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Shares of <keyword id="20415123" type="General" weightage="20" keywordseo="India-Cements" source="keywords" meta.keywordsubtype="org" meta.entityname="India Cements" meta.hostid="261" meta.entityid="India Cements">India Cements</keyword> Ltd jumped nearly 14 per cent on Thursday morning after leading <keyword id="6378916" type="General" weightage="20" keywordseo="cement" source="Orion">cement</keyword> maker <keyword id="19963567" type="General" weightage="100" keywordseo="UltraTech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="UltraTech Cement" meta.hostid="261" meta.entityid="UltraTech Cement">UltraTech Cement</keyword> said it will acquire around 23 per cent stake in the Chennai-based firm for up to Rs 1,885 crore. The stock soared 13.70 per cent to hit 52-week high of Rs 299 on the BSE. On the NSE, the stock climbed 13.77 per cent to Rs 298.80 -- its 52-week high. Shares of UltraTech Cement also jumped 6.51 per cent to hit the one-year peak of Rs 11,875.95 on the BSE. The board of directors of the company at its meeting held on Thursday approved "making a financial investment to purchase up to 7.06 crore equity shares of the India Cements Ltd," a regulatory filing by UltraTech Cement said. The deal would be at "at a price of up to Rs 267 per share," and this non-controlling financial investment constitutes around 23 per cent of the equity share capital of India Cements, the filing said. India Cements' turnover for financial year 2023-24 stood at Rs 5,112 crore. UltraTech Cement has a consolidated capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit and 8 bulk packaging terminals.

India Cements' shares jump nearly 14%, UltraTech Cement soars 6.50% following acquisition news

The unsung warriors of 'The Price Is Right'

<ul class="summary-list"><li>Saudi Arabia is committed to boosting oil output in December, the <a target="_blank" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">FT reported</a>.</li><li>The kingdom is resigning itself to a period a lower prices, sources told the FT.</li></ul>A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.According to sources that spoke with the <a target="_blank" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a>, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.Speculation has mounted over what the world's largest oil exporter may do. Even as Saudi Arabia and other OPEC+ members have progressively<a target="_blank" href="https://www.businessinsider.com/surprise-oil-cutbacks-send-prices-soaring-30-year-oil-expert-2023-11"> cut oil output</a> to prop up global pricing, waning demand pushed crude to its lowest level since 2021 earlier this month.Despite this, those familiar with the matter said that Riyadh is prepared to boost output as scheduled on December 1. In essence, the kingdom is giving in to lower prices, FT sources said.Markets spiraled on the news, dropping over 3%. Brent crude, the international benchmark, fell as low as $70.7 as of 11:00 am ET. An even steeper decline hit US West Texas Intermediate, hitting $67 a barrel.The kingdom's decision may seem counterintuitive, as the $100 per barrel threshold <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-demand-collapse-saudi-arabia-production-russia-opec-2023-9">is considered essential</a> to financing the Saudi budget. Yet, sources told FT that Riyadh is no longer comfortable ceding its market share to other producers by limiting production.OPEC's joint efforts to support higher prices have also been made difficult by the fact that some coalition members have partially disregarded the restrictions. One source told FT that, if countries such as Iraq and Kazakhstan do not commit to curbing supply, Riyadh may unwind its own cuts quicker than expected.Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December.Prices have stayed low as China, a key consumer of global oil, has signaled a lackluster appetite for the commodity.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-25/latest-oil-market-news-and-analysis-for-sept-26">Bloomberg</a>, developments in Libya also added to Thursday's oil plunge.The country agreed to appoint a new central bank governor, ending a deadlock between rival administrations. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

Why oil prices have plunged 3% today

<ul class="summary-list"><li>Amazon is testing news with a Brian Williams election-night special on Prime Video.</li><li>The special touts more than a dozen contributors like James Carville and Shepard Smith.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/amazon">Amazon</a> is getting closer to jumping into news coverage with an election-night special hosted by Brian Williams."Election Night Live with Brian Williams" will air on <a target="_blank" href="https://www.businessinsider.com/amazon-prime-video-preview-shake-up-tv-ad-marketplace-2024-1">Prime Video</a> at 5 p.m. ET on November 5. It will feature more than a dozen journalists and contributors, including political consultant James Carville, former Fox News anchor Shepard Smith, and comedian Baratunde Thurston.Williams' longtime producer, Jonathan Wald, shared plans for the upcoming special in an interview with Business Insider and emphasized it would take a nonpartisan approach."We don't encourage both side-ism," said Wald, who will executive produce the special. "We have a fairly clear mandate and that's to report what's happening as it's happening. When you do speculate, make it clear you're operating from a point of view."He said that in a highly divided country, striking a down-the-middle tone should give participants more credibility to call things as they see them. He also stressed that the event wouldn't shy away from fact-checking or calling out a candidate who misspeaks or makes an egregious statement. The program won't strive to call races before others, but instead take cues from established news networks."Election Night Live" is a gamble for Amazon, which has no history in news. A one-off news program is in keeping with its strategy of getting into live event programming like <a target="_blank" class="" href="https://www.businessinsider.com/jay-marine-leading-amazon-sports-ambitions-nba-rights-2024-3">sports</a> and live shopping, though. It's the type of programming that has the potential to reach big audiences and advertisers, especially those with time-sensitive product launches willing to pay high prices to reach them. Amazon will use its site — which Comcore said had 236.9 million unique US visitors in June — and this week's <a target="_blank" class="" href="https://www.businessinsider.com/amazon-nfl-thursday-night-football-advertising-strategy-new-brands-2023-9">NFL "Thursday Night Football"</a> programming to drive viewers to the special.Details of the special <a target="_blank" class="" href="https://www.businessinsider.com/amazon-brian-williams-deal-tv-news-details-2024-9">began leaking several weeks ago</a>. It will be offered in English in most countries where Prime Video is available, regardless of whether viewers have a Prime subscription, which should vastly expand its potential reach. Some mainstream news outlets have <a target="_blank" href="https://www.cnn.com/2024/03/05/media/new-york-times-trump-coverage-backlash/index.html">faced backlash</a> over political coverage in an increasingly polarized time. Amazon founder <a target="_blank" class="" href="https://www.businessinsider.com/washington-post-donald-trump-kamala-harris-endorsement-bezos-why-matters-2024-10">Jeff Bezos</a> was pulled into political controversy in recent days after <a target="_blank" class="" href="https://www.businessinsider.com/washington-post-staff-revolt-presidential-endorsement-2024-10">The Washington Post</a>, which he owns, announced it wouldn't endorse a candidate for president.Wald said Amazon played no role in deciding the format or approach of the election special.Williams is a low-risk choice of host for Amazon. He was the longtime anchor of "NBC Nightly News" who was suspended after <a target="_blank" href="https://apnews.com/television-general-news-cc7406ac774a408dab5409cf6048fcd6">embellishing some details of a helicopter ride in Iraq</a>. He had another act hosting "The 11th Hour" on MSNBC from 2016 until 2021. Overall, he spent 28 years with NBC."He's the right choice because of a number of factors, not the latest of which is, it's one of the things he does best," Wald said. "I don't think there's a YouTuber or X host or Instagrammer who could do a better job of keeping track of everything that happens with dignity and grace and fairness and do it in a down-the-middle way that's entertaining."Along with familiar TV personalities, viewers will see some interactive elements and an emphasis on reporters from digital news outlets including Puck, Axios, and Politico (which shares a parent with Business Insider)."We're putting them all together as a de facto affiliate network," Wald said. "That's where the action is editorially. They're often first to break news. We want to leverage that."

Brian Williams' executive producer dishes on Amazon's leap into live news

Ever since Donald Trump won the 2024 US presidential elections, bitcoin has been surging, going up over 40% in the last two weeks. Recently, the cryptocurrency soared past $97,000, having risen 8.32% in just the last 7 days, and is currently trading at $96,906.09. The overall crypto market is also buoyant, with the crypto volume jumping 10.06% over the past 24 hours to touch $198.83 billion. The markets are enthused about Bitcoin's prospects going ahead, given that Trump has hinted towards establishing a dedicated role in the White House for deliberating crypto policies. Trump has been vocally pro-crypto and had promised, during his presidential campaign, to scale back <keyword id="24085738" type="General" weightage="20" keywordseo="crypto-regulations" source="keywords">crypto regulations</keyword> and fire SEC chair Gary Gensler, who had initiated a crackdown on digital assets in the US. The crypto lobby in the US has been advocating for crypto-friendly SECs and access to banks. In a bid to do so, crypto companies have pumped in over $119 million to support pro-crypto candidates. Says Edul Patel, co-founder and CEO of Mudrex, "Market sentiment grew stronger from Bloomberg's report of Trump’s plan to establish a dedicated White House role for crypto policy. The anticipation of faster regulatory clarity coupled with BlackRock’s Bitcoin ETF options projecting a $176k price target by 2026 has driven BTC’s price to the $95K milestone and beyond." The ongoing rally is not restricted to just bitcoin but also extended to Solana and XRP, which gained 10.85% and 59.02%, respectively, over the last 7 days. But does this mean that good times are coming for <keyword id="19991358" type="General" weightage="20" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> as well? Apurva Sheth, Head of Market Perspectives &amp; Research, SAMCO Securities, notes that bitcoin is a proxy for risk-taking in the markets. Bitcoin moving up means the risk appetite of investors is rising. Conversely, if it falls, then investors prefer safety." Both Nifty and Sensex have lost over 5% each over the last month. FIIs (<keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword>) have also been scrambling out of Indian markets, having withdrawn Rs 1,14,445.89 crores during October 2024 and offloading Rs 34,348.30 crore so far in November. During trade today, Nifty and Sensex remained in red, with Nifty down by 0.74% and Sensex down by 0.6%. DIIs (domestic institutional investors) have been trying to keep the market afloat in both October and November, pumping in Rs 31,636.77 crore in Indian markets in November so far. Last month, DIIs infused Rs 1,07,254.68 crore in the Indian markets. According to an NSE report, by the end of the previous quarter, FPIs holding in NSE-listed companies stood at 36.3%, despite the seventh consecutive quarterly decline. Previously, FIIs holding in listed companies had hit a record high of 39.9% in December 2021. In contrast, DIIs are increasingly making headway into the Indian markets. Active Domestic Mutual Funds (DMFs) have been increasing their investments in the NSE-listed companies. Their ownership in these companies has risen from 12.4% in December 2021 to 15.7% as of September 30, 2024. Banks and insurance companies have also expanded their market share. Their ownership in NSE-listed companies has grown from 8.8% three years ago to 11% as of pr quarter.

The Bitcoin rally does not seem to be stopping anytime soon! Does this spell good news for Indian markets?

<ul class="summary-list"><li><keyword id="23254035" type="General" weightage="20" keywordseo="home-improvement-retailers" source="keywords">Home improvement retailers</keyword> are among the first to see a lift from the Fed's rate cut.</li><li>Share prices for <keyword id="20320193" type="General" weightage="20" keywordseo="Home-Depot" source="keywords" meta.keywordsubtype="org" meta.entityname="Home Depot" meta.hostid="261" meta.entityid="Home Depot">Home Depot</keyword> and <keyword id="23254034" type="General" weightage="20" keywordseo="Lowes" source="keywords" meta.keywordsubtype="org" meta.entityname="Lowe's" meta.hostid="261" meta.entityid="Lowe's">Lowe's</keyword> are up, and <a target="_blank" href="https://www.businessinsider.com/fed-interest-rates-cut-jerome-powell-labor-market-mortgage-pantheon-2024-9">spending on projects is expected to follow</a>.</li></ul>The US Federal Reserve's decision Wednesday to <a target="_blank" class="" href="https://www.businessinsider.com/fed-cuts-interest-rates-how-much-september-fomc-powell-inflation-2024-9">cut rates by half a percentage point</a> has created a flurry of immediate reactions, but the real effects of the policy are likely to take several months to bear out. Still, some areas of the economy are already seeing a lift in response to the news — and the fact that the Fed went with the larger of the two most likely options under consideration. <a target="_blank" href="https://www.businessinsider.com/comparing-lowes-vs-home-depot-2023-12">Home improvement retailers,</a> in particular, are among the companies who were primed to come out of the gate strong with a rate cut, and, true to form, shares for Home Depot and Lowe's were up as of Thursday's market close. "Home-related companies should soon see the beginnings of fundamental recovery exiting this year," Mizuho analyst David Bellinger told Business Insider. "Aside from any initial noise in the market, Home Depot and Lowe's should keep grinding higher as all this comes together." And while a rising <keyword id="19998639" type="General" weightage="20" keywordseo="stock-price" source="keywords">stock price</keyword> carries its own benefits for a company, the uptick is a signal of a much more important change still to come: sales. Executives for both Home Depot and Lowe's have characterized their businesses as being constrained by low housing turnover and high borrowing costs, both of which are results of the Fed's tight interest rate policy. Home Depot CFO Richard McPhail described his company's core customer as having "<a target="_blank" href="https://www.businessinsider.com/home-depot-earnings-americans-in-deferral-mindset-consumer-spending-2024-8">a deferral mindset</a>" in spite of being in a generally healthy financial position. In short, most <a target="_blank" href="https://www.businessinsider.com/americans-doing-less-diy-worrying-sign-economy-lowes-earnings-2024-8">big-ticket spending on home improvement</a> comes from one of two places: people buying and selling homes and homeowners renovating existing homes with borrowed money. Unless they have to fix something urgently, a lot of folks have decided they're better off waiting to upgrade. Fed Chairman Jerome Powell talked about the impact on the <keyword id="20759748" type="General" weightage="20" keywordseo="housing-market" source="keywords">housing market</keyword> in his remarks following Wednesday's announcement. "The housing market is in part frozen because of lock-in with low rates. People don't want to sell their home," he said. "As rates come down, people will start to move more, and that's probably beginning to happen already." What's more, Powell signaled in his speech that further cuts are likely if the data support them, which can encourage some of those sitting on the sidelines to go ahead with a new mortgage or credit line with the expectation that they can simply <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-refinance-personal-loan">refinance</a> in a few months when rates come down further. Additionally, Home Depot and Lowe's have taken great care to manage investor expectations through the <a target="_blank" href="https://www.businessinsider.com/lowes-dicks-macys-sound-alarm-us-shoppers-spending-2023-8">slumping sales and slimmer profits</a> over the past year. In particular, both companies <a target="_blank" class="c-link" href="https://www.businessinsider.com/home-depot-1-billion-wage-boost-improved-worker-safety-satisfaction-2023-5">continued to invest in their stores</a> with the expectation that pent-up demand would eventually be unlocked. (Truist Securities analyst Scot Ciccarelli has referred several times to a "coiled spring" for the retailers.) Max Rakhlenko, a TD Securities analyst, said in a note on Wednesday that Lowe's management was expecting a "phased recovery" in which homeowners start with smaller projects before getting more comfortable with larger ones that require tapping into their house's equity. "We're aggressively working in this downturn," Lowe's CEO Marvin Ellison said during his earnings call last month, adding, "Whenever the macro inflection occurs, we just want to be ready to take advantage of it." It appears Ellison may not have to wait much longer. Correction: September 20, 2024 — An earlier version of this story misstated the day a TD Securities analyst sent out his note on Lowe's. It was Wednesday, not Thursday.

Home Depot and Lowe's are already seeing the first of many likely benefits from the Fed's rate cut

<ul class="summary-list"><li>US stocks fell Monday as bond yields and oil prices moved higher.</li><li>The rise in oil prices and solid September jobs report has revived inflation concerns.</li></ul>US stocks retreated from near-record highs on Monday, with all three major moving averages declining by about 1%.A number of risk factors pushed stocks lower on Monday, including a jump in interest rates and oil prices, the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">growing intensity of Hurricane Milton</a>, and negative news flow for a couple of mega-cap technology stocks.The 10-year US Treasury yield jumped back above 4% on Monday, representing its highest level in about two months. Friday's release of the September jobs report sparked the move higher in yields.The stronger-than-expected nonfarm payroll report showed <a target="_blank" class="" href="https://www.businessinsider.com/september-jobs-report-unemployment-rate-nonfarm-payroll-growth-federal-reserve-2024-10">employers added 254,000 jobs</a> last month, crushing estimates of about 150,000. The unemployment rate also declined slightly to 4.1%.Meanwhile, oil prices continued to surge on Monday, rising by about 4% as tensions in the Middle East continued to simmer on the first anniversary of the Hamas-led attack against Israel.The rise in oil prices and the stronger jobs report are fanning fears of a potential rebound in inflation, which would mean fewer rate cuts from the Federal Reserve."After Friday's strong employment report, the consensus might pivot to 'no rush to ease further' during the fall. We can't rule out 'higher for longer' making a comeback this winter. We are in the none-and-done camp for the rest of this year," Yardeni Research said in a note on Monday.Finally, a Wells Fargo analyst downgrade of Amazon sent that stock lower by about 3%, while Alphabet shares dropped 2% after a judge ordered <a target="_blank" class="" href="https://www.reuters.com/legal/us-judge-orders-google-open-up-app-store-competition-2024-10-07/">the company to open its app store to more competition,</a> handing a victory to Epic Games.Investors will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-q3-earnings-preview-investors-themes-ai-interest-rates-2024-10">turn their attention to earnings season, which kicks off this week</a> with results from PepsiCo on Tuesday, followed by the first of the major banks on Friday.Finally, the September CPI report is also due out this Thursday. Economists expect the CPI index to rise 2.3% year-over-year in September, down from 2.5% in August. Bank of America analysts note that an upside surprise in last month's inflation reading has the potential <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-cpi-inflation-september-jobs-report-bofa-2024-10">to send stocks on a roller coaster this week</a>. Here's where US indexes stood shortly at the 4:00 p.m. closing bell on Monday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,695.94, down 0.96% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,954.24, down 0.94% (-398.51 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,923.90, down 1.18% </li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-nvda-smci-super-micro-100000-gpu-chips-2024-10">Nvidia stock jumped 4% on Monday after Super Micro Computer said it was shipping more than 100,000 GPUs per quarter.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-september-jobs-report-growth-value-david-kelly-2024-10">JPMorgan's chief strategist told Business Insider why he is feeling "increasingly queasy" about the market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-stock-trader-lost-306-million-according-to-lawsuit-rbc-2024-10">A Tesla trader turned $65,000 into $306 million before losing it all, according to a lawsuit.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/texas-housing-market-home-prices-falling-austin-dallas-moving-trends-2024-10">Falling home prices and fed-up residents show the Texas housing boom is slowing down.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/inflation-outlook-fed-interest-rate-cuts-jobs-report-us-economy-2024-10">Consumer prices are still in focus for investors despite the Fed's recent pivot to the labor market.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-goldman-sachs-boosts-sp500-price-target-again-2024-10">Goldman Sachs increased its year-end S&amp;P 500 price target for the third time this year to 6,000.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude jumped 3.93% to $77.30 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was higher by 3.89% to $81.09 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was down 0.18% to $2,663.00 an ounce.</li><li>The 10-year Treasury yield was higher by 7 basis points at 4.032%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 0.82% to $63,335.</li></ul>

Stock market today: Indexes drop and yields, oil prices spike ahead of earnings and fresh economic data

<ul class="summary-list"><li>The global population is getting older. </li><li>The trend will lead to lower returns, earnings growth, and valuations, JPMorgan strategists say.</li></ul>The aging of the world population is expected to accelerate in the coming decades, which will likely produce bad outcomes for the stock market, JPMorgan strategists say.The strategists say that historically, an older population has led to declining returns, lower earnings growth, and weaker valuations.Over a 10-year period, a 1% increase in the number of people over 65 is correlated with a 0.92% decline in annual stock returns, the strategists calculated in a report released last week.They point mainly to slower growth and falling valuations.With an older investor base looking to save for retirement, investment capital declines, leading to less innovation. That, plus slower growth in the workforce, will have a negative impact on earnings growth, the strategists say."Domestic population aging may reduce earnings growth for several reasons. It leads to slower workforce growth, reducing domestic economic growth. There is also evidence that aging can reduce innovation and productivity growth," the strategists said.That's especially true for companies that derive revenue from international operations, the strategists say."For companies that derive more of their revenue from abroad, like multinationals, global population aging (in a GDP-weighted sense) is likely to be more consequential for earnings growth than local population aging," the strategists wrote.That means equity market indexes with small and mid-caps will likely see more impact from local population aging than those with exclusively large caps.Valuations will also take a hit, the strategists said. As the elderly empty their retirement funds, national savings decline, thus raising bond yields. Older populations also pull out of the market at higher rates, driving down stock prices.Those trends, plus lower earnings growth expectations, justify lower valuations, the strategists say.The strategists say there's one bright spot, though. That's healthcare, which older populations tend to spend more on."We find a clear positive relationship between aging and excess returns on the sector, driven entirely by faster earnings growth," the strategists said.A 1% increase in the population share of those over 65 will lead to a 0.85% increase in health care returns over a 10-year period, the strategists say.The strategists note, too, that the populating aging trend won't impact countries equally. In China, the elderly share of the population is set to increase by seven percentage points in the next decade. The US, meanwhile, will see a more moderate rise from 18.1% to 21.5%.Past reports have also warned of the aging population's impact on the economy.Earlier this year, Barclays economist Jonathan Millar said boomers, a historically large generation, are approaching <a target="_blank" class="" href="https://www.businessinsider.com/baby-boomer-gen-z-millennials-economy-housing-job-market-stocks-2024-2">"peak burden" on the US economy</a> in the next few years. Meanwhile, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/recession-economy-outlook-us-stock-market-ownership-old-americans-retirement-2024-1">a larger share of people over 55% owning stocks</a> in the US may be a downside risk to the market, as older investors often don't have the luxury of holding through a downturn and could exacerbate volatility by selling during market pullbacks.

The world population is growing older. That's bad news for the stock market.

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

<ul class="summary-list"><li>The freight recession will likely remain drag on into a sixth quarter, according to AFS Logistics.</li><li>Bankruptcies and aggressive competition have defined the industry downturn, the firm told Business Insider.</li></ul>There's no end in sight for the freight recession, and the downturn is reshaping dynamics in the industry.A lack of certainty looms over experts regarding when the trucking industry could recover from its slump, and there was little good news in the second quarter.According to the recent AFS Logistics and TD Cowen freight index report, truckload rate per mile has continued to slip this year, and the trend is set to continue for a sixth straight quarter.At the heart of the problem are simple economics. When COVID-era consumption surged, trucking capacity ballooned to embrace it. But a few years later, high interest rates have pressured Americans' spending habits, leaving the industry with a supply-demand mismatch."Now you have more capacity, meaning more trucks, more drivers, chasing less freight," AFS Logistics CEO Tom Nightingale told Business Insider. "What that ultimately means is reduced prices across pretty much all [freight] modes."AFS tracks truckload, less-than-truckload, and parcel modes. Each segment is facing its own set of issue, Nightingale said, and they're all amplifying the current depressed conditions.<h2 id="867b7395-76b8-451e-a07d-d8e58079dce7">Bankruptcies</h2>One of the dominant themes of the freight recession has been a surge in bankruptcies. According to <a target="_blank" href="https://www.linkedin.com/posts/carrierok_this-year-88000-carriers-faced-the-tough-activity-7139780831971078144-CLdU/">CarrierOK</a>, 88,000 carriers and 8,000 freight brokers shut down their operations in 2023.The trend isn't over. This month, S&amp;P Global downgraded the credit rating of Accuride, a trucking parts manufacturer. Part of its reasoning was that commercial trucking would remain <a target="_blank" href="https://www.businessinsider.com/accuride-default-freight-recession-outlook-trucks-consumer-demand-sp-global-2024-7">depressed for two years</a>, squeezing the firm's sales and cash flow."As truckload carriers become increasingly stressed, and in some cases, unable to service their interest payments, we start to see the pace of bankruptcies accelerate," Nightingale noted, and cited this as a strong catalyst for conditions to eventually recover: "That's generally what causes an increase in pricing in the truckload side of things."Consider the less-than-truckload sector. These carriers, which combine shipments from multiple customers, at first benefited from last year's <a target="_blank" href="https://www.businessinsider.com/trucking-giant-yellow-shuts-down-after-99-years-teamsters-2023-8">closure of Yellow</a>.When this century-old firm went bankrupt, it pulled supply out of the sector and buoyed up pricing, Nightingale said.<h2 id="a9baae1c-9a1d-4b66-83f4-34fcdc0624c0">Chasing demand</h2>Meanwhile, declining consumption is playing out uniquely among parcel carriers, a sector comprised of courier-service shippers.Here, <a target="_blank" href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a> and <a target="_blank" href="https://markets.businessinsider.com/stocks/fdx-stock">FedEx</a> are the <a target="_blank" href="https://www.businessinsider.com/regional-startups-parcel-delivery-taking-on-ups-and-fedex-2023-4?utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=business-sf">dominant players</a>. When parcel volumes started falling, <a target="_blank" href="https://www.businessinsider.com/regional-startups-parcel-delivery-taking-on-ups-and-fedex-2023-4?utm_medium=social&amp;utm_source=twitter&amp;utm_campaign=business-sf">competition</a> picked up between the two players.Chasing after limited volumes has caused both companies to extend aggressive discounts to small- and medium-customers, AFS found in its report. It cited that the ground parcel rate per package index dropped from 28.8% to 26.8% between the first and second quarter.At the same time, AFS noted that these companies have looked to boost revenue in other ways. For instance, both carriers have consistently raised fuel surcharges on shipments since August 2021, despite the fact that fuel prices have fallen, the report said.Shares of UPS plunged more than 12% last Tuesday after the company reported an earnings miss.Part of the carrier's challenge is that it's still trying to offset cost increases stemming from last year's <a target="_blank" href="https://www.businessinsider.com/ups-170k-deal-driver-job-searches-soar-union-wage-increase-2023-8">major wage negotiation</a> reached with the Teamsters union, Nightingale said ahead of the earnings report.During the earnings call, demand conditions were also a cited factor:"Our revenue came in just short of the low end given the current volume momentum we are now experiencing in our business," CEO Carol Tomé <a target="_blank" href="https://www.cnbc.com/2024/07/23/ups-earnings-q2-2024.html">said</a>. However, she noted that the second quarter was the first in nine in which the company saw US volume growth resume.

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