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New Delhi: Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="100" keywordseo="LIC" source="keywords">LIC</keyword>) has increased its stake in <keyword id="19984004" type="General" weightage="20" keywordseo="Bank-of-Maharashtra" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Maharashtra" meta.hostid="83" meta.entityid="Bank of Maharashtra">Bank of Maharashtra</keyword>, the company informed the exchange in a filing. In an official statement on Saturday, LIC announced that it has raised its shareholding in the bank from 4.05 per cent to 7.10 per cent following a <keyword id="19984002" type="General" weightage="20" keywordseo="Qualified-Institutional-Placement" source="keywords">Qualified Institutional Placement</keyword> (<keyword id="19984001" type="General" weightage="20" keywordseo="QIP" source="keywords">QIP</keyword>). "..the Life Insurance Corporation of India ("the Corporation") has increased its shareholding in Bank of Maharashtra ("Company") from 4.05 per cent (pre-allotment) to 7.10 per cent (post allotment)" said LIC. The increased shareholding comes after LIC was allotted 25.96 crore equity shares as part of the QIP issued by the Bank of Maharashtra. Prior to this allotment, LIC held a 4.05 per cent stake in the bank. With the new shares, LIC now owns a 7.10 per cent stake, marking a significant rise in its ownership. The allotment was made under the guidelines of Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations. LIC noted that it has complied with the regulatory requirements, including the details stipulated under the SEBI circular issued in July 2023, which governs disclosure obligations for listed entities. A Qualified Institutional Placement is a way for listed companies to raise capital by issuing equity shares to institutional investors, and this transaction indicates LIC's confidence in the growth potential of Bank of Maharashtra. Bank of Maharashtra is one of the public sector banks, and this infusion of capital through QIP will help strengthen its balance sheet and support its expansion plans.

LIC increases stake in Bank of Maharashtra from 4.05 percent to 7.1 percent through QIP

<keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="261" meta.entityid="SpiceJet">SpiceJet</keyword>'s Chairman, <keyword id="19916067" type="General" weightage="20" keywordseo="Ajay-Singh" source="keywords">Ajay Singh</keyword>, is considering selling over 10 percent of his stake in the airline as part of a crucial <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> effort set to conclude by the end of September, a PTI report says. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is facing significant hurdles, including financial troubles, legal issues, and grounded aircraft, and is in urgent need of capital to meet its obligations. A source told PTI that Singh may sell as much as 15 percent of his stake, depending on market conditions. Another source told the news aggregator that Singh, who serves as both Chairman and Managing Director, will likely sell around 10 percent of his shares, though the amount could increase if necessary. SpiceJet is currently in talks with investors, both in India and abroad, for a Qualified Institutional Placement (QIP), with commitments already made for up to Rs 2,000 crore. These funds are expected to help the airline cover operational expenses and address its various liabilities. While no official statement has been made by SpiceJet, insiders expect the funding round to be wrapped up by the end of September. As of June 2024, Ajay Singh and the promoter group held just over 47% of the airline, according to data from the Bombay Stock Exchange (BSE). SpiceJet, which once had a fleet of 74 aircraft in 2019, now operates only around 20 planes. In a recent investor presentation, the airline announced plans to raise Rs 3,200 crore through QIP, warrants, and capital infusion by Singh. This cash will be used to bring grounded planes back into service, settle liabilities, acquire new aircraft, and cover other general expenses. The airline aims to secure Rs 2,500 crore through QIP and an additional Rs 736 crore from previously issued warrants and funds infused by Singh, as detailed in the presentation. Earlier this year, in January, SpiceJet raised Rs 1,060 crore through preferential issues, falling short of its initial goal of Rs 2,250 crore set in December 2023.

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

<ul class="summary-list"><li>Saudi Arabia's Public Investment Fund, led by Crown Prince Mohammed Salman, is going global.</li><li>The sovereign wealth fund is investing in everything from Uber and Blackstone to Heathrow and LIV Golf.</li></ul>In the months before <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> celebrated his 30th birthday nearly a decade ago, the yet-to-be anointed Crown Prince of Saudi Arabia was gifted a vital key to unlocking the kingdom's future: full purview of its Public Investment Fund.Back in 2015, MBS became chairman of the sovereign wealth fund established in 1971 by a former king at a time when it was ready to be transformed. A slow-moving cog of the state no more, PIF was ready to become an investment juggernaut with global presence.It's a task the fast-rising royal hasn't shied away from. PIF, officially led by governor Yasir Al-Rumayyan, has been stepping up its mission to invest in high-profile assets globally in recent years to help fulfill its mission of reducing Saudi Arabia's economic dependence on oil.That mission, a fundamental part of <a target="_blank" class="" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">an ambitious program called Vision 2030</a> that MBS is in charge of, depends in part on how successful the PIF is in generating returns from its big bets overseas — and leveraging those bets to build hot new industries at home."MBS' personal ambition is very much to make Saudi Arabia a highly visible and internationally respected post-oil economy," Steffen Hertog, associate professor at the London School of Economics, told Business Insider. "The PIF is by far his most important vehicle in this endeavor."But as PIF spreads its wings, it is becoming increasingly unclear as to just how successful it stands to be beyond the Gulf.<h2 id="ab7cae77-96ba-4c12-be58-1085931cd388">Saudi Arabia goes global</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>A look at the <a target="_blank" class="" href="https://www.pif.gov.sa/en/our-investments/our-portfolio/#ourportfolio_e=0">PIF's portfolio</a> presents a show reel of some of the most prolific names in global business.In the tech sector, it has <a target="_blank" href="https://www.businessinsider.com/how-investment-in-uber-brought-saudi-prince-to-silicon-valley-2020-9">pumped $3.5 billion into Uber</a>, poured $45 billion into SoftBank's Vision Fund, taken a 60% stake in <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> rival Lucid, and become majority owner of augmented reality startup Magic Leap.Beyond that, it has pumped <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-pif-sports-influence-pga-liv-2023-6">billions of dollars into LIV Golf</a>, led a $415 million takeover of Newcastle United, backed up a Blackstone infrastructure fund with $20 billion and invested in Carnival, the world's biggest cruise operator. In June, PIF expanded its stake in London's Heathrow Airport.Figures published in July by <a target="_blank" href="https://globalswf.com/reports/2024gsr#market-update-1h-2024-1">GlobalSWF</a>, a data firm tracking sovereign-wealth-fund activity, found that PIF deployed more capital in the first half of 2024 than all other state-owned investors, which collectively invested close to $100 billion in the six-month period.According to LSE's Hertog, PIF's attraction to high-profile brands isn't just about making itself more visible to the West. "These for the most part are corporates active in sectors that the PIF and MBS see as key for Saudi Arabia's domestic economic diversification."To make these deals happen, the kingdom has been busy doing a lot of courting.In February, it backed a two-day conference in Miami, where the likes of Blackstone leader Stephen Schwarzman and Donald Trump's son-in-law Jared Kushner were <a target="_blank" class="" href="https://fii-institute.org/wp-content/uploads/2023/12/02.22_FII-PRIORITY-Miami-2nd-Edition-Program.pdf">billed as speakers.</a> In October, the kingdom will be prepared for the global elite to descend on capital city Riyadh for its "<a target="_blank" class="" href="https://www.businessinsider.com/saudi-business-conference-davos-in-desert-costs-15000-attend-2023-9">Davos in the desert</a>" investment conference.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>The event, which has previously attracted the likes of JP Morgan and BlackRock CEOs <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-career">Jamie Dimon</a> and <a target="_blank" class="" href="https://www.businessinsider.com/blackrock-ceo-larry-fink-net-worth-career-history">Larry Fink</a>, has proven controversial in the past. <a target="_blank" class="" href="https://www.businessinsider.com/biden-mbs-responsible-for-jamal-khashoggi-murder-2022-7">MBS's alleged role</a> in the murder of journalist Jamal Khashoggi in 2018, which he denies having involvement in, gave some dealmakers pause for thought.That said, the world's corporate elite appear to be looking past the incident as time passes — something the Saudis seem to be aware of. This year's theme, <a target="_blank" href="https://fii-institute.org/conference/fii8/">"Infinite Horizons,"</a> offers a nod to the global scope it has in mind for its future.For global companies, fund managers, and bankers, Saudi Arabia's wealth has been a big draw at a critical time. While other investors have exercised caution in the face of a higher interest rate environment, the kingdom has kept its money flowing.That's partly because the fund has set a target of $2 trillion in assets under management by the end of the decade, and is racing against the clock to meet the deadline for its ambitious Vision 2030 program.Saudi Arabia also finds itself l<a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vs-uae-middle-east-economic-power-supremacy-dubai-2023-9">ocked in a tense rivalry with other economic powerhouses</a> in the region such as the United Arab Emirates, where funds such as Mubadala and <a target="_blank" class="" href="https://www.businessinsider.com/satya-nadella-microsoft-ai-kingpin-g42-openai-china-2024-4">G42 have been busy securing their own big international deals</a>. Bragging rights are on the table.<h2 id="daf6e7aa-7788-42a8-84dd-cb066c69057e">Risky high-stakes game</h2><div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>However, while the Saudis prepare to continue flashing their cash abroad, the PIF faces some risks.For one, the fund has had to learn the hard reality of going big, as a number of its high-profile investments overseas have struggled financially. Earlier this month, for instance, <a target="_blank" class="" href="https://www.businessinsider.com/middle-east-funds-racing-rescue-investments-saudi-arabia-pif-mubadala-2024-8">PIF had to plug a funding gap for Lucid</a> by pumping in an extra $1.5 billion.The electric vehicle maker first <a target="_blank" href="https://lucidmotors.com/fr-ca/media-room/lucid-motors-executes-us1bn-investment-agreement-public-investment-fund-saudi-arabia">raised more than $1 billion from the Saudis in 2018</a> after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-blames-saudi-investor-backpedaling-taking-tesla-private-trial-2023-1">PIF's talks with Elon Musk to take Tesla private fell through</a>, but has struggled with a high burn rate and waning demand for EVs.PIF has also had to backstop another company. According to filings released in the UK this month, the fund has put $750 million into Magic Leap since the start of 2023, as it struggling to take its immersive reality headsets mainstream.For Hertog, though companies like Lucid have "fallen on hard times" — and other bets from PIF on the likes of the <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">SoftBank Vision Fund</a> have "indeed not done well" — it is still too early to say how the overall performance will turn out. The fund did swing to an annual profit in 2023 following an $11 billion loss the previous year, Bloomberg reported, though many bets are still in their early days."There are inherent risks in investing in new sectors so what matters is not individual failures but the performance of the whole portfolio," Hertog said.PIF's tanglings with political figures are also raising concerns. Donald Trump's son-in-law Kushner, who started private equity firm Affinity Partners in 2021, <a target="_blank" class="" href="https://www.businessinsider.com/jared-kushner-private-equity-firm-funding-from-saudi-arabia-report-2022-4">received a $2 billion commitment from PIF</a> for its debut fund, with that commitment now facing an investigation by Senate Finance Committee chair Sen. Ron Wyden.<div type="image" title="Prince Mohammed bin Salman in front of a black background." height="320" width="640" msid="112575436" hostid="261" sizebytes="15426"></div>In <a target="_blank" class="" href="https://www.finance.senate.gov/chairmans-news/wyden-probes-kushner-firm-payments-from-gulf-states-potential-fara-loophole">a letter published in June</a>, the senator raised concerns that PIF and other Middle Eastern funds were "using payments to Affinity executives as a means to influence Kushner and other politically powerful individuals."For Abdullah Alaoudh, a director at the Middle East Democracy Center, it seems clear that buying "a lot of influence" — or "whitewashing" as he puts it — is a key part of the fund's dealmaking overseas. If potential partners can gloss over some of its more controversial activities, such as <a target="_blank" class="" href="https://www.businessinsider.com/biden-investigation-us-military-aid-saudi-arabia-massacre-migrants-yemen-2023-9">the Kingdom's war in Yemen</a>, it'll have an easier time seeing deals through.As Hertog notes, it's worth remembering that PIF's main priority remains its domestic portfolio. "While some domestic investments have been pruned, the fund's main ambition is domestic diversification," he said.Still, Saudi Arabia seems intent on making its mark on the global stage through the PIF. The world will be keeping watch.The PIF did not immediately respond to a request for comment from BI.

Saudi Arabia is on a high-stakes mission to buy the world 

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hello! Ah, to be young and optimistic. Gen Z's <a target="_blank" href="https://www.businessinsider.com/gen-z-reject-corporate-jargon-corporate-accent-2024-7">latest takedown target is corporate jargon</a>. Let's put a pin in that and circle back in a couple of years.In today's big story, what to expect from <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">OpenAI's newest AI model</a> that's in the works.What's on deck:<ul><li>Markets: A research firm says this chart shows why <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-prediction-cyclical-bull-rally-last-years-2024-7">the current bull market is far from over</a>.</li><li>Tech: One canceled Microsoft AI deal <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">should worry the whole industry</a>.</li><li>Business: Internal documents show Amazon's <a target="_blank" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">projections for its healthcare business</a>.</li></ul>But first, let me upgrade you.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="0642bd0e-e971-4663-bff4-7c413bf24f3d">The big story</h3><h2 id="8e8b25cf-af5c-4ba5-823b-ade7efe8b096">Great expectations</h2><div type="image" title="Photo illustration of Sam Altman." height="1500" width="2000" msid="112172694" hostid="261" sizebytes="132654"></div>OpenAI shook up the world with the launch of ChatGPT in 2022. But can its latest upgrade do the same?GPT-5, the newest model upgrade for OpenAI's chatbot, <a target="_blank" href="https://www.businessinsider.com/openai-launch-better-gpt-5-chatbot-2024-3">is coming soon</a>. Business Insider's Darius Rafieyan spoke to OpenAI customers and developers about <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">their expectations for the latest iteration</a>.Plenty of people have high hopes, and for good reason. The jump between GPT-3, which powered ChatGPT when it launched, and GPT-4, which came out last year, was substantial. One user compared it to going from grade school to undergrad.But others don't see the newest model making as big a step as its predecessor. One potential customer told Darius the gap between GPT-4 and GPT-5 will be more like going from undergrad to a PhD program.But they can still dream! High on the wishlist is "agentic actions," or when a model performs <a target="_blank" href="https://www.businessinsider.com/multi-agent-systems-are-the-next-big-thing-in-ai-2024-7">multiple complex steps in a row</a>. Instead of just giving you a trip itinerary, ChatGPT could actually book the trip. Being able to seamlessly work across audio, video, and text is also high on the list.<div type="image" title="sam altman" height="950" width="1440" msid="112172688" hostid="261" sizebytes="167996"></div>Users aren't the only ones with big hopes for GPT-5.OpenAI has a lot riding on its newest model, including its ability to get customers to cough up more cash. The startup hasn't been shy about spending big, with operating costs that could <a target="_blank" href="https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7#open-ai-2">reportedly surpass $8 billion this year</a>.With investors pressing tech companies on their <a target="_blank" href="https://www.businessinsider.com/ai-hype-train-profits-valuations-startups-google-openai-2024-7">AI projects' paths to profitability</a>, OpenAI could quickly face pressure if GPT-5 can't attract more customers.But it's not just about making money. (I'll wait for you to stop laughing.)OpenAI took considerable heat during its last big unveiling. The launch of GPT-4o in May <a target="_blank" href="https://www.businessinsider.com/openai-chatgpt-audio-feature-talk-ai-2024-5">was initially praised</a>, but it wasn't long before a literal superhero <a target="_blank" href="https://www.businessinsider.com/scarlett-johansson-angry-chatgpt-voice-declined-offer-openai-sam-altman-2024-5">came after the startup</a>.Criticism <a target="_blank" href="https://www.businessinsider.com/openai-mess-concerns-over-nda-safety-sam-altman-2024-6">continued to mount against OpenAI</a> and CEO Sam Altman about its lack of focus on safety.A new model is bound to get plenty of scrutiny — remember the <a target="_blank" href="https://www.businessinsider.com/google-gemini-bias-sundar-pichai-memo-2024-2">Google Gemini controversy</a> earlier this year? — which could open the startup to additional risk.That's not ideal for a company that's preparing to take on one of the biggest juggernauts in tech: Google's Search. OpenAI announced plans for SearchGPT that's <a target="_blank" href="https://www.businessinsider.com/openai-searchgpt-search-engine-prototype-declares-war-with-google-2024-5">a direct shot at Google's business</a>.SearchGPT relies on GPT-4 at the moment, but it's safe to assume that GPT-5 will take on that underlying role in the future. A big stumble by the latter would almost certainly hurt the former's chances of competing with one of the most widely used tools on the web.<h2 id="e7ad5a04-e409-4b8e-a5a6-9c0198f1ef94">3 things in markets</h2><div type="image" title="wall street bull with illustration of cash floating behind" height="1000" width="2000" msid="112172695" hostid="261" sizebytes="321014"></div><ol><li>The bull market isn't going anywhere. Ned Davis Research highlighted historical trends indicating the current cyclical bull rally will last well into 2025. Slight market corrections like the Nasdaq's dip last week are expected, but the risk of a new bear market is low, according to the research firm. <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-chart-prediction-cyclical-bull-rally-last-years-2024-7">This chart maps out the length of previous rallies</a>.</li><li>David Solomon is feeling more bullish about interest rate cuts. The Goldman Sachs CEO, who previously said the Fed would skip rate cuts this year, now believes we could get as many as two. He credits the shift in consumer behavior in the face of inflation <a target="_blank" href="https://www.businessinsider.com/next-interest-rate-cut-forecast-goldman-sachs-ceo-david-solomon-2024-7">as a reason for his U-turn</a>.</li><li>Inside Blackstone's summer internship. It's 10 times harder to score a first-year analyst job at Blackstone than it is to get into Harvard. But the easiest way for undergrads to get a foot in the door is through the private equity giant's <a target="_blank" rel="noopener" href="https://www.businessinsider.com/inside-blackstone-summer-analyst-program-and-internship-2024-7">10-week summer internship program</a>. Two executives walked BI through recruitment, the internship, and how to land a return offer.</li></ol><h2 id="62bb4334-a805-49b4-89b9-d7825f87b766">3 things in tech</h2><div type="image" title="mark and jensen" height="1000" width="2000" msid="112172690" hostid="261" sizebytes="219782"></div><ol><li>Inside the tech industry's most powerful bromance. Mark Zuckerberg and Jensen Huang have a lot in common, and have become increasingly close. But it's not all cozy cookouts and <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-nvidia-jensen-huang-bromance-cooking-2024-4">leather-jacket swaps</a>: Behind their shared experiences and mutual flattery are billions of dollars in deals, and <a target="_blank" href="https://www.businessinsider.com/business-bromance-nvidia-jensen-huang-mark-zuckerberg-siggraph-2024-7">an increasingly tied future</a>.</li><li>The collapse of a Microsoft AI deal is cause for industry-wide concern. A pharmaceutical company stopped using Microsoft's Copilot AI because of high cost and low value, comparing its AI-generated slides to "middle school presentations." <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">The canceled deal is a warning sign</a> for companies hoping their AI products will catch on with consumers — and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/microsoft-investors-freaked-out-about-ai-spending-azure-growth-2024-7">for already freaked-out investors</a>.</li><li>The networking queen of New York City's tech and venture scene. Alexa von Tobel is the <a target="_blank" href="https://www.businessinsider.com/alexa-von-tobel-super-connector-new-york-buzzy-tech-scene-2024-7">superconnector of New York's tech entrepreneurs and investors</a>. Those who work with her say she has a natural extroversion that makes her extremely good at bringing high-powered people together.</li></ol><h2 id="3c244a91-acbf-4e23-8cde-90d1f2a8f4a7">3 things in business</h2><div type="image" title="One Medical Collage" height="1000" width="2000" msid="112172687" hostid="261" sizebytes="99028"></div><ol><li>A leaked document gives a rare look inside the projected finances of Amazon's big healthcare bet. In December, the company forecast more than $1 billion in losses in 2024 for its healthcare business. But that's an improvement from last year, when it lost $1.28 billion. The tech giant also expected revenue <a target="_blank" href="https://www.businessinsider.com/amazon-healthcare-one-medical-billion-loss-cost-cutting-profitability-2024-7">to jump 30% to over $3 billion this year</a>.</li><li>Your trip to Starbucks just got shorter. Long lines, plunging sales, and frustrated workers are all contributing to the chain's downwards spiral. Earlier this month, though, it changed the way it runs its cafes — and it could <a target="_blank" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">turn things around for the company and customers alike</a>.</li><li>What to expect when Apple and Meta report earnings. Mark Zuckerberg's company reports Q2 earnings today, and investors will likely <a target="_blank" href="https://www.businessinsider.com/meta-q2-earnings-preview-tiktok-uncertainty-and-political-ad-boost-2024-7">focus on AI-investment returns</a>. Meanwhile, Apple reports its third-quarter earnings tomorrow, and analysts are expected to ask questions on the recently delayed Apple Intelligence and the <a target="_blank" href="https://www.businessinsider.com/apple-q3-earnings-what-to-look-for-ai-china-services-2024-7">iPhone's lagging performance in China</a>.</li></ol><h2 id="b691d3d2-a3d7-4ee3-8890-aa84cf68a80c">In other news</h2><ul><li><a target="_blank" href="https://www.businessinsider.com/women-men-medicine-drug-reviews-online-health-medical-advice-webmd-2024-7">Worried about starting a new drug? See how women say it works</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/jd-vance-couch-sex-joke-author-speaks-2024-7">The author of the viral joke post about JD Vance having sex with a couch breaks his silence</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/harris-vp-pick-roy-cooper-gretchen-whitmer-rule-selves-out-2024-7">Harris' running mate list is narrowing after 2 top contenders ruled themselves out</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/meta-whatsapp-growth-us-messaging-app-ai-apple-imessage-2024-7/">Meta's $19 billion bid to own messaging in the US gains steam — and AI could give it an edge over Apple's iMessage</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">One of Prada's red-hot brands for Gen Z luxury shoppers just posted crazy growth numbers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/coffee-badging-crackdown-rto-rules-must-change-2024-7">Stop the crackdown on coffee-badging — here's the real problem</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/googles-ai-powered-olympics-ad-faces-backlash-scores-viewers-2024-7">Google's AI Olympics ad is drawing jeers online but scores surprisingly well among viewers</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/analyst-says-near-tesla-crash-tesla-shows-fsd-not-ready-2024-7">Tesla keeps touting self-driving but one analyst's near-crash shows it's 'not even close' to autonomy</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/white-dudes-for-harris-twitter-account-elon-musk-donald-trump-2024-7">'White Dudes for Harris' fundraiser thinks Elon Musk might have suspended his account. He's going to keep using Twitter</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ubi-universal-basic-income-ai-risks-destroying-jobs-solutions-2024-7">The tech industry wants to create an AI utopia. Its leaders think Universal Basic Income is the answer</a>.</li></ul><h2 id="265f2581-0e55-4ab6-8ce7-1a67b2d79f37">What's happening today</h2><ul><li>The Fed announces its July interest rate decision. It's expected to hold rates steady today, though analysts believe a rate cut is likely in September.</li><li>Meta, Boeing, Kraft, and <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">other companies</a> are reporting.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

OpenAI's releasing a new AI model soon, and there's a lot at stake

<ul class="summary-list"><li>Lee Thiam Wah, the founder of Malaysian mini-mart chain 99 Speed Mart, is Asia's latest billionaire.</li><li>The company went public on Monday, becoming the largest Malaysian IPO in seven years.</li></ul>Lee Thiam Wah started selling snacks at a roadside stall. Now, he's Asia's latest entrepreneur to reach billionaire status.He founded the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-convenience-store-market-in-malaysia-2019-2022-the-industry-is-witnessing-fast-developments-and-presents-huge-potential-for-convenience-store-players-1029242346">convenience store</a> chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur.The $531 million initial public offering on Monday shattered a seven-year record in the country for the largest IPO, at 1.65 Malaysian ringgit, or $0.38, per share. This brings Lee's net worth to $3.3 billion, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-08/malaysia-s-biggest-ipo-in-7-years-to-turn-99-speed-mart-founder-into-billionaire?srnd=homepage-asia">Bloomberg's</a> Billionaires Index.Born in 1964 in the Malaysian city of Klang, Lee grew up in a family with 11 children. His parents, a construction worker and a hawker, struggled to make ends meet, per Bloomberg. Lee contracted polio as a child and lost the use of his legs, making it difficult to find work. He turned to entrepreneurship, selling snacks from a stall to support himself."I have to help myself. Nobody would hire me due to my physical limitation," Lee told <a target="_blank" href="https://www.forbes.com/global/2010/0315/entrepreneurs-malaysia-speedsmart-handicaps-king-of-mini-marts.html">Forbes</a> in 2010.He opened his first grocery store in 1987 at the age of 23. Over the next decade, his business grew into a chain of eight stores under the name Pasar Mini 99.Lee's wife, Ng Lee Tieng, joined the company in 1997 as a purchasing executive. Together, they built what would become the largest mini-mart chain in Malaysia, with 2,651 stores nationwide, according to the company's IPO <a target="_blank" href="https://anns.sgp1.cdn.digitaloceanspaces.com/3473571.pdf">prospectus</a>.Until this week's IPO, the couple fully owned the business. Lee will remain its majority shareholder, controlling up to a combined 79.7% stake. He will continue as the company's CEO. Ng will hold a 3.2% stake in the company.The company has a 40% share of the mini-mart market in Malaysia and controls nearly 12% of the overall grocery sector, according to the prospectus.The IPO attracted 14 major investors, including firms like abrdn Asia and UOB Asset Management, Bloomberg reported. The company plans to use over half of its IPO proceeds to add another 250 stores a year until it reaches about 3,000 outlets in three years, set up new distribution centers, and purchase new delivery trucks.The company saw a second-quarter profit of 125.5 ringgit — a 66.3% year-over-year increase, <a target="_blank" href="https://www.reuters.com/business/retail-consumer/99-speed-mart-opens-121-higher-debut-malaysias-biggest-ipo-7-years-2024-09-09/#:~:text=99%20Speed%20Mart%2C%20founded%20by,%2C%202023%2C%20its%20prospectus%20showed.">Reuters</a> reported on Monday. 99 Speed Mart also posted a revenue of over 9,000 million ringgit in 2023, over four times that of its main competitor, 7-Eleven Malaysia, per its IPO prospectus.99 Speed Mart didn't immediately respond to a request for comment from Business Insider.

Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO

<ul class="summary-list"><li>The Federal Reserve will make its next interest rate decision at the end of July.</li><li>Some economists said the economy is ready for the Fed to cut interest rates.</li></ul>After years of high interest rates to combat soaring inflation, some economists think the time has finally come for the nation's central bank to give Americans financial relief by cutting those rates.Lower rates would allow Americans to take out cheaper loans, helping out businesses and consumers.Mark Zandi, chief economist at Moody's Analytics, said that when cuts do come, he expects them to "provide immediate relief" to small businesses, consumers, and lower- and middle-income households. Business owners may find it easier to take out bank loans and consumers who rely on credit cards could end up with cheaper borrowing costs.But those cuts may not be here just yet. At the end of July, the Federal Open Market Committee will announce its <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-should-happen-in-july-not-september-2024-7">next decision on interest rates</a>. <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch</a>, which estimates interest rate probabilities based on market trades, forecasts a 93% chance the Fed will hold rates steady — and Fed Chair Jerome Powell has emphasized that the Committee needs to feel confident inflation is cooling enough before the Fed starts to cut.It's a delicate balancing act between risking a recession and renewed price spikes. "If we loosen policy too late or too little, we could hurt economic activity," Powell <a target="_blank" href="https://www.youtube.com/watch?v=vv6n0oTJMRU">said</a> before the Senate Committee on Banking, Housing, and Urban Affairs on July 9. "If we loosen policy too much or too soon, then we could undermine the progress on inflation."But many long-time Fed watchers and macroeconomists think the war on inflation has been won, and it's time to cut.Zandi thinks the Fed has "achieved their objective of full employment and inflation at target."Claudia Sahm, founder of Sahm Consulting and former Fed economist, agrees. "Frankly, it's been time for a while," Sahm told Business Insider. "We have seen the US economy has been getting back on track, normalizing, rebalancing, all of the Fed's catchwords for some time now."The consumer price index, which measures inflation, <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">rose 3.0%</a> year over year in June — a decrease from May's 3.3% reading — showing that inflation is inching toward the Fed's 2% target. Real US GDP has already been growing at a cooler rate. It increased 1.4% at an annualized rate in the first quarter of 2024 after a 3.4% increase in the fourth quarter of 2023. The <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">labor market</a> has seen the unemployment rate climb to above 4%, and job gains have cooled, though the <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-recession-unemployment-inflation-gdp-2024-5">US remains far from a recession</a>.As Powell has consistently said, cutting interest rates too early could end up hurting Americans if it requires the Fed to hike again at a later time. But keeping interest rates high for too long also has consequences — it's keeping <a target="_blank" href="https://www.businessinsider.com/how-do-interest-rate-hikes-impact-housing-market-rent-mortgages-2024-3">housing costs high</a>, businesses are struggling to invest, and Americans are finding it more expensive to take out loans and different forms of credit.While economists who talked to BI described the current economy as good, they also noted that cutting interest rates could give Americans financial relief and help the economy thrive."Right now, the Federal Reserve with keeping interest rates high is putting pressure on the economy, is making it harder for consumers to buy," Sahm said. "They have to take out credit. It's making it harder for businesses to invest."<h2 id="fa2a601e-28f1-43b0-846d-f43eee7bd384">Why economists say it's time to cut interest rates</h2>For months, some Democratic lawmakers have been urging Powell to cut interest rates sooner rather than later to give Americans financial relief. Sen. Elizabeth Warren joined three of her Democratic colleagues in <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-elizabeth-warren-powell-rent-2024-1">writing a letter</a> in January to Powell saying that "interest rates are still too high for many American families, who already cannot afford to pay rent or buy their first homes."Some economists have recently been pointing to similar concerns with the Fed keeping interest rates high. "We got inflation under control, but we could end up in a recession, or we could just end up in a much weaker economy than was necessary because it just waited too long," Sahm said.As Sahm pointed out, it would take time for reduced interest rates to "flow through to the economy.""You want to begin a process of taking the pressure off of the economy," Sahm said. "The best way to do this would be gradually."Waiting longer to start this gradual process of cuts could mean being up against unwelcome scenarios, such as the labor market taking "a turn for the worst," Sahm said. In that case, that could mean the Fed may have to make cuts more quickly.Brian Rose, senior US economist at UBS, told BI that if the Fed doesn't cut rates soon, there could be a "more serious slowdown in the labor market, undesirable rise in the unemployment rate, or more layoffs, and things like that.""The economy seems like it's already growing below trend, and if you leave rates at this level, which is quite restrictive, you can only expect the economy to slow further," Rose said.True to form, Powell has not given any indication as to when interest rate cuts might happen, but when they do, it could provide relief to businesses and consumers alike.Zandi said interest rates on credit cards and Buy Now, Pay Later rates could come down, along with a decline in auto lending rates and mortgage rates."Right now, we're at a 7% fixed mortgage rate, and that's just unaffordable for almost everyone," he said. "But if it gets closer to six, then I think that would make a big difference for people. And we see more home sales and transactions."Even Fed officials are pointing at recent economic data as proof relief will soon be warranted. Chicago Federal Reserve President Austan Goolsbee <a target="_blank" href="https://www.wsj.com/livecoverage/stock-market-today-bank-earnings-07-15-2024/card/interest-rate-cuts-will-soon-be-warranted-chicago-fed-s-goolsbee-says-MnwqFjEttmPMZIf9OvTc">told</a> The Wall Street Journal that the US economy has proven it's ready to ease up on tight monetary policy."You only want to stay this restrictive for as long as you have to, and this doesn't look like an overheating economy to me," Goolsbee said.

Lower interest rates could be coming soon. Here's what's at stake if they aren't.

When you buy through our links, Business Insider may earn an affiliate commission. <a target="_blank" href="https://www.businessinsider.com/insider-reviews-expertise-in-product-reviews">Learn more</a>After an exciting photo finish at this year's Kentucky Derby, the next race in the famous Triple Crown series gets underway today, but will Mystic Dan pick up a second win? You won't want to miss this one, and we can show you how to watch the Preakness Stakes live stream for free, no matter what country you're in right now.The main event is set for 6:50 p.m. ET, but coverage across various channels worldwide begins hours before, so settle in for hours of live horse racing fun today ahead of the main Preakness Stakes sprint, which is only 1 3/16 miles long.In the US, you'll find the main Preakness Stakes race on live TV via NBC (earlier footage pre-4:30 p.m. is on CNBC). If you don't have access, you'll find it on the affordable Peacock streaming service. Better yet, we've found a free streaming option via an Irish TV channel that you can stream online from anywhere if you have a <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=f06c8b44cb8c93f14a535fe59dd92087750a8f5ef5922431fb9d2dfc0bb8c063&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fgo.expressvpn.com%2Fc%2F196318%2F1635445%2F16063%3Fsharedid%3DPreaknessStakes24" target="_blank" rel="noopener">VPN</a> (we'll explain how to use one further down the page if you need help).<ul><li>See also: <a href="https://www.businessinsider.com/guides/streaming/how-to-watch-fury-vs-usyk-live-stream-2024">Fury vs. Usyk live stream</a> | <a href="https://www.businessinsider.com/guides/streaming/how-to-watch-nba-playoffs-basketball-tournament-2024">How to watch NBA Playoffs</a> | <a href="https://www.businessinsider.com/guides/streaming/free-f1-live-stream-where-to-watch-formula-1-gp-online-anywhere">Where to watch free F1 live streams</a></li></ul><h2>Preakness Stakes live stream quick links</h2><ul><li>US: <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=2fdbcefb1daf162b5d88ca0c448583ac13dc472863077194d852b7be3970e3f1&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fwww.peacocktv.com%2Fsports%2F150th-kentucky-derby%2F89d1e2f8-1553-3a18-a064-f55eb4a3d794" target="_blank" rel="noopener">Peacock ($5.99)</a></li><li>UK: <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=a47fdf5bdc181ac94f1f06e1ace02c0c0f4d284b6fc3e00323739019adcfc770&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fwww.nowtv.com%2Fsports-purchase">Now Sports (various)</a></li><li>Ireland: <a href="https://www.virginmediatelevision.ie/player/live/virgin-media-2/" target="_blank" rel="noopener">Virgin Media 2 (FREE)</a></li><li>Access streams from anywhere via <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=f06c8b44cb8c93f14a535fe59dd92087750a8f5ef5922431fb9d2dfc0bb8c063&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fgo.expressvpn.com%2Fc%2F196318%2F1635445%2F16063%3Fsharedid%3DPreaknessStakes24" target="_blank" rel="noopener">ExpressVPN (30-day money-back guarantee)</a></li><li>Race post time: Saturday, May 18 at 6:50 p.m. ET / 11:50 p.m. BST / 6:50 a.m. AWST (Sun)</li></ul><h2>How to watch the Preakness Stakes in the US</h2>Preakness Stakes coverage falls under the NBCUniversal umbrella in the US. From 12 p.m. ET to 2:30 p.m. ET, coverage aired on USA Network and Peacock. From 2:30 p.m. ET to 7:30 p.m. ET, coverage airs on NBC and Peacock.There are several races at Churchill Downs throughout the day, but the main Preakness Stakes event is scheduled for 6:57 p.m. ET and lasts about two minutes. For cord-cutters, you can live stream all of the action through <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=2fdbcefb1daf162b5d88ca0c448583ac13dc472863077194d852b7be3970e3f1&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fwww.peacocktv.com%2Fsports%2F150th-kentucky-derby%2F89d1e2f8-1553-3a18-a064-f55eb4a3d794" target="_blank" rel="noopener">Peacock</a>. Subscriptions start at $5.99 a month. <h2>How to watch the Preakness Stakes in the UK</h2>The Preakness Stakes will air on Sky Sports in the UK. For British cord-cutters, you can stream this action through a <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=a47fdf5bdc181ac94f1f06e1ace02c0c0f4d284b6fc3e00323739019adcfc770&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fwww.nowtv.com%2Fsports-purchase" target="_blank" rel="noopener">Now TV</a> account. Now Sports' one-off day memberships start at £14.99. The actual race is expected to start at 11:50 p.m. BST.<h2>How to watch the Preakness Stakes in Ireland</h2>In Ireland, the Preakness Stakes will stream through <a href="https://www.virginmediatelevision.ie/player/live/virgin-media-2/" target="_blank" rel="noopener">Virgin Media 2</a>. This is a free streaming option that requires no account creation, so viewers just need to navigate to the live TV portion of the website at race time. While the race starts quite late (11:50 p.m. BST), coverage starts at 9:30 p.m.<h2>How to watch the Preakness Stakes free from anywhere</h2>If you're outside of Ireland at race time but are still hoping to access the free Preakness Stakes live stream, you can use a VPN (virtual private network). VPNs are easy ways to temporarily alter your device's virtual location to access websites and apps that vary in availability from region to region. They're popular among those seeking increased internet privacy and access to their websites while traveling away from home.If you're interested in trying out a VPN, our go-to is <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=f06c8b44cb8c93f14a535fe59dd92087750a8f5ef5922431fb9d2dfc0bb8c063&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fgo.expressvpn.com%2Fc%2F196318%2F1635445%2F16063%3Fsharedid%3DPreaknessStakes24" target="_blank" rel="noopener">ExpressVPN</a>, a beginner-friendly option with a 30-day money-back guarantee. Check out our <a href="https://www.businessinsider.com/guides/tech/expressvpn-review">ExpressVPN review</a> for more information, and keep reading to learn how to use it. <h2>How to watch the Preakness Stakes with a VPN</h2><ul><li>Sign up for a <a href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70113-20&amp;h=f06c8b44cb8c93f14a535fe59dd92087750a8f5ef5922431fb9d2dfc0bb8c063&amp;postID=6648e6b63ec35d7fd5374ed3&amp;postSlug=guides%2Fstreaming%2Fhow-to-watch-preakness-stakes-live-stream-2024&amp;site=bi&amp;u=https%3A%2F%2Fgo.expressvpn.com%2Fc%2F196318%2F1635445%2F16063%3Fsharedid%3DPreaknessStakes24" target="_blank" rel="noopener">VPN</a> if you don't have one.</li><li>Install it on the device you're using to watch the race.</li><li>Set the location to Ireland.</li><li>Go to <a href="https://www.virginmediatelevision.ie/player/live/virgin-media-2/" target="_blank" rel="noopener nofollow">Virgin Media 2</a>.</li><li>Enjoy the Preakness Stakes.</li></ul>Note: The use of VPNs is illegal in certain countries, and using VPNs to access region-locked streaming content might constitute a breach of the terms of use for certain services. Insider does not endorse or condone the illegal use of VPNs.

How to watch the Preakness Stakes live stream for free from anywhere

<ul class="summary-list"><li>Biden's allies are begging him to get out in public.</li><li>On Friday, he'll sit down for a taped interview with ABC News that will air in full at 8 p.m.</li></ul>On Friday night, President Joe Biden will make his highest-profile appearance yet since his disastrous debate performance last week.The pretaped interview with ABC's George Stephanopoulos will give the president his best shot yet to steady his <a target="_blank" href="https://www.businessinsider.com/pressure-building-joe-biden-drop-out-race-2024-7">wavering campaign</a> as Democrats increasingly question whether he's up to the task of beating Donald Trump.Biden's supporters have been calling for him to get out into the public eye after he flopped in last Thursday's debate by mumbling many of his answers, losing his train of thought, and staring off vacantly at times.Friday's high-stakes interview gives Biden an opportunity to get back on track — but it also poses a serious danger.<h2 id="eb0bfde5-712e-4c43-8ca1-7146e78956c3">A risky — but needed — move</h2>Friday's interview was originally supposed to air in multiple parts, but ABC announced earlier this week it would air the interview in full on Friday at 8 p.m.Biden will need a strong performance to wipe away the memory of his debate fiasco and reassure voters that he's capable of running a winning campaign.But the president is facing a political narrative that's highlighted his biggest weakness: voters' concern about his age.While former President Donald Trump is also a historically old candidate at 78, Biden is three years older. Republicans have seized on Biden's stiff gait, stuttering speech, and <a target="_blank" href="https://www.businessinsider.com/joe-biden-proud-first-black-woman-serve-white-house-slip-2024-7">verbal gaffes</a> for months as they went on the attack.Biden's campaign and administration tried to assure voters that concerns about his age were overblown, noting that some videos were deceptively edited to make him look lost.But Biden's performance at the debate not only failed to reverse Trump's lead in 2024 swing-state polling but also reinforced the <a target="_blank" href="https://www.businessinsider.com/trump-biden-debate-republicans-democrats-ballot-deadlines-election-2024-7">GOP's line of attack</a>.Team Biden has since tried to <a target="_blank" href="https://www.businessinsider.com/biden-and-democrats-cant-decide-blame-for-disastrous-debate-2024-7">explain away his performance</a>: He was sick; he was jet-lagged; he <a target="_blank" href="https://www.businessinsider.com/biden-stop-doing-events-night-reports-2024-7">hadn't been getting enough sleep</a>. Meanwhile, the crisis around his campaign has only intensified.Since the debate, even some Democrats and Biden allies have anonymously claimed the president has lost a step, sometimes <a target="_blank" href="https://www.businessinsider.com/jill-biden-whispered-donor-name-joe-ear-thank-them-report-2024-7">forgetting their names</a> and stumbling over his talking points in private. Some donors are <a target="_blank" href="https://www.businessinsider.com/disney-heiress-ends-democratic-party-donations-until-biden-exits-race-2024-7">bailing on him</a>.The concerns have sparked an all-out panic among the Democratic Party as it faces the prospect of an electoral loss to Donald Trump — who's newly emboldened by Supreme Court rulings that could encourage him to expand his presidential power.<h2 id="113c05e8-6a8c-4335-b7a2-5347ecebfb15">Biden must avoid missteps</h2>Biden's campaign is in serious danger. Some Democratic lawmakers are openly <a target="_blank" href="https://www.businessinsider.com/biden-loyalists-say-step-down-after-trump-debate-2024-6">calling for him to drop out of the race</a> and hand the nomination to <a target="_blank" href="https://www.businessinsider.com/democrats-replacing-biden-with-harris-for-campaign-funds-2024-7">younger rising stars in the party</a>.A strong interview on Friday night without Biden's usual verbal flubs could send the message that he's capable enough to continue his reelection bid.Yet small mistakes could be amplified. A stumble in one of his answers will almost certainly be seized on by Biden's opponents and detractors. Republicans have already cut up his debate answers into an attack ad. Any further missteps would be more ammo to use against him.A rock-solid performance by Biden may not be enough to erase the damage caused by last Thursday's debate. At best, it might stem the bleeding; at worst, it could open up fresh wounds. And even if he's perfect on Friday, he's one bad speech or interview away from being right back where he is now.Biden, for his part, remains defiant. He's chalked up his awful debate performance to "one bad night" and has vowed to fight on.He could prove he's ready for that fight on Friday night.

Biden's high-stakes interview offers little upside and a ton of risk. But he has no choice.

It has been just over a year since India's mobile payments and Quick Response (QR) pioneer <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> made its debut on the stock market and the company has made quite an impression. The initial public offering (IPO), which was the largest in the country's history, drew attention from investors far and wide. Paytm's impressive growth has sparked the interest of savvy investors, both retail and institutional, who are clamouring to add more Paytm stock to their portfolios. As the fintech firm continues to make significant strides towards achieving operating profitability, investors' belief in the Paytm story and the company's long-term potential for success has grown stronger than ever. The company's latest shareholding pattern for the quarter that ended December shows that mutual funds increased their stake by 0.47 per cent to 1.73 per cent. Two new mutual funds entered the stock, taking the total mutual fund shareholders in Paytm from 19 to 21 in the December quarter. Meanwhile, more retail investors have also jumped on board, with their shareholding increasing by 3 per cent to 9.7 per cent. Over 70,000 new investors were added during the quarter, bringing the total number of retail shareholders to around 12 lakh. These developments are a clear indication that more Indians believe in Paytm's ability to deliver profitability without compromising on growth. The increase in domestic investors' shareholding is a vote of confidence in the company's future prospects. Global investment firm <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> expects Paytm to be adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) positive by the March quarter, two quarters ahead of the estimates and the company's guidance of September 2023. Goldman Sachs has reiterated its 'Buy' rating for Paytm and has upwardly revised its share price target to Rs 1,120. The firm has stated that the current share price continues to offer a compelling entry point into India's largest and one of the fastest-growing fintech platforms. The increase in shareholding by domestic investors is also a positive sign for the Indian economy, as it shows that more and more Indians are investing in the country's rapidly growing fintech sector. An increase in retail shareholding can bring a number of benefits for a company. One of the most significant benefits is increased liquidity, which can help to stabilise the stock price and improve overall market sentiment. Retail shareholders also tend to have a long-term investment horizon and may be more likely to hold on to their shares, making the company more attractive to investors. The overall <keyword id="44528" type="General" weightage="50" keywordseo="fdi" source="Orion">FDI</keyword> shareholding in Paytm has declined from 71.49 per cent to 66.12 per cent, mainly because of SoftBank offloading a 4.53 per cent stake. The Japanese conglomerate, through its <keyword id="4031888" type="General" weightage="50" keywordseo="vision-fund" source="Orion">Vision Fund</keyword>, continues to own 12.92 per cent of Paytm. Meanwhile, foreign portfolio investors (FPI) holding in the company has gone up by 0.91 per cent to 6.68 per cent. The number of FPIs holding the Paytm stock has increased from 88 to 128 in the third quarter, representing a net addition of 40 investors. As a pioneer in India's fintech revolution, Paytm has been at the forefront of the country's technology-driven shift towards a cashless economy. The <keyword id="13945656" type="General" weightage="50" keywordseo="paytm-super-app" source="Orion">Paytm Super App</keyword> has become a household name that is synonymous with convenience and ease of use. Paytm is expected to post another strong quarter when it announces Q3 (third quarter) results. Meanwhile, its Q3 operating performance update shows strong growth in monthly transacting users, loan disbursals and devices deployed. According to data available, eight out of 12 analysts tracking the company have a 'buy' rating. Paytm is also included in Goldman Sachs' Asia (ex-Japan) 'Conviction List' of stocks that have a high potential for returns and are rated as 'buy'. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-series-to-launch-soon-launch-date-expected-price-and-features/articleshow/97243146.cms">Samsung Galaxy S23 series to launch soon – launch date, expected price and features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/b20-has-important-role-to-play-can-be-value-adding-for-world-says-n-chandrasekaran/articleshow/97244919.cms">B20 has important role to play; can be value adding for world, says N Chandrasekaran</a>

Mutual funds increase their stake in Paytm

<ul class="summary-list"><li>Warren Buffett's secret stock is Chubb, an insurance giant.</li><li>Berkshire Hathaway quietly built a 6.4% stake in under nine months, worth $6.7 billion as of March.</li></ul>Warren Buffett has finally revealed his company's mystery stock: <a target="_blank" href="https://markets.businessinsider.com/stocks/cb-stock">Chubb</a>.The famed investor's <a target="_blank" rel="" href="https://markets.businessinsider.com/stocks/brk-b-stock?utm_medium=ingest&amp;utm_source=markets">Berkshire Hathaway</a> first bought into the insurance giant in the third quarter of 2023, but secured regulatory permission to keep the holding confidential until it finished building its stake.Buffett's company initially purchased 8.1 million Chubb shares worth $1.7 billion at the end of September, then boosted the position to 20.1 million shares valued at $4.5 billion at December's close. It raised the bet to 25.9 million shares worth $6.7 billion at the end of March, <a target="_blank" href="https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&amp;CIK=0001067983&amp;type=&amp;dateb=&amp;owner=include&amp;start=0&amp;count=40">SEC filings</a> revealed on Wednesday.Assuming Berkshire hasn't touched its stake since then, it owns about 6.4% of Chubb — a company with a roughly $100 billion market capitalization.Chubb operates in 54 countries and provides everything from property and casualty insurance to health insurance, reinsurance, and life insurance.It's a stock that Buffett will feel comfortable owning, given Berkshire has a large insurance business with subsidiaries like Geico and Alleghany.Buffett and his team also slashed their biggest holding, Apple, by 13% to 789 million shares last quarter. The sales fueled a $39 billion decline in the position's value to $135 billion at March's close.The Apple disposals won't surprise Buffett's close followers as they were <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-hathaway-stock-sales-earnings-cash-pile-buybacks2024-5">clearly telegraphed</a> in Berkshire's recent annual report. The sales of the iPhone maker's stock accounted for virtually all of Berkshire's $20 billion of stock sales in the period.Berkshire investors will likely welcome the Chubb reveal, as Buffett has struggled to find assets worth buying in recent years. The <a target="_blank" href="https://www.businessinsider.com/warren-buffett-bargain-drought-apple-stock-portfolio-market-oakley-oxbow-2024-5">bargain drought</a> reflects the stock market trading at record highs, and fierce competition for acquisitions from private equity firms.The upshot has been an increase in Berkshire's hoard of cash and Treasury bills to a <a target="_blank" href="https://www.businessinsider.com/warren-buffett-berkshire-apple-stock-sales-dietrich-market-crash-recession-2024-5">record $189 billion</a> at the end of March. Buffett also predicted during Berkshire's recent annual meeting that it would surpass $200 billion by the end of June.

Warren Buffett's company reveals its mystery bet is a nearly $7 billion stake in insurance giant Chubb

<ul class="summary-list"><li>Warren Buffett's Berkshire Hathaway grew its cash pile to a record $189 billion last quarter.</li><li>Buffett's company added $21 billion to its stash of cash and Treasuries in three months.</li></ul>Warren Buffett's money mountain <a target="_blank" href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathaway-cash-mountain-stock-portfolio-buybacks-deals-2024-2">grew even larger</a> last quarter as the billionaire struggled to find bargains with markets near record highs, and sold stocks at the fastest rate in years.The famed investor's Berkshire Hathaway raised its stockpile of cash and Treasury bills by $21 billion to a record $189 billion — a 13% increase in just three months.Buffett's hulking conglomerate revealed that fact in its <a target="_blank" href="https://berkshirehathaway.com/qtrly/1stqtr24.pdf">first-quarter earnings report</a>, published just before the kick-off of its annual shareholder meeting, which has been dubbed "Woodstock for Capitalists."The centibillionaire and his team only spent $2.7 billion on stocks last quarter, while they dumped $20 billion worth, marking their largest quarterly disposal in several years. They offloaded over $17 billion of shares on a net basis.Apple, Berkshire's number-one holding, made up "substantially all of the sales," James Shanahan, a senior equity research analyst at Edward Jones, told Business Insider.The stated value of Berkshire's stake fell from $174 billon at the end of December to $135 billion at the end of March, suggesting that Berkshire sold about 117 million Apple shares or 13% of its stake in the iPhone maker.Buffett confirmed the disposals during the shareholder meeting, but said he was virtually certain that Apple would still be Berkshire's top holding at the end of this year.He appeared to rationalize the sale by noting that federal taxes are likely to rise in the years ahead as the government scrambles to service the ballooning national debt, meaning Berkshire will keep a greater share of its profits on Apple if it sells now rather than later."I don't think you'll mind the fact that we sold a little Apple this year," he said.Berkshire's net stock sales totaled $24 billion in 2023, which was a big turnaround from its purchase of $34 billion of stocks on a net basis in 2022.On the other hand, Buffett deployed $2.6 billion on stock buybacks last quarter — Berkshire's biggest quarterly outlay since he repurchased $4.4 billion worth of the company's stock in the first quarter of last year.Berkshire spent roughly $9 billion on buybacks last year, and just under $8 billion in 2022, down from over $24 billion in both 2020 and 2021.The parent company of See's Candies, Geico, and NetJets grew its operating income by 39% year-on-year to $11.2 billion last quarter, as strong growth in its insurance and energy divisions offset lower earnings at the BNSF Railway.Another major highlight was <a target="_blank" rel="nofollow" href="https://markets.businessinsider.com/news/stocks/warren-buffett-berkshire-hathway-pilot-gas-stations-ev-charging-network-2023-3">Pilot Travel Centers</a>. The truck-stop chain, which Berkshire took full ownership of early last year, grew its revenues by 32% year-on-year to $12.5 billion for the period spanning February and March. However, its pre-tax earnings nearly halved to $70 million.

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