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Singapore, May 26 (ANI): After Germany entered recession, Singapore fears slipping into a 'technical recession' in the second quarter as the country's exports outlook weakened following a slowdown in global demand, Channel NewsAsia (CNA) reported citing economists. Singapore's economy is heavily dependent on exports, which has been weakening after several agencies earlier forecasted a slowdown in global economies in 2023. "There remains a high risk that the economy slips into a technical recession, either in (the second quarter) or in the second half of the year," CNA, Singapore's state broadcaster reported Shivaan Tandon from <keyword id="110414" type="General" weightage="50" keywordseo="capital-economics" source="Orion">Capital Economics</keyword>, as saying. A technical recession is often defined as two consecutive quarters of negative growth in the real GDP. "While advanced economies have held up better than initially expected, we expect that resilience to fade in the second half of the year which will weigh heavily on demand for Singapore's exports," he added. He further stated that these dynamic raises the risk of a technical recession given the export-driven nature of Singapore's economy. These comments came after the official data for the first quarter showed the economy declined 0.4 per cent, reported CNA. This marks a reversal from the 0.1 per cent growth in the fourth quarter of 2022, leaving the economy at risk of a technical recession which is defined as two consecutive quarter-on-quarter contractions. Singapore's small and open economy relies heavily on trade, but external demand has been weakening amid a slowdown in the global economy, still-strong inflationary pressures and a downturn in the global semiconductor industry. The country's key non-oil domestic exports (NODX) have since chalked up a seven-month losing streak. Authorities on Thursday also downgraded the 2023 forecasts for NODX following a "worse-than-expected" performance in the first quarter. Meanwhile, <keyword id="199376" type="General" weightage="50" keywordseo="maybank" source="Orion">Maybank</keyword> economists Chua Hak Bin and Lee Ju Ye, with the weaker performance in the external-oriented sector, see Singapore's economy stagnating, instead of staging a rebound, in the coming quarters, according to CNA. They added that Singapore may slip into a technical recession "if the boost from China's reopening fails to materialise in the second quarter". Earlier, the German economy was in recession in early 2023 after household spending in Europe's economic engine finally succumbed to the pressure of high inflation, according to Reuters. Gross domestic product fell by 0.3 per cent in the first quarter of the year when adjusted for price and calendar effects, a second estimate from the statistics office showed on Thursday. This follows a decline of 0.5 per cent in the fourth quarter of 2022. A recession is commonly defined as two successive quarters of contraction, as per the report in Reuters. Germany's Finance Minister <keyword id="1084060" type="General" weightage="50" keywordseo="christian-lindner" source="Orion">Christian Lindner</keyword>, on Thursday, said that the GDP data showed "surprisingly negative signals." He added that comparing Germany with other highly developed economies, the economy was losing the potential for growth. "I don't want Germany to play in a league in which we have to relegate ourselves to the last positions," Lindner said, referring to the forecasts of the International Monetary Fund, which predicted a recession in 2023 only in Germany and Britain among European countries, according to Reuters. (ANI)

After Germany enters recession, fears in Singapore of 'technical recession'

<ul class="summary-list"><li>Herbert "Bertie" Bowman was the longest-serving African-American staffer on Capitol Hill in US history.</li><li>He died on October 25 after a nearly 60-year career in the Senate.</li></ul>Bertie Bowman, the longest-serving African-American staffer on Capitol Hill in history, died at 92 years old on Wednesday morning.Andrew Desiderio, a reporter for Punchbowl News, first <a target="_blank" href="https://twitter.com/AndrewDesiderio/status/1717186892687458334">reported</a> that Bowman's death was announced by Sen. Ben Cardin of Maryland during a Senate Foreign Relations Committee meeting on Wednesday. A spokesperson for the committee confirmed the news.Herbert "Bertie" Bowman was born in Summerton, a small town in South Carolina, in 1931. Like many families during the Great Depression, the Bowmans struggled financially. Bowman recalled in his <a target="_blank" href="https://www.penguinrandomhouse.com/books/16715/step-by-step-by-bertie-bowman/">memoir</a> "Step by Step" that "the wind would whistle through the wooden boards of the house" in the winter.The 14 Bowman children worked on their family's farm, waking up before dawn every day to complete morning chores before walking three miles to school. "The white children, in buses, passed us on the road to their well-equipped classrooms and modern textbooks," Bowman wrote.<h2>A chance encounter with a senator</h2>Bowman dreamed of escaping the grueling life on the farm and his father's rule of law. He saw a glimmer of possibility in 1944 when he met a senator from South Carolina, Burnet Maybank, who invited crowds gathered at a local store to "drop by" and see him if they were ever in Washington, DC.Then-13-year-old Bowman approached Maybank as the senator was about to get into his car and asked if he was also invited to visit his office."The senator leaned over and replied graciously, 'Certainly, my boy,'" Bowman recalled.The idea of leaving Summerton and "going up the road" became Bowman's obsession, and he began to plan his exit.<div type="image" title="Former Senator Chris Dodd, D-Conn., left, hugs Bertie Bowman, a staffer with the Senate Foreign Relations Committee, before a subcommittee hearing in Dirksen Building entitled &quot;The Peace Corps, The Next Fifty Years.&quot;" height="2340" width="3518" msid="104708263" hostid="261" sizebytes="213734"></div><h2>From janitor to congressional staffer</h2>Several nights later, Bowman crept out of the house with one sack of flour and his meager savings pinned to his shirt, and boarded a train to Washington. He was immediately entranced by the nation's capitol."When I got to the Union Station, man, I thought that Union Station was Washington. All those lights. I'd never seen that many lights before," Bowman told talkshow host Tavis Smiley in 2008.Bowman managed to track down Maybank, who helped him secure a place to stay and a job sweeping the Capitol steps for $2 a week.Bowman swiftly established himself as a jack-of-all-trades and eventually became a janitor for the Capitol. During that time, he formed relationships with influential members of the government, including future President Lyndon Johnson.Bowman's close relationships with white politicians — even those who had publicly supported segregation — became an unusual aspect of his career. Bowman <a target="_blank" href="https://federalnewsnetwork.com/people/2021/09/a-legend-in-the-senate-he-may-be-the-longest-serving-federal-employee/">called</a> Strom Thurmond a good friend, and repeatedly drew distinctions between the personality and the public positions taken by the former governor of South Carolina who was known to be a staunch segregationist.<div type="image" title="Sen. John Kerry (D-MA), right, hugs Bertie Bowman, Hearing Coordinator after testifying at his confirmation hearing before the Senate Foreign Relations Committee for Secretary of State in the Hart Senate Office Building on Capitol Hill January 24, 2013 in Washington D.C. President Barack Obama nominated Kerry to succeed Hillary Clinton" height="1997" width="3000" msid="104708264" hostid="261" sizebytes="394976"></div>Bowman was also friendly with Sen. Jesse <a target="_blank" href="https://www.npr.org/2008/07/04/92241277/remembering-sen-jesse-helms#:~:text=Transcript-,Jesse%20Helms'%2030%2Dyear%20career%20in%20the%20U.S.%20Senate%20was,at%20the%20age%20of%2086.">Helms</a> of North Carolina, and Sen. J. William <a target="_blank" href="https://www.latimes.com/archives/la-xpm-1995-02-10-mn-30368-story.html">Fulbright</a> of Arkansas, both of whom also supported segregation."We never did discuss things like that," Bowman <a target="_blank" href="https://rollcall.com/2013/07/05/bertie-bowmans-long-senate-journey/">told</a> Roll Call in 2013. "They were my friends."In 1965, Bowman became a clerk for the US Senate's Foreign Relations Committee, where he worked on some of the nation's most monumental issues, like the <a target="_blank" href="https://www.businessinsider.com/tet-offensive-vietnam-war-photos-what-happened-2018-1">Vietnam War</a> and the <a target="_blank" href="https://www.businessinsider.com/most-controversial-presidential-pardons-commutations-in-us-history-2023-4">Watergate scandal</a>.During this time, he also supervised a young Bill Clinton, who, at the age of 21, served as a messenger for the committee. In a 2008 <a target="_blank" href="https://www.washingtonian.com/2008/05/01/bill-and-me/">essay</a> for the Washingtonian, Bowman wrote about how the two of them bonded over their shared love of Elvis.Years later, former President Clinton penned the foreword to Bowman's memoir, writing, "Bertie's life is a testament to the power and promise of the American Dream."<div type="image" title="Senate Foreign Relations Committee staffer Bertie Bowman (R) talks with Secretary of State John Kerry before he testifies about a congressional Authorization for the Use of Military Force against the Islamic State, the violent jihadist group that has seized parts of Syria and Iraq, before a hearing in the Dirksen Senate Office Building on Capitol Hill December 9, 2014 in Washington, DC." height="2000" width="3000" msid="104708265" hostid="261" sizebytes="160722"></div><h2>A lifetime of service at the Capitol</h2>By the time Bowman retired in 1990, he had risen the ranks to become the Foreign Relations Committee's assistant hearing coordinator — a significant role that handled logistics for all of the committee's meetings throughout the year.Although he'd retired, Bowman continued to serve as a consultant for the committee for the next decade.<div type="image" title="Escorted by committee staff Bertie Bowman (2nd R), U.S. Secretary of State Hillary Clinton (R) arrives at a hearing before the Senate Foreign Relations Committee March 2, 2011 on Capitol Hill in Washington, DC. Sec. Clinton testified on &quot;National Security &amp; Foreign Policy Priorities in the FY2012 International Affairs Budget.&quot;" height="2151" width="3000" msid="104708266" hostid="261" sizebytes="397112"></div>In 1999, Sen. Helms, who had just become chair of the Foreign Relations Committee, sought Bowman out to come out of retirement and serve as his hearing coordinator.Bowman had continued to work in the Capitol until his death, becoming the longest-serving African-American congressional staffer in US history."For 57 years — 57 years! — if you served on or appeared in front of the Senate Foreign Relations Committee, you knew the big smile, the booming laugh, and the bear hug of Bertie Bowman," John Kerry <a target="_blank" href="https://twitter.com/JohnKerry/status/1717267718913630276">wrote</a> in a tweet on Wednesday. "His title may have been 'hearing coordinator' but it could've just as easily been 'heart and soul.'""Bertie was an institution — an inspiration of a man who started in the Senate sweeping floors at 13 and made the place both his career and his home — but more than that, he was a great human and I'll miss him," Kerry said.

Bertie Bowman ran away from home at 13 to sweep the steps of Capitol Hill. He died at 92 as the the longest-serving African-American Congressional staffer.

<ul class="summary-list"><li>China signed a series of yuan-denominated loans at the Belt and Road Initiative forum on Wednesday.</li><li>The latest BRI loans marked another shift away from the greenback.</li></ul>China's policy banks signed a series of yuan-denominated loans Wednesday at the latest Belt and Road Initiative forum in Beijing.Beijing's yuan lending spree marks another step to internationalize the yuan and de-dollarize global finance, while also contrasting with its prior BRI loans, which were mostly denominated in greenbacks.The yuan-based loans at the BRI meeting included contracts signed by the China Development Bank with Malaysia's Maybank, Egypt's central bank, and BBVA Peru, <a href="https://www.reuters.com/markets/currencies/china-ramps-up-yuan-internationalisation-under-belt-road-initiative-2023-10-19/" target="_blank" rel="noopener">according to Reuters</a>.The Export-Import Bank of China also signed a yuan-based loan agreement with Saudi National Bank. And with the help of the Bank of China, Egypt issued <a href="https://markets.businessinsider.com/news/currencies/dedollarization-egypt-chinese-yuan-panda-bonds-lower-rates-dollar-debt-2023-10">$479 million worth of panda bonds</a> for the first time to help pay back its foreign loans.Beijing also set aside an additional 80 billion yuan ($10.94 billion) for its Silk Road Fund, which promotes BRI projects, Reuters added.China's policy banks are state-backed lenders that Beijing uses to advance its long-term goals, such as the BRI. The massive infrastructure campaign was established a decade ago by President Xi Jinping to extend China's ties to markets around the world.China's goal to dethrone the dollar is another policy priority, and fresh data from the SWIFT international banking system revealed that the yuan accounted for a record 3.71% of international payments in September. Still, it's <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-china-yuan-renminbi-replace-usd-currency-outlook-2023-8">minuscule compared to the dollar's</a> 46.6% share.Meanwhile, China has signed bilateral currency swap agreements with 20 partner countries and established yuan-clearing arrangements in 17, according to a <a href="http://www.scio.gov.cn/zfbps/zfbps_2279/202310/t20231010_773734.html" target="_blank" rel="noopener">white paper</a> released before the Belt and Road meeting.Earlier this week, Argentina <a href="https://markets.businessinsider.com/news/currencies/dedollarization-china-yuan-argentina-peso-currency-swap-foreign-exchange-reserves-2023-10">struck a deal to access $6.5 billion worth of yuan</a> as part of its swap agreement.China has also been encouraging the use of the yuan through "<a href="https://markets.businessinsider.com/news/currencies/dedollarization-egypt-chinese-yuan-panda-bonds-lower-rates-dollar-debt-2023-10">panda bonds</a>" — notes issued by foreign entities in the Chinese markets.

China signs yuan-denominated loans for Belt and Road Initiative, accelerating de-dollarization

<ul><li>Foreign portfolio investors (FPIs), domestic mutual funds are raising their stake in multiplex firms like Inox Leisure, PVR on hopes of <keyword id="9450879" type="UNKNOWN" weightage="20" keywordseo="theatres-reopening">theatres reopening</keyword> soon.</li><li>Investors cheered this development as shares of both multiplex stocks gained on July 27.</li><li>Analysts expect the multiplex industry to gradually recover in the second half of FY22.</li></ul>Multiplex chains, which are among the worst hit by the pandemic have finally found some hope as <keyword id="46604" type="PERSON" weightage="20" keywordseo="theatres">theatres</keyword> are reopening as COVID-19-induced restrictions are being relaxed. <a href="https://www.livemint.com/news/india/maharashtra-shops-may-open-for-longer-hours-as-govt-set-to-relax-some-restrictions-this-week-11627264968238.html">Reports </a>said that Maharashtra government may announce more relaxations in the pandemic-related curbs, this week, imposed during the second wave of the coronavirus pandemic in the state. Moreover, the Delhi government on July 24 announced a slew of unlocking measures and allowed the cinema halls and theatres, and multiplexes to function with 50% capacity. Shares of Inox Leisure and PVR gained 6% and 1.3% respectively on July 27 at 12:51 p.m. Foreign portfolio investor (FPI) holdings in Inox Leisure have <a href="https://www.thehindubusinessline.com/markets/stock-markets/fpis-mfs-increase-stake-in-pvr-inox-leisure/article35546798.ece">reportedly</a> gone up by 8.09% year-on-year to 16.44% as of April-June 2021 from 9.53% in the same quarter last year. Also, mutual funds’ holdings also went up to 23.09% from 19.72% during the same period. Also, a <a href="https://timesofindia.indiatimes.com/business/india-business/amazon-eyes-potential-stake-in-indias-inox-leisure-report/articleshow/84782764.cms">report</a> by Indian Express suggested that Amazon.com India is in talks with several domestic players in film and media distribution including Inox Leisure for a potential stake. It may be looking to expand its content streaming platform Prime Video. Reacting to the report, Inox Leisure released a statement on exchanges saying there are no discussions taking place with Amazon, nor were there any such discussions in the past. It stated the news report was factually incorrect. <div type="image" title="inox stock chart" height="900" width="1200" msid="84785863" hostid="261"></div> A report by Sharekhan Research expects gradual recovery in this space while it said multiplex business is going to be a sustainable model in the long term. “Expect gradual recovery over the next 2-3 quarters as COVID vaccination is catching pace… We believe the multiplex business is going to be a sustainable model in the long term given Indian movie-goers’ strong appetite for the silver screen… We continue to remain positive on the stock, given a net debt-free balance sheet and potential for healthy earnings growth over FY21-FY23,” said a report on Inox Leisure published on April 29. <div type="image" title="PVR stock chart" height="900" width="1200" msid="84785899" hostid="261"></div> Meanwhile, a report by Maybank Kim Eng Securities on PVR dated June 3 said it sees a threat from over the top (OTT) platforms witnessing direct release on their platforms. It hopes big movies will release on box office and not on OTT. “We factored in 67 million footfalls in FY22 estimates, as we expect a weak recovery in footfalls even during second half of FY22 which is contingent upon the government’s vaccination drive and reaching herd immunity, strong content pipeline -- key movies such as ‘Sooryavanshi’, ‘Lal Singh Chaddha’ and ‘83’ release on box-office and not on OTT,” said the report. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-second-quarter-earnings-show-that-its-bitcoin-holding-cost-the-company-23-million-in-impairment/articleshow/84784933.cms">Elon Musk’s Tesla second-quarter earnings show that its Bitcoin holding cost the company $23 million in impairment </a> <a href="https://www.businessinsider.in/business/corporates/news/lok-sabha-mp-mahua-moitra-says-delisting-of-adani-power-need-to-be-looked-into/articleshow/84752594.cms">Adani Group in spotlight again — Lok Sabha MP Mahua Moitra says delisting of Adani Power needs to be ‘looked into’ </a>

Inox Leisure, PVR stocks shine on hopes of theatres reopening soon

<ul><li>US dollar is likely to get weaker in the coming months, may hit 66 to the rupee by June</li><li>The US-China trade war is likely to slow down global economy, including US</li><li>For those buying dollars in exchange of rupees, there are other factors at play too</li></ul> If you are looking to buy US dollars either as an investment or for a travel plan in the future, wait for a while. The greenback is likely to weaken in the coming months. That's the call from an ICICI Bank as well as Malaysia-based Maybank. "Appetite for the US dollar is expected to wane from a cyclical perspective as growth in the US economy slows," a report from ICICI Bank said. As the economic growth slows, the market's confidence in a country's currency weakens, hurting its value. 
 
 
 






 One of the biggest factor for a possible slowdown in US economy is the ongoing trade tussle with China. Both have levied additional tariffs on goods exported from the other country. In December, both countries agreed to hold off on new tariffs for 90 days and negotiate peace. The deadline for a deal is March 1. "There are signs a trade deal could very well happen between the US and China during the 90-day ceasefire period. However, we believe they can only reach a weak deal," the Maybank report said. However, the fall in the value of the dollar may not be much because the trade war between US and China is hurting economies across the world. "There has been a simultaneous weakening in non-US growth relative to expectations," the ICICI Bank report said adding that, "The downtrend in the US dollar has been somewhat more modest than we previously expected." For Indians, there will be other factors, too, at play. The price of crude oil can alone derail all calculations for the world's fastest growing economy. India imports nearly 80% of all the crude oil it needs, and a spike in prices would mean it has to pay more dollars to get the same amount of oil in the international market. This would weaken the rupee. The government's handling of finances also affects the exchange rate. Reckless expense to appease voters in an election year will also the hurt the currency. Foreign fund flows also determine the demand for a currency. If foreigners bring in more dollars to invest in stocks or bonds, the currency will appreciate faster. For example, today (February 5), rupee gained for the first time in three days as investors from abroad made a bet of ₹4.2 billion. The net impact of these factors will decide how much stronger the rupee gets against the American currency in the coming weeks. Here's an estimate from Maybank. 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/donald-trumps-trade-war-with-china-may-help-indias-exports-says-the-united-nations-report/articleshow/67850842.cms" data-type="tilCustomLink" target="_blank">Donald Trump's trade war with China may be good for India's exports, says UN</a> <a href="https://www.businessinsider.in/next-global-recession-may-be-just-two-years-awayand-india-should-be-worried/articleshow/67535452.cms" data-type="tilCustomLink" target="_blank">Next global recession may be just two years away— and India should be worried</a> <a href="https://www.businessinsider.in/sale-one-of-indias-oldest-battery-brands-eveready-for-500-million/articleshow/67482195.cms" data-type="tilCustomLink" target="_blank">A 100-year old successfu Indian brand is up for sale at about $500 million</a>

Looking to buy US dollars? Wait for a while

<ul><li>Analysts expect the growth momentum in the IT services sector to continue on account of large deal wins and demand for digital transformation. </li><li>Infosys, TCS, Tech Mahindra and HCL Tech are expected to report a revenue growth anywhere between 3.5% to 5.5% for the period of April-June 2021.</li><li>However, Wipro’s topline is likely to stand out among the top-tier software exporters from India, thanks to the Capco acquisition</li></ul>India’s top software exporters like TCS, Infosys and HCL Technologies are likely to see their dream run continue in the first quarter of the financial year 2022. However, Wipro, one of the top five players in the sector may have had it better than the rest. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Growth estimate* </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Share price change since Feb end 2021 to June 2021 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.3% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.5% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.60% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr></tbody></table>*Source: Axis securities A big reason for Wipro’s outperformance may be the $1.45 billion acquisition of Capco, the largest ever buyout by the Bengaluru-based company. The shares of Wipro have led the IT pack ever since the new chief executive officer (CEO) Thierry Delaporte took charge in June last year. The company made about $2 billion last year from IT services and if Capco delivers the same amount of revenue as it did last year, it could add another $700 million to Wipro’s topline. That’s a 35% bump up a year straight away. Expectations are built up in the stock that has gained about 30% since the Capco deal was announced in early March, and closed in April. <div type="image" title="Wirpo stock price chart" height="900" width="1200" msid="84201479" hostid="261"></div> There is also a lot of apprehension. “The execution risk is further aggravated by a weak growth performance from Capco over the last two years – even after adjusting for the drag due to COVID-19,” said Motilal Oswal in its report dated March 4. “We’re guiding revenue growth of 2% to 4% in the first quarter, outside of Capco and Ampion,” Delaporte had said during the earnings call in April. Wipro has acquired Ampion, an Australia-based provider of cyber security, devops and quality engineering services. The move will strengthen its commitment towards clients and stakeholders in Australia and New Zealand (ANZ). The acquisition will close in the quarter ending June 30, 2021. It’s boom time for all tech companies For the rest of the top five IT services majors, the growth is likely to continue on the same trend seen since the pandemic broke out. “IT spending from North America and Europe has gained momentum and demand for digital transformation has increased exponentially,” Axis Securities said in a report dated July 6. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">New deals from April to June 2021 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Proximus, Ericsson, Virgin Atlantic, Alcatel-Lucent, Commercial Bank of Kuwait </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ArcelorMittal Europe, Britvic, Archrock </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCLT </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UD Trucks Corporation, Hitachi ABB Power Grids, McLaren Health Care </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bristol Water, Transcell Oncologics, Levi Strauss &amp; Co </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pret A Manger </td></tr></tbody></table> However, wage hike and rising attrition since the start of the year may dent operating margins of IT companies. Several IT companies have given second salary hikes to eligible employees in a calendar year 2020 as initially promotions had been deferred on account of the pandemic and business downturn. In the last one year, Nifty IT (the index of tech stocks) showed gains of 81% as compared to the benchmark Nifty50’s 46%. These are the estimates for topline growth for the sector. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Broking firm </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Apr-June average growth estimate for tier-I IT companies </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.10% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Institutional Research </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maybank Kim Eng </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.30% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BOB Capital Markets </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.20% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3%-7% </td></tr></tbody></table>Growth estimates are in comparison to the earnings for the quarter ended June 2020. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts | Business Insider India</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms">GR Infraprojects IPO is for long term investors, say analysts | Business Insider India</a>

TCS, Infosys and HCL Tech will show a good quarter but Wipro’s earnings will outshine them all ⁠— here’s why

<ul class="summary-list"><li>A recent <keyword id="12020981" type="UNKNOWN" weightage="60" keywordseo="tiktok-trend" source="Orion">TikTok trend</keyword> shows people - many of them young, white men - pretending to get arrested.</li><li>The videos show them struggling against imaginary handcuffs, mouthing "I love you" to the camera.</li><li>Parodies and remarks on how the trend bizarrely seems to romanticize arrest also spread on <keyword id="11894125" type="UNKNOWN" weightage="60" keywordseo="tiktok" source="Orion">TikTok</keyword>.</li></ul>On TikTok, people - mostly young, white men - are romanticizing arrest through a point-of-view trend that sees them throwing themselves against walls, wrenching their arms behind their backs as if they're being handcuffed, biting their lip, and mouthing "I love you" to the camera. The fake arrest trend is concentrated under a <a href="https://www.tiktok.com/music/son-original-6957689058701183750?is_copy_url=1&amp;is_from_webapp=v1p=v1">slowed- and pitched-down edit of Rhianna's "Diamonds" that has over 84,000 videos associated with it on TikTok</a>. But what started as cringey point-of-view videos has evolved into a full cycle of people making parodies and mocking those pantomiming arrest.It's unclear exactly where, or who, started the fake arrest trend on TikTok, though it began to gain traction - and in turn, parody - on the app in mid-August. On August 13, TikToker @gage.bills (who has made several fake arrest POV videos) <a href="https://www.tiktok.com/@gage.bills/video/6996031754939206917?is_copy_url=0&amp;is_from_webapp=v1&amp;sender_device=pc&amp;sender_web_id=6891259809896056326809896056326">posted a viral video</a> with the caption "jj turns himself in" that references the character JJ Maybank from the Netflix series "Outer Banks." On August 14, TikToker @itsmeluke_ posted a viral video taking it a step further. The caption references the same turning yourself in premise, but shows @itsmeluke_ posing against the wall and pantomiming being handcuffed. From that point on, <keyword id="11911164" type="UNKNOWN" weightage="60" keywordseo="viral-videos" source="Orion">viral videos</keyword> of a similar format began to crop up on the platform. Dr. Elizabeth Jeglic, a professor of psychology at John Jay College, told Insider that the trend, in addition to building off early viral videos, could also owe some of its popularity to tapping into a certain kind of eroticism. "I think there is part of the BDSM <keyword id="11899151" type="UNKNOWN" weightage="100" keywordseo="culture" source="Orion">culture</keyword> with the bondage, and that being kind of quasi-erotic and so that may have been at least a little bit behind it," she told Insider. <h2>The fake arrest trend quickly circled around into parody</h2>Some of the most viral videos associated with the fake arrest trend have become memes in their own right. One of the most viral is from user @ricklimatv. Posted on August 18, the video has amassed over 50 million views, not all of them from earnest fans. That specific video has become a major source of comedic <a href="https://www.tiktok.com/@swagboygorringe/video/7000119717784456449?sender_device=pc&amp;sender_web_id=6891259809896056326&amp;is_from_webapp=v1&amp;is_copy_url=0s_copy_url=0">respon</a><a href="https://www.tiktok.com/@swagboygorringe/video/7000119717784456449?sender_device=pc&amp;sender_web_id=6891259809896056326&amp;is_from_webapp=v1&amp;is_copy_url=0s_copy_url=0">ses</a><a href="https://www.tiktok.com/@swagboygorringe/video/7000119717784456449?sender_device=pc&amp;sender_web_id=6891259809896056326&amp;is_from_webapp=v1&amp;is_copy_url=0s_copy_url=0"> or </a><a href="https://www.tiktok.com/@bjcalvillo/video/7000472403298061573?sender_device=pc&amp;sender_web_id=6891259809896056326&amp;is_from_webapp=v1&amp;is_copy_url=0s_copy_url=0">parodies</a><a href="https://www.tiktok.com/@swagboygorringe/video/7000119717784456449?sender_device=pc&amp;sender_web_id=6891259809896056326&amp;is_from_webapp=v1&amp;is_copy_url=0s_copy_url=0">.</a>Others,<a href="https://www.tiktok.com/@tommykok/video/6997456789537148165?is_copy_url=0&amp;is_from_webapp=v1&amp;sender_device=pc&amp;sender_web_id=6891259809896056326809896056326"> like @tommykok's August 17 video</a>, have become a source of parody or duets as well, with people acting out the on-screen dialogue. The trend itself has become a meme, even outside of responses to specific TikTokers or videos. <h2>The trend has also drawn criticism for romanticizing arrest</h2>Many creators have spoken about the bizarre nature of watching TikTokers effectively post arrest-driven thirst traps.TikToker @reggie_cuhh3 duetted one of @tommykok's videos, saying that he "would be the first person I seen in life dream about getting arrested" and attempt to make it "sexy." In another skit, TikToker <a href="https://www.tiktok.com/@rynnstar/video/7000104974189481221?is_copy_url=0&amp;is_from_webapp=v1&amp;sender_device=pc&amp;sender_web_id=6891259809896056326809896056326">@rynnstar pretended to reminisce about the trend with a future grandchild who asks what TikTok was like back in the day. </a>"Well, I remember one time the white kids all got bored, started doing POVs of them getting arrested but like in a sexy way, and they would bite their lips and look at the camera and say I love you," @rynnstar says in the video. "It was weird."Jeglic told Insider that the trend, which has largely been dominated by white men, was "kind of tone-deaf" when considering the realities of arrest and incarceration in the US and how they disproportionately affect Black people. Black people are <a href="https://www.businessinsider.com/us-systemic-racism-in-charts-graphs-data-2020-6">overrepresented in the United States' incarcerated population</a>: in 2018, Black inmates made up approximately 33% of the prison population, despite making up 12% of the total population at the time, <a href="https://bjs.ojp.gov/content/pub/pdf/p18.pdf">according to the Bureau of Justice Statistics. </a> <a href="https://www.sentencingproject.org/publications/un-report-on-racial-disparities/">Per The Sentencing Project</a>, Black people are more likely to be arrested on drug charges than white people in the United States, and they're also more likely to be denied bail and given harsher sentences and charges for the same offenses. <a href="https://www.insider.com/culture" target="_blank" rel="noopener noreferrer">Read more stories from Insider's Digital Culture desk.</a>

A new TikTok trend where users pretend to be handcuffed and arrested has sparked a wave of mockery and criticism

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Manchester United confirmed on Tuesday the financial cost of former manager David Moyes failing to get the team to qualify for the 2014-15 Champions League tournament: It looks as though the damage will be at least £43 million ($67 million.)
<a href="http://phx.corporate-ir.net/phoenix.zhtml?c=133303&amp;p=quarterlyEarnings">The club confirmed</a> it expects revenues will fall this in this fiscal year between £38 million ($59 million) and £48 million ($75 million) - drops of between 8.77% and 11% on last year's total revenue figure of £433 million ($678 million).
Manchester United reported Tuesday that its revenue fell 9.9% to £88.7 million ($138.8 million) in the three months to the end of September, a drop reflective of its first absence from the Champions League in two decades, which hit income from broadcasting and matchday ticket sales.
If the revenue drop-off continues at the same 9.9% downward run-rate it has this quarter, that would mean not qualifying for the Europe's prize football tournament would cost the club around £43 million ($67 million). However, the impact could be even more than that as the tournament was only in its early qualifying stages during the financial reporting period. Clubs obviously receive more in broadcasting and matchday revenue as well as bonuses from sponsors the further they progress through the competition.
The drop in revenue this quarter was somewhat suppressed by a 6.6% lower wage bill (down to £49.4 million/$77.3 million) than the same period a year ago, despite the club signing a number of new players including Daley Blind, Angel di Maria, Marcos Rojo, and Radamel Falcao on loan during the latter stages of the summer transfer window. However, the club also said farewell to a number of highly-paid players this season including Ryan Giggs, Danny Welbeck, Nemanja Vidic and Rio Ferdinand.
Adjusted EBITDA for the period was down 8.6% to £20.3 million ($31.8 million). Adjusted net profit for the period was up 90.9% to £4.2 million, while adjusted diluted earnings per share were up 89.1% to £2.59 million ($4.06 million).
Sponsorship revenue was also up 2.4% on the previous quarter one year ago. During the first quarter the club signed the <a href="http://www.businessinsider.com/adidas-manchester-united-in-record-deal-2014-7">largest ever football kit manufacturer sponsorship deal with Adidas</a>, which equals £750 million ($1.17 billion) over 10 years and will become active in August 2015. It also announced five additional sponsorship deals in the quarter: Nissin and Abengoa, Association of Football Federations of Azerbaijan, Maybank and Gloops.
Overall, commercial income accounted for 64% of total revenue (up from 60.8% in 2013), broadcasting 19% of total revenue (down from 19.6%) and matchday 17% (down from 19.6%).
On a call with analysts, Manchester United highlighted the US as a "developing market" for soccer where the club is likely to see "meaningful growth" in the future as interest in the sport in the region is on the up. The club's executive chairman Edward Woodward said he expects to grow revenues in the US through content, broadcast rights and merchandise going forward.
Manchester United, now managed by Louis van Gaal, is currently seventh in the Premier League - outside of the Champions League qualifying spots for next season.

Manchester United's Champions League Failure Will Cost The Club At Least &#163;43 Million

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Four years ago, luxury flash-sales startup Gilt Groupe was one of the buzziest e-commerce startups in the world, with hundreds of millions in revenue and an IPO expected any quarter.In the words of one former employee, "We were really hot shit."Now, the buzz is gone. Gilt Groupe has downsized and is struggling to maintain growth, its executive team has turned over, and it still hasn't gone public - and probably won't any time soon, as a<a href="http://recode.net/2015/02/16/with-ipo-on-hold-gilt-groupe-raises-50-million-investment/"> new $50 million cash injection </a> this week suggests. What happened to Gilt? And what's the future for the company? In its hyper-growth years, the company overextended itself and lost focus, a number of current and former Gilt employees told Business Insider. Now, under new leadership, Gilt has returned to its roots in deep-discount fashion and is trying to re-accelerate growth and achieve profitability.<h2>The rocket ship launches </h2><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Wayback Machine" title_caption="GIlt's homepage in 2011, via The Wayback Machine" class="zoomin" href="https://static-ssl.businessinsider.com/image/54e614cf6bb3f71909b6c795-960/screen shot 2015-02-19 at 11.51.25 am.png"></a><a href="http://web.archive.org/web/20111002022340/http://www.gilt.com/">Wayback Machine</a>GIlt's homepage in 2011, via The Wayback Machine</div></div></div>Gilt Groupe launched in 2007 as the brainchild of serial entrepreneurs Kevin Ryan and Dwight Merriman, who have started many companies over the past decade, including Shopwiki, MongoDB, and the parent of this publication (both are still Board members of and investors in Business Insider).Ryan got the idea for the company from Vente-Privee, a successful online fashion retailer in France. He <a href="http://www.gilt.com/company/our_story">recruited tech and fashion veterans </a>Mike Bryzek, Phong Nguyen, Alexis Maybank and Alexandra Wilkis Wilson to the founding team. At launch, Gilt conducted "flash sales," selling a limited number of luxury designer items at steep discounts for fleeting periods of time. It became an immediate hit.The site nearly crashed when Gilt held its first sale for Christian Louboutin shoes, marked down 50%, because tens of thousands of hopeful shoppers flooded the site at the same time. This "flash-sale" model became popular among e-commerce companies, and Gilt Groupe became the industry leader in the fashion segment. Gilt grew crazy-fast by offering people discounts to refer their friends. Because of that first-of-its-kind viral sign-up program, Gilt smashed its first year revenue projections seven times over. Sales continued to skyrocket - from <a href="https://www.internetretailer.com/2011/06/10/flash-seller-gilt-groupe-moves-deeper-full-price-retailinghttps://www.internetretailer.com/2011/06/10/flash-seller-gilt-groupe-moves-deeper-full-price-retailing">$25 million in 2008 to $425 million in 2010</a>.At one point, the company was <a href="http://www.google.com/url?q=http%3A%2F%2Fpando.com%2F2013%2F01%2F04%2Fthe-gilted-age-ex-gilt-groupers-are-running-this-town%2F&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNFHGXHr0PhNIdUTstS54Sr2gVRPag">hiring a new employee every day</a>. Investors drooled over the sales figures, and Gilt raised $83 million within its first three years. Flush with cash, co-founder and then-CEO Kevin Ryan launched a bunch of new verticals, expanding from its original mission of discounted luxury goods to categories such as food (Gilt Taste), local deals (Gilt City), full-price menswear (Park &amp; Bond), and travel (Jetsetter). Subsidiary site Gilt Japan had launched in 2009.In May 2011, the company raised a massive $138 million funding round that valued it at $1 billion. <h2>The good times end... </h2>The company's golden sheen started to wear off by early 2012. Gilt's blockbuster IPO, rumored as early as 2009, remained elusive. The company struggled to reach profitability and laid off 10% of its employees, 90 people, in 2012. It scaled back its less successful businesses, like newer darlings Taste and City, shuttered Park &amp; Bond, and put Jetsetter up for sale.Gilt's diminished stature manifested itself in ways small and large. For regular employees, it meant that the Chobani yogurt and Pellegrino in the kitchen were replaced by bulk snacks and seltzer. Michelle Peluso, a Gilt board member since 2009, took over as CEO in February 2013.<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="" title_caption="Gilt Taste launched in 2011 and shuttered in 2013" class="zoomin" href="https://static-ssl.businessinsider.com/image/54e615106da811015399a7ec-960/gilt-taste.jpg"></a>Gilt Taste launched in 2011 and shuttered in 2013</div></div></div>As one former employee describes it, 2009 through 2011 were Gilt's wild teenage years; the company was going through a growth spurt and trying to figure itself out. With flash-sales competitors like RueLaLa and HauteLook elbowing for attention, the company dove into new verticals that weren't good fits for Gilt's core business."We were one of the biggest startups in New York, but we all realized that we had over-extended ourselves," Peluso tells Business Insider, reflecting on the company's downsizing measures.In the rush to expand, Gilt neglected its special recipe. Full-price retail, travel, and food were sucking resources from Gilt's core categories - discounted women's fashion, men's and kid's fashion, home furnishings, and local deals - so Gilt killed Taste and Park &amp; Bond and sold Jetsetter to Travelocity for a"big profit." (Neither company disclosed the terms of the deal, but travel site <a href="http://skift.com/2013/03/01/jetsetter-sale-finally-nearing-completion-announcement-expected-next-week/">Skift reported at the time</a> that Gilt got much less than it originally wanted.) <h2>Dream deferred</h2>For a long time, Gilt was expected to IPO at any moment. That's no longer true.This week, the company raised $50 million in new capital, a sign it will stay private longer. One reporter, <a href="http://recode.net/2015/02/16/with-ipo-on-hold-gilt-groupe-raises-50-million-investment/">Re/code's Jason Del Rey</a>, described the fundraise as a sign Gilt Groupe was "in limbo." In fact, all signs point to the dreaded "<a href="http://www.businessinsider.com/what-down-rounds-do-to-startups-2013-2">down round</a>," meaning that Gilt raised money at a lower valuation than the $1 billion at which it reportedly raised $138 million in 2011. Down rounds can <a href="http://www.businessinsider.com/what-down-rounds-do-to-startups-2013-2">take a hit on employee morale or make founders' stakes worth much less. </a>Peluso says Gilt Groupe will go public when it finally sees consistent growth and (preferably) profitability. It has neither right now.Although Peluso says Gilt was adjusted-EBITDA-positive for the first time in 2013, it's not yet profitable by traditional accounting standards. (Adjusted-EBITDA doesn't include stock based compensation, depreciation, or amortization.)Flash sales companies in the public market have also been struggling. After a couple of spectacular years of growth, parenting site Zulily has been tossed around on the stock market and lost more than 60% of its market value this year. French flash-sales site pioneer <a href="http://fortune.com/2014/10/27/vente-privee-usa-to-shut-down/">Vente-Privee, meanwhile, decided to shut down its US arm last fall</a>. Still, the Gilt team has always <a href="http://www.businessinsider.com/gilt-groupe-has-a-new-ceo-2012-12">brushed off </a>the <a href="http://www.theverge.com/2013/2/4/3938202/flash-sale-sites-split-between-mild-optimism-and-apocalyptic-despair">oft-cited idea</a> that flash-sales as a category - both online and off - is doomed to inevitably slowing growth."For decades now people have said that the offline discount goods market was tapped out, and yet if you look at virtually every major brand, most of their growth is coming from their discount stores. Look at TJMAXX, it continues to grow quarter-after-quarter, year-after-year, decade-after-decade," current board member and CEO from 2008 to 2010, Susan Lyne, says. "The idea that flash is tapped out doesn't make sense. It's just an online execution of what has worked offline."<h2>What's next</h2>Today, Peluso is focused on accelerating the growth of Gilt's remaining verticals.One of the company's top priorities is making sure Gilt is constantly offering deals that its 9 million young, affluent members will be excited about. Lux fashion brands don't want to ditch <a href="http://www.theverge.com/2013/2/4/3938202/flash-sale-sites-split-between-mild-optimism-and-apocalyptic-despair">excess inventory at the dirt-cheap prices they did during the economic downturn</a>, so Gilt now sells more private-label goods and is starting to test other services, like exclusive product launches. One of Peluso's other missions is finding ways for Gilt to fund its future by becoming more efficient.In the company's hyper-growth phase, Gilt put more much effort into gaining market share and acquiring new customers than making sure its various systems and processes worked as tightly as possible. "When I first joined Gilt, I thought it would grow into one of those giant companies, like a Google," a former employee who joined Gilt in 2011 says. "But in order to get there, it would either need crazy-fast growth (like Uber kind of growth), or an Amazon-like efficiency, with a really structured, rigid process. Unfortunately, I don't think we achieved either."Figuring out how to make Gilt leaner has been an on-going process for Peluso.<div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Gilt" title_caption="Here's how Gilt's site looks today" class="zoomin" href="https://static-ssl.businessinsider.com/image/54e613ddeab8ea29467a93dd-960/gilt.png"></a>GiltHere's how Gilt's site looks today</div></div></div>She told Business Insider that Gilt saved millions of dollars last year by photographing new products as they came in instead of on a pre-determined schedule. It plans to <a href="http://www.businessinsider.com/luxury-is-moving-its-giant-brooklyn-photo-studio-to-manhatten-2015-2">shut down its Brooklyn photo studio</a> and move it into its Manhattan headquarters. Gilt also condensed customer service to one office, down from three.In early 2014, it <a href="http://recode.net/2014/02/04/gilts-new-business-running-logistics-for-other-e-commerce-sites/">partnered with Seattle outdoor gear flash-sale startup The Clymb</a> to manage its supply chain processes in Gilt's giant Kentucky warehouse. Clymb pays Gilt by volume, so Gilt snags a bit of extra revenue through the deal. (It's a similar model to Amazon's third-party fulfillment services.) Gilt has been trying to transform itself from money-losing to <a href="http://allthingsd.com/20120111/gilt-groupe-ceo-restructuring-rumors-overblown-ipo-still-on-track/">cash flow break-even for years</a>, but Peluso says she expects that it will near break-even in 2015 (though Gilt declined to name the quarter).Two years into her reign as CEO, Peluso also plans to grow the company by doubling-down on marketing and international efforts to counteract the slowing growth Gilt experienced at the end of 2014."Being in a really competitive environment, I think we missed the boat on spending-up on marketing," she says. Gilt studied its competitors and discovered it spent a much smaller percentage of its revenue in 2014 on reaching current and future members (79% of its revenue came from repeat customers in 2014). Gilt plans to ramp up its spending again this year. It also needs to pay more attention to its international customers. Gilt had always sent out its email blasts at 12 pm EST, forcing people in Asia to wake up in the middle of the night to shop the deals. Last year it finally started sending out different email blasts to different regions at different times. It's working on other ways it can tailor sales to its international audiences, too, like finding local designers or giving different geographies first dibs on brand sales that traditionally do well there. Right now, international is roughly 20% of Gilt's business, up from 15% in 2013. Although most marketing dollars will be spent in the US, Gilt Groupe has also begun to ramp up localized marketing efforts abroad, too. Thanks to a push around Single's Day - China's biggest shopping event in November - Gilt saw record sales in China, up 1110% year-over-year. With the new funding to bolster marketing and international growth, Peluso says an IPO is likely still on the company's path - eventually. It has been a tumultuous seven years for this young company - a rocket-ride launch, flameout, and stumble, followed by a long, more disciplined recovery. But as with all successful startups, there is now a cool new service, brand, and company where there was once nothing. And Peluso is optimistic about what's to come. "We strongly believe we can get back to stronger growth, particularly as we find efficiencies and spend-up marketing" Peluso says. "There's still a lot of fun ahead for Gilt."Disclosure: Kevin Ryan and Dwight Merriman, the founders of Gilt Groupe, are investors in Business Insider. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/iphone-headphones-tricks-2015-2">14 things you didn't know your iPhone headphones could do</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="o2OGM3czpWcydnvhjbkDBd6feXPuExiD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Four years ago Gilt Groupe was the hottest startup in New York - Here's what happened

<div class="image-container" style="width:800px"><div class="image">Reshma SaujaniReshma Saujani, founder of Girls Who Code, is running for NYC's Public Advocate</div></div>
Reshma Saujani has been working 18-hour days. It's been more than one year since she married tech entrepreneur Nihal Mehta, and the couple still hasn't taken a honeymoon. 
Instead, Saujani's face has been <a href="http://www.youtube.com/watch?v=MJifrF1UYe4">popping up on television sets</a> around <keyword id="6355838" type="COMPANY" weightage="60" keywordseo="New-York">New York</keyword>. Her fundraisers have attracted powerful tech supporters like Facebook co-founder Chris Hughes and Square founder Jack Dorsey.
All the hard work is leading up to one monumental day for Saujani, who is running for New York City Public Advocate on September 10. Winning could catapult the career in politics she's always dreamed of. Losing (again) would be a devastating set back. 
Saujani appears confident and accomplished in her pursuit to win over voters. But she hasn't always felt that way. Throughout her career, Saujani has overcome a lot. It took three tries before she was accepted into Yale Law School. Her book, Women Who Don't Wait in Line, was written as therapy after she lost a 2010 congressional race. 
Her resilience comes from her upbringing. Saujani's parents were refugees.
Saujani spoke with Business Insider about what drives her to pound down doors, how she's overcome political scandals, and how failure caused her to found an influential high school program, Girls Who Code.
* * * *
<div class="image-container float_left" style="width:480px"><div class="image"><a href="http://www.flickr.com/photos/tcdisrupt/4642373950/">TechCrunch/Flickr</a>Reshma Saujani and her husband, LocalResponse founder Nihal Mehta.</div></div>
Reshma Saujani begins her day at 6 a.m. From there, she's off to Queens, the Bronx, or the Upper West Side to meet voters. Her afternoons are spent visiting senior centers, churches, and women's organizations. Evenings are full of fundraising events, picnics, or house parties to garner support for the campaign. 
Nearly 500 volunteers support Saujani in her mission to become New York City's Public Advocate, and almost all of them are students still in high school or at local colleges like Barnard and Columbia.
"Some of them think they may want to run for office someday," Saujani says. "I have an amazing team, both in Girls Who Code and my campaign, and I think I'm as effective as I am because of the people who surround me."
Saujani grew up in Chicago as the daughter of refugee parents who fled Uganda in 1973 to escape its dictator, Idi Amin.
"My father always tells the story that they took out a map of the United States, got a dart, threw it and [Chicago is] where it landed," she says.
Growing up in the Midwest as an Indian American was "challenging to say the least," she says. That, paired with her father's stories about Uganda, caused her to strive for more and make a dent in politics.
"The Indian community didn't participate in the political process in Uganda, so my father at a very young age always talked to me about the importance of being involved and participating in democracy," Saujani recalls. 
Saujani attended University of Illinois, Urbana. She interned for Bill Clinton's 1996 campaign, where her love affair with politics really began. "You really had a sense that people were participating in a conversation about our country for the very first time [during the Clinton-Gore election," she says.
It took three applications and physically banging on the dean's front door to get into Yale law school, where she'd been dreaming of going since age 12.
"I got rejected, wait listed, and finally on the third time I took a train to New Haven and knocked on the Dean's door and was like, 'You have to let me in,'" she says.

(Saujani had been introduced to the dean through one of her mentors, so she wasn't a complete stranger.)
It worked, and she graduated from Yale Law School in 2002.
Saujani doesn't offer up information about her start on Wall Street, but her professional career began there. She joined an investment firm, Carret Asset Management, which was later caught in a scandal.
The firm's principal owner, Hassan Nemazee, was convicted on felony charges for <a href="http://www.nytimes.com/2010/03/19/nyregion/19nemazee.html">$292 million bank fraud</a>. The illegal activity occurred while Saujani worked there. She denied knowing anything about the fraud, and left Carret for another firm.
For a politician especially, a fraudulent employer isn't something you want on your resume. Positioning yourself as a <a href="http://www.nytimes.com/2010/01/27/nyregion/27maloney.html?_r=1">Wall Street supporter</a>, like Saujani did early on in her first campaign, doesn't win over the popular vote either. Earlier this year, Saujani was accused of trying to erase her financial past after her <a href="http://www.salon.com/2013/04/11/wall_street_dem_covers_up_her_past_and_runs_again/">Wikipedia page was heavily edited</a>. Saujani insists she has nothing to hide.
"People know that I worked in financial services like they know my hair is brown or my name is Reshma," she says. "It's never been something that I've hidden or I'm ashamed of." She says the Wikipedia page was edited to merely delete misinformation and add new milestones. "If it was something we were trying to hide, we would have hired some guy from, like, Omaha, to do it and not my staff to make those changes."
As Saujani tells it, her decision to leave Wall Street and corporate America to run for political office was inspired by Hilary Clinton's concession speech in 2008 when she lost the Democratic presidential primary to Barack Obama.
"In it, she said: 'Just because I failed doesn't mean you shouldn't try too,' and I really felt like she was talking to me," Saujani says. "I quit my job and ran for Congress in this upstart race that I had no chance of winning but swore that I did."
Running for Congress was ambitious and foolhardy, especially against a candidate as popular as Carolyn Maloney. <a href="http://www.huffingtonpost.com/carolyn-maloney/">Maloney was first elected</a> to City Council in 1982 and to Congress ten years later. Saujani wanted it badly though, and she took heat for using an aggressive tactic that <a href="http://www.nydailynews.com/blogs/dailypolitics/2010/08/rep-carolyn-maloney-strikes-ba.html">falsely accused her competition</a> of being investigated by the Ethics Committee. Still, the underdog candidate was able to raise more than $1 million from Wall Street honchos, political influencers, and tech executives.
All her hard work wasn't enough though; Maloney won by a landslide. Although the loss to Maloney wasn't surprising, it was devastating for Saujani. 
<div class="image-container float_right" style="width:480px"><div class="image">Reshma SaujaniReshma Saujani with one of her Girls Who Code students.</div></div>"When I first decided to run for Congress people said, 'You shouldn't run for Congress, you should run for City Council or for a smaller office,'" Saujani says. "I just don't think that we tell men that. I think that if we're really trying to crash through the glass ceiling, we're really trying to change these abysmal numbers we have for [women in] leadership, we actually have to tell women to take more risks, not less, and to really have them embrace failure."
The painful loss caused Saujani to create some of her most well-known achievements to date.
"I started writing '<a href="http://www.amazon.com/Women-Who-Dont-Wait-Line/dp/0544027787">Women Who Don't Wait In Line</a>' as therapy," she says. "After I lost my congressional campaign, I was confused about what I could do next. I felt like, 'Wow, I really lost. We ran a really great campaign, we talked about the ideas, we raised resources.' But after I lost, my phone wasn't ringing. Nobody was calling me to say, 'Okay, what do you want to do next?' I often think with men, when they face the same circumstance, there's people there to pick them up."
Saujani decided to try again. Now, in her next race, Saujani is leaning on technology to set her apart from the pack. 
Her campaigns have received support from Square CEO Jack Dorsey, Randi Zuckerberg (sister of Facebook CEO Mark Zuckerberg), Gilt Groupe co-founder Alexis Maybank, and Facebook co-founder Chris Hughes. Dorsey, whom Saujani met while he was transitioning from Twitter to Square, threw a fundraiser for her. Saujani's husband, Nihal Mehta, founded an advertising retargeting startup called LocalResponse. He is the biggest cheerleader for her candidacy in the startup community.
Saujani sees similarities between what she's building and the technology founders who have backed her. 
"Campaigns are a lot like startups," she says. "It's like starting a multi-million-dollar business in less than 12 months. I think learning how to build an operation, how to build a team and how to build your message is such a valuable skill set and for me, it's allowed me to talk about the issues that I really care about."
The upcoming election doesn't look promising for Saujani. A June <a href="http://blogs.wsj.com/metropolis/2013/06/25/weiner-leads-democrats-in-race-for-nyc-mayor-poll/">Wall Street Journal poll</a> showed Saujani with just 4% of the democratic vote, behind current City Council rep Letitia James (17%), university professor Catherine Guerriero (16%), and State Senator Daniel Squadron (8%). 
One initiative that will live on even if the September primary doesn't swing Saujani's way is Girls Who Code. 
Saujani launched Girls Who Code last summer as an eight-week intensive program where high school women learn the basics of Ruby, HTML, Java, and more. They meet technology leaders like Facebook's Sherly Sandberg and Twitter's CEO Dick Costolo (Saujani says when the girls met Sandberg, they started screaming like she was Beyoncé). The women in the program then help launch clubs at their schools so they can teach others what they've learned.
Saujani says she never would have founded Girls Who Code if she hadn't lost the 2010 election. 
"That race showed me this huge technology divide we have in our city," she says. "My district had some of the wealthiest high schools in America and some of the poorest. So I'd see some that would have a robotics lab and others with one computer in the basement or in a church." She says she's had to teach some impoverished teens how to use a computer mouse.
She's a strong believer that tech is at the center of alleviating poverty and transforming New York City's economy. "We have 1.4 million jobs that are open in the computing-related fields and almost 300,000 jobs open in the state and we don't have people to fill them." When Saujani realized that 56% of the work force is women but only 18% of engineers are women, she wanted to help level the playing field. 
Girls Who Code has become a bigger movement than Saujani ever intended. Powerful <keyword id="966946" type="UNKNOWN" weightage="60" keywordseo="Women-in-tech">women in tech</keyword>, such as eBay CMO Richelle Parham helped her create awareness for it and raise money to fund it. 
Saujani considers the lack of women in engineering and computer science "the most important domestic issue of our time."

And if she does make it into office, she's going to make some changes.
"There's a lot of people who believe that the government cannot innovate. I actually might get there and feel that way, but I feel it is incumbent upon me to win and to make the government innovative, to get these types of programs, and to get computer science education in every classroom," she says. 
"If that's the only thing I do as Public Advocate, I will have been successful. Because I believe that every day that goes by as a country, we're in trouble because our kids are so far behind other nations."
<div class="image-container" style="width:800px"><div class="image">Girls Who Code/TwitterGirls Who Code with Dick Costolo at Twitter's office.</div></div>

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