<ul class="summary-list"><li>Recruiters say workers are leaving <keyword id="11894135" type="UNKNOWN" weightage="60" keywordseo="silicon-valley" source="Orion">Silicon Valley</keyword> giants for <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> and <keyword id="12461337" type="UNKNOWN" weightage="60" keywordseo="web3" source="Orion">Web3</keyword> endeavors.</li><li>They're making the leap in part to cash in early on what they view as the future of the industry.</li></ul>Just a couple of years ago, landing a job at Uber or Twitter was like striking gold.And while that still may be the case for plenty of aspiring <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> workers, another space is encroaching on Silicon Valley's position as the hottest place to be: Web3.Eight tech recruiters told Insider that they're seeing a significant trend of high-profile executives and developers leaving established firms to cryptocurrency and other decentralized tech ventures as the once-fringe startups elbow their way to the forefront of the industry. "We are unquestionably seeing some of the best and brightest of Silicon Valley, or tech, move over to crypto," Scott Fletcher, whose firm Intersection Growth Partners has pulled several "very senior folks" out from Amazon, Meta, and Google, told Insider. "I've been at this a long time," he said. "I've never seen a change happen this quickly."<h2>Silicon Valley execs will move to crypto, and 'the rest will follow'</h2><div type="image" title="Workers in front of Facebook headquarters pull off cover of the old &quot;thumbs up&quot; sign to reveal the new Meta logo" height="3191" width="4261" msid="89438922" hostid="261"></div>We don't know too much about Web3, the supposed next iteration of the internet, except that — in theory — <a href="https://www.businessinsider.com/what-is-web3-internet-blockchain-cryptocurrency-web1-web2-future-2021-12">it will live on the blockchain instead of centralized websites run by the likes of Google or Amazon.</a>It's "such an odd category," Alex Zakupowsky, a managing partner at Artisanal Talent, told Insider. "It means everything and nothing in some respect." But as undefined as it is, it's still plenty appealing to many of Big Tech's top brass.The former CMO of Meta's digital wallet project, Novi, <a href="https://www.linkedin.com/in/sherice-torres-4193581/">took the same position</a> at the blockchain-focused payments company Circle in January; the former GM of Amazon's AWS Edge Services <a href="https://www.linkedin.com/in/ptiwana/">is now</a> CTO of Gemini, and <a href="https://www.linkedin.com/in/brianrobertspublicprofile/">Lyft's former CFO</a> and <a href="https://www.linkedin.com/in/jrfine/">Uber's ex-director</a> of corporate development have joined OpenSea.Then there's Chris Lehane, Airbnb's former SVP of policy and comms, <a href="https://www.axios.com/airbnb-exec-chris-lehane-joins-crypto-fund-814b712d-4f3c-465d-aa66-1e72cf9ed0c0.html">leaving for a crypto VC fund</a>, while <a href="https://twitter.com/fwiz/status/1486020750607740928?s=21">YouTube's former head of gaming left for Polygon Studios</a>, which caters to Web3 developers. The list goes on and on. Experts agreed that as executives jump into those spaces, "the rest will follow," Zapukowsky said."Coinbase, in my view, was really the first one to get some very big hires from places like Google and LinkedIn and Lyft," Zakupowsky said. "And now you're seeing some very former senior people at the Ubers and Amazons and Pinterests and Atlassians and SpaceXs that have jumped into this, and they're going to be recruiting from their networks."Fletcher equated the current talent leap to what happened when on-demand companies like Uber and Lyft became popular in the early 2010s, producing their own wave of job switching. That's largely because people want to work on what is most exciting in technology, recruiters said. Right now, that's crypto and Web3. With a scarcity of engineers focused on the space, it'll likely also pay off to take the risk and get in early."At the beginning of the Web2 cycle, you saw a lot of the same types of people who are attracted to crypto now gravitate to these big tech companies because it was something new and innovative and really exciting," Kelsey Begin, a senior associate at Intersection Growth Partners, said."And then you get momentum, and the industry I think can become bloated and a little dated," Begin said. "And then now we have another wave and it's this new, super exciting, innovative thing."That's especially true with the dev community, recruiters said."Developers like new things — they like new, shiny objects," Vivek Ravisankar, CEO of HackerRank, a developer recruiting firm, said.Idealogical differences between working for an old-guard tech firm a futuristic startup that gives power to individuals are also at play. Not to mention that the big names have been around for decades, plenty of time for them to have long-established reputations, both good and bad. "To start at someplace that's fresh, that is — by its ethos — trying to empower the individual as opposed to the centralized corporation is appealing," Intersection Growth Partner's Fletcher said.

Silicon Valley is no longer the edgy tech frontier as workers flee Google and Amazon for crypto and Web3 startups, recruiters say

Happy Friday, readers. The <a href="https://www.businessinsider.com/elizabeth-holmes-theranos-trial-defense-rests-closing-arguments-december-16-2021-12">defense has rested</a> in Elizabeth Holmes' fraud trial, and we have an inside look at an attachment that turns <a href="https://www.businessinsider.com/photos-tesla-cybertruck-camper-van-cyberlandrs-tiny-homes-on-wheeks-2021-8">the Tesla Cybertruck into an RV.</a>Let's get to it. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://www.businessinsider.com/elizabeth-holmes-trial-theranos-fraud-defense-last-ditch-testimony-2021-12"></a>1. The Elizabeth Holmes trial: The defense tells two last-ditch whoppers. The defense in the Theranos founder's fraud trial rested Wednesday after she testified for seven days, the last of which she spent working to portray herself as a <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> visionary — not a fraud. <ul><li>In the last line of questioning, focused on what she told investors and partners about the company's technology, Holmes said she was talking about what the company "could do a year from now, five years from now, 10 years from now."</li><li>In other words, she wasn't talking about what Theranos could actually do — she was painting a picture of what the company might yet do. </li><li>If the jury believes her, she'll walk free later this month. If it doesn't, her spectacular rise and fall will land her in prison. <a href="https://www.businessinsider.com/elizabeth-holmes-trial-theranos-fraud-defense-last-ditch-testimony-2021-12">Inside the last day of Holmes' testimony.</a></li></ul>Closing arguments are scheduled for next week, starting on Dec. 16. <a href="https://www.businessinsider.com/elizabeth-holmes-theranos-trial-defense-rests-closing-arguments-december-16-2021-12">Here's what you need to know.</a><a href="https://www.businessinsider.com/google-promises-employees-1600-cash-bonus-after-office-return-delayed-2021-12"></a><div type="image" title="Alphabet CEO Sundar Pichai" height="1333" width="1778" msid="88208175" hostid="261"></div>2. Google promised employees an extra $1,600 cash bonus after delaying its return to office. With the emergence of the Omicron variant pushing <a href="https://www.businessinsider.com/google-delays-return-us-offices-past-january-10-uncertainty-omicron-2021-12">Google's return to office plan</a> past its original target of Jan. 10, 2022, the company has guaranteed a cash bonus later this month. <a href="https://www.businessinsider.com/google-promises-employees-1600-cash-bonus-after-office-return-delayed-2021-12">What we know so far. </a>3. Better doubled severance pay for laid-off employees. According to an email viewed by Insider, the company is bumping severance from four weeks to 60 days, just as class-action lawyers mobilize to sue the startup for not giving notice of mass layoffs. <a href="https://www.businessinsider.com/better-ups-severance-for-laid-off-workers-as-class-action-lawsuits-loom-2021-12">More on the increased compensation.</a>4. In other Better news… One former employee is setting up a career fair for the hundreds of fired workers — and Microsoft and Robinhood are among the companies lining up to recruit them: <a href="https://www.businessinsider.com/better-com-employees-fired-over-zoom-job-fair-microsoft-robinhood-2021-12">"900 people on the market ... it's a dream."</a>5. WhatsApp just launched a cryptocurrency payments pilot. The pilot will let certain people in the US send and receive crypto using Novi, Meta's digital wallet, according to The Verge. <a href="https://www.theverge.com/2021/12/9/22825766/whatsapp-novi-digital-payments-us-pilot-paxos-stablecoin?scrolla=5eb6d68b7fedc32c19ef33b4">This is what you need to know.</a>6. Facebook won't bring commerce to the metaverse until at least 2023. While Facebook parent Meta sees buying and selling physical and digital products as a "big part" of its metaverse vision, leaked documents show it considers metaverse commerce a distant opportunity. <a href="https://www.businessinsider.com/facebook-meta-commerce-shopping-metaverse-priorities-2021-12">Everything we learned from the internal memo.</a>7. SpaceX launched a $214 million NASA satellite into orbit. The satellite was designed to examine some of the most fascinating objects in the cosmos, from black holes to dead stars. <a href="https://www.businessinsider.com/spacex-launches-nasa-ixpe-satellite-black-holes-dead-stars-2021-12">Here's what it'll be doing on its mission.</a>8. Amazon has two secret projects to mitigate the problems caused by the big cloud outage. Project Buckeye has been running for years but was lacking in executive backing, according to one insider. <a href="https://www.businessinsider.com/amazon-projects-mitigate-outage-prone-aws-cloud-region-buckeye-holiday-2021-12?r=US&amp;IR=T">Read more about the secret projects here.</a>9. If you didn't reserve an electric F-150 Lightning already, you're in for a long wait. Ford stopped accepting reservations for the EV on Wednesday, and already has nearly 200,000 reservations — which could take years to fulfill. <a href="https://www.businessinsider.com/ford-f150-lightning-electric-truck-reservations-closed-production-release-date-2021-12">More on the wait for an electric F-150.</a>10. A $50,000 camper can turn the Tesla Cybertruck into a tiny home on wheels. An artificial intelligence and software company is making CyberLandrs, camper attachments for Tesla Cybertrucks — and even though the first trucks haven't even been delivered yet, it has hit $100 million in preorders. <a href="https://www.businessinsider.com/photos-tesla-cybertruck-camper-van-cyberlandrs-tiny-homes-on-wheeks-2021-8">Check out the CyberLandr.</a>The latest people moves in tech:<ul><li>Venmo's former CFO joined <a href="https://www.businessinsider.com/fast-snags-former-venmo-cfo-robert-mitchell-2021-12">online checkout startup Fast.</a></li><li>A Meta VP quit after 11 years to join Goop investor <a href="https://www.businessinsider.com/meta-workplace-facebook-exec-julien-codorniou-leaves-for-vc-2021-12">Felix Capital</a>.</li><li>Facebook (now Meta) has seen 18 executive departures this year. <a href="https://www.businessinsider.com/top-facebook-executives-who-have-left-this-year-meta-2021-12">Here are all the execs who have left.</a></li><li>Three of Better's top execs resigned <a href="https://www.businessinsider.com/better-marketing-communications-pr-executives-resign-after-layoffs-2021-12">after mass layoffs.</a></li><li>Stitch Fix's chief product officer <a href="https://www.businessinsider.com/stitch-fix-chief-product-officer-departs-amid-analyst-growth-questions-2021-12">is out.</a></li><li>These are the seven most important execs who left Cisco in 2021 and <a href="https://www.businessinsider.com/cisco-leadership-who-joined-quit-poached-2021-12">10 power players who joined.</a></li></ul>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

10 things in tech you need to know today

<ul class="summary-list"><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> bull <keyword id="5300879" type="PERSON" weightage="60" keywordseo="mike-novogratz">Mike Novogratz</keyword> slammed <keyword id="602453" type="ORGANIZATION" weightage="60" keywordseo="Ripple">Ripple</keyword>'s <keyword id="6221313" type="UNKNOWN" weightage="60" keywordseo="xrp">XRP</keyword> and <keyword id="1985091" type="PERSON" weightage="60" keywordseo="dogecoin">dogecoin</keyword> in a new interview.</li><li>He blamed massive amounts of stimulus for the potential debasement of the US dollar.</li><li>The billionaire expects <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> returns to outpace stocks in the near-term, but not forever.</li></ul>Billionaire Mike Novogratz blasted Ripple's XRP and advised against buying dogecoin in a recent <a href="https://www.youtube.com/watch?v=y613xRr_S4c">"Earn Your Leisure" interview</a> with hosts Rashad Bilal and Troy Millings.The CEO of crypto merchant bank Galaxy Digital said he isn't worried about bitcoin's long-term health because institutions like <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> and <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> are entering the space.He predicted crypto investments will make up 2% of global wealth within two to three years, up from its current slice of half a percent.<h2>Here are Novogratz' 10 best quotes from the interview, lightly edited and condensed for clarity:</h2>1. "Over the years, the XRP army has built up a real community of people that really want to believe it. It reminds me a little bit of <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> supporters, they'll believe you stole the election. You could tell them anything. It's like 9/11 conspiracy theories. There's a little bit of that in crypto. They just don't look at the truth sometimes." - On why Ripple's XRP has been on a tear.2. "I've never liked the <a href="https://markets.businessinsider.com/currencies/xrp-usd">XRP</a> token because you've got one group that owns so much of it. Let alone you've got the SEC breathing down the necks of the CEO, the founder, and the company." - On Ripple's token being a 'painful trade.'3. "No, you shouldn't buy <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a>. You should sell dogecoin probably now that it's gone up to 42 cents. But there's a lot of uneducated investors that feel the energy of this moment and want to participate." - On people asking for advice about buying the meme-based currency.4. "I think crypto returns will beat the crap out of stocks, but not forever. They will hit an equilibrium, there's no free lunch in the world. Right now, it feels like there's a free lunch because the government's losing everything." - On crypto's potential as a new asset class.Read more: <a href="https://www.businessinsider.com/crypto-arbitrage-trading-strategy-alameda-research-sam-bankman-fried-billionaire-2021-4" target="_blank" rel="noopener">A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities</a>5. "People want insurance. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> is insurance, and the governments know that." - On the potential debasement of the US dollar.6. "What bitcoin is telling governments is 'dude you guys are doing such a sh--ty job with your budget deficits. You are printing money.' My mother used to say 'money doesn't grow on trees.' Right now, money is growing on trees." - On the long-term negative effects of massive US stimulus spending.7. "I'm long <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> stock. One of my favorite trades this year is that I sold a shack-load of call options on <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> because the vol (volume) was so stupid, and I bought Facebook stock and Facebook calls. I bought it, because I know sometime in this next half year, they're going to come out with this crypto wallet called Novi - unfortunately not named after me.""And so, Facebook's going from $300 to $400. I think, I hope." - On digital wallets expected to replace bank accounts.8. "<a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> is most likely the winner of the decentralized supercomputer that powers all these new businesses, all these new ecosystems." - On which among the 'hot' <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> are rationally solid.9. "The only thing Republicans and Democrats agreed on is that they hated Mark Zuckerberg." - On Facebook's CEO defending his company's proposed stablecoin, Diem, against privacy concerns.10. "The macro <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> have never been more interesting and crypto is macro on steroids right now. And so it's a fascinating time to be a trader, it's really volatile." - On the explosion of interest in crypto ecosystems.

Billionaire Mike Novogratz compares XRP fans to Trump supporters, warns against buying dogecoin, and calls bitcoin 'insurance' in a new interview. Here are the 10 best quotes.

<ul><li><keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> has announced that it’s ending support for <keyword id="29978" type="COMPANY" weightage="20" keywordseo="Internet-Explorer">Internet Explorer</keyword> starting today. </li><li>The process will happen in phases concluding on 17 August 2021.</li><li>While the end of the legacy browser may seem like a big deal, it’s only going to affect less than 5% of online users. </li></ul>Microsoft has announced that it is bidding farewell to its legacy internet browser — the Internet Explorer. You technically can’t uninstall the browser from a Microsoft device, but the company no longer plans to roll out any updates. While this may seem like a big deal, less than 5% of the people online browsing the internet use Internet Explorer. The gap would be much wider if smartphones were accounted for, but this number only accounts for laptop and desktop users. <div type="image" title="snapshot-1597733967417" msid="77607817" hostid="261" caption="&amp;lt;p&amp;gt;Internet users on desktops and laptops by market share across internet browsers as of July 2020&amp;lt;/p&amp;gt;"></div> Microsoft has been planning the end of Internet Explorer for a while Most Windows users are already on Microsoft Edge, which, by the way, will also be coming to an end on 9 March 2021. The company has already been moving its Windows 10 users to its new Chromium-based <keyword id="2976004" type="PERSON" weightage="20" keywordseo="Edge-browser">Edge browser</keyword>. Any new devices it launches in the future will feature the same internet browser. To accommodate the few businesses that still use the platform, Microsoft will be pulling its support in phases starting with pulling Internet Explorer 11’s integration from Teams. <div type="image" title="microsoft timelie" msid="77607837" hostid="261" caption="&amp;lt;p&amp;gt;Microsoft&amp;#39;s timeline for ending support to Internet Explorer 11&amp;lt;/p&amp;gt;"></div> Microsoft has been planning to drop support for Internet Explorer for a while. The beginning of the end came when the company first revealed its new Edge browser five years ago — codenamed Project Spartan at the time. It’s also tried to re-label the Internet Explorer from being a browser to being more a ‘compatibility solution’. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/facebook-is-hiring-senior-execs-for-its-digital-wallet-novi-and-its-partnership-with-jio/articleshow/77606649.cms">Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-reportedly-looking-to-move-more-of-its-smartphone-making-business-to-india/articleshow/77590290.cms">Samsung reportedly looking to move more of its smartphone making business to India</a> <a href="https://www.businessinsider.in/tech/news/old-malware-makes-a-comeback-as-new-players-enter-cyber-warfare/articleshow/77585693.cms">Old malware makes a comeback as new players enter cyber warfare</a>

Microsoft is ending support for the legacy Internet Explorer — but it's only going to affect less than 5% of online users

Stepping up his attack against parliamentary panel on information technology chairman <keyword id="42749" type="PERSON" weightage="20" keywordseo="Shashi-Tharoor">Shashi Tharoor</keyword>, BJP MP and a member of the panel <keyword id="294500" type="PERSON" weightage="20" keywordseo="Nishikant-Dubey">Nishikant Dubey</keyword> on Thursday wrote a letter to the Lok Sabha Speaker requesting him to remove the Congress leader from the post. <div type="Article" hostid="261" msid="77575358" title="The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals" mstype="2" mssubtype="0"></div> Citing the Lok Sabha rules, Dubey requested Speaker Om Birla to appoint any other member as the chairman of the committee in his place. Taking a dig at Tharoor, Dubey alleged,"speaking in 'Spencerian' English with a foreign accent does not give freedom to an individual to not only disregard our glorious parliamentary institutions/organs to meet his own political ambitions but also to abuse our constitution." Ever since Tharoor has become the panel head, "he is running the affairs of the committee in a thoroughly unprofessional manner and to serve his political agenda of spreading rumours and defaming my party," Dubey said in the letter. "..it would be highly improper for Dr. Shashi Tharoor to continue and regulate the proceedings of the committee. I, therefore, appeal to your good self to persuade Dr. Tharoor to proceed on leave and thereafter,... choose another member of the Committee to act as Chairperson," Dubey said in the letter. Dubey and Tharoor have filed breach of privilege notices against each other on Wednesday after a spat on social media over the Congress leader's remarks on summmoning the <keyword id="736869" type="COMPANY" weightage="20" keywordseo="Facebook-India">Facebook India</keyword> executives over reports that the social media giant went soft on some BJP leaders who had made hate speeches ahead of the general elections last year. While Dubey said Tharoor was treating the committee as an extension of Congress party, the Congress leader had alleged that the BJP MP made "disparaging remarks" on social media over his decision to summon a panel meeting to discuss the alleged "misconduct" of Facebook. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/the-heat-is-on-mark-zuckerberg-in-india-as-facebook-and-whatsapp-incur-the-ire-of-modis-rivals/articleshow/77575358.cms">The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals</a> <a href="https://www.businessinsider.in/careers/news/facebook-is-hiring-senior-execs-for-its-digital-wallet-novi-and-its-partnership-with-jio/articleshow/77606649.cms">Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio</a> <a href="https://www.businessinsider.in/tech/enterprise/news/more-than-half-the-companies-in-india-have-faced-at-least-one-data-breach-since-going-remote/articleshow/77653222.cms">More than half the companies in India have faced at least one data breach since going remote</a>

Facebook row escalates as BJP leader asks for Shashi Tharoor's removal from Parliamentary Panel

Hello and welcome back to <keyword id="12009106" type="UNKNOWN" weightage="60" keywordseo="insider-advertising" source="Orion">Insider Advertising</keyword>, your weekly look at the biggest stories and trends affecting Madison Avenue and beyond. I'm Lara O'Reilly, Insider's media and <keyword id="11894120" type="UNKNOWN" weightage="100" keywordseo="advertising" source="Orion">advertising</keyword> editor. <a href="http://newsletter.businessinsider.com/join/4np/insider-advertising">If this was forwarded to you, sign up here.</a>Well, it's goodbye to another weird summer and hello to the fall TV season, which hopefully will be back with a bang now that we appear to be over the worst of the pandemic-induced in-person production disruptions. Among the anticipated big audience draws for advertisers: the "Wonder Years" reboot on ABC; "Impeachment: American Crime Story," on FX; and the latest installment of the bizarro talent show "The Masked Singer" over on Fox.Let's jump into this week's big advertising news:<ul><li><a href="https://www.businessinsider.com/shang-chi-box-office-hold-crucial-for-movie-theaters-disney-2021-9?r=US&amp;IR=TIR=T">The box-office success of "Shang-Chi"</a> hints at <keyword id="11991882" type="UNKNOWN" weightage="60" keywordseo="cinema" source="Orion">cinema</keyword> advertising's return</li><li><a href="https://www.businessinsider.com/recent-advertising-hires-by-companies-like-instacart-and-home-depot-2021-7?r=US&amp;IR=TIR=T">Instacart and Uber step up their ads game</a></li><li><keyword id="11892960" type="UNKNOWN" weightage="60" keywordseo="facebook" source="Orion">Facebook</keyword>'s "trust deficit" as it prepares to launch new <a href="https://www.businessinsider.com/mark-zuckerberg-hit-with-pillows-video-facebook-smart-glasses-2021-9?r=US&amp;IR=TIR=T">Ray-Ban smart glasses</a></li></ul><h3>And just like the movies; we'll play out our last scene</h3>Slowly but surely, movie-theater audiences are trickling back.Marvel Studios' latest movie, <a href="https://www.businessinsider.com/shang-chi-box-office-hold-crucial-for-movie-theaters-disney-2021-9?r=US&amp;IR=TIR=T">"Shang-Chi and the Legend of the Ten Rings," blew past Labor Day box-office records</a>, <a href="https://www.businessinsider.com/author/travis-clark?r=US&amp;IR=TIR=T">per Insider's senior media reporter Travis Clark</a>.But don't expect a cinema-advertising bounceback just yet. The Publicis media agency Zenith <a href="https://www.zenithmedia.com/ecommerce-and-online-video-to-fuel-11-recovery-in-global-adspend-this-year/">estimated in July</a> that global cinema ad spend would grow 116% this year, but because of the 72% decline in 2020 that would still put it far below 2019's levels."Cinema is an immersive and effective form of brand-building advertising, and there is clearly pent-up demand from advertisers used to communicating with their audiences on the big screen," Jonathan Barnard, the head of forecasting and global intelligence at Zenith, told me. But, he added: "Clearly the reduced available audience means the opportunities to spend are limited."Sellers of cinema advertising have had to get creative during the coronavirus pandemic.Last year, when all the movie theaters on its network temporarily closed, <a href="https://digiday.com/media/no-time-to-die-cinema-advertising-resurgence-expected-once-movie-theaters-reopen/">National CineMedia's quarterly revenue shrank some 96.4%</a>. At the time, its digital ads business was all it had. While NCM is seeing increased demand from marketers for traditional cinema ads, it's also continued to evolve the digital offering. Part of that includes expanding its digital out-of-home network, to screens at 7-Eleven stores, supermarkets, restaurants, and college campuses and across Harena Data's esports content.Scott Felenstein, NCM's president of sales, marketing, and partnerships, told me the company also had 250 million anonymized data records and had integrated exhibitor data to provide interesting insights for advertisers."We can use our ticket-purchasing data to identify who bought tickets for the movies next weekend and help influence dining decisions for moviegoers before they head to the movies," Felenstein said.Tune in:<ul><li><a href="https://www.businessinsider.com/amcs-25-million-campaign-back-to-theaters-2021-9?r=US&amp;IR=TIR=T">AMC is spending $25 million to try to convince you seeing movies in theaters is better than watching them from your couch</a></li><li><a href="https://variety.com/2021/tv/news/super-bowl-commercials-nbc-sports-1235059027/">NBC Sports says it has fewer than five 30-second slots left in its 2022 Super Bowl broadcast</a> - and some advertisers have been paying up to $6.5 million for the privilege. Much of the demand has come from Hollywood, which pulled back this year as theater audiences shrank.</li></ul><h3>Instacart before the horse</h3><div type="image" title="Instacart CEO Fidji Simo on a yellow background" height="1200" width="2400" msid="86063900" hostid="261"></div>Every business is an ads business eventually. A whole host of companies, whether delivery services or traditional retailers, are <a href="https://www.businessinsider.com/recent-advertising-hires-by-companies-like-instacart-and-home-depot-2021-7?r=US&amp;IR=TIR=T">staffing up and building out their ads divisions</a>.The Wall Street Journal this week zoomed in on <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Finstacart-goes-deeper-into-digital-advertising-as-grocery-delivery-slows-11630920600%3Fmod%3DdjemCMOToday">Instacart's growing ads business</a> - a key high-margin unit for the company as it prepares to go public. You may recall <a href="https://www.businessinsider.com/biggest-facebook-advertising-and-marketing-departures-2021-9?r=US&amp;IR=T#carolyn-everson-former-vp-global-business-group-3up-3">the Facebook veteran Carolyn Everson quit the big blue app this summer</a> and went over to Instacart, joining her former Facebook colleagues Fidji Simo, Instacart's CEO, and Asha Sharma, its chief operating officer.Instacart has <a href="https://www.businessinsider.com/instacart-advertising-business-revenue-ipo-amazon-seth-dallaire-2021-6?r=US&amp;IR=TIR=T">big advertising ambitions</a>. The Journal reports that Instacart intends to grow ad revenue some 233%, to $1 billion in 2022 from about $300 million last year. That would put it somewhere between IAC ($790 million) and Yelp ($1.02 billion), according to <a href="https://content-na1.emarketer.com/worldwide-digital-ad-spending-2021">eMarketer's net digital ad revenue estimates for 2022</a>.Simo told The Journal that Instacart was planning to introduce new ad products, including email marketing, video, and audio.Elsewhere, I reported last week that <a href="https://www.businessinsider.com/uber-hires-amazon-mark-grether-as-general-manager-ad-division-2021-9?r=US&amp;IR=TIR=T">Uber hired Mark Grether</a>, a former Amazon Advertising director and agency and adtech veteran, to lead its burgeoning ads unit.<a href="https://www.businessinsider.com/uber-testing-in-app-ads-business-profit-2021-8">Uber's ad business is also growing quickly</a>: CEO Dara Khosrowshahi said on the company's August earnings call that while it had set out an initial goal to complete 2021 with a $100 million revenue run rate, it expected to surpass that and hit a $300 million revenue run rate by the end of 2022.Get up to speed:<ul><li><a href="https://www.businessinsider.com/instacart-unsuccessful-dealmaking-with-uber-doordash-2021-9?r=US&amp;IR=TIR=T">Inside Instacart's frenzied summer of unsuccessful dealmaking with Uber and DoorDash</a></li><li>Event alert: Join us on Thursday, September 16, at 1 p.m. ET for "<a href="https://www.businessinsider.com/future-of-e-commerce-advertising-webinar-walmart-instacart-amazon-target-2021-8?r=US&amp;IR=TIR=T">The future of Amazon, Instacart, and Walmart advertising</a>" to learn how these companies are growing their ads businesses and what the trend means for marketers. <a href="https://us02web.zoom.us/webinar/register/WN_NG4mf9vGSFOYUNt2cSCEBA">Register here</a>.</li></ul><h3>Trust issues</h3><div type="image" title="david marcus facebook" height="1333" width="2000" msid="86063901" hostid="261"></div>David Marcus, the head of Facebook's financial unit F2, has been doing the interview circuit this week to discuss the launch of its new digital wallet, Novi.<a href="https://www.protocol.com/facebook-crypto-diem-novi">Speaking with Protocol</a>, Marcus was candid about the challenge ahead from a brand-perception perspective: "Doing it inside of Facebook has a cost, because obviously, we need to do a lot more to have the benefit of the doubt - to deserve the benefit of the doubt. And we need to do a lot more over a long period of time to earn people's trust. And so that's a cost, a tax so to speak, on the project."Speaking of which, Mark Zuckerberg - <a href="https://www.businessinsider.com/facebook-ceo-mark-zuckerberg-puts-tape-over-his-laptop-camera-2016-6?r=US&amp;IR=TIR=T">one of those people who stick tape over their laptop webcams</a> - has been <a href="https://www.facebook.com/4/videos/598695067967180/">busy posting point-of-view videos</a> to his Facebook page, presumably recorded using Facebook's forthcoming Ray-Ban <keyword id="12048052" type="UNKNOWN" weightage="60" keywordseo="smart-glasses" source="Orion">smart glasses</keyword>. The Facebook executive Andrew "Boz" Bosworth posted a video to Twitter also hinting at the new product, which shows him <a href="https://www.businessinsider.com/mark-zuckerberg-hit-with-pillows-video-facebook-smart-glasses-2021-9?r=US&amp;IR=TIR=T">pelting his boss with pillows</a>. The big Ray-Ban reveal is expected later Thursday.I for one would love to know what Facebook's Reality Labs team has to say about the trust "tax" in Facebook launching a camera designed to be worn on your face. Every business is an ads business, after all!<h3>New model army</h3>A new <a href="https://wfanet.org/knowledge/item/2021/09/08/Capability-gaps-creating-significant-challenges-for-large-advertisers-WFA-research">study</a> from the World Federation of Advertisers and Ebiquity found that about 70% of client-side media teams were reviewing their company's media operating model at least every two to three years.<div type="image" title="Bar chart of how often brand media execs review their media-operating model with &quot;every 2 to 3 weeks&quot; in the lead with 33%" height="840" width="1240" msid="86063905" hostid="261"></div>The WFA and Ebiquity polled 52 in-house media execs, responsible for more than $40 billion media spend in total.The study also found that global media teams had an expanding set of responsibilities placed at their desks and that many had "capability gaps" in areas including e-commerce, media transparency, and in-housing or "right-housing" certain aspects of their media.<h3>Recommended reading</h3>Advertising's labor shortage is crushing agency employees, who talk of 16-hour days and mounting client demands - <a href="https://www.businessinsider.com/advertisings-labor-shortage-is-crushing-agency-employees-2021-9?r=US&amp;IR=TIR=T">Insider</a>A look at the "made for advertising" clickbait websites that peddle their wares through content-recommendation chumboxes - <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.morningbrew.com%2Fmarketing%2Fstories%2F2021%2F09%2F08%2Fbrands-still-playing-ball-clickbait-ad-sites-advertisings-roach-will-survive-bomb%3F__cf_chl_jschl_tk__%3Dpmd_jBjIXrOXRXjWnH9oRFi4ttT2shS4E35D1HSCDYoYkmM-1631173435-0-gqNtZGzNAqWjcnBszQz9">Marketing Brew</a>Hyundai's former CMO says automakers spend too much on TV ads and Google search ads - <a href="https://adage.com/article/ad-age-podcast/ex-hyundai-cmo-says-auto-brands-spend-too-much-tv/2363236?mod=djemCMOToday">Ad Age</a>Here's a comprehensive overview of the latest Nielsen-versus-networks ratings shenanigans - <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fnielsens-grip-over-tv-ratings-loosens-amid-streaming-boom-11631007002%3Fmod%3Dbusiness_lead_pos4">Wall Street Journal</a>Music marketers are using TikTok challenges to pay creators based on video performance rather than follower count - <a href="https://www.businessinsider.com/music-marketer-song-challenges-pay-on-views-not-followers-2021-9?r=US&amp;IR=TIR=T">Insider</a>Event alert: Join us on Tuesday, September 14, at noon ET for "<a href="https://link.insider.com/click/24949070.322686/aHR0cDovL2V2ZW50cy5pbnNpZGVyLmNvbS9mdXR1cmUtb2YtbW9iaWxpdHk_dXRtX3NvdXJjZT1OZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPUFyaXR5Jm5yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fY29udGVudD1CSVByaW1lX1N1bmRheQ/5cf970723f92a452082ea752Bb9d107ff">The future of mobility: data driving innovation</a>," presented by Arity, to learn how technology and data are transforming habits and enhancing app user experience. <a href="https://link.insider.com/click/24949070.322686/aHR0cDovL2V2ZW50cy5pbnNpZGVyLmNvbS9mdXR1cmUtb2YtbW9iaWxpdHk_dXRtX3NvdXJjZT1OZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPUFyaXR5Jm5yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fY29udGVudD1CSVByaW1lX1N1bmRheQ/5cf970723f92a452082ea752Cb9d107ff">Register here</a>.That's all for now, see you next week - Lara

Awaiting the cinema-advertising bounceback

The maker behind famous <keyword id="213849" type="PERSON" weightage="20" keywordseo="Jack-Daniels">Jack Daniels</keyword> bourbon whiskey along with <keyword id="8201110" type="UNKNOWN" weightage="20" keywordseo="Ritz-London">Ritz London</keyword> have become the latest victims of cyber attacks. The <keyword id="9211816" type="UNKNOWN" weightage="20" keywordseo="revil-ransomware">REvil ransomware</keyword> group hit the US wine and spirits giant Brown-Forman, maker of Jack Daniel's. Although Brown-Forman claims have prevented attackers from encrypting their files, hackers said they have access to "1TB corporate data which they have threatened to leak on the Dark Web", reports threatpost.com. According to Jonathan Knudsen, Senior Security Consultant at Synopsys Software Integrity Group, as Brown-Forman reported that they've successfully prevented attackers from encrypting files, while few details have been released yet, "it would appear that they have been working to implement a proactive security strategy". "Times like these illustrate how valuable that proactivity can truly be," Knudsen said in a statement on Wednesday. Jack Daniels or JD is the best-selling premium distilled spirit brand worldwide including in India. Situated in the Lynchburg town, 110 kms southeast of the music city of Nashville, the JD Distillery was established in the 1830s and registered by its owner Jack in 1866, making it the oldest registered distillery in the US. Every year, about 3 lakh people tour the JD distillery. Meanwhile, the Ritz Hotel in London has launched an investigation into a data breach. <div type="Article" hostid="261" msid="77143676" title="Ransomware hits IT services giant — they paid the ransom even after locking hackers out of the system" mstype="2" mssubtype="0"></div> In a series of messages posted to Twitter, the luxury hotel chain said the company was made aware of a "potential data breach within our food and beverage reservation system." "This may have led to the compromise of some of our clients' personal data". According to Knudsen, ransomware is effective and devastating because it allows hackers to sell information back to the people who value it most  the victims. "Businesses can reduce the risk of a catastrophic breach by taking a proactive, security-first stance and following industry best practices in designing and implementing their technology solutions," he said. REVil, also known as Sodin or Sodinokibi, isn't just operating on the old-school ransomware model of "scramble your files and offer to sell you back the decryption key". The hacking group in May got access to secret data belonging to one of the premier media and entertainment law firms in the US representing top-notch celebrities. <div type="Article" hostid="261" msid="75708155" title="Ransomware attack puts Priyanka Chopra, Lady Gaga, Madonna and other celebrities’ data at risk — and REvil hackers are known to follow through on their threats" mstype="2" mssubtype="0"></div> REvil initially demanded $21 million ransom from the law firm, Grubman Shire Meiselas &amp; Sacks, after stealing 756 gigabyte of confidential data that include contracts, nondisclosure agreements, phone numbers and email addresses, and "personal correspondence" of some of the top Hollywood and music stars. The list had names like Priyanka Chopra, Lady Gaga, Madonna, Nicki Minaj, Bruce Springsteen, Christina Aguilera, Mariah Carey, Jessica Simpson, Naomi Campbell, Robert De Niro, Sofia Vergara, Spike Lee, the Osbournes (Ozzy, Sharon and Kelly) and several more. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-confirms-that-the-dent-in-earths-protective-shield-is-splitting-into-two-and-it-is-getting-bigger/articleshow/77611768.cms">NASA confirms that the dent in Earth’s protective shield is splitting into two as it gets bigger</a> <a href="https://www.businessinsider.in/careers/news/facebook-is-hiring-senior-execs-for-its-digital-wallet-novi-and-its-partnership-with-jio/articleshow/77606649.cms">Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio</a> <a href="https://www.businessinsider.in/tech/apps/news/microsoft-is-ending-support-for-the-legacy-internet-explorer-but-its-only-going-to-affect-less-than-5-of-online-users/articleshow/77607727.cms">Microsoft is ending support for the legacy Internet Explorer — but it's only going to affect less than 5% of online users</a>

Ransomware hits Jack Daniel's owner and Ritz London— investigation ongoing

<ul><li><keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword>’s profits jumped 8.5% to $6.1 billion, while its revenue grew by 5.6% to $137.7 billion. </li><li>Its international sales fell by 6.8% to $27.2 billion, because of the lockdown and subsequent market closures, including <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s halted operations.</li><li>Its earnings report said that since reopening GMV (Gross Merchandising Volume) at Flipkart has exceeded pre-COVID-19 levels. </li></ul>Global retail giant Walmart has profited off the coronavirus pandemic, with its essentials business and its e-commerce finally taking off. Walmart’s profits jumped 8.5% to $6.1 billion, while its revenue grew by 5.6% to $137.7 billion, while its same-store sales grew by 9.3% in the quarter. The company also said that its e-commerce sales in the US grew 97% with robust results across all channels. Even though its international sales fell by 6.8% to $27.2 billion, because of the lockdown and subsequent market closures, including Flipkart’s halted operations during the April-June quarter, the company has reasons to remain optimistic. Flipkart post lockdown sales beat pre-COVID levels Walmart’s bet on Flipkart seems to be taking off well. In its earnings report, Walmart has said that since the reopening of lockdown, GMV (Gross Merchandising Volume) at Flipkart has exceeded pre-COVID-19 levels. In July, Flipkart had said that it had surpassed 1.5 billion visits per month and reported 45% growth in monthly active customers and 30% growth in transactions per customer for FY20. Earlier in July, Walmart invested $1.2 billion in Flipkart in an equity round, two years after it bought a 77% stake in the Indian retail giant for $16 billion. The round valued Flipkart at $24.9 billion. And days after the funding announcement, Flipkart also said that it was acquiring Walmart India’s business and announced the launch of Flipkart Wholesale. With this, the 28 Walmart’s Best Price stores in India will now come under Flipkart. Competition is brewing in India Walmart is doubling down on its bets on Flipkart at a time when India’s retail tech ecosystem is witnessing a surge in interest from the tech giants – with Facebook’s $5.7 billion bet on Jio and Google’s talks of investing $4 billion in Jio Platforms. Both of these investments will boost JioMart, the e-commerce debut of Asia’s richest man Mukesh Ambani. Meanwhile, Amazon’s Jeff Bezos promised a new $1 billion investment in India. <a href="https://timesofindia.indiatimes.com/business/india-business/in-a-1st-amazon-beats-flipkart-in-smartphone-sales/articleshow/77534408.cms">Reports </a>also said that during the sale events in July, Amazon beat Flipkart at one of its bestsellers – smartphones – for the first time. SEE ALSO: <a href="https://www.businessinsider.in/india/news/dream11-wins-ipl-2020-sponsorship-indias-first-gaming-unicorn-bags-the-rights-for-250-crore/articleshow/77609909.cms">Dream11 wins IPL 2020 sponsorship – India’s first gaming unicorn bags the rights for ₹222 crore</a> <a href="https://www.businessinsider.in/business/startups/news/its-not-just-tiktok-its-clone-apps-in-india-too-have-a-beeline-of-investors/articleshow/77606019.cms">It's not just TikTok, its clone apps in India too have a beeline of investors</a> <a href="https://www.businessinsider.in/careers/news/facebook-is-hiring-senior-execs-for-its-digital-wallet-novi-and-its-partnership-with-jio/articleshow/77606649.cms">Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio</a>

Walmart and Flipkart both hit the mark with e-commerce – a 97% jump in US while India sales exceed pre-COVID levels

<ul><li>The known debt of Future Group’s listed companies is over ₹26,000 crore ($3.5 billion), including those from banks, mutual funds, suppliers et all. </li><li>Bank of India has the highest exposure, to the tune of ₹5,750 crore, among all banks that have together lent about ₹12,000 crore to the Future Group's listed companies. </li><li>Franklin Templeton and Kotak Credit Risk Fund have lent money to Future Group, about ₹968 crore.</li><li>It is reported that lenders to the listed companies may get 60% of their dues back post the merger but they may want more.</li></ul>There are many who will heave a sigh of relief after Reliance Industries’ decision to buy out Future Group companies. While the shareholders of Kishore Biyani’s companies are still figuring out what is the worth of their stake in the new deal, based on the swap ratio, the bankers know the approximate amount that they are likely to get back. And, they may want more as the discussions open up this week starting Aug 31. The swap ratio: For every 10 shares of Future Enterprises, investors will get... <table style="width: 294pt;"> </colgroup> <tbody><tr> <td class="xl64" style="height:45.0pt;width:116pt">Company</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 83pt;">No. of shares</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 95pt;">Premium based on Aug 28 closing price</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none;">Future Consumer</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">9</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">58.40%</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none;">Future Lifestyle </td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">116</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">61.50%</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none;">Future Market</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">18</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">36.40%</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none;">Future Retail</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">101</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">50.80%</td> </tr> <tr> <td class="xl64" style="height: 15pt; border-top-width: initial; border-top-style: none;">Future Supply Chain</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">131</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">75.20%</td> </tr></tbody></table>Source: Capitalmind <div type="Article" hostid="261" msid="77825144" title="Reliance Retail acquires Kishore Biyani’s Future Group for ₹25,000 crore in a ‘slump sale’" mstype="2" mssubtype="0"></div> Mukesh Ambani has decided to pay about ₹25,000 crore and agreed to pay off the latter’s loans to the tune of ₹12,500 crore. However, the known debt of Future Group’s listed companies is over ₹26,000 crore ($3.5 billion), according to <a href="https://www.capitalmind.in/2020/08/deleveraged-understanding-the-reliance-industries-future-group-deal/">a CapitalMind report</a>. <div type="image" title="future ent share price" msid="77837265" hostid="261" caption="&amp;lt;p&amp;gt;Future Enterprises share price chart&amp;lt;/p&amp;gt;"></div> Banks like Axis Bank, Bank of India, Bank of Baroda and many others have lent about ₹12,000 crore to Biyani’s listed companies and just as much to unlisted firms owned by Biyani and his family. Bank of India has the highest exposure, to the tune of ₹5,750 crore. But it seems the market already had a whiff of the deal as the stock has climbed about 10% in the last three years. <div type="image" title="boi share price" msid="77837274" hostid="261" caption="&amp;lt;p&amp;gt;Bank of India share price chart&amp;lt;/p&amp;gt;"></div> However, Ambani will not repay the debt of Biyani’s private companies. There are at least 13 promoter group companies under Future Enterprises (Biyani’s flagship firm), and their total debt stood close to ₹4,100 crore. While Biyani and his family hold a 33.5% stake in Future Group’s listed companies, almost all of it has already been pledged to lenders. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of stake pledged </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Lifestyle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">99.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Supply (FSCL) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">92.97% </td></tr></tbody></table> Franklin Templeton and Kotak Credit Risk Fund have lent money to Future Group, about ₹968 crore. It is now widely reported that banks don’t expect to get all their dues back. Ambani who seems to have driven a hard bargain, reportedly wanted banks and suppliers that they would get only 60% of their dues back. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-ceo-defends-flipkart-valuation-says-learnings-from-india-helped-double-their-e-commerce-sales/articleshow/77626799.cms">Walmart CEO defends Flipkart's valuation, says learnings from India helped double their e-commerce sales</a> <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms" class="waffle-rich-text-link">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a> <a class="in-cell-link" href="https://www.businessinsider.in/careers/news/facebook-is-hiring-senior-execs-for-its-digital-wallet-novi-and-its-partnership-with-jio/articleshow/77606649.cms" target="_blank">Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio</a>

From Bank of India and Axis Bank to Franklin and Kotak Mutual Fund⁠— lenders' will vie for their pound of flesh from the Ambani-Biyani deal

A day before the scheduled hearing on quantum of sentence, activist-lawyer <keyword id="6368850" type="PERSON" weightage="20" keywordseo="prashant-bhushan">Prashant Bhushan</keyword> who has been held guilty of criminal contempt for his two <keyword id="6551736" type="UNKNOWN" weightage="20" keywordseo="derogatory-tweets">derogatory tweets</keyword>, moved the <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> seeking deferment of the proceedings till a <keyword id="159370" type="PERSON" weightage="20" keywordseo="Review-petition">review petition</keyword> is filed and considered. <div type="Article" hostid="261" msid="77539437" title="Supreme Court wields the ‘iron hand’ in holding Prashant Bhushan guilty for tweets critical of judiciary and chief justice" mstype="2" mssubtype="0"></div> The top court on August 14 held Bhushan guilty of criminal contempt for his derogatory tweets against the judiciary saying they cannot be said to be a fair criticism of the functioning of the judiciary made in the <keyword id="222899" type="ORGANIZATION" weightage="20" keywordseo="Public-Interest">public interest</keyword>. The apex court had said it would hear on August 20, the arguments on the quantum of sentence to be awarded to Bhushan in the matter. A contemnor can be punished with simple imprisonment of up to six months or with a fine of up to Rs 2,000 or with both. Bhushan in his application stated that he intends to file a review petition against the order of August 14 after studying it in detail and seeking appropriate legal counsel as the ramification of the said order is of grave constitutional significance, in particular on the right to free speech. <div type="Article" hostid="261" msid="77107560" title="Tweets criticising India's Supreme Court get tagged as 'hate speech' and incur the judge's wrath ⁠— Twitter caught in the crossfire" mstype="2" mssubtype="0"></div> "The Applicant would file the same within the limitation period of 30 days from date of the judgment, as he is entitled to under Order 47 of the Supreme Court Rules, 2013. Hence, it is prayed that, in view of the same, the hearing on the sentence as fixed on August 20, 2020, vide the order of August 14, 2020, be deferred till the consideration of the review by this Court," he said in the application filed in the contempt case which was taken <keyword id="6579425" type="PERSON" weightage="20" keywordseo="suo-motu-cognizance">suo motu cognizance</keyword> by the top court. Bhushan submitted the deferment of the said hearing would be in the interests of justice in view of the underlying public policy with respect to safeguarding liberty of a citizen under Article 21 till such time as his first appeal (in this case the review petition) is considered. The application said if this court proceeds with the hearing on the sentence and imposes any sentence, the same may be directed to be stayed till the remedy of review is exhausted by the applicant. Bhushan, in his application filed through advocate Kamini Jaiswal, said in criminal contempt proceedings, the top court functions like a trial court and is also the last court. "Section 19(1) of <keyword id="9786151" type="COMPANY" weightage="20" keywordseo="the-contempt-of-court-act">the Contempt of Court Act</keyword> gives a statutory right of appeal to a person found guilty of contempt by the High Court. The fact that there is no appeal against an order of this Court makes it doubly necessary that it takes the utmost precaution to ensure that justice is not only done but seen to be done, " he said. Bhushan said it would be in consonance with the right guaranteed under Article 21 of the Constitution of India. Otherwise there would be gross injustice since there would be no occasion to examine the correctness of the findings arrived at in a suo motu criminal contempt proceeding before putting the convicted contemnor's liberty at stake, he said. The top court on August 14 held that Bhushan attempted to scandalise the entire institution of the Supreme Court and said, "If such an attack is not dealt with, with requisite degree of firmness, it may affect the national honour and prestige in the comity of nations." In its 108-page verdict, a bench of Justices Arun Mishra, B R Gavai and Krishna Murari, had said: The tweets which are based on the distorted facts, in our considered view, amount to committing criminal contempt. In the result, we hold alleged contemnor No1 - Mr Prashant Bhushan guilty of having committed criminal contempt of this Court. The top court had, however, discharged the notice issued to Twitter Inc, California, USA in the contempt case after accepting its explanation that it is only an intermediary and does not have any control on what the users post on the platform. It had said the company has also shown its bona fides immediately after the cognizance was taken by this Court as it has suspended both the tweets. The top court had analysed the two tweets of Bhushan posted on the micro-blogging site on June 27 on the functioning of judiciary in past six years, and on July 22 with regard to Chief Justice of India S A Bobde. "In our considered view, it cannot be said that the tweets can be said to be a fair criticism of the functioning of the judiciary, made bona fide in the public interest," it had said. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-confirms-that-the-dent-in-earths-protective-shield-is-splitting-into-two-and-it-is-getting-bigger/articleshow/77611768.cms">NASA confirms that the dent in Earth’s protective shield is splitting into two as it gets bigger</a> <a href="https://www.businessinsider.in/careers/news/facebook-is-hiring-senior-execs-for-its-digital-wallet-novi-and-its-partnership-with-jio/articleshow/77606649.cms">Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio</a> <a href="https://www.businessinsider.in/tech/apps/news/microsoft-is-ending-support-for-the-legacy-internet-explorer-but-its-only-going-to-affect-less-than-5-of-online-users/articleshow/77607727.cms">Microsoft is ending support for the legacy Internet Explorer — but it's only going to affect less than 5% of online users</a>

Prashant Bhushan is seeking deferment of hearing on sentence until the Supreme Court considers the review plea

<ul><li>Analysts are hopeful that Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s <keyword id="9242645" type="UNKNOWN" weightage="20" keywordseo="Atma-Nirbhar">Atma Nirbhar</keyword> Bharat programme will be a bigger success than ‘<keyword id="6354869" type="PERSON" weightage="20" keywordseo="make-in-India">Make in India</keyword>’ to boost India’s manufacturing.</li><li>Focusing on specific sectors and pushing for local products to replace imports is the government’s new strategy.</li><li>Electronics, pharmaceuticals and labour-intensive industries may be the biggest beneficiaries of Atma Nirbhar Bharat.</li></ul>Six years after ‘Make in India’, analysts are hoping that the Atma Nirbhar Bharat programme will have more ‘material impact’ on India’s manufacturing sector. With the ‘Make in India’ programme in 2014, the Narendra Modi government was pushing for a one-size-fits-all solution across 25 sectors. <div type="Article" hostid="261" msid="76318544" title="PM Modi says COVID crisis is a time for bold decisions and investments" mstype="2" mssubtype="0"></div> This time around, with ‘<a href="https://www.businessinsider.in/india/news/pm-modi-speech-highlights-during-cii-anniversary/articleshow/76149631.cms">Atma Nirbhar</a>’ (self-reliance), there is a targeted focus on specific sectors — defence, pharmaceuticals, and electronics sectors are most likely to reap the benefits. “None of the key parameters suggest any material improvement in the performance of the manufacturing sector over the last six years,” said a report by Citi Research highlighting the inefficiency of Make-in-India. The share of value-added by the manufacturing sector to the country’s overall production has remained stagnant between 17% to 18% over the last decade. With Atma Nirbhar Bharat, analysts see the policy focus shifting from exports and towards attracting shifts of supply chains to providing fiscal incentives and putting in import restrictions instead. Citi Research notes that most companies are anyway going to adopt a ‘China plus 1’ strategy rather than entirely move out of China. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Parameter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Make in India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Atma Nirbhar Bharat </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FOCUS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exports </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Import substitution + Exports </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FOUNDATION </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Export incentives, cheap labour </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Incentives for value addition, import restrictions, cheap labour </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SECTORS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Broad and overarching covering 25 sectors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Focus on bulk drugs, electronics and defence </td></tr></tbody></table> Exports will remain the key focus, as in any developing economy. However, the fundamental difference between ‘Make in India’ and Atma Nirbhar is the realisation that India can’t control what the world will buy and therefore, it should focus on its strengths instead of playing in areas where the global competition is intense. Import restrictions The biggest strength for India is its large consumer market. Before forcing the world to buy from India, the Modi government had to ensure the people of the country were willing to buy local brands. Cheaper imports, everything from mobile phones to textiles to steel— particularly from China— had to be fended off. <div type="Article" hostid="261" msid="76495421" title="India is ready to curb cheap, low-quality imports from China amidst border row" mstype="2" mssubtype="0"></div> The <a href="https://www.businessinsider.in/international/news/indias-deadly-mountain-top-showdown-with-china-could-lead-to-more-military-activity-at-sea/articleshow/76902536.cms">border tensions in Ladakh</a> gave India the political impetus it needed to put its plans in place, starting with putting a cap on Chinese investment into India. Take pharmaceuticals, for instance. “Bulk drug imports are 63% of total pharma imports and for some medical equipment; the import dependency could be as high as 86%,” said Citi Research in its report. The pharmaceutical sector is among the 10 ‘champion’ sectors recognised by the government. As a part of this, India is scouting for international companies that would like to move their manufacturing base to the country. <div type="Article" hostid="261" msid="76449300" title="Govt working on steps to cut import dependence on China, boost manufacturing: Sources" mstype="2" mssubtype="0"></div> Exports still remain an integral part of Atma Nirbhar Bharat. However, rising global protectionism, reneging on bilateral foreign trade agreements, and the expiry of India’s most prominent export incentive scheme — Merchandise Export Incentive Scheme (MEIS) — indicate that the push on exports is weakening. Value addition Margins is where value addition kicks in. It’s not enough for exports to grow, they also need to bring more value in order to have a beneficial effect on the economy. Otherwise, some sectors may grow at scale but they won’t necessarily add to the profit bottom line. The foundation for this was laid out ahead of the budget earlier this year, in India’s annual Economic Survey. “While the short to medium term objective is the large scale expansion of assembly activities by making use of imported parts &amp; components, giving a boost to domestic production of parts and components (upgrading within global value chains) should be the long term objective,” it said. <div type="image" title="economic survey" msid="77629656" hostid="261" caption="&amp;lt;p&amp;gt;The framework of value addition using imported inputs&amp;lt;/p&amp;gt;"></div> So far, pharmaceuticals, defence manufacturing and electronics have been given incentives to make more value-added products in India. Going forward, labour-intensive sectors like leather, textiles and food processing are likely to see similar thrust, according to Citi Research. “India’s relatively cheaper labour cost and abundance of food produce could turn out to be competitive advantages,” it brokerage noted. However, it also points out that in order to succeed and for PLIs to have an impact on India’s Gross Domestic Product (GDP), the gambit of sectors that will benefit from PLI schemes needs to be increased. Electronics manufacturing in India, a case study Electronics goods production is one of the few success stories of Indian manufacturing. In the two years, exports have doubled to $11.8 billion in 2020 from $6.4 billion in 2018. Even so, while the volume of production may have increased, concerns were raised over value addition. “A domestic electronics component manufacturing ecosystem had to be developed to reduce dependence on imports and fiscal incentives are planned to develop that ecosystem,” said Citi’s report. The government estimates that its new Product Linked Incentive (PLI) scheme for mobile phones and other electronic products manufacturing are likely to generate fresh capital investment of $11.5 trillion to help it achieve its target of a $1 trillion digital economy by 2025. The idea has definitely improved from Make in India to Atma Nirbhar, whether the results will be better is something to be seen in a few years from now. SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/nasa-confirms-that-the-dent-in-earths-protective-shield-is-splitting-into-two-and-it-is-getting-bigger/articleshow/77611768.cms">NASA confirms that the dent in Earth’s protective shield is splitting into two as it gets bigger</a> <a href="https://www.businessinsider.in/careers/news/facebook-is-hiring-senior-execs-for-its-digital-wallet-novi-and-its-partnership-with-jio/articleshow/77606649.cms">Facebook is hiring senior execs for its digital wallet Novi and its partnership with Jio</a> <a href="https://www.businessinsider.in/tech/apps/news/microsoft-is-ending-support-for-the-legacy-internet-explorer-but-its-only-going-to-affect-less-than-5-of-online-users/articleshow/77607727.cms">Microsoft is ending support for the legacy Internet Explorer — but it's only going to affect less than 5% of online users</a>

You Searched For "novi digital wallet" and got 11 results

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