turn, will hurt corporate profitability in the sector and drag on stock prices.It's also worth noting that energy was the worst-performing sector during Trump's previous presidential tenure.Financials is another area of the stock market seen benefiting from a Trump win. <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/us/if-trump-wins-he-plans-free-wall-street-burdensome-regulations-2024-04-12/">Allies of the former president have said</a> he aims to unburden banks from many of the regulations that were imposed following the 2008 financial crisis, something that his first administration tried to do with limited success.Those looser regulations could could also ignite a fresh wave of mergers and acquisitions, which would increase advisory revenue for big banks and help drive up profits from dealmaking.<h4 id="08ac2f7c-0094-48df-8910-ca3b12ae746a">Broader market</h4>Zooming out and assessing the full equity-market landscape, views are divided, particularly along partisan lines. Trump's proposed tax and regulatory policies are seen by his supporters as pro-business, which would be good news for corporate profit growth and deal activity.But Trump critics argue that his proposal for universal tariffs and steeper levies on Chinese imports — as well as a crackdown on immigration — will be inflationary, which could hold back stock prices. The nonpartisan Tax Foundation says the tariff plan in particular could <a target="_blank" class="" href="https://taxfoundation.org/blog/trump-mckinley-tariffs-great-depression/">hurt profit margins and put pressure on consumer spending</a>.Bank of America estimates that 60% tariffs on China and 10% on other countries would lower S&amp;P 500 earnings per share by 3.1%. That would be a problem since earnings growth has long been the stock market's primary driver of gains."The conventional wisdom is wrong: Trump is not going to substantially cut taxes once in office; he is going to raise taxes by jacking up tariffs. To the extent that this dampens economic activity, it is bad news for stocks," BCA Research chief strategist Peter Berezin said.<h3 id="fe116c39-7eef-494d-b923-93e68c7490b4">Harris</h3><h4 id="82c14dd6-d54a-4af0-a6d6-b171c6d4ccd1">Sectors</h4>Just like with Trump, much of the guidance around the stock market under Harris involves her tax plan. Her proposal to hike the corporate tax rate to 28% from 21% would have an inverse effect on sectors.That means consumer discretionary and communication services — the top beneficiaries under Trump — would be hit the hardest under a Harris regime, BofA says."Consumer discretionary stocks have underperformed the S&amp;P 500 modestly since Harris' presidential candidacy was announced, perhaps reflecting concerns that a Democratic President could result in higher corporate taxes and employee wages," BNY Wealth said.Financial firms will also feel a negative impact of both higher taxes and Harris' proposed regulatory tightening.But there are bright spots too. A Harris victory would likely benefit homebuilder stocks because of her proposal to build 3 million houses. Renewable-energy stocks should also see gains due to the favorable view of wind and solar energy by Democrats.Both sectors have outperformed in recent months during periods when Harris saw positive momentum in election polls.<h4 id="27decf30-ab8c-4ed1-beaf-70dfe2073247">Broader market</h4>The stock market <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-sp500-hits-another-record-high-q3-earnings-2024-10">has soared to records</a> during Joe Biden's presidency, up more than 50% since he was inaugurated, and a Kamala Harris win would likely be a continuation of many of the same policies that have been supportive of the market.Those include infrastructure investments and tax incentives to bring manufacturing jobs back to the country, like in the semiconductor industry via the CHIPS and Science Act.But BofA says Harris' proposed tax hike would also put downward pressure on corporate profits, which estimates a 5% earnings hit. Beyond that, a quadrupling of the stock buyback tax to 4% would also take 1% off S&amp;P 500 profits, the firm said.With all of these cross-currents swirling, a neutral market outcome must also be assessed.<h3 id="cefe8193-23a0-4521-8119-4d27dde3396d">A potentially muted impact</h3>Capital Economics believes neither a Trump nor Harris win will mean all that much for stock prices because bigger trends — specifically AI — will shape the market's direction."Our upbeat projections for the stock market in 2024 and 2025 are predicated on a view that hype over AI will continue to fuel a stock market bubble," the research firm said. Capital Economics has a 2025 year-end price target of 7,000 for the S&amp;P 500, regardless of which candidate wins the election.Meanwhile, Bank of America said that as long as corporate profits continue to grow, the stock market will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-outlook-harris-trump-energy-tesla-biden-2024-10">rise regardless of who wins</a> the White House.<h2 id="7a7d474f-4301-46c7-a48c-d475d0abd0a4">Bonds</h2>The performance of the US bond market largely hinges on the direction of interest rates.As interest rates rise, bond prices generally fall, and vice versa. And since presidential actions usually impact rates, the bond market will be shaped by what either Trump or Harris end up doing.<h3 id="aa298578-a5d5-4e0a-ab3b-fcb78a88d8dc">Trump</h3>A Trump win would is seen ushering in higher interest rates, which would push bond prices lower. It ultimately boils down to inflation.Economists see Trump's double-whammy proposals of mass deportation and universal tariffs as inflationary. And since the Federal Reserve's primary tool for fighting inflation is raising interest rates, bond prices would suffer as yields rise."Our assessment is that a Trump win would lead to higher US yields," Capital Economics said.Estimates from the <a target="_blank" class="" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a> — a non-profit think tank — say a wider deficit and an increasing pile of debt under a Trump presidency, compared to a Harris presidency, would also put upward pressure on interest rates. That would also hurt the performance of bonds.<h3 id="c267d16e-6b3a-4db4-8316-c599ab723494">Harris</h3>Capital Economics said it expects interest rates to fall under a Harris win, which would be good news for bonds, as she wouldn't pursue certain inflationary policies like tariffs or immigration deportations, which could fuel wage inflation.Harris' policies, considered to be less inflationary than Trump's, would also allow the Federal Reserve to continue on their path of cutting interest rates, which would boost bond prices.A Bloomberg survey of institutional investors last month found that 30% of investors would add to their bond exposure if Harris wins, while just 17% said they would buy more bonds if Trump wins.Additionally, 46% of respondents said they would reduce their bond exposure if Trump wins, compared to just 23% under a Harris win.<h2 id="648d1263-465a-44c9-b50e-97ea3cd444a7">Crypto</h2><h3 id="77a393b0-f8c1-49d8-b73b-e2f0119e53e1">Trump</h3>A Trump win is seen as bullish for bitcoin and the broader cryptocurrency industry, as former President Donald Trump has <a target="_blank" class="" href="https://www.businessinsider.com/trump-bitcoin-stance-2024-7?utm_medium=ingest&amp;utm_source=markets">firmly embraced digital assets</a> in recent years.According to Bernstein analyst Gautam Chhugani, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-90000-target-if-trump-wins-november-election-2024-9">bitcoin could hit $90,000 by December</a> if Trump wins the election, representing potential upside of about 37% from current levels."Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade," Chhugani said.<h3 id="58f9bbfb-d544-465f-8607-1b699202db17">Harris</h3>Harris <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-crypto-bitcoin-donors-young-men-2024-9">has also embraced the crypto industry</a> in recent months, though she's seen as slightly less bullish compared to Trump, given his public displays of support, including addressing crypto conferences and <a target="_blank" class="" href="https://www.businessinsider.com/trump-nfts-digital-cards-mahattan-trial-2024-5">launching his own NFTs</a>.Yet, Wall Street seems to think that a big case for bitcoin will remain intact no matter who wins. The US government debt pile is expected grow regardless of who controls the White House. That scenario is among bitcoin's biggest bull theses."I'm not sure if either President or other candidate would make a difference. I do believe the utilization of digital assets is going to become more and more of a reality worldwide," BlackRock CEO Larry Fink said during the company's third-quarter earnings call.<h2 id="bb5f6b7e-fd9d-459b-a7dd-22eebbb1993b">US dollar</h2><h3 id="0ae89f53-6e41-467c-8f2a-8aa885fcaf18">Trump</h3>Trump's tax plan and protectionist trade policies are expected to strengthen the dollar. It's <a target="_blank" class="" href="https://www.businessinsider.com/us-dollar-trump-presidential-election-weaker-usd-policy-intervention-trillions-2024-7">the opposite</a> of what the presidential hopeful has said he wants, since a weaker currency makes a nation's exports more competitive in global trade.These policies are expected to be inflationary, which would push interest rates higher and possibly prompt the Fed to tighten. Those climbing rates would then underpin dollar gains."Should he re-take the White House ... the dollar would probably rally sharply, at least in the near term, on expectations of higher US tariffs and interest rates," Capital Economics said in recent research.<h3 id="e5ae53de-b9c3-4069-a7a1-5fc244dc29c6">Harris</h3>A Harris presidency would continue the trends of a weaker dollar due to "policy continuity" of the Biden administration, Capital Economics said.Since Harris' overall platform is less expansionary, it's expected to drive less inflationary pressure, and therefore keep the coast clear for the Fed to cut rates and stimulate the economy as currently planned.That likelihood of lower interest would, in turn, push the dollar lower.

How a Trump or Harris presidency could impact your investments

<ul><li>When the news of the war hit the world, it caused a huge upheaval in commodities availability, supply issues as prices skyrocketed.</li><li>Strange as it may sound, no one seems to be worried or bothered about the war outside of <keyword id="6355101" type="General" weightage="80" keywordseo="ukraine" source="Orion">Ukraine</keyword>.</li><li>It is not just the fact that there is no impact of the war, the expected recession is also missing, explains why markets there are so bullish.</li></ul> The Russia-Ukraine confrontation seems to be like an event which began just the other day or yesterday, but would be marking its first anniversary on February 24. When it began, it appeared as if it would be a short affair lasting a couple of weeks or maybe if stretched, a couple of months. Time flies and so has this event. Today, except for those involved with the confrontation, <keyword id="6358826" type="General" weightage="50" keywordseo="russia" source="Orion">Russia</keyword> and Ukraine, the world seems to have forgotten the event. It's like nobody else is affected and hence not bothered. World markets were impacted when the confrontation began. The time was just after the world had more or less recovered from the second wave of Covid pandemic and things were near normal. When the news of the war hit the world, it caused a huge upheaval in commodities availability, supply issues as prices skyrocketed. A country like <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> exported some wheat in the initial stages before the government clamped down on the same. Crude prices rose sharply and Russia tweaked the way it sells crude to counter sanctions imposed on itself by the Western world. The big beneficiaries were China and India because they found land routes to get crude oil for their consumption, and at substantially discounted rates as well. World commodity prices and supply chains have recovered from the war shocks and things are back in place to pre-war and pre-Covid levels. It took a while and a lot of prices had to fall sharply before this was achieved. Today, things are more or less back to normal. The only place which is affected continues to be Ukraine, which is under threat. Immediately after the outbreak of the war, stock markets globally were affected and fell. No one was sure what could be the damage and for how long. They recovered from the losses and seem to be on a roll across the world. What could be termed as surprising or puzzling is the way European stock markets are behaving. One thought that the war would affect Europe the most, as Russia and Ukraine are big suppliers to Europe. Oil and gas are big sources of worry for Europe. However, and contrary to expectations, markets in Europe led by FTSE (British), CAC (French) and DAX (German) stock exchanges are trading at new highs. It is not just the fact that there is no impact of the war, the expected recession is also missing. This probably explains why markets there are so bullish. While financial aid has been given to Ukraine along with big consignments of armaments and ammunition, it appears that the situation is nowhere near resolution. New conditions seem to be the biggest hurdle for resolution. Coming to India and its markets, we made lifetime highs on the 1st of December and are less than 5 er cent away from those highs currently. We seem to be trading in a broad range of less than 2-3 per cent of the lifetime highs. Strange as it may sound, no one seems to be worried or bothered about the war outside of Ukraine. The US has had the worst of inflation and interest rates there have risen quite sharply. Economic data suggest that the economy is doing well and therefore one can expect that interest rate rise would continue, though at a reduced pace. The threat of recession haunts the US currently, even though there are no signs of it as yet. What is the road ahead? Resolution of the war? Unlikely, as neither side seems to be in a hurry. Status quo seems to suit everybody. Commodity prices have returned to normal, so the pain has subsided. Markets are doing fine, so there is no cause for worry. Unfortunate, but that is the reality. (Arun <keyword id="6358183" type="General" weightage="80" keywordseo="kejriwal" source="Orion">Kejriwal</keyword> is the founder of <keyword id="715020" type="General" weightage="50" keywordseo="kejriwal-research-and-investment-services" source="Orion">Kejriwal Research and Investment Services</keyword>. The views expressed are personal)

As the war lingers, it's business as usual for markets

<ul class="summary-list"><li>Airports are looking to private wireless networks to improve operations, execs said at MWC Las Vegas.</li><li>Passengers could see benefits like smoother baggage claim and check-ins, the panelists said.</li></ul>Private wireless networks are key to ushering in a better airport experience for both the travel hubs' operations and <a target="_blank" class="" href="https://www.businessinsider.com/busiest-airport-world-atlanta-dubai-tokyo-heathrow-dallas-list-ranking-2023-12">the billions of passengers who pass through them</a>.That's according to airport executives who spoke on a panel about connected aviation Tuesday at the trade show <a target="_blank" class="" href="https://www.businessinsider.com/mwc-las-vegas-2024-5g-ai-mobile-communications-conference-2024-10">Mobile World Congress Las Vegas</a>.<a target="_blank" href="https://www.businessinsider.com/las-vegas-private-5g-network-2023-9">Private networks</a> generally offer greater security and reliability, lower latency, and higher bandwidth compared with public networks. For these reasons, they can help airports with operations and communications, plane and baggage tracking, and security.California's Ontario International Airport, for example, is using a private wireless network to run its perimeter-intrusion detection system, Charles Miwa, the airport's chief information officer, said."As I think about a future with a lot of growth, private wireless is foundational. It's going to enable us to accommodate these ad hoc moves," he said, emphasizing the need for flexibility given how often many airports do some form of construction to update their infrastructure."We're trying to run more efficient airports, more customer-friendly airports," said Michael Youngs, the vice president of information technology at Dallas Fort Worth International Airport, which last year announced a $10 million deal with AT&amp;T for a <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/what-frequency-is-5g">private 5G network</a>."We're not going to do it with people. We're not going to do it with brick and mortar. We're going to do it with technology, with IoT, but we need that base foundational level of connectivity, private wireless, that's going to enable it," he added, referring to the Internet of Things.Private wireless networks can also help enterprises with cost and mobility by reducing the expense of installing cables and by providing connectivity to areas that might be harder to reach with wires."We traditionally at the airport, especially, do not put anything very secure across wireless. We just don't do it," said Kyle Mobley, the director of information technology at the Port of Oakland, which operates the San Francisco Bay Oakland International Airport. "And it's not because we have any proof it's going to be less secure in the way we do it. It's the what you don't know."Mobley added: "Having this infrastructure wirelessly is huge." Mobley spoke of using private wireless for passenger traffic sensors, for example."It's tough to keep sending people out in the field to investigate things at 2 o'clock in the morning," he said. "And we cover such a wide area that getting these sensors — lidar, cameras, whatever it ends up being — in every corner of our property is huge to give that person working that desk the ability to know what's going on. Do I have a squirrel running up the fence, or is it somebody? The squirrel will sometimes send 10 cars out there, and that's not very efficient."Roughly 58% of airports worldwide that participated in the survey are investing in major development programs for a 5G communications network, and another 29% have research-and-development programs for the tech by 2026, said the <a target="_blank" class="" href="https://www.sita.aero/globalassets/docs/surveys--reports/2023-air-transport-it-insights-v6.1.pdf">2023 Air Transport IT Insights</a> report from SITA, an IT and telecommunications service provider for the aviation industry, and Airports Council International.As for passengers, they might see benefits like quicker <a target="_blank" class="" href="https://www.businessinsider.com/heres-what-to-do-when-an-airline-loses-your-luggage-2022-7">baggage claim</a> or smoother check-ins."I'm not really looking to be in the private-wireless business — I feel like I have to be in the private-wireless business," Youngs said. "I need to harness data to take our airport forward. That's really the end game."

Airports are investing in private wireless networks to improve operations and travelers' experience

<ul class="summary-list"><li>Microsoft disclosed an equity investment in OpenAI for the first time, SEC filings show.</li><li>Microsoft previously disclosed its relationship with OpenAI as only a "partnership."</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/microsoft-lost-billions-hololens-ivas-contract-trouble-2024-10">Microsoft</a> disclosed an equity investment in <a target="_blank" class="" href="https://www.businessinsider.com/openai-ai-adjusted-earnings-groupon-wework-accounting-2024-10">OpenAI</a> for the first time, according to its latest SEC filings.On Wednesday, the company released its quarterly results. In legally required disclosures, Microsoft included information about <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-satya-nadella-openai-partnership-competition-collaboration-2024-5">its relationship with OpenAI</a>."We have an investment in OpenAI Global, LLC ("OpenAI") and have made total funding commitments of $13 billion," Microsoft wrote in the <a target="_blank" class="" href="https://www.sec.gov/Archives/edgar/data/789019/000095017024118967/msft-20240930.htm">SEC filing</a> on Wednesday. "The investment is accounted for under the equity method of accounting."Accounting expert Francine McKenna told Business Insider that the new disclosure suggests that Microsoft's previous investments in OpenAI were "soft money," such as discounts or credits for services and internal spending that fell below a certain threshold where the software giant didn't need to publicly disclose details.The latest "equity method investment" disclosure signals that Microsoft recently purchased stock or share rights in OpenAI, instead of just partnering, said McKenna, who writes <a target="_blank" class="" href="https://thedig.substack.com">The Dig</a> newsletter. In early October, OpenAI completed a $6.6 billion funding round and Microsoft took part in that deal. OpenAI also began a process of changing from a mostly non-profit organization to a more traiditional for-profit business. In a previous SEC filing, Microsoft described the nature of its relationship with OpenAI as a partnership rather than an equity investment."We have a long-term partnership with OpenAI, a leading AI research and deployment company," Microsoft wrote in its annual SEC filing from late July. "We deploy OpenAI's models across our consumer and enterprise products. As OpenAI's exclusive cloud provider, Azure powers all of OpenAI's workloads. We have also increased our investments in the development and deployment of specialized supercomputing systems to accelerate OpenAI's research."Microsoft's has had a relationship with OpenAI since 2019, using the startup's large language models to underpin its own generative AI products, such as its AI assistant Copilot. In return, Microsoft provides OpenAI with massive cloud-computing resources. The relationship between the companies has evolved in recent months. In the July filing, Microsoft listed OpenAI as a competitor for the first time.Are you a Microsoft employee or someone else with insight to share?Contact Ashley Stewart via the encrypted messaging app Signal (+1-425-344-8242) or email (<a target="_blank" href="mailto:astewart@businessinsider.com">astewart@businessinsider.com</a>). Use a nonwork device.

Microsoft hints at a big change to its OpenAI investments in a new SEC filing

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 1 (ANI): In a research report titled "When 8 per cent becomes the new normal: Decoding the new normals of a GDP on swing," the State Bank of India's Economic Research Department unveils key insights into India's economic landscape, shedding light on the recent GDP surge and providing projections for the future. The report highlights the unprecedented growth witnessed in India's economy during the third quarter of FY24, defying all estimates and expectations. India's GDP expanded by a remarkable 8.4 per cent during this period, following consecutive quarters of over 8 per cent growth. This surge has been attributed to effective policy frameworks and perspectives, which have surpassed irrational market expectations. The buoyancy in indirect tax collection, marked by a 32 per cent year-on-year growth amounting to Rs 3.9 lakh crore, further underlines the robustness of the economy. As a result, projections for FY24 indicate a GDP growth of 7.6 per cent and Gross Value Added (GVA) growth of 6.9 per cent. The report suggests that the GDP growth for the fourth quarter could be around 5.9 per cent, indicating a potential attainment of 8 per cent growth for the fiscal year. Significant revisions in both annual and quarterly numbers have led to upward adjustments in the GDP figures for FY22 and FY24. This revision has propelled the Year-to-Date (YTD) GDP growth rate above the 8 per cent mark. However, downward revisions in FY23 GDP numbers have implications for the fiscal deficit, necessitating an upward revision to 5.9 per cent of GDP for FY24. Delving into sectoral performances, the report highlights stellar performances in <keyword id="20788019" type="General" weightage="20" keywordseo="manufacturing-and-services" source="keywords">Manufacturing and Services</keyword>, buoyed by significant growth in industry, manufacturing, and construction sectors. However, the agriculture sector witnessed a decline of -0.8 per cent in Q3, attributed to uncontrollable factors. Moreover, the report underscores remarkable milestones achieved in terms of per capita GDP, with current prices crossing the Rs 2 lakh mark in FY24. Decadal Compound Annual Growth Rate (CAGR) stands at 8.9 per cent, with notable increases observed even in constant prices. Notably, post-pandemic recovery has seen a substantial jump in per capita GDP. The report also analyzes investment and savings trends over the past decade, revealing an increase in Gross Capital Formation (GCF) and gross savings. <keyword id="19964112" type="General" weightage="20" keywordseo="noteworthy" source="keywords">Noteworthy</keyword> is the improvement in the <keyword id="20788020" type="General" weightage="20" keywordseo="incremental-capital-output" source="keywords">Incremental Capital Output</keyword> ratio (ICOR), indicating increasing efficiency of capital utilization and laying the groundwork for sustained economic growth. In conclusion, the findings of the SBI report suggest a promising outlook for India's economy, with the potential for sustained growth at 8 per cent in FY25. (ANI)

SBI report deciphers India's GDP surge and economic projections

The week gone by saw markets gain on three of the five trading sessions, yet they lost considerable ground. The start of a new September futures series was also a mixed bag with the series beginning with a bang but by end of day turning out to be just about positive. BSESENSEX lost 812.28 points or 1.36 per cent to close at 58,833.87 points while <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">NIFTY</keyword> lost 199.55 points or 1.12 per cent to close at 17,558.90 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.00 per cent, 0.85 per cent and 0.65 per cent respectively. BSEMIDCAP gained 0.61 per cent while BSESMALLCAP was up 0.85 per cent. The Indian Rupee lost 6 paisa or 0.08 per cent to close at Rs 79.86 to the US Dollar. Dow Jones had a torrid week and was under pressure. It lost on three of the five days and Friday was literally a meltdown when it lost just over 1,000 points. It lost 1,008.38 points after <keyword id="45672" type="General" weightage="80" keywordseo="fed" source="Orion">FED</keyword> chairman <keyword id="1727754" type="General" weightage="80" keywordseo="jerome-powell" source="Orion">Jerome Powell</keyword> reiterated that they are on track to reach interest rates of between 3.75 per cent - 4 per cent by the end of the calendar year. This means that the next hike in September would be 75 basis points and the next one in November may bring a 50-basis points hike. The last and final meeting in December would decide where interest rates end at the end of the year. Currently interest rates in the US are in the range of 2.25-2.50 per cent. This statement by Powell, caused markets to plummet as over the last fortnight they had built in a softer rate hike. The impact of what happened in the US on Friday will be felt over the world when they resume trading on Monday. Our markets are closed for a holiday on Wednesday the 31st of August on account of Ganesh Chaturthi, the day when Lord Ganesh is brought home. It used to be a celebration in just Mumbai and Maharashtra, but is now a national event. This would break trading momentum and being a mid-week holiday, any meaningful rally would be difficult to sustain. In primary market news, it was a blockbuster Friday with one listing and one issue closing for subscription, and both doing very well. The listing from Syrma SGS Technology Limited which had issued shares at Rs 220 closed day one at Rs 313.05. The script gained Rs 93.05 or 42.5 per cent. The share saw robust trading and it was a little surprising that at the end of the day, no names were reported of people who had bought the stock. The issue from Dreamfolks Limited which had tapped the markets with its offer for sale of 172.42 lac shares in a price band of Rs 308-326 closed. The issue was open from Wednesday the 26th of August to Friday the 28th of August. The issue was subscribed 56.67 times with QIB portion subscribed 70.53 times, HNI portion subscribed 37.66 times and Retail portion subscribed 43.60 times. The issue got a favourable rub-off from the subscription and performance of Syrma SGS. Whether this replicates in future issues would be something that would be keenly watched. Issues to open from 1st September would see a change in the way money gets blocked against bids made through brokers. It was witnessed in almost all issues over the last 12 months, that investors bid for shares on the last day and then took a call depending on the final subscription whether they would block their money against the bid or allow the same to lapse. This saw many IPOs which were subscribed to actually end as undersubscribed and getting bailed out by reducing the offer for sale component. In the case of one issue, the merchant bankers had to contribute to the shortfall through the underwriting agreement. This would no longer be possible. It would be interesting times at the markets. Coming to the week ahead, we have a mid-week Wednesday trading holiday which would break the momentum. The previous week's top of 60,400 and 18,000 would act as very strong resistances on any upside that the markets make while levels of 58,200 and 17,400 would act as immediate support. However, if markets break these support levels, we would have another sharp fall of maybe another 2 per cent in the benchmark indices happening rapidly. The new support could then be around 17,000 on NIFTY and 57,000 on BSESENSEX. The big concern would now be the FED announcement and the fact that the US market which fell 1,000 points on Friday is now becoming a cause for concern. The strategy would be to buy on really sharp dips and sell on any rallies. (Arun <keyword id="6358183" type="General" weightage="100" keywordseo="kejriwal" source="Orion">Kejriwal</keyword> is the founder of <keyword id="715020" type="General" weightage="50" keywordseo="kejriwal-research-and-investment-services" source="Orion">Kejriwal Research and Investment Services</keyword>. The views expressed are personal) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pyjamas-out-power-suits-in-apparel-and-cosmetic-sellers-gain-as-indians-go-back-to-office/articleshow/93804412.cms">Pyjamas out, power suits in: apparel and cosmetic sellers gain as Indians go back to office</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/millenial-and-gen-z-couples-want-fewer-guests-at-their-weddings-says-survey/articleshow/93804294.cms">Millenial and Gen Z couples want fewer guests at their weddings, says survey</a>

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Investment Advisers, Research Analysts should disclose AI tools usage to clients, notes SEBI

PTI

FPIs withdraw record Rs 94,000 cr from Indian equities in Oct on attractive Chinese valuations

PTI

How a Trump or Harris presidency could impact your investments

Matthew Fox

As the war lingers, it's business as usual for markets

IANS

Airports are investing in private wireless networks to improve operations and travelers' experience

Sarah Jackson

Microsoft hints at a big change to its OpenAI investments in a new SEC filing

Ashley Stewart

SBI report deciphers India's GDP surge and economic projections

ANI

Markets under pressure and look vulnerable: Arun Kejriwal

IANS

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