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<ul class="summary-list"><li>Special counsel Jack Smith filed a revised election interference indictment against Donald Trump.</li><li>The new indictment removes some of Trump's alleged conduct that risked presidential immunity challenges.</li></ul>Former President Donald Trump was hit with a revised election interference indictment on Tuesday that keeps <a target="_blank" class="" href="https://www.businessinsider.com/trump-january-6-criminal-indictment-charges-explained-2023-7">the same four counts against him</a> but removes some of the alleged conduct that may now be protected by presidential immunity.The office of special counsel Jack Smith announced the new, superseding indictment shortly after a second grand jury voted."Today, a federal grand jury in the District of Columbia returned a superseding indictment, ECF No. 226, charging the defendant with the same criminal offenses that were charged in the original indictment," Smith's office said in an email to Business Insider."The superseding indictment, which was presented to a new grand jury that had not previously heard evidence in this case, reflects the Government's efforts to respect and implement the Supreme Court's holdings and remand instructions," the statement continued.Trump remains charged with the same four counts of interfering with the 2020 election. Those counts allege that he conspired to defraud the United States, that he conspired to obstruct the certification of the electoral vote count, that he did obstruct that certification, and that he conspired to deprive voters of the right to have their votes counted.The re-tooled indictment is a response to the <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-trump-immunity-january-6-election-ruling-decision-2024-5">US Supreme Court's landmark opinion</a> from last month that provides presidents with broad protection from being prosecuted for official acts.It removes, for example, any reference from the first indictment that alleges he conferred with Justice Department officials in promoting false claims of election fraud.The new indictment is 36 pages long; the previous indictment was 45 pages long.Senior Assistant Special Counsel Molly Gaston said in a separate filing Tuesday that Smith's office is not asking that Trump appear in court to be arraigned on the new indictment. Trump pleaded not guilty to the previous indictment. An attorney for Trump declined to comment. A campaign spokesperson did not immediately respond to a request for comment. This is a developing story. Please check back for updates.

Jack Smith hits Trump with revised January 6, 2021 indictment that's narrowed to avoid presidential immunity trouble

July is here, and while we are still 5 months away from the end of 2024, the deadline to file your <keyword id="19897621" type="General" weightage="20" keywordseo="ITR" source="keywords">ITR</keyword> is July 31st, which is looming large. While it is best to not "file away" filing your income tax returns for later, are you aware of the right ITR form that applies to you? Out of the 7 ITR forms available, how do you know which one is the right fit for you, and where to start? For starters, the first 4 ITR forms (ITR-1,2,3,4) are necessary for an individual to know about, while filing taxes. Lets decode all these forms in detail with Tanya, a 22 year old IT professional who earns Rs 10,000 per month. Her mother has a monthly rental income of Rs 12,000 per month. Will the two of them be required to file ITR? Well, the answer is no. You see, Tanya's <keyword id="21120362" type="General" weightage="20" keywordseo="annual-income" source="keywords">annual income</keyword> comes to about Rs 1,20,000, while her mother's total rental income comes to about Rs 2,40,000. If you opt for the old tax regime, you don't need to file an ITR if you annual income is below Rs 2.5 lakh. In the new regime, this limit stands at Rs 3 lakh. Similarly, if your grandparents are aged between 61-79, they need not file an ITR if their annual income (via rent, pensions) falls below Rs 3 lakh. And if they are aged above 80, this threshold if of Rs 5 lakh for the year. <h2>ITR-1: Sahaj </h2>Lets continue with Tanya's life. She works super hard, and over the years, earns a few well deserved raises. Now, her monthly income is Rs 50,000. In this case, she will have to file ITR-1, which is also known as Sahaj. This form applies to you if your total annual income for the year does not exceed Rs 50,00,000. The best part? This form is generally pre-filled, and all you've got to do is verify the information through your <keyword id="22247325" type="General" weightage="20" keywordseo="Form-16" source="keywords">Form-16</keyword> and Annual Information Statement (AIS). <h2>ITR-2 </h2>Over time, Tanya decides to start investing in mutual funds. While she holds most of her investments for the long-term, she is compelled to sell some units of her investment in equity mutual funds, due to a medical emergency at home. She had purchased some equity mutual fund units worth Rs 2,00,000 on April 1, 2023. Due to the emergency, she had to sell about Rs 80,000 worth of units in December of the same year. On redemption, she received Rs 1,10,000. Since she had held these securities for less than 12 months, Tanya would have to pay a short-term <keyword id="20301441" type="General" weightage="20" keywordseo="capital-gains-tax" source="keywords">capital gains tax</keyword> of 15%, Had Tanya held on to these securities for more than 12 months and then sold them at a gain, she'd have to pay long-term capital gains tax, which is applicable at 10% for equity mutual funds. And to account for such capital gains, be it from sale of shares, mutual funds, property or the like, Tanya needs to file ITR-2. <h2>ITR-3</h2>Tanya's brother, Vishal, is a freelancer who got hooked to trading in futures and options during the pandemic. Initially, he made solid profits, but during FY24, he ran into losses worth Rs 5 lakh. In this case, he will have to file ITR-3 to report his losses. This form is to be used by those who earn income under the head of profits (or even losses) of business or profession, other than regular salary. In case Tanya's mother starts receiving rental income from more than one house properties, she will also have to file ITR-3. Or, in case you are a CA, or a doctor and have your own practice (are self employed), this form is for you. <h2>ITR-4: Sugam </h2>This form is exclusively for those who opt to be taxed under the presumptive taxation scheme. You can opt for this scheme if you are a small business/firm and your annual turnover is less than Rs 3 crore, or you are self employed with an annual revenue of less than Rs 75 lakh. Under this, you don't pay taxes on your actual income, rather, you pay taxes on a presumed income. As per law, under this scheme, your net income will be considered as 6% of your total revenue, and you'll have to pay taxes on that. Here, you're really not calculating your income for taxation, and hence, it is not even mandatory to maintain records. In case you file the wrong ITR, you can always file a revised return by December 31, 2024. In case you miss filing your ITR on time, you’ll have to pay Rs 5,000 as a penalty. Moreover, you’ll be charged interest on your outstanding tax liability, if there is any. So, get down to work, right away!

Wondering which ITR form is right for you? Know all about it here

<ul class="summary-list"><li>Goldman Sachs and JPMorgan predict relatively muted S&amp;P 500 returns over the next decade.</li><li>RIA Advisors' Lance Roberts says the banks are right.</li></ul>Much has been said about the gloomy outlook for the S&amp;P 500 that some of Wall Street's largest investment banks conveyed in recent weeks.<a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-future-returns-decade-forecast-goldman-sachs-2024-10">Goldman Sachs</a> said in October that the S&amp;P 500 would return 3% annually, on average, over the next 10 years, underperforming current 10-year Treasury yields. <a target="_blank" href="https://affiliate.insider.com?h=46c2a992f4fadc8f29c6c60c3c5cfd52e65b120ede09383837dc6b34735f0622&amp;postID=67251eb1d057d3e5c5bf2ffa&amp;postSlug=stock-market-crash-why-sp500-decade-weak-returns-goldman-jpmorgan-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.morningstar.com%2Fnews%2Fmarketwatch%2F20240917123%2Finvestors-should-brace-for-lower-stock-market-returns-over-the-next-decade-jpmorgan-warns">JPMorgan</a> said in September it sees potential 5.7% annualized returns over that span. And Bank of America said the index would return 1-2% a year, but that dividends should boost that number significantly.It's not every day that these institutions express less-than-bullish views, if you want to characterize them like that, and so the recent research notes caught investors' attention.Lance Roberts, the chief investment strategist at RIA Advisors, said he received "numerous" emails about the Goldman and JPMorgan views in particular and set out to address the claims himself in an October 25 note.His conclusion? The banks are right.Based on where valuations currently sit, it's mathematically likely that average returns are muted over the next 10 years, Roberts said.Here is the Shiller cyclically-adjusted price-to-earnings ratio, which is a 10-year rolling average of trailing 12-month PE ratios.<div type="image" title="shiller cape ratio" height="943" width="1242" msid="114880291" hostid="261" sizebytes="44672"></div>And here's the relationship between starting valuations and returns over the subsequent decade.<div type="image" title="cape ratio and forward 10 year returns" height="461" width="799" msid="114880289" hostid="261" sizebytes="29664"></div>Goldman laid this out another way, illustrating this close relationship.<div type="image" title="cape ratio and forward returns" height="613" width="882" msid="114880469" hostid="261" sizebytes="46444"></div>"There is little argument that U.S. stock market valuations are elevated compared to historical averages. The S&amp;P 500's cyclically adjusted price-to-earnings (CAPE) ratio remains well above its long-term exponential growth trend," Roberts said in the note. "High valuations reflect optimism but can also signal caution. If the market is pricing in perfection, any disappointment can lead to significant corrections."Roberts warned investors not to fall prey to a recency bias amid ongoing strong returns and disregard the high probability of poor returns in the next 10 years — at least relative to risk-free Treasurys and the market returns of the last 15 years. He also said that factors like less dovish central banks and potentially higher inflation could make returns less attractive than they've been in the last few decades.Roberts' valuation argument applies most to investors looking to buy now, not necessarily those who have held positions for years and plan to hold them for decades to come.And it's important to remember these return forecasts are averages, and that there will be up and down years, Roberts said.<div type="image" title="average return vs annual percentage return" height="462" width="800" msid="114880471" hostid="261" sizebytes="11214"></div>When that down period will come and what will trigger it remains to be seen. Inflation has cooled off for now, and the unemployment rate has stayed steady, hovering just above 4%. The October payrolls report released on Friday by the Bureau of Labor Statistics did show extremely weak job growth, but strikes and hurricanes are believed to have had an effect on the headline number."Take these figures with a large helping of salt," said Sam Kuhn, a labor economist at recruitment platform Appcast, in an email on Friday.Investors appeared to do that, with the S&amp;P 500 rising 0.4% on Friday to 5,728, 2.3% below all-time highs.There are some signs of deterioration in the job market like downward payroll revisions and falling job openings and hires, but further Fed rate cuts are expected in an effort to stimulate the economy and avoid falling into a recession.Whether or not they work is still an open question, but disruptive forces always come along at one point or another, Roberts reminded investors."There will be fantastic bull market runs, as we have witnessed over the last decade, but to experience the ups, you will have to deal with the eventual downs," Roberts said. "Despite the hopes of many, no one can repeal the cycles of the market and the economy. While artificial interventions can delay and extend the cycles, the reversion will eventually come."

'The reversion will eventually come': A chief strategist says Goldman Sachs and JPMorgan are right to warn of weak returns for the S&P 500 over the next decade

<ul class="summary-list"><li>Investors are staying on the sidelines ahead of key data this week.</li><li>That includes Wednesday's revised fourth-quarter GDP data and Thursday's Personal Consumption Expenditures report.</li></ul>US stocks ended the session mixed on Tuesday, with the Dow Jones Industrial Average shedding almost 100 points. An upcoming slate of economic data has kept market moves muted in the last two days. Revised fourth-quarter GDP is set to be released on Wednesday, followed by the Personal Consumption Expenditures report on Thursday. The inflation gauge is the Federal Reserve's preferred measure. Both data points will help inform the trajectory of future interest rates, as the central bank is looking for evidence of consistent disinflation before loosening monetary policy. Earlier market convictions that rate cuts were around the corner were hampered when January's consumer price index came in stronger than anticipated. Most investors now <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html" target="_blank" rel="noopener">expect the first reduction to occur in June</a>, and estimate no more than 75 basis points of cuts.This week, markets are also awaiting to hear a number of Fed speakers, offering further clues as to future policy. On Tuesday, Fed Governor Michelle Bowman <a href="https://www.bloomberg.com/news/articles/2024-02-27/fed-s-bowman-reiterates-that-it-s-too-soon-to-cut-interest-rates" target="_blank" rel="noopener">reiterated that it was too soon</a> to start cutting. She expects inflation to continue falling under current conditions.Although most earnings reports have been released, Tuesday saw <a href="https://markets.businessinsider.com/stocks/hims-stock">Hims &amp; Hers Health</a> jump 31.4%, on a better-than-expected performance. Similarly, <a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom Video</a> rose nearly 8%.Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,078.21, up 0.17%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,972.41, down 0.25% (-96.56 points) </li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 16,035.30, up 0.37%</li></ul>Here's what else happened today: <ul><li>The stock rally's main driver is set to weaken - here are <a href="https://markets.businessinsider.com/news/stocks/stock-market-signal-corporate-profit-margins-weaken-inflation-recession-risk-2024-2?_gl=1*2khgfy*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NDkxLjM3LjAuMA..">three reasons profit margins will likely fall</a>, JPMorgan said.</li><li>Western discussions about <a href="https://markets.businessinsider.com/news/currencies/russia-frozen-assets-dedollarization-greenback-euro-ukraine-war-funding-sanctions-2024-2?_gl=1*xt6200*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NDA2LjYwLjAuMA..">using Russia's frozen assets helps undermine trust in the dollar and euro,</a> the country's finance minister said.</li><li>History says <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-bubble-crash-investors-financial-fed-tech-2024-2?_gl=1*itrgoo*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NTUwLjU2LjAuMA..">the S&amp;P 500 is far from bubble territory</a>.</li><li>Elf Beauty returns have <a href="https://markets.businessinsider.com/news/stocks/elf-beauty-stock-price-outperformance-beats-nvidia-trailing-5-years-2024-2?_gl=1*lc446y*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NjA2LjYwLjAuMA..">beaten Nvidia's on a five-year horizon</a>.</li><li>It's a <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-dot-com-bubble-crash-ai-overvalued-purgatory-2024-2?_gl=1*1be5vid*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0Njc4LjYwLjAuMA..">bad idea to put cash into mega-cap leaders</a>, Bill Smead warned.</li><li>Russia is <a href="https://markets.businessinsider.com/news/commodities/russia-gasoline-exports-ban-crude-oil-energy-commodities-putin-2024-2?_gl=1*zdq4a1*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTcwOTA2MjM3Ni4xNDYuMS4xNzA5MDY0NzU3LjYwLjAuMA..">banning gasoline exports for six months</a>.</li></ul>In commodities, bonds, and crypto: <ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">West Texas Intermediate</a> crude oil climbed up 1.35% to $78.63 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 1% to $82.39 a barrel. </li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> was nearly flat at $2,039.50 per ounce. </li><li>The 10-year Treasury edged up to 4.307%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> jumped 4% to $56,792.</li></ul>

US stocks close mixed ahead of revised US growth data and big lineup of Fed speakers

<ul class="summary-list"><li>Stocks climbed as CPI revision data showed inflation cooling faster than previously reported in December. </li><li>December CPI was revised down to a 0.2% month-over-month increase from 0.3%.</li></ul>US stocks rose on Friday as a revision December's data showed inflation is cooling at a faster pace than previously reported. The S&amp;P 500 topped 5,000, a closely watched milestone as the benchmark index continues to notch fresh gains in 2024. Stocks were headed for a fifth straight weekly gain. December's consumer price index numbers were revised lower to a 0.2% month-over-month increase as opposed to 0.3% that was first reported last month. Meanwhile, fourth quarter core CPI data (which excludes food and energy prices) remained unchanged at an annualized 3.3% rate.That's good news for investors waiting for a rate cut from a central bank that has their eyes glued to inflation.The data revision is, however, small. Dana Peterson, chief economist of The Conference Board, said it's essentially a "nothing burger" — which is good news."It's good to know we don't have lingering concerns over whether the CPI is breaking away from what we've seen in the PCE [the core inflation measure]," she said.Core inflation data was also up 0.2% month-over-month in December.Investors now have their focus turned toward the next CPI release for January set to come out Tuesday, after a slew of Fedspeak has reiterated the need for more "good" inflation data, further pushing back on the idea that rate cuts are imminent. Here's where US indexes stood shortly after 9:30 a.m. opening bell on Friday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,004.61, up 0.14% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 38,707.61, down 0.04% (-17.10 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 15,852.06, up 0.36% </li></ul>Here's what else is going on:<ul><li><a href="https://markets.businessinsider.com/news/stocks/malkiel-wealthfront-stock-market-outlook-spx-recession-bitcoin-index-funds-2024-1?mrfhud=true"></a>The S&amp;P 500 <a href="https://markets.businessinsider.com/news/stocks/spx-record-stock-market-returns-buffett-siegel-cooperman-malkiel-shilling-2024-2">just cracked 5,000 points</a> — but don't count on its stellar returns continuing.</li><li>Commercial real estate investment <a href="https://www.businessinsider.com/commercial-real-estate-investment-fell-to-lowest-since-2012-last-year-2024-2?mrfhud=true">plummeted to the lowest level since 2012</a> last year.</li><li>Playing it safe is <a href="https://markets.businessinsider.com/news/stocks/stock-market-investing-strategy-sp500-returns-aqr-fund-gains-2024-2?mrfhud=true">paying off</a> in the stock market right now — a stockpicking hedge fund beat the S&amp;P 500 in January.</li><li>Passive investors have '<a href="https://markets.businessinsider.com/news/stocks/value-trading-outlook-passive-algorithmic-investors-short-selling-david-einhorn-2024-2?mrfhud=true">fundamentally broken' the market</a>, David Einhorn said.</li><li>The data that has powered the stock market rally is reversing and it's <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-rally-reverse-inflation-rates-hikes-fed-jobs-2024-2?mrfhud=true">still possible the Fed raises rates before it cuts</a>, one market vet said.</li></ul>In commodities, bonds, and crypto: <ul><li>Oil prices rose, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets"> West Texas Intermediate</a> crude up 1% to $76.93 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, was up by 0.6% to $82.14 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> slipped 0.4% to $2,039 an ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets"> 10-year Treasury yield</a> edged up one basis point to 4.187%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> went up 3% to $46,882.65.</li></ul>

US stocks rise after revised data shows inflation cooling at a faster rate

<ul class="summary-list"><li>College professors are looking to "ChatGPT-proof" assignments to curb cheating.</li><li>Some professors suggest returning to paper exams and asking students to show editing histories. </li></ul>Since <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">OpenAI's ChatGPT</a> came out last November, a number of teachers have caught their students <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/teachers-caught-students-cheating-chatgpt-survey-shows-2023-2">using the chatbot to cheat and plagiarize </a>on their assignments.Now, professors at colleges across the US and beyond are trying out ways to "ChatGPT-proof" their assignments, as concerns grow that students may be missing out on learning by using AI cut corners and <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/openai-chatgpt-ai-detection-tool-shut-down-over-inaccuracy-2023-7">tools that detect AI-generated text have been found to be prone to errors.</a>Bonnie MacKellar, a computer science professor at St. Johns University in New York, said that she is making students in her intro courses take paper exams instead of digital ones and having them handwrite their code. Paper exams will be a bigger portion of her students' grades this fall, she said, compared to previous semesters. In turn, students will be disincentivized to outsource their logical thinking to AI, which she said could stunt their learning and leave them unprepared for more advanced computer science classes down the line."I hear colleagues in humanities courses saying the same thing: It's back to the blue books," MacKellar said.Other professors seek to curb AI cheating by reframing assignment questions so students are required to "show their work," William Hart-Davidson, an associate dean at Michigan State University who leads AI workshops for faculty members, told Insider over email.Assignment questions, Hart-Davidson said, "should include a request for students to be explicit and reflective about the moves they are making.""We don't just want them to reproduce a fact or a rote response, but to learn to account for their reasoning in a deliberate way," he said.For instance, ChatGPT can easily answer a straight-forward question like "Tell me in three sentences what is the Krebs cycle in chemistry?" he said.To avoid this, Hart-Davidson told Insider that teachers should reframe the question to something like "revise an existing passage" on the Krebs cycle, which would require students to point out errors, identify writing for clarity and accuracy, and explain how the writing could be improved.That way, students are forced to think through their answers, rather than regurgitate what a chatbot tells them, which Hart-Davidson said could help improve their writing.Some professors suggest students show their work by including their editing history and drafts along with their completed assignments. A document that logs all the typos corrected and the sentences rephrased in an essay can prove that a human wrote it, Dave Sayers, a professor at the University of Jyväskylä in Finland, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.timeshighereducation.com/campus/simple-hack-chatgptproof-assignments-using-google-drive">wrote for the Times Higher Education</a>, an education blog.A guide from Butler University in Indianapolis on <a target="_blank" rel="noopener noreferrer nofollow" href="https://libguides.butler.edu/ai-in-the-classroom/chatbot-proof-assignments">how to chatbot-proof assignments</a> suggests that teachers could eliminate the essay, issue impromptu oral exams, and foster classroom discussions around how to best use the chatbot's responses.The changes to school assignments come as teachers grapple with how to best integrate AI tools like ChatGPT into their classrooms. While some professors <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/wharton-mba-professor-requires-students-to-use-chatgpt-ai-cheating-2023-1">require their students to use ChatGPT to generate project ideas</a>, <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/chatgpt-schools-colleges-ban-plagiarism-misinformation-education-2023-1">some schools have outright banned the usage of AI</a> to avoid cases of academic dishonesty.Despite the controversy, some teachers are using AI chatbots themselves to streamline their workflows. Shannon Ahern, a high school math and science teacher in Dublin, Ireland, previously told Insider <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/high-school-math-science-teacher-uses-openai-chatgpt-education-learning-2023-3">she used ChatGPT Plus to write lesson plans</a>, generate exercise worksheets, and come up with quiz questions, which she claimed saved her hours of time.As far as cheating goes, some teachers don't see that changing — with or without AI."I worried that my students would use it to cheat and plagiarize," Ahern said. "But then I remembered that students have always been cheating — whether that's copying a classmate's homework or getting a sibling to write an essay — and I don't think ChatGPT will change that."Are you a student that secretly uses AI for your school work? Reach out to Insider's Aaron Mok at amok@insider.com, or by encrypted messaging app Signal at 718-710-8200. Your identity will remain anonymous.

Professors want to 'ChatGPT-proof' assignments, and are returning to paper exams and requesting editing history to curb AI cheating

<ul class="summary-list"><li>Student-loan borrowers have faced a range of errors with their servicers since payments resumed.</li><li>They include incorrect billing statements and delayed customer service.</li></ul>Alicia thought her monthly student-loan payment would be around $50, but she was <a target="_blank" href="https://www.businessinsider.com/student-loan-companies-making-mistakes-borrowers-cant-afford-to-wait-2023-10">surprised to see a $753 balance due</a> on her account in September. When she called her servicer, they admitted her payment was calculated incorrectly.Meanwhile, Xiong Chang <a target="_blank" href="https://www.businessinsider.com/student-loan-borrower-paid-off-remaining-balance-debt-payment-due-2023-10">paid off his remaining $19,000 student-loan balance</a> in the summer, but his servicer has yet to process the payment — and now he has a balance due that he doesn't owe.And Jess expected to pay around $137 a month in October, but she was billed a <a target="_blank" href="https://www.businessinsider.com/student-loan-payments-resume-confusion-borrowers-debt-relief-biden-2023-8">$49,000 monthly payment</a>. She was told it was a mistake, as well.These are just a few examples of issues borrowers have shared with Insider since federal payments resumed, and President Joe Biden's Education Department is well aware of them — and many more.The department recently released an internal Federal Student Aid memo <a target="_blank" href="https://www.businessinsider.com/can-student-loan-borrowers-file-lawsuit-servicer-mohela-fsa-memo-2023-11">outlining mistakes servicers have made since bills started to become due</a>, stating that borrowers "reasonably relied on their loan servicers to send them accurate monthly bills and repayment disclosures in a timely manner prior to returning to repayment for the first time in over 3.5 years.""In some cases, these customers have experienced financial detriment due to the servicers' failure to provide accurate and timely bills and disclosures," the memo said.The department is seeking to resolve those errors by, among other things, instructing servicers to <a target="_blank" href="https://www.businessinsider.com/mohela-student-loan-borrowers-missed-payments-forbearance-debt-education-department-2023-11">place all impacted borrowers on administrative forbearance</a>, without any interest accrual, until the problems are solved. It's also ensuring any months spent in forbearance count toward forgiveness progress in income-driven repayment plans and Public Service Loan Forgiveness.These are the issues the Education Department detected as borrowers entered repayment.<h2>Incorrect monthly bills</h2>When servicers attempted to convert borrowers to the new SAVE income-driven repayment plan, 78,000 borrowers got inaccurate bills. The FSA memo said that servicers did not have necessary information to complete SAVE conversions for over 5 million borrowers, causing servicers to rely on data that might not have been up to date.Additionally, 21,000 borrowers received monthly statements with "very high and potentially incorrect amounts due," per the memo. Hundreds of borrowers received bills stating they owed over $10,000 a month, with a few borrowers having monthly bills of over $100,000.In some cases, the incorrect bills caused their servicer to auto-debit far more than what was in the borrower's banking balance, causing them to face a nonsufficient fund fee. Servicers are required to refund those fees to borrowers.<h2>Late or no billing statements</h2>The Education Department announced earlier this week that <a target="_blank" href="https://www.businessinsider.com/student-loan-company-mohela-late-statements-borrowers-biden-withholding-pay-2023-10">student-loan company MOHELA failed to send on-time billing statements</a> to 2.5 million borrowers, causing 800,000 of them to fall into delinquency. While the department promised borrowers they would receive billing notices 21 days or more before their payment was due, 499,000 borrowers were sent notices 8-14 days before the due date. 16,000 borrowers received notices 7 days or less before their due date.<h2>Mistakenly taking borrowers out of forbearance</h2>Servicers were supposed to keep borrowers with pending borrower defense to repayment claims in forbearance, but about 16,000 of them were placed back into repayment status. Borrower defense claims are forms borrowers can submit if they believe they were defrauded by the school they attended, and if approved, their loans would be discharged. Some of those borrowers may not have even been aware that they did not need to be in repayment — according to the memo, one of those borrowers was taken out of forbearance on September 23, and she made a payment on October 6.<h2>Failure to send income-driven repayment disclosures</h2>After converting to the new SAVE plan, one unnamed servicer failed to send revised disclosures stating the new monthly payment amount to about 153,000 borrowers. For over 110,000 of those borrowers, the first notice of their new monthly payments was their monthly bill, and the bill "did not state which repayment plan the borrower was on nor did they state the time period which the scheduled monthly payments would apply," the memo said.<h2>Customer service delays</h2>Due to limited funding for Federal Student Aid, borrowers have struggled to get customer service assistance from their servicer. According to the memo, borrowers are spending an average of 58 minutes on hold with their servicer, call lengths are about 70% longer than 2019 because borrowers have more questions. Only half of borrowers who tried to call their servicer in the past week actually got through.The department also transferred 24 million borrowers to different servicers during the payment pause, a move that has been "historically prone to account errors" because it requires borrowers to create new accounts, get information from new sources, and send payments to a different platform. Similar issues could come up for MOHELA borrowers who are <a target="_blank" href="https://www.businessinsider.com/student-loan-company-mohela-new-online-platform-borrowers-payment-delays-2023-10">set to transition to a new online platform in the coming months.</a>

$100,000 monthly student-loan bills, late statements, and erroneous banking fees: here's everything that's gone wrong for borrowers with the return to repayment

<ul class="summary-list"><li>Many major companies are requiring employees to return to the office full or part-time.</li><li>Insider compiled a running list of the companies calling employees back.</li></ul>Since COVID-19 restrictions eased, many companies have been calling their employees back to the office.Some executives and leaders believe productivity increases when workers are in the office together, while others hope to increase in-person collaboration. Some employers are taking extremes to get people back, <a href="https://www.businessinsider.com/jpmorgan-is-tracking-employee-id-badges-swipes-jamie-dimon-hybrid-2022-4">tracking attendance</a> or threatening to terminate workers who don't comply.Among major employers, <a href="https://www.businessinsider.com/jpmorgan-return-to-office-memo-managing-directors-2023-4">JPMorgan Chase is abandoning a hybrid attendance policy</a> it adopted during the pandemic and requiring executives to return to the office. Meanwhile, Amazon's Andy Jassy issued a mandate for corporate staffers. And Salesforce's leadership has also drafted a return-to-office policy, according to a draft of the company's strategic plan shared in an internal Slack <a href="https://www.businessinsider.com/salesforce-plans-ranking-employees-return-to-office-layoffs-2023-2">message viewed by Insider</a>. Here's a list, in alphabetical order, of major companies requiring employees to return to offices. Insider will update this list regularly. Amazon Jassy <a href="https://affiliate.insider.com?h=f8f89d4fb2ed0164c11488e18bdc4221f4aa89d2c94c837e25379ae9907f0a1f&amp;postID=63c06c2aba7556234f642022&amp;site=bi&amp;u=https%3A%2F%2Fwww.aboutamazon.com%2Fnews%2Fcompany-news%2Fandy-jassy-update-on-amazon-return-to-office" target="_blank" rel="noopener">said in a February memo</a> that he will require corporate employees to spend at least three days per week in the office beginning May 1. The CEO said he and Amazon's leadership team decided it would be easier for employees to collaborate and that in-person work would strengthen the company's culture. In response, thousands of Amazon employees joined a Slack channel to share their thoughts about the company's surprise return-to-office mandate, with some even organizing to file a petition against the change, <a href="https://www.businessinsider.com/amazon-employees-plan-to-fight-against-return-to-office-policy-2023-2?_gl=1*1pz7g5d*_ga*MTE5MzA1ODM2Ny4xNjc2ODgxMjQx*_ga_E21CV80ZCZ*MTY3NzA1MzY3OS41LjAuMTY3NzA1MzY4MC4wLjAuMA..&amp;r=US&amp;IR=T">Insider's Eugene Kim reported</a>. AppleIn August, senior leaders told workers they had to return to the office at least three days a week. CEO Tim Cook said the decision was meant to restore "in-person collaboration." Employees fought back and issued a petition shortly after the announcement, arguing that staffers can do "exceptional work" from home.Read more: <a href="https://www.businessinsider.com/apple-employees-remote-work-office-three-days-2022-8">Apple workers hit back against the company's return-to-office plans, saying they have carried out 'exceptional work' from home</a>BlackRockStarting in September, BlackRock is mandating employees return to the office four days a week. The investment firm, which is headquartered in New York City, is making an effort to bring employees into the newly leased office space — which spans 1 million square feet across 15 floors, <a href="https://www.hudsonyardsnewyork.com/work/50-hudson-yards#:~:text=The%20world's%20leading%20investment%20management,square%20feet%20across%2022%20floors.">according to Hudson Yards</a>.In a May memo sent by the company's COO, Rob Goldstein, and the head of human resources, Caroline Heller, the execs wrote: "Career development happens in teaching moments between team members, and it is accelerated during market-moving moments, when we step up and get into the mix. All of this requires us to be together in the office."Additionally, the memo notified staffers that the firm is giving them the opportunity to work remotely for two weeks during a time period that is relevant in their country, in an effort to offer "seasonal flexibility."Read more: <a href="https://www.businessinsider.com/blackrock-return-to-office-policy-memo-employees-2023-5">BlackRock is mandating 4 days in the office, starting in September. Read the memo on the firm's plans.</a>ChipotleThe fast-food chain plans to require that corporate workers work in the office four days a week, <a href="https://www.bloomberg.com/news/articles/2023-06-06/chipotle-cmg-tells-corporate-staff-to-be-in-office-four-days-a-week?srnd=all" target="_blank" rel="noopener">according to Bloomberg</a>. Chipotle, which had been requiring workers to show up three days a week, announced the shift in late May, according to the report. Read more: <a href="https://www.bloomberg.com/news/articles/2023-06-06/chipotle-cmg-tells-corporate-staff-to-be-in-office-four-days-a-week?srnd=all" target="_blank" rel="noopener">Chipotle Calls Corporate Staff Into Office Four Days a Week</a>CitigroupVaccinated Citigroup employees across the US were asked to return to the office for at least two days a week in March 2022, an <a href="https://www.reuters.com/business/citigroup-asks-us-employees-return-office-march-21-memo-2022-02-23/" target="_blank" rel="noopener">internal memo obtained by Reuters</a> said.Read more: <a href="https://www.businessinsider.com/return-to-work-wars-hybrid-remote-permanent-work-2022-6">Return-to-work wars: Execs at Citi, Manpower, and McKinsey on why they're embracing remote and hybrid work</a>DisneyIn a memo obtained by Insider, CEO Bob Iger told workers that starting in March, any Disney staff member working "in a hybrid fashion" will need to return to Disney's offices four days a week.But <a href="https://www.businessinsider.com/disney-employees-petition-against-working-four-days-in-office-2023-2">some employees are fighting that mandate.</a>Read more: <a href="https://www.businessinsider.com/disney-staff-return-to-office-bob-iger-remote-work-home-2023-1">Disney CEO Bob Iger tells staff to return to the office 4 days a week, saying 'nothing can replace' in-person work</a>Goldman SachsIn March, CEO David Solomon <a href="https://fortune.com/2022/03/10/goldman-sachs-office-hybrid-remote-work-david-solomon/" target="_blank" rel="noopener">told Fortune</a> that the company was asking employees to return to the office five days a week. In October, <a href="https://www.businessinsider.com/goldman-sachs-return-office-policy-65-percent-workers-wfh-2022-10">he told CNBC</a> that about 65% of staffers were working in the office.Read more: <a href="https://www.businessinsider.com/goldman-sachs-return-office-policy-65-percent-workers-wfh-2022-10">Goldman Sachs' return-to-office policy has brought back 65% of its workers to the workplace 5 days a week, the bank's famously anti-remote-work CEO said</a>GoogleGoogle employees in the San Francisco Bay Area and "several other US locations" were told to return to the office for at least three days a week starting in April 2022.Read more: <a href="https://www.businessinsider.com/google-to-bring-workers-back-to-office-three-days-week-2022-3">Google is calling employees back to some US offices for 3 days a week starting April 4, with flexibility like 'work from anywhere' weeks</a>IBMIBM's CEO, Arvind Krishna, has <a href="https://www.businessinsider.com/read-the-presentation-ibm-gives-employees-on-returning-to-offices-2021-4?r=US&amp;IR=T" rel="">encouraged workers</a> to return to the office for three days a week.Meanwhile, IBM's HR chief <a href="https://www.businessinsider.com/how-ibm-hr-chief-decides-which-employees-can-work-remotely-2021-2">told Insider</a> in 2021 that most employees would return to the office part-time after the pandemic.Recently, Krishna <a href="https://www.bloomberg.com/news/articles/2023-05-03/remote-work-can-hurt-your-career-ibm-ceo-says?leadSource=uverify%20wall" target="_blank" rel="noopener nofollow">told Bloomberg that employees' careers could suffer if they work from home.</a> He said that although he wasn't forcing his own staffers back to the office, he thought remote workers may struggle to get promotions. Krishna has been IBM's CEO since 2020.Read more: <a href="https://www.businessinsider.com/ibm-ceo-remote-work-employees-careers-promotions-suffer-2023-5">IBM chief says employees' careers could suffer and promotions may be harder to achieve if they work from home</a>JPMorganIn August, CEO Jamie Dimon pushed back on remote work, saying it didn't work for an apprenticeship program or "spontaneous stuff," <a href="https://ca.finance.yahoo.com/news/jamie-dimon-sounds-off-morning-brief-110044236.html" target="_blank" rel="noopener">Yahoo Finance reported</a>.Meanwhile, JPMorgan asked half of its employees to return to the office five days a week and another 40% to go in a few days a week. The company has been collecting data on staff activity, including <a href="https://www.businessinsider.com/jpmorgan-is-tracking-employee-id-badges-swipes-jamie-dimon-hybrid-2022-4">tracking attendance</a>.Most recently, <a href="https://www.businessinsider.com/jpmorgan-return-to-office-memo-managing-directors-2023-4">the bank said it will mandate</a> that all managing directors come to the office five days a week. It's a move that could shape the rest of Wall Street's work-from-home rules. Read more: <a href="https://www.businessinsider.com/jpmorgan-ceo-pushes-back-on-remote-work-during-client-call-2022-8">JPMorgan CEO Jamie Dimon told clients that remote work 'slows down honesty and decision making,' report says</a>Meta<a href="https://www.businessinsider.com/meta-lowers-bonus-payouts-reverts-bi-annual-performance-reviews-2023-3" rel="">Meta</a> has stopped offering <a href="https://www.businessinsider.com/remote-job-openings-decline-as-more-companies-return-to-office-2023-3" rel="">remote work</a> when it lists new jobs, at least for now. It's also announced that employees will be required to head into the office <a href="https://www.businessinsider.com/meta-requiring-employees-come-to-the-office-3-days-week-2023-6#:~:text=Meta%20has%20announced%20that%20employees,the%20height%20of%20the%20pandemic.">three days a week</a> starting in September. Hiring <a href="https://www.businessinsider.com/meta-is-downranking-manager-roles-ahead-of-expected-layoffs-2023-3" rel="">managers</a> have been told they can no longer post new jobs that list the work location as "remote" or outside of an existing office, people familiar with the company told Insider. The move is another sign that the company is drifting away from its previously friendly approach to remote-work.Read more: <a href="https://www.businessinsider.com/meta-stops-offering-remote-work-new-job-postings-zuckerberg-2023-3">Meta stops offering remote work in new job postings as Mark Zuckerberg pushes the benefits of coming to the office</a>RedfinOn April 23, 2023, real estate company Redfin announced an updated return-to-office policy via <a href="https://www.redfin.com/news/all-hands-email-on-hybrid-work/">a memo from CEO Glenn Kelman</a>.The memo noted that starting on July 11, Redfin would require headquarters employees who live within 20 miles of the company's Seattle, San Francisco, and Frisco offices to work from the office for a full day on Tuesdays and Wednesdays.Those who live beyond the 20-mile radius, will be required to visit the office in-person once a quarter for a day or more of meetings, the company said.In order to hold employees accountable, the memo included a "no-exceptions" section, reading that "to determine your distance from an office, we'll use Google Maps, with the distance from your home address measured in miles driven over roads by car."Read more: <a href="https://www.businessinsider.com/redfin-layoffs-home-flipping-business-redfinnow-shut-down-2022-11">Redfin is shutting down its home-flipping business and laying off 13% of staff</a>SalesforceSalesforce CEO Marc Benioff has made revisions to the company's annual strategic plan, including return-to-office mandates, according to a draft of the document shared in an internal Slack <a href="https://www.businessinsider.com/salesforce-plans-ranking-employees-return-to-office-layoffs-2023-2">message viewed by Insider</a>. In February 2021, Salesforce said workers could "<a href="https://www.businessinsider.com/salesforce-employees-can-work-from-home-permanently-2021-2">work from anywhere</a>." The updated draft return-to-office policy would require three days a week in the office for nonremote employees and four days a week for employees in "non-remote" and "customer-facing" roles. Engineers would be required to work from the office 10 days per quarter, down from 20 in the initial draft, which was updated based on employee feedback. Read more: <a href="https://www.businessinsider.com/salesforce-plans-ranking-employees-return-to-office-layoffs-2023-2">Salesforce's Marc Benioff has revised a plan to stack rank a bottom 5% and ordered employees back to the office, according to leaked messages</a>Snap<a href="https://www.businessinsider.com/snap-return-to-office-mandate-2023-2022-11">Snap employees will be required to work in an office at least four days a week as of February 2023, </a>a person familiar with the plans told Insider. This was announced during CEO Evan Spiegel's weekly chat and Q&amp;A with employees. The change represents a shift from the company's former policy, which is "remote first" and allows employees to work from home or elsewhere.Read more: <a href="https://www.businessinsider.com/snap-return-to-office-mandate-2023-2022-11">Snap employees must work in the office at least 4 days a week next year, ending its 'remote first' policy</a>StarbucksIn a memo to corporate staffers, CEO Howard Schultz said employees within commuting distance would be required to return to the office at least three days a week starting January 31. In August, Schultz said he was <a href="https://www.businessinsider.com/starbucks-ceo-howard-schultz-begs-workers-return-office-2022-6">doing everything he could</a> to get workers in the office.Starbucks employees, however, have <a href="https://www.businessinsider.com/starbucks-employees-sign-petition-letter-opposing-return-to-office-policy-2023-3" target="_blank" rel="noopener">signed an open letter protesting the company's return-to-office mandate</a>.Read more: <a href="https://www.businessinsider.com/howard-schultz-orders-starbucks-staff-back-office-3-days-week-2023-1">Howard Schultz says baristas don't have the 'privilege' of working from home as he orders Starbucks staff back to the office 3 days a week</a> TeslaIn June 2022, Tesla employees were notified of a mandatory return-to-office policy.The email from Elon Musk included wording such as "If you don't show up, we will assume you have resigned," and noted that everyone at Tesla must work from the office at least 40 hours a week. Musk nodded to his frequent presence at Tesla factories as the reason for the businesses success, writing, "If I had not done that, Tesla would long ago have gone bankrupt."Read more: <a href="https://www.businessinsider.com/elon-musk-tesla-remote-work-return-office-or-quit-report-2022-6">Elon Musk reportedly issued an ultimatum to Tesla staff: return to the office or quit</a>TwitterAfter buying Twitter in October, Musk told employees in November that not showing up to an office when they're able to was the same as a resignation, <a href="https://www.theverge.com/2022/11/10/23452196/elon-musk-twitter-employee-meeting-q-and-a" target="_blank" rel="noopener">The Verge reported</a>.Musk also told staffers in an email that remote work was no longer allowed and that employees were expected to be in the office for at least 40 hours a week unless given explicit approval to work elsewhere.Read more: <a href="https://www.businessinsider.com/elon-musk-twitter-employees-return-to-office-remote-work-2022-11">Elon Musk tells Twitter employees to return to the office or their resignations will be accepted</a> UberIn a memo obtained by Insider, CEO Dara Khosrowshahi told employees that beginning in April 2022, Uber staffers in 35 of the company's locations were <a href="https://www.businessinsider.com/uber-mandatory-return-to-office-in-late-april-contrast-lyft-2022-3">required to return to the office at least half the time</a>. He added that on other days staffers were allowed to work remotely and that some could be entirely remote if they get clearance from their managers.Read more: <a href="https://www.businessinsider.com/uber-mandatory-return-to-office-in-late-april-contrast-lyft-2022-3">Uber CEO's internal memo mandates employees return to the office in April. That's in stark contrast to rival Lyft.</a>An earlier version of this story appeared on February 24, 2023.

Here's a list of major companies requiring employees to return to the office

<ul class="summary-list"><li><keyword id="6357341" type="ORGANIZATION" weightage="60" keywordseo="deutsche-bank">Deutsche Bank</keyword> raises global <keyword id="35050" type="CITY" weightage="60" keywordseo="gdp">GDP</keyword> estimate with prediction that economic output will return to pre-virus levels by the middle of 2021, global head of economic research, Peter Hooper, said in a note on Monday.</li><li>Greater monetary and fiscal stimulus packages in the US and Europe combined with Asia’s success in implementing preventative measures early to slow the spread of COVID-19 has contributed to the positive outlook.</li><li>Despite positive GDP estimates for mid-2021, lasting effects of pandemic on unemployment and consumer behavior as well as “an increasing risk of financial disruption down the road” will impact original GDP estimates set before the pandemic.</li></ul>Global <keyword id="47276" type="PERSON" weightage="60" keywordseo="Economic-growth">economic growth</keyword> is on track to return to pre-virus levels by the middle of next year, according to a note on Monday by Deutsche Bank's global head of economic research, Peter Hooper.Currently the growth rate is almost half-way back to reaching pre-virus levels, Hooper said."Global economic recovery from the depths of the Covid-19 plunge this past winter and spring has proceeded significantly faster than we envisioned in the gloomy days of early May when we last updated our overall world outlook," Hooper said.Deutsche Bank originally estimated in May that global gross domestic product would shrink 5.9% in 2020. The bank has now upgraded this estimate to a contraction of 3.9% for the year.The bank also upgraded its forecast for global GDP in 2021, which it now expects to see increase by 5.6%, up from its estimate back in May for a rise of 5.3%. The International Monetary Fund in June published that it expected <a href="https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020">5.4% growth</a> in 2021.<div type="image" title="World GDP levels projections from Deutsche Bank research note" height="505" width="674" msid="78237377" hostid="261"></div>The improved forecast comes from an anticipation for stronger economic recovery over the second and third quarters of the year, driven by supportive fiscal and monetary policies in the US and Europe, together with measures that have helped slow the spread of COVID-19 in the Asia region, Hooper said.The optimistic outlook on vaccinations has also played a role in Deutsche's GDP upgrade. Hooper said there were more than 170 vaccine candidates in development today, with nine vaccines currently in phase three trials. The bank has an expectation that "widespread vaccinations will begin by next summer."READ MORE: <a href="https://www.businessinsider.com/wuhan-coronavirus-treatments-vaccine-jj-regeneron-gilead-2020-2">We just got our first promising data on a new kind of drug to treat COVID-19. Here's how Lilly and 13 other top drugmakers are sprinting to develop vaccines or treatments that can halt this pandemic.</a>Despite the positive recovery in the spring and the summer, Hooper expects the pace to slow, as the northern hemisphere moves into the colder months, combined with the likelihood that fresh US fiscal support will not be forthcoming until after the election in November.Even as global GDP reaches pre-virus levels, Hooper said there will still be lasting effects on GDP from consumer behavior and the labor market, such as a greater prevalence of online shopping, the impact of working from home and reduced demand for travel and restaurant services. These effects will likely impact a "full recovery of economic activity to levels envisioned prior to COVID-19."There is also an increasing chance of "financial disruption down the road", Hooper said, which could stem from growing overvaluation of assets and mounting debt levels from monetary and fiscal stimulus packages and could impact GDP. He also said that policy will inevitably have to tighten following the period of easing seen amid the pandemic.READ MORE: <a href="https://www.businessinsider.com/stock-market-crash-expert-shares-6-investing-risks-peter-cecchini-2020-9" target="_blank" rel="noopener noreferrer">An ex-Wall Street chief strategist says the market's comeback has made most investors 'blissfully unaware' of its real risks — and lays out 6 reasons why another free-fall is on the cards</a>

Global GDP to return to pre-virus levels by mid-2021 says Deutsche Bank in a positive revision to estimates

<ul class="summary-list"><li>Sen. <keyword id="11930702" type="UNKNOWN" weightage="60" keywordseo="joe-manchin" source="Orion">Joe Manchin</keyword> said he is open to negotiating a revised <keyword id="12054670" type="UNKNOWN" weightage="60" keywordseo="build-back-better" source="Orion">Build Back Better</keyword> <a href="https://www.axios.com/manchin-outlines-bbb-deal-requirements-723696b5-c602-42ef-907c-fcf08bab96f6.html?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=politics-manchin">plan</a>, <keyword id="13461187" type="UNKNOWN" weightage="60" keywordseo="axios" source="Orion">Axios</keyword> reported.</li><li>The moderate Democrat came out in opposition to Biden's economic agenda late last year.</li></ul>Sen. Joe Manchin of West Virginia said he is open to supporting a revised, narrow version of President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword>'s stalled Build Back Better legislation, <a href="https://www.axios.com/manchin-outlines-bbb-deal-requirements-723696b5-c602-42ef-907c-fcf08bab96f6.html?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=politics-manchin">Axios</a> reported Thursday.The moderate Democrat reportedly made the comments during a closed-door dinner with climate activists and energy executives held by the American Clean Power Association on Monday, saying he could support a plan that focuses on climate change, prescription drug prices, and deficit reduction.Manchin's comments suggest he might return to the bargaining table to settle on a smaller version of the $2 trillion proposal <a href="https://www.businessinsider.com/joe-manchin-kills-biden-social-spending-bill-build-back-better-2021-12">he tanked late last year.</a> Axios reported that the stance he shared Monday is similar to conversations he has had with other senators. Manchin's informal proposal includes approximately $500 billion for climate and $1 trillion in new revenue, as well as new corporate taxes that would, in part, help reduce the deficit, according to the Axios report. Estimated savings from letting Medicare negotiate the cost of prescription drugs directly would also go toward bringing down the deficit, Axios reported. The senator's proposed plan, however, does not contain any support for universal preschool or other "human-infrastructure" tenets included in the original package. In early February, Manchin <a href="https://www.businessinsider.com/joe-manchin-says-bidens-build-back-better-package-is-dead-2022-2">shut down rumors that negotiations on the spending bill were ongoing</a>, telling reporters that the agenda was "dead." But Axios reported that his office is considering new legislative proposals.Sam Runyon, a spokesperson for his office told Insider that Manchin is "always willing to engage in discussions about the best way to move our country forward," though she noted that the senator remains "seriously concerned" about the country's financial status and paying down the national debt. "He has made clear that we can protect energy independence and respond to climate change at the same time," Runyon said. "We must maintain energy independence by advancing an all-of-the-above energy policy to continue producing energy cleaner than anywhere else in the world.""Additionally, he continues to believe we can and must lower the cost of prescription drugs for working Americans to ensure no family has to choose between life-saving medications and putting food on the table," the representative added.The centerpiece of Biden's economic agenda was passed by the House in November, but the package has stalled for months in the Senate. Even with Manchin's support for a revised bill, the legislation would still likely face an uphill battle in the 50-50 chamber.

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The list of major companies requiring employees to return to the office

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