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<div type="image" title="In 2024, India has seen around $12.2 billion worth of IPOs, including mainboard and SMEs" msid="113878163" hostid="261" sizebytes="45300" caption="&amp;lt;p&amp;gt;In 2024, India has seen around $12.2 billion worth of IPOs, including mainboard and SMEs&amp;lt;/p&amp;gt;"></div> Missing some action, adrenaline rush, and thrill in your life? Are the good old, albeit mundane money investment avenues like mutual funds and fixed deposits not making the cut for you? Want to experience a heart-pounding, financial rollercoaster that will constantly keep you and your portfolio on tenterhooks? Well then, welcome to the world of initial public offers (IPOs), especially those brought to you by SMEs, or <keyword id="6375845" type="General" weightage="20" keywordseo="Small-and-Medium-Enterprises" source="Orion">small and medium enterprises</keyword>. Truth be told, <keyword id="19938687" type="General" weightage="20" keywordseo="sme" source="keywords">SME</keyword> IPOs have been all over the bourses this year. So far, 2024 has seen 206 SMEs debuting on both BSE and NSE, out of which 146 listed in gains and 46 listed in losses. Odds seem good, right? In contrast, the year has only seen 63 IPOs from the elder brother i.e. mainboard, only 48 of which managed to post any listing gains. And getting an allotment has also been a major uncertainty, given the unusually high demand this year. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">So, what's an <keyword id="5559702" type="General" weightage="100" keywordseo="SME-IPO" source="Orion">SME IPO</keyword>, you ask?</h2>Think of a mainboard company as Shah Rukh or Salman Khan—well-established, financially stable, strong legacy of profitability, and fairly well-known. On the other hand, SMEs are your Prateek Gandhi (Harshad Mehta, Scam 1992), Siddhant Chaturvedi (MC Sher, Gully Boy) or Avinash Tiwary (Majnu, Laila Majnu). While they are doing super well, they are yet to make it big like the Khans. They’re currently underdogs, lesser known, but who knows? They can be the next big thing in the future! And SME IPOs are getting a stellar reception. In 2023, 182 such IPOs had raised a substantial Rs 4,967 crore. In 2024, more than 200 companies have already raised over Rs 7,500 crore, and we have four months to go. This, with one quarter of the year still remaining. <div type="image" title="In 2024, India leads IPO activity in the Asia-Pacific region" height="900" width="1200" msid="113875643" hostid="261" caption="&amp;lt;p&amp;gt;In 2024, India leads IPO activity in the Asia-Pacific region&amp;lt;/p&amp;gt;"></div> But what does it take for a company to be classified as a small enterprise? The company has to have an annual turnover/income of up to Rs 50 crore, and for a medium enterprise to be called so, its annual income has to be up to Rs 250 crore. When such companies go public, in a bid to raise funds from investors and expand their operations, they launch an <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>, but not on the main exchange, but separately, on NSE’s Emerge and BSE’s SME platform. As of September 2024, <keyword id="4484133" type="General" weightage="20" keywordseo="NSE-Emerge" source="Orion">NSE Emerge</keyword> has 147 listed participants, while <keyword id="1885131" type="General" weightage="20" keywordseo="BSE-SME" source="Orion">BSE SME</keyword> has 155 market makers. Mounting an SME’s IPO is comparatively less stringent than their mainboard counterparts, as far as regulations are concerned since their DRHPs (draft red herring prospectus) are not filed with SEBI. So, wouldn’t a lenient treatment make them inherently riskier? Why are they so appealing, you ask? <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> Well, for one, some of them have delivered exceptional returns—we’re talking 100%, 200%. Consider this—Owais Metal and Mineral Processing, which launched its IPO in February this year, delivered a whopping listing gain of 201%. Another SME, Maxposure, whose IPO was out in January 2024, had earned its investors listing gains worth 317.40%! Apparently, higher risks also mean higher returns, and also super high investment. Most SME IPOs need a minimum investment of Rs 1,00,000 or more, as opposed to mainboard IPOs, where you can buy one lot of shares for anywhere between Rs 14,000-15,000. Even the minimum trading lot size for SME shares is about 10,000. In short, you’d have to potentially empty your pockets to invest in an SME IPO. And still, there’s no guarantee that the listing will fill your wallets. For all you know, your pockets before and after the IPO is listed might stay the same - EMPTY! There's also the question of whether or not these SMEs are able to maintain their listing day mojo, or do they just fizzle out thereafter? Data from Prime Database highlights more instances of the latter. As of August 2024, about 166 SME IPOs had made it to the exchanges. Around 72 of them, or close to 50%, could not sustain their momentum going ahead, and were trading below their listing day prices. Consider this. The post listing gains of Medicamen Organics, whose IPO came out in June 2024, earned its investors massive listing gains of over 300%, by listing at Rs 137.85, significantly higher than its price issue price, which was set between Rs 32-34. But as of October 1, 2024, the stock was trading at Rs 64.2. Talk about falls. Additionally, risks of pump-and-dump, and illiquidity, among others makes SME IPOs dangerous See, you're largely venturing into unknown, pitch-dark territories, without much light to guide you. For starters, SME IPOs face less scrutiny from market watchdog SEBI. This also means they are able to list quickly, just 3-4 months. On the other hand, mainboard IPOs can take upto a year before they are cleared for listing. Also, there is far less information and disclosures available about their financials, fundamentals and performance to investors for making an informed decision, as compared to mainboard stocks. Then there’s the issue of illiquidity. Once purchased, you might find it hard to sell off your SME stocks, since they are not traded as frequently in the market, which means lower liquidity. Trivesh D, COO, Tradejini explains that liquidity is a major concern for such stocks. “These stocks typically have a smaller free float, and are traded in lots, which can lead to volatility and sharp price swings. This means it can be challenging for investors to buy or sell shares without significantly impacting prices. Additionally, speculative trading practices, like 'pump-and-dump' schemes, can inflate stock prices, leaving retail investors vulnerable to sudden drops”. Recently, SME IPOs have gained notoriety for price manipulation via showing fictitious sales and revenue in their books of accounts, selling of promoter holdings at inflated prices, and being the facade for many infamous pump and dump schemes. This is where select people create frenzy, or mass euphoria over a particular stock or company, causing its prices to soar, and then dumping them, or selling their shares at this massive price to make a killing! Infact, it's not just the promoters, but also the investment banks floating these IPOs. At present, SEBI is investigating around 6 investment banks which have allegedly charged SMEs a staggering 15% of funds raised via IPOs as fee, as opposed to the standard 1-3%. In March 2024, SEBI chairperson Madhabi Puri Buch had also highlighted witnessing signs of manipulation in the SME space. “We do see signs of manipulation in the SME segment. We are able to see certain patterns.” Buch had observed back then. Adds Kresha Gupta, Founder &amp; Director, StepTrade Share Services, “Investing in SME IPO comes with significant risks, despite their impressive returns in recent years. Limited participation from institutional investors and public in some SME IPOs also mean that those companies may lack the support and stability that comes with larger-scale investments” “Additionally, many SMEs may not have strong fundamentals to justify their valuations. High P/E ratios can be misleading, and while some IPOs have delivered impressive returns, they often come with significant volatility, continues D of Tradejini. <h2 style="box-sizing: border-box; border: 0px; outline: 0px; padding: 0px; margin: 0px 0px 0.7em; font-family: &quot;Open Sans&quot;, sans-serif; font-weight: 700; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; list-style: none; background: 0px 0px; text-rendering: optimizelegibility; text-transform: none; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">So, should I stay away?</h2>Yes, and No. Yes, if you don't want to do your homework of researching the company thoroughly beforehand. Anand K. Rathi, Co-Founder of MIRA Money suggests asking a couple of questions before investing your hard earned money: <ul><li>What is the company's financial performance over the past 3-4 years?</li><li>What is the company's governance structure?</li><li>Is the financial success driven by the IPO, or is it a result of consistent performance?</li><li>Does the company have what it takes to scale its operations to the next level?</li><li>Are the company’s promoters trustworthy, capable and experienced?</li><li>What is the level of participation by large, institutional investors?</li></ul> But staying away completely? Not necessary. Gupta adds that retail investors, in particular, should avoid viewing SME IPOs as quick money-makers based on their short-term performance, as this can certainly lead to poor investment decisions. “To mitigate risks, investors should always focus on long-term fundamentals rather than just short-term price movements. Key indicators include the participation of institutional investors like DIIs and FIIs. This often signals confidence in the stock”, she continues. A red flag you should look out for is if a company is only offering OFS, or Offer for Sale. This can indicate early investors looking to exit, potentially signaling weaker future growth. That's why it is better to look for companies which are raising capital for expansion purposes. This is a sign of healthy business growth prospects and improving fundamentals. In conclusion, backing the underdog, or SMEs, is not a bad proposition, but not without its risks. Investing in SME IPOs is like riding a unicorn—but you don't know whether you're riding it to rags or riches! So, take your pick.

SIMPLY PUT: Why investing in SME IPOs should not be on top of your adventure to-do list!

The retention lists of all ten franchises for the <keyword id="6354831" type="General" weightage="20" keywordseo="Indian-Premier-League" source="Orion">Indian Premier League</keyword> (<keyword id="6354312" type="General" weightage="100" keywordseo="IPL" source="Orion">IPL</keyword>) season next year were finally unveiled on Thursday, with several big names like Jos Buttler, Aiden Markram, Glenn Maxwell, Faf Du Plessis, KL Rahul, Rishabh <keyword id="19900230" type="General" weightage="20" keywordseo="pant" source="keywords">Pant</keyword>, <keyword id="19904097" type="General" weightage="20" keywordseo="shreyas-iyer" source="keywords">Shreyas Iyer</keyword> etc being let go by their respective franchises. The surprising retentions and releases by all ten franchises have laid down the foundation for what could be an exciting, fun and record-breaking auction later this year. Let us look at several takeways from the auction: <h2>Several captaincy options available</h2> With the release of IPL winning skipper Shreyas Iyer from Kolkata Knight Riders (<keyword id="19924483" type="General" weightage="20" keywordseo="kkr" source="keywords">KKR</keyword>), Rishabh Pant from Delhi Capitals (DC) and KL Rahul from Lucknow Super Giants, three top-class Indian captaincy options are available. <h2>Auction could be defined by wicketkeepers pulling double/triple duties</h2>The announcement of retention lists have seen many wicketkeeping options being released by their respective franchises, including Pant (from DC), KL (from LSG), Ishan Kishan (from Mumbai Indians) and Jos Buttler (from Rajasthan Royals). With all of them having captaincy experience at various levels, including international <keyword id="1521" type="General" weightage="20" keywordseo="Cricket" source="Orion">cricket</keyword> in case of Pant, KL and Buttler, several teams could go after them. Their experience and strong records as wicketkeepers and top-order batters, particularly opening except for Pant, will help teams find a captain, wicketkeeper and an opener in just one player and save them plenty of money. <h2>No English players retained? Could withdrawing/not playing full season be a cause?</h2> No England players have been retained by franchises this team around. Various stars players like Jos Buttler, Liam Livingstone, Jonny Bairstow, Moeen Ali, Sam Curran, Harry Brook, Phil Salt, Will Jacks etc have been let go. These players missed out some part of their season due to international commitments, while Harry Brook pulled out due to personal reasons. England batter Jason Roy pulled out of IPL ahead of this season due to personal reasons. These all developments damaged the team balance at times, with several teams dependent on their overseas talent. Has the habit of not honouring contracts and missing matches caused this move? The hammer strikes at auction could answer this question. <h2>Caribbean power trusted ahead of mega auction</h2>Four of current top West Indies stars, Nicholas Pooran, Shimron Hetmyer, Andre <keyword id="20287010" type="General" weightage="20" keywordseo="russell" source="keywords">Russell</keyword> and Sunil Narine have been retained by their respective franchises. Pooran has dominated the T20 run charts this year, scoring a record-setting 2,251 runs in 68 matches with a century and 15 fifties at a strike rate of 160.90. Hetmyer is one of the best finishers in T20 circuit and Rajasthan Royals trusts in his abilities. Russell (222 runs in nine matches and 19 wickets) and Narine (488 runs and 17 wickets) have also been reaped rewards for their title winning performances last season and their loyalty to KKR brand. While seven West Indies talents have been released, namely, Shai Hope, Sherfane Rutherford, Kyle Mayers, Shamar Joseph, Romario Shepherd, Alzarri Joseph and Rovman Powell, the four modern-day T20 greats keeping their spots safe with the franchise shows how much trust franchise has in Caribbean power. And who knows, the released names could get brought using right-to-match card or find a new home at a higher price. <h2>Another setback for Ishan Kishan?</h2> Five-time champions Mumbai Indians (MI) placed their trust in Indian core, consisting of skipper Hardik Pandya, former captain Rohit Sharma, pacer Jasprit Bumrah, 360-degree hitter Suryakumar Yadav and young left-hander Tilak Varma. It was expected that Ishan could retain his place, given his youth and experience with the franchise. Aged just 26, he had spent seven seasons with the franchise and did reasonably well. However, after being brought for Rs 15.25 crores ahead of 2022 season, the price tag seemed to have caught up with Kishan. In next 44 matches for the franchise till the 2024-season-end, Kishan scored 1,192 runs in 43 innings at an average of 28.98, with just seven fifties. While these numbers are not bad, it could be debatable that he did not deliver as per expectations, with 19 scores being below 20. In the 2024 season, he could score just 320 runs at an average of just over 22, with just a fifty to his name. After being excluded from the Board of Control for Cricket in India (BCCI) central contract this year after not participating for red-ball cricket, this is another big setback for Kishan, who has not been considered for international cricket despite participating and doing well in red-ball tournaments like Buchi Babu Trophy, Duleep Trophy and Ranji Trophy recently. <h2>DC era 2.0 on cards?</h2> With wicketkeeper-batter and biggest superstar of the franchise, Pant released from the franchise and looking for a new franchise as per several media reports, Delhi Capitals could be moving to their 2.0 era, placing trust in young, under-the radar names like Axar Patel (235 runs with two fifties and 11 wickets in 2024), Tristan Stubbs (378 runs with three fifties and three wickets), Abhishek Porel (327 runs with two fifties) and Kuldeep Yadav (16 wickets at an average of 23.25) after good performances last year. Franchise has also released big time stars like David Warner, Mitchell Marsh, Anrich Nortje, Prithvi Shaw. Could this be the start of a new era for DC? Only time will tell. <h2>Shreyas Iyer joins unfortunate list of captains</h2>The IPL winning captain Shreyas Iyer has been let go after winning the title for his franchise KKR this year, their first in a decade and overall third. While many argue his batting stats of 351 runs in 14 innings with two fifties at a strike rate of 146.86 could be a reason behind his release, the other half of the story is that the in-form KKR top-order did not leave the middle-order with much to do. His recurring fitness issues, which caused him to miss 2023 season, also could be a reason. Irrespective of what the reason could be, one thing is for sure, Iyer is up there with likes of Adam Gilchrist (released by Deccan Chargers in 2011 after title win in 2009, semifinal finish in 2010), David Warner (released by Sunrisers Hyderabad ahead of 2022 season despite 2016 title win and multiple playoff finishes) as one of the most unluckiest captains in IPL. <h2>Strong faith in Indian uncapped/inexperienced stars</h2>The franchises have been extremely bold this time around, opting to release experienced, household Indian/overseas names and placing their trust in several Indian uncapped/inexperienced players. Out of a total of 46 players retained across all franchises, 36 players are Indian. Out of these, 10 players are uncapped Indians stars. These players are Abhishek Porel, Rahul Tewatia, Shahrukh Khan, Ramandeep Singh, Harshit Rana, Mohsin Khan, Ayush Badoni, Shashank Singh, Prabhsimran Singh, Yash Dayal. Also, out of other 24 capped Indians, 13 players have played less than 30 international matches and eight have played 10 or less international games for India. Of these 24 uncapped players, no one has all format experience for India and only two have Test cricket experience, Dhruv Jurel and <keyword id="20022019" type="General" weightage="20" keywordseo="rajat-patidar" source="keywords">Rajat Patidar</keyword>. Notably, it is Jurel, who has just played international matches for India, who has received the biggest pay hike, going from Rs 20 lakh this season to Rs 14 crores next season. <h2>End of 'KGF' era for Royal Challengers Bengaluru?</h2> With stars like Faf and Maxwell released, it could spell the end of 'Kohli, Glenn, Faf' (KGF) era for <keyword id="20282652" type="General" weightage="20" keywordseo="rcb" source="keywords">RCB</keyword>, which lasted from 2022-24. During this phase, they all scored heavily for RCB. Despite a lull in 2022 season, Virat scored 1,721 runs in 45 matches and innings at an average of 44.12, with three centuries and 13 fifties. Skipper Faf also scored 1,636 runs in 45 innings at an average of 38.05, with a strike rate of 146.99 and 15 fifties to his name. Maxwell sits at the third spot with 1,266 runs at an average of 28.77 and a strike rate of over 159, with 12 half-centuries in 50 innings. The only player that came closer to the trio was Indian wicketkeeper-batter Dinesh Karthik, who made 796 runs in 44 matches and 42 innings at an average of 29.48, with three fifties. If RCB had Virat-AB de Villiers-Chris Gayle in 2010s, KGF dominated the RCB batting numbers in 2020s. When RCB starts rebuilding their side from scratch in the auction, they would have a huge task in hand of finding one or two highly popular, capable and consistent foreign stars to help Virat unleash the carnage in a "Play Bold" avatar. Also, with the Rajat Patidar being retained for 11 crores, RCB might have made it clear that he could be the next big Indian batter the franchise invests in. His exceptional spin abilities have made a lot of difference for the side. Ever since he was brought by the franchise in 2021 for Rs 20 lakh, Patidar has played 27 matches, scoring 799 runs at an average of 34.73 with a strike rate of 158.84 and having registered a century and seven fifties. A complete list of retained players is as follows: <ul><li>Chennai Super Kings: Ruturaj Gaikwad, Matheesha Pathirana, Shivam Dube, Ravindra Jadeja, MS Dhoni</li><li>Delhi Capitals: Axar Patel, Kuldeep Yadav, Tristan Stubbs, Abhishek Porel</li><li>Gujarat Titans: Rashid Khan, Shubman Gill, Sai Sudharsan, Rahul Tewatia, Shahrukh Khan</li><li>Kolkata Knight Riders: Rinku Singh, Varun Chakaravarthy, Sunil Narine, Andre Russell, Harshit Rana, Ramandeep Singh</li><li>Lucknow Super Giants: Nicholas Pooran, Ravi Bishnoi, Mayank Yadav, Mohsin Khan, Ayush Badoni</li><li>Mumbai Indians: Jasprit Bumrah, Suryakumar Yadav, Hardik Pandya, Rohit Sharma, Tilak Varma</li><li>Punjab Kings: Shashank Singh, Prabhsimran Singh</li><li>Rajasthan Royals: Sanju Samson, Yashaswi Jaiswal, Riyan Parag, Dhruv Jurel, Shimron Hetmyer, Sandeep Sharma</li><li>Royal Challengers Bengaluru: Virat Kohli, Rajat Patidar, Yash Dayal</li><li>Sunrisers Hyderabad: Pat Cummins, Abhishek Sharma, Nitish Kumar Reddy, Heinrich Klaasen, Travis Head.</li></ul>

From spotlight on uncapped stars to big releases, a look at key takeways from latest IPL retention lists

The department for promotion of industry and internal trade (<keyword id="19952901" type="General" weightage="20" keywordseo="DPIIT" source="keywords" meta.keywordsubtype="org" meta.entityname="DPIIT" meta.hostid="261" meta.entityid="DPIIT">DPIIT</keyword>) on Monday asked <keyword id="19957196" type="General" weightage="20" keywordseo="white-goods" source="keywords">white goods</keyword> manufacturers to participate in large numbers to avail fiscal benefits under the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">production linked incentive</keyword> scheme for the sector as the response has been muted so far. Additional Secretary in the DPIIT Rajeev Singh Thakur said that the department has again reopened the application window for the PLI (production linked incentive) scheme for white goods (<keyword id="20360726" type="General" weightage="20" keywordseo="ACs" source="keywords">ACs</keyword> and LED lights). The application window is open from July 15 to October 12. "In the PLI in white goods scheme, somehow the response has been muted. ...Probably due to various reasons not sufficient response has come. So I request (the industry) to have a look and probably this time, you can consider (applying)," Thakur said at the CII Consumer Electronics and Durables Summit 2024 here. So far, 66 applicants with committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI scheme. The Union Cabinet had given approval for the PLI scheme for white goods for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of components and sub-assemblies of Air Conditioners (ACs) and LED lights on April 7, 2021. The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29, and has an outlay of Rs 6,238 crore. He added that the department can hold talks with the industry separately on issues like quality control orders and logistics. Thakur told the industry that the time is right to increase investments into the country as the government has enhanced its capex and taken steps to promote <keyword id="19996629" type="General" weightage="20" keywordseo="ease-of-doing-business" source="keywords">ease of doing business</keyword>. The public capex in the last 10 years is growing at a fast pace in areas like highways, expressway, ports, airports and railways, but the commensurate response of the private sector "somehow is not up to the expectation", he said. Earlier speaking at the event, DPIIT Secretary Amardeep Singh Bhatia said that a lot of steps have been taken to promote ease of doing business, cutting down compliance burden and decriminalisation of minor offences. The government has also recently approved 12 industrial townships and the industry can look at investing there. He added that capital availability is not an issue now and the government has also provided protection to the industry from predatory imports. Schemes like PLI and semiconductor mission have been rolled out to promote manufacturing and "now we want the industry" to ensure that they have necessary collaborations in place for technology and investments. The industry should do collaborations not only to target the domestic market but also become part of global value chains. "That is an expectation we are having from the entire industry and I think industry will rise to meet these expectations... We have a huge demographic dividend and the industry should take advantage of this otherwise we will miss it," Bhatia added. He also said that there is no paucity of adequate skilled labour in the country and logistics costs too are coming down. On logistics, he cited examples of Amazon and Flipkart selling goods in the remotest part of the country. "I don't think industry should look at the current domestic demand only for collaborations. They should look at the future and export market also in addition to the domestic market," he said, adding expenditure on research and development is "abysmally" low and that needs to be enhanced. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank">Upcoming cars launching in India in October 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

Govt asks white goods industry to apply for manufacturing sops in large numbers

<ul class="summary-list"><li>Microsoft's AI chief, Mustafa Suleyman, has laid out his main goals for the company.</li><li>The DeepMind cofounder is overseeing key teams, including Bing, Edge, and Copilot.</li></ul><a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/satya-nadella-bill-gates-microsoft-concern-google-rivals-ai-emails-2024-5?mrfhud=true">Microsoft's</a> newly installed AI chief, <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/google-microsoft-ai-demis-hassabis-mustafa-suleyman-deepmind-history-relationship-2024-5">Mustafa Suleyman</a>, is keen to ensure that the Big Tech company is not underestimated.On a recent <a target="_blank" class="editor-rtfLink" href="https://m.youtube.com/watch?v=cNzRviY4Ei8">podcast with Seth Rosenberg</a>, Suleyman explained his new responsibilities at the company. He said he oversaw key teams, including Bing and Edge, and Copilot, Microsoft's flagship AI product.Suleyman added that he'd been impressed with Microsoft's scale and reach since joining the company in March."The quality of products and their scale and reach is sort of much greater than you might think as a kind of default Silicon Valley person who had grown up in Google," he said.He said the company's reputation in Silicon Valley needed a "rethink." Despite being one of the most valuable companies in the world, Microsoft has somewhat existed in the shadow of its old rival, Google, for the last decade.Suleyman cofounded DeepMind before Google acquired it. After the acquisition, he spent two years at Google as a vice president of AI product management and AI policy.After parting ways with <a target="_blank" class="editor-rtfLink" href="https://www.linkedin.com/in/mustafa-suleyman/details/experience/">the company in 2022</a>, Suleyman cofounded Inflection AI, which Microsoft later acquired. He was then installed as CEO of Microsoft AI to lead the company's AI efforts.Suleyman said his main goal at the company was to "uplevel the quality of Copilot.""We're rapidly building some of the best models in the world, partnering very closely with OpenAI, building on top of all of OpenAI models and infrastructure, fine-tuning their models," he said, adding the next phase of AI assistants Microsft was eyeing focused on memory and personalization."Your AI should remember everything about you, all your context, all your personal data, everything that you've said and be there to support you and be your aid and your sidekick you know throughout your life. That's what we're going to be focused on," he said.<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/microsoft-copilot-ai-powered-assistant-admin-emails-powerpoint-2023-11">Microsoft's Copilot </a>has proved relatively popular with users. The company benefited from being quick to market with the product, beating Google's rival effort by several months.However, Business Insider previously reported that one of the top <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/microsoft-customers-complain-copilot-doesnt-work-as-well-as-chatgpt-2024-3">complaints from Microsoft's customers</a> is that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/microsoft-ai-computers-copilot-plus-pc-surface-pro-laptop-price-2024-5">Copilot</a> doesn't perform as well as OpenAI's ChatGPT.Microsoft has said customers aren't using the new tools properly and is paying a partner to produce videos to teach customers how to write better prompts.Representatives for Microsoft did not immediately respond to a request for comment from BI made outside normal working hours.

Microsoft's new AI chief explains what's at the top of his to-do list

<ul class="summary-list"><li>Elon Musk was named by Donald Trump to cut spending with his Department of Government Efficiency.</li><li>Musk reposted on Wednesday a list of cuts from Sen. Rand Paul, a longtime critic of the federal budget.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">Elon Musk</a> is on the hunt for federal spending to cut — and a Republican senator's list caught his eye.Musk late on Thursday reposted part of a long-running series by Sen. Rand Paul of Kentucky, a Republican who has devoted much of his career to lamenting federal spending.In Paul's crosshairs were medical research projects, foreign aid, and public information projects."The Department of Government Efficiency (@DOGE ) will fix this," said a post by Musk's America PAC, which Musk <a target="_blank" class="" href="https://x.com/america/status/1857228761915412814/photo/1">reposted on X</a>.<h2 id="ed7520d5-8d1b-4d2e-a51b-350e8f79c556">'Festivus' complaints</h2>It could offer a window into the types of programs that will attract the focus of Musk and his partner in the project, Vivek Ramaswamy.Paul has been publishing his end-of-year spending critiques for at least a decade, calling them "The Festivus Report" in a nod to the holiday popularized on "Seinfeld" that celebrates complaining.Though the America PAC post said DOGE would act on the list, that is far from a sure thing.The list includes long-standing focuses of Paul's — like his opposition to federal health agencies — and also highlights spending that isn't easy to cut, like the cost of mistakes or debt on interest.<h2 id="4c0bdd06-3567-4514-a2f2-cd51467f3e51">African tourism, public information projects</h2>The lists are sourced from internal government watchdogs, media outlets, and congressional and government websites.In his latest list, published last year, Paul highlighted foreign aid spending, including an $8.6 million investment in the port city of Esna, Egypt, meant to support tourism jobs there. (That program was due to end in October 2024.)A prior report highlighted <a target="_blank" class="" href="https://tn.usembassy.gov/the-united-states-injects-usd-50-million-into-tunisias-tourism-sector-with-the-visit-tunisia-project/">$50 million of US funding for Tunisia's tourism industry</a>, meant to help it increase visitor numbers through 2026.<h2 id="cbcc6b7c-683c-4395-a63d-9f5ac3499d0a">Government ad campaigns</h2>The most recent report noted that an agency of the Department of Homeland Security produced graphic novels to increase public awareness of disinformation.And in 2022 the report noted the Department of Transportation spent $200,000 to encourage people to obey safety rules at railway crossings.<h2 id="684d1fd2-e26f-400a-81a1-7443926bf0af">Animal research</h2>A frequent target is research programs on animals, which came up five times in the 2023 report and 12 times since 2021.The 2023 report outlined a USDA study on whether Labrador fur color affects their body temperature, while the 2022 report highlighted a Cornell University study on social communication between parrots.The 2023 report noted government-funded research on monkeys, including funding for an island off South Carolina where some 3,500 rhesus monkeys are kept for research.It also featured studies funded by the National Institutes of Health, examining the effects of hormones and drugs on monkeys, which the authors said could have implications for human health.Those criticisms are familiar topics for Paul, a prominent critic of agencies like the NIH and the National Institute of Allergy and Infectious Diseases.<h2 id="0133be91-571a-438f-af98-bc19ac01b7bd">Old-fashioned incompetence</h2>Another major feature of Paul's lists are accidental waste, often by the US military.The 2023 report highlighted some $150 million of military equipment that was written off after being stored in the open air, and more than $200 billion that federal agencies paid out by mistake.<h2 id="373674a4-9816-4d5f-9180-2a4343455bf3">The DOGE agenda</h2>Details are still scarce on how or when DOGE would take any action. But Musk has emphasized his desire to do identify wasteful spending in public, culminating in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-doge-leaderboard-federal-government-spending-trump-2024-11">a leaderboard of spending deemed wasteful</a>.Writing on <a target="_blank" class="" href="https://x.com/elonmusk/status/1856520760656797801?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1856520760656797801%7Ctwgr%5Ee41af7071c96f14e61e48a8fa993a290769e757a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Felon-musk-doge-leaderboard-federal-government-spending-trump-2024-11">X</a> on Wednesday, Musk said the DOGE's actions "will be posted online for maximum transparency.""Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!" he said.

Elon Musk is looking for DOGE cuts. A GOP senator's list caught his eye.

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/gen-z-men-women-leisure-spending-habits-differ-report-shows-2024-9">Gen Z</a> is choosing "micro-spending" over traditional financial milestones, analyst Riani Kenyon said.</li><li>Young consumers are focusing on collectibles and self-expression amid financial uncertainty.</li></ul>Twenty-somethings are ditching traditional financial milestones in favor of filling their wish lists with more instant forms of gratification.Instead of buying homes and starting families, they're "micro-spending" on more affordable items, Riani Kenyon, an anthropologist and Gen Z behavioral analyst at market research firm Canvas8, told Business Insider.A recent <a target="_blank" class="" href="https://pro.morningconsult.com/analyst-reports/a-brands-guide-to-gen-z-men-and-women">report</a> from Morning Consult showed that young women are splurging on concert tickets to see popular artists, while men want to be the first to try new tech devices. Ellyn Briggs, the brands analyst who authored the report, told BI that Gen Z are "big spenders" who aren't afraid to splash out on whatever hot, new item is making the rounds on TikTok.In fact, US consumers between the ages of 24 and 38 have the most discretionary spending power of all age groups, famed businesswoman Meredith Whitney wrote in an <a target="_blank" class="" href="https://www.ft.com/content/ef573c85-bb31-4f1b-88e6-553130ff3245">op-ed for the Financial Times</a>, citing American Express data.One major reason for that: many still live at home with their parents "and likely pay very little" in expenses like heating, insurance, or utilities, she wrote. So even if they can't afford to move out, <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-millennial-consumer-economy-strength-outlook-meredith-whitney-housing-2024-9">Gen Z and millennials are still spending money</a> — and helping keep the economy afloat.Enter trinkets, trends, and self-expression — three factors that seem to be driving Gen Z to part with their cash, and which "act as expressions of identity and status while also offering comfort in a financially uncertain world," Kenyon said.<h2 id="ac3bd822-2055-4557-b99c-7f82093a5b55">Gen Z is collecting trinkets</h2><div type="image" title="Sonny Angel figurines arranged on shelf" height="3840" width="5760" msid="114078280" hostid="261" sizebytes="522362"></div>"Our research shows a significant portion of Gen Z is interested in collectibles like art, sneakers, and fine wine, viewing them as alternative investments to traditional assets such as stocks and bonds," Kenyon said.Some tangible investments are more unusual, however. Take Sonny Angel dolls. The collectible figurines experienced a worldwide shortage earlier this year as Gen Zers in the US became obsessed with having them all, a spokesperson for Sonny Angel distributor Dreams USA told BI.Gen Z influencer Bretman Rock's Sonny Angel unboxing videos have raked in millions of views on TikTok as the dolls became nearly impossible to find in person. They regularly sell for more than their retail price online. When they are available online, one Sonny Angel box can sell for $10 to over $35. While this may seem strange to some, Kenyon said collectibles like this provide "immediate enjoyment," and they could even have long-term value.<h2 id="f7769b07-0c14-4031-b7a3-53df19062e61">They're adhering to trends</h2><div type="image" title="Hailey Bieber holding a Rhode case" height="635" width="846" msid="114078277" hostid="261" sizebytes="42704"></div>As the TikTok For You Page refreshes, so do the hot new items that Gen Zers must have.Briggs told BI that "keeping up appearances" is a big part of being online, and Gen Zers often spend money because they want to "look a certain way" on social media.For 28-year-old TikToker Shawn Owens, one of those trendy must-have objects is a phone case made by <a target="_blank" class="" href="https://www.businessinsider.com/guides/beauty/hailey-bieber-rhode-skincare-review">Hailey Bieber's Rhode</a>. It's become a statement accessory on Bieber's Instagram feed, and she recently teased new colors that could come soon."That is a thing I have to have this fall for bathroom selfies," Owens said.<div type="image" title="Stanley Cup water bottle" height="960" width="1280" msid="114078286" hostid="261" sizebytes="30768"></div>Lip gloss phone cases and fancy water bottles (Stanley and Owala stand out as favorites) have also become massively popular with young people, helped by going viral on social media. Kenyon calls them Gen Z's "emotional support objects.""These objects fill the emotional gap left by strained social connections, becoming symbols of self-care and security," she said.<h2 id="2b064218-d51f-4786-be39-db48f65e1fe3">But Gen Z is still finding ways to express themselves</h2><div type="image" title="Sabrina Carpenter performing" height="2000" width="3000" msid="114078284" hostid="261" sizebytes="274768"></div>Whether it's experiences like concerts or attending a friend's gatherings, Briggs said Gen Z wants to express themselves and feel a sense of autonomy.That's reflected in shopping for new outfits. "Everyone is kind of leaning into personal aesthetic," Owens told BI.For some, that means upgrading their style by <a target="_blank" class="" href="https://www.businessinsider.com/status-symbol-item-sales-show-quiet-luxury-changing-americana-corporate-2024-9">moving away from the quiet luxury trend</a> and saving up for expensive statement jewelry, according to both Owens and Kenyon."These pieces not only serve as expressions of self but are also seen as valuable investments," Kenyon said.

Here's what's on Gen Z's 'micro-spending' wish list

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/resume-gap-how-to-explain-why-job-search-career-linkedin-2024-8">LinkedIn</a> has seen a 29% increase this year in users who list their preferred pronouns.</li><li>The platform added a pronoun feature in March 2021, reflecting societal gender shifts.</li></ul>Detractors might consider it woke, but more professionals are including their <a target="_blank" href="https://www.businessinsider.com/how-to-respect-peoples-pronouns-and-why-its-important-2020-10">preferred pronouns</a> on their LinkedIn profiles.Globally, some 38 million people on the platform now list their pronouns on their profiles, a 29% increase since January, a LinkedIn spokesperson told Business Insider.LinkedIn added space for users to include their preferred pronouns in their profiles in March 2021. The spokesperson said that, since then, the platform has seen a "steady uptick" in adoption.Growth in the number of people who display their pronouns comes as some employers are downplaying or retreating from their embrace of diversity, equity, and inclusion efforts. Big-name companies, including <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://apnews.com/article/lowes-dei-robby-starbuck-conservative-522fef16cf0dc77450524542d21016ef">Lowe's</a>, <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/john-deere-ditches-dei-policies-conservative-activists-lgbtq-pride-pronoun-2024-7">John Deere</a>, and <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/companies-cutting-dei-activist-backlash-harley-davidson-deere-tractor-supply-2024-8">Harley-Davidson</a>, have reduced or scrapped their DEI efforts following criticism from a conservative activist.To some degree, the increased use of preferred pronouns on LinkedIn signals that the practice is becoming an unremarkable part of office life, researchers who have written about gender issues told BI.The pronoun proliferation on LinkedIn, which has some 1 billion users, comes as it's become more common to include such information in email signatures and on business cards. Displaying pronouns has also remained a <a target="_blank" href="https://www.businessinsider.com/elon-musk-scott-kelly-nasa-astronaut-lgbtq-gender-pronouns-fauci-2022-12?utm_campaign=sf-bi-main&amp;utm_source=facebook.com&amp;utm_medium=social">political flash point</a>.<h2 id="5e601c64-2d3d-42a3-b416-ded1bbd06343">An easy decision for some</h2>Michael West, who works on issues of public health and social policy in Australia, wrote in a recent LinkedIn post about <a target="_blank" href="https://www.linkedin.com/posts/michael-west-000a9126_pronouns-small-words-that-make-a-big-impact-activity-7252113124353351681-6SMM/?utm_source=share&amp;utm_medium=member_desktop">using he/they pronouns</a>."Articulating my pronouns publicly also creates space for others to reflect on, discuss and consider what feels best for them," West wrote. He went on to add that "stating your pronouns is a small but powerful action that can make a significant positive difference to many other people."A survey conducted on behalf of LinkedIn around the time the platform added the pronoun feature found that 70% of job seekers believed it was important that recruiters and hiring managers <a target="_blank" href="https://news.linkedin.com/2021/march/linkedin-and-microsoft-skills-commitment">knew their gender pronouns</a>. Seventy-two percent of hiring managers agreed.The online survey, conducted in late February and early March 2021, involved about 2,100 adult job seekers in the US and some 1,000 hiring managers.<h2 id="8bf37a6e-b92b-4fb9-bec0-0b405596210f">A tool for efficiency</h2>Kathryn Bond Stockton, a distinguished professor of English at the University of Utah, told BI that even for people who might identify as nonbinary, trans, or genderqueer, pronouns aren't an ideology or "an identity in and of themselves."Instead, she said, many people have come to view preferred pronouns in workplace settings as a navigational tool."A lot of people are now seeing the acts of listing and respecting pronouns in that light — as a type of kind, efficient way to refer to each other instead of having people have to ask that question," Stockton said.She said that having to specify them in professional settings should remain optional and not something prescribed by employers. However, respecting what people do specify should be required, she said. Stockton identifies as genderqueer yet said that, in her case, she doesn't care what pronouns others use to describe her."They're all equally right or wrong for my life trajectory. So, you know, have at it," Stockton said. She said that because most people, understandably, have strong feelings about their pronouns, others should respect that.Stockton added that many of us already use "they" in a singular way colloquially, so it's not as difficult to use alternate pronouns for others as some people might fear.She said that in her experience, the people most likely to protest the rise of people sharing their preferred pronouns would "potentially feel the most offended if their pronoun was not respected."Ultimately, Stockton said that in the workplace or other settings, if people don't want to specify their own pronouns, that should be respected, too.The overall reaction to the pronoun feature has been positive, LinkedIn's spokesperson said. The spokesperson said the platform wasn't able to share insights at this time on industries, geographies, and other characteristics where users tend to display their preferred pronouns most often.Minjae Ormes, VP of marketing at LinkedIn, wrote in a <a target="_blank" class="" href="https://www.linkedin.com/blog/member/career/redefining-what-it-means-to-be-professional">2021 post</a> that a person's profile is "more than just a career highlight reel."Ormes added that letting users add their preferred pronouns "is another form of self-identity and -expression that plays a fundamental role in acknowledging and celebrating what makes us strong together."<h2 id="d2bca7c9-cc7d-42aa-8f61-489344f2beae">We don't always use pronouns</h2>Davina Cooper, a research professor in law and political theory at King's College London, told BI that the increase in the number of people posting their <a target="_blank" class="" href="https://blogs.lse.ac.uk/gender/2023/01/30/4784/">preferred pronouns</a> on a platform like LinkedIn or in email signatures partly reflects societal shifts toward recognizing diverse gender identities.Cooper, who said she doesn't indicate preferred pronouns, said that for some people sharing their pronouns can signal support for marginalized groups.Yet, in practical terms, listing pronouns might not have that much of an impact in something like an email correspondence, she said. That's because if she's writing to someone, she's not going to address the person in the third person."So, in a lot of contexts, it is more about someone saying something about where they're situated within a debate," Cooper said. "When they say 'she/they,' they're communicating a political commitment, including one of solidarity."She said she respects the importance of people "feeling recognized" and the value of developments that shift traditional understandings of gender. "This allows societies to evolve and to have shared conversations about what gender should be about," Cooper said.She said that, ultimately, while some people find comfort in sharing their preferred pronouns, what that says about a person might be limited."At a certain point, is it just like knowing someone's name?" Cooper said. "It's, 'I'm John,' but what it means for me to be John you can't apply to anyone else."

LinkedIn has seen an increase in users who list preferred pronouns despite 'woke' backlash

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

The experience of lying in bed late at night and scrolling through a nearly infinite feed of homes is a modern miracle — not merely because of all the tech packed into your iPhone, but for the simple reason that all those houses are gathered in one place. Open up Zillow, Redfin, or any of their competitors, and you'll have a clear picture of almost all the homes up for grabs around the country.That may be about to change. Real estate's power players are engaged in a bitter standoff over who exactly gets to see the millions of homes listed for sale in the US each year. At the center of the debate are the <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-agents-lawsuits-buy-sell-homes-forever-housing-market-2023-6">multiple-listing services</a>, or MLSes, local databases that gather pictures and details of homes for sale. Almost as soon as a real-estate agent starts touting a home publicly — via an email blast, a post on their website, or a sign in a front yard — they'll throw the listing on the MLS to be fed to other agents and aggregator sites like Zillow. Smart business move? Sure. But agents also don't have a choice, thanks to a rule handed down five years ago by the <a target="_blank" class="" href="https://www.businessinsider.com/lawsuits-verdict-realtors-brokerages-real-estate-agents-home-buying-selling-2023-11">powerful National Association of Realtors</a> called the "clear-cooperation policy," which requires them to list a home on the MLS within one business day of marketing it to the public.Some of the industry's high-profile figures are pushing for the NAR to loosen the rule or get rid of it, which they say would give sellers and their agents more freedom to choose where — and to whom — they advertise their properties. The NAR's top brass are set to consider the change in the coming months.The cynical take is that those in favor of a shake-up — including the leaders of some of the country's largest real-estate brokerages, like Compass and Anywhere Real Estate, the owner of big-name brands like Coldwell Banker and Century 21 — just want to hoard listings on their own websites. As gatekeepers, the thinking goes, they'll be able to lure agents and clients with exclusive access to these properties, growing their businesses and padding their bottom lines. The result would be a more fractured market; instead of going to just Zillow or Realtor.com, a buyer might have to comb through individual brokerages' websites. Agents might be emboldened to share listings among private networks of in-the-know brokers rather than market them to everyone. More homes could trade hands out of view of the average homebuyer."If you were to ask people, 'Should houses be hidden?' most people would say no," Brian Boero, the CEO of 1000Watt, a brand and marketing agency for real-estate companies, told me. "If you asked people, 'Should everybody be able to see the houses that are for sale on the market at any time and have, at least, access to them?' I think most people would say absolutely."It's not quite so cut-and-dried. Opponents of the rule say sellers should be able to market their homes however they see fit, arguing that there are all kinds of reasons someone might not want to list their home on the MLS. And if the goal is a transparent market that prioritizes consumers, the clear-cooperation policy is a flawed tool. It contains a glaring loophole that critics say may have actually pushed more home sales into the shadows.This latest conflict pits Goliath against Goliath, but the stakes are highest for the millions of Davids just trying to put roofs over their heads. The typical buyer wants to see all the homes available, while the typical seller wants a quick sale and a good price. Which kind of housing market will get them there? Both sides claim to know the answer, but their visions for the future of homebuying are miles apart.In the not-so-distant past, MLSes distributed home listings via books — thick, unwieldy tomes that were outdated by the time they made it into a real-estate agent's hands. The introduction of the online MLS around the turn of the century was a revelation, providing a central repository of reliable info on an area's available homes. The system isn't perfect: Access to the MLS is often restricted to licensed agents who pay hundreds of dollars in dues each year to belong to their local, state, and national Realtor associations, on top of MLS fees. Since there are more than 500 local MLSes in the US, an agent might have to pay dues to several of these groups just to see all the homes within an hour's drive of their office. But the databases are still widely considered a model for the rest of the world.While an agent doesn't technically have to participate, the MLS's trove of data is practically a necessity to do the job. And in order to play in the MLS sandbox, you have to follow the MLS rules. About 97% of local MLSes are effectively controlled by the NAR, a trade group with roughly 1.5 million members who pay for the "Realtor" designation and agree to abide by the organization's ethical and professional guidelines. The NAR doesn't own the MLSes directly, but it sets the rules for most of them. Five years ago, the organization's leaders pinpointed a growing problem: Some agents weren't playing fair. They were keeping select listings off the MLS and marketing them on their own websites or among clubby groups of brokers known as private listing networks. The prevalence of so-called pocket listings has always been hard to quantify, but pretty much everyone agrees they were on the rise in the years leading up to the COVID-19 pandemic. Redfin estimated that in the second quarter of 2019, about 1.7% of listings, or some 18,000 homes, were likely pocketed. Those homes were marked "sold" or "pending sale" the same day they were put in the MLS — a sign that the transaction may have already been wrapped up in private. Agents promoting pocket listings might argue that they were acting in the best interests of their clients; a seller going through a messy divorce, for example, may prefer a quiet sales process rather than the fanfare of a public listing. The MLS also displays information that may not be favorable to a seller. It shows the number of days a home has been on the market and keeps track of price cuts, offering buyers leverage points that would never be found on a listing broker's website. There are, of course, self-serving reasons an agent might prefer to advertise a home off the MLS. If they find an unrepresented buyer, they may be able to pocket the portion of the commission that would have otherwise gone to the buyer's agent, upping their haul from the sale to, say, 6% instead of the typical 3%. Belonging to private listing networks could also help drum up business: Work with me, an agent could tell a buyer, and you'll get access to all these listings that Joe Schmo at XYZ Brokerage doesn't even know about. Indeed, Top Agent Network, a destination for high-achieving brokers to share "not-yet-on-MLS properties" with each other, claims on its website that agents can help buyers find their dream homes "by staying ahead of the market."The whole point of the MLS, though, is to have all listings in one place for everyone to find — the system falls apart if agents get to pick and choose which ones to contribute. The NAR's answer to this chaos was the clear-cooperation policy. The rule, which went into effect in May 2020, tightened the screws on agents by requiring them to put a listing on the MLS within one business day of marketing it to the public. For-sale sign in the front yard? Better get it on the MLS pronto. Gush about it on your Facebook page? Clock's ticking. Teasing homes in a private listing network without also posting on the MLS was a no-go.The idea was that any alternative to the MLS would harm both consumers and their agents. A seller risks getting a lower price if there are fewer eyeballs on their listing. A buyer might know of only a fraction of homes for sale at any time, limiting their options. Agents can't make money off shadow listings that they don't even know about. MLSes are also <a target="_blank" class="" href="https://www.businessinsider.com/bad-real-estate-agents-realtors-homebuyers-sellers-housing-market-2023-7">huge sources of revenue</a> for the many local Realtor associations that own and operate them — the NAR has a direct interest in making sure they remain valuable."Everybody benefits when we all pool our listings, and we do so in a timely manner," Saul Klein, a longtime real-estate executive who's the CEO of the San Diego Multiple Listing Service, told me. "And people are hurt, potentially, when we don't do that."The new rule, however, included a loophole. It allows agents to market a home to other agents within their brokerage without sharing it on the MLS, a practice known as "office exclusives." The carveout effectively allows for private gardens within each brokerage, filled with homes you can't find anywhere else. Large brokerages like Compass, which has more than 30,000 agents across the country, can make a pitch to a seller like this: "We'll maintain your privacy by keeping your home off Zillow and test your chosen price across our huge network. We can limit the showings so you don't have random people traipsing through your home. And if you're not satisfied, we can always turn to the MLS later."Today, many large brokerages tout offerings that attempt to capitalize on this state of play. Compass, for instance, will offer to list your home as a "private exclusive" within its brokerage before launching it to the public. Howard Hanna's "Find It First" program allows sellers to "benefit from broad exposure without compromising on control," the company's CEO, Howard Hanna IV, said in a statement. In a lawsuit after the unveiling of the rule, Top Agent Network accused the NAR of privileging large brokerages (which belong to the association) while stamping out the competition from alternatives to the MLS. It complained that the organization's rule was "a transparent attempt at protecting its turf, not helping consumers."The clear-cooperation rule faded into the background as the pandemic upended the industry. But as the market settled and other big changes, like the class-action lawsuits over agent commissions, <a target="_blank" class="" href="https://www.businessinsider.com/homebuyers-real-estate-revolution-nar-lawsuits-new-rules-realtors-agents-2024-4">reached a resolution</a>, a group led by Compass' CEO, Robert Reffkin, began publicly pressuring the NAR to reconsider clear cooperation. <a target="_blank" class="" href="https://www.businessinsider.com/real-housewives-mauricio-umansky-agency-daily-schedule-2022-8">Mauricio Umansky</a>, a celebrity agent and brokerage CEO known for appearing on "Buying Beverly Hills," "Real Housewives," and "Dancing with the Stars," was already part of the opposition to the rule, having sued the NAR over his attempts to start an MLS alternative known as the PLS, or the Property Listing Service. Executives at Anywhere Real Estate, one of the largest brokerage companies in the country, have pushed for the rule to be loosened but not eliminated — one suggestion is to give agents more time to market a home publicly before listing it on the MLS. On the other side, executives at Zillow and Redfin decried the potentially disastrous consequences of a fractured housing market. In a recent op-ed article, Redfin's president and CEO, Glenn Kelman, argued that the end of clear cooperation would allow large brokerages to control more inventory, forcing buyers, sellers, and their agents to flock to big players rather than smaller outfits."The goal in weakening Clear Cooperation is to make being bigger matter — more than being better," Kelman wrote. "That is the law of the jungle, masquerading as freedom."It's not clear, though, that the clear-cooperation rule made things much better for consumers. In a hot market, it's easier for brokers to market a home off the databases and still get it sold. Redfin estimates that in the second quarter of 2021, the share of listings that were likely pocketed increased to 2.8%, or almost 35,000 homes. <a target="_blank" class="" href="https://www.businessinsider.com/housing-market-ice-age-higher-home-prices-fewer-sales-inventory-2023-5">The market has since slowed</a>, and Redfin's estimation of pocket listings was down to 1.8% of sales in the second quarter of this year, roughly in line with the same period in 2019. These are imperfect estimates; it's possible for a home to debut on the MLS in the morning and have a sale pending by the end of the day without anything unscrupulous happening. They could also be undercounts, since some homes may never be listed in the MLS at all. Ultimately, the data from one of clear cooperation's biggest advocates doesn't prove that the rule has actually reduced off-MLS sales. What has changed since the rule went into effect is brokerages' eagerness to control access to home listings. Home sales volume has plummeted since the heady days of 2021, which means <a target="_blank" class="" href="https://www.businessinsider.com/compass-layoffs-robert-reffkin-housing-market-2023-1">less revenue for the businesses that make their money by taking a cut of their agents' sales commissions</a>. Without clear cooperation, brokerages could drive more traffic to their own websites by publicly advertising homes that aren't available in the MLS or on sites like Zillow. And they could continue to tease office exclusives that are accessible only if you work with their agents.Both sides of this debate can reasonably claim that the industry will face legal trouble if they don't get their way. The Department of Justice, which has been fighting to reopen a wide-ranging investigation into the NAR, has signaled that the organization's control of the MLSes could be anticompetitive, stifling the development of alternative databases. What incentive is there for someone to start an MLS rival, the thinking goes, if basically everyone who uses the new database would still have to put their listings on the MLS anyway? On the other hand, proponents of clear cooperation argue that not showing homes to everybody could run afoul of fair-housing laws designed to ensure that buyers have equal access to the market."The fact that every listing is contributed to the MLS and that every consumer has access to that information is an enormous and overwhelming benefit to support fair housing," Victor Lund, a founder and managing partner of Wav Group, a consulting firm for real-estate companies, told me. "There is too much opportunity for housing discrimination without it."There are a lot of ways this could go. The final call will rest in the hands of top leaders at NAR, whose board will likely mull over the issue at its annual convention in the second week of November. It could be months before a decision, however, especially since it's not clear what kinds of actions the DOJ may take against the organization. NAR leadership could keep clear cooperation as is, repeal it entirely, or revise it in ways that might not even be obvious right now. Several people I spoke with, including Kelman, told me they'd like to see the office-exclusive loophole closed — no more exceptions for agents marketing homes within their brokerages."If you haven't bought a home yet," Kelman told me, "there is nothing more unsettling than seeing a moving van outside a house that never showed up in any of your searches." An imperfect rule, he argued, is better than no rule. Those in Kelman's camp say a housing market without the current version of the MLS would be more divided and more difficult to parse. At the same time, it's impossible to brush aside the criticisms of the rule. There's no guarantee it will remain as it is when the dust settles.The lawsuits over agent commissions last year were seismic, but they were ultimately about the practical matter of consumers' wallets: how much they were paying agents and what they were getting in return. The debate over clear cooperation strikes me as much more existential. Its result will determine the kind of housing market we have in the future. Buckle up.<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

Realtors are fighting over hidden listings. Their battle could make it harder to find a home.

<ul class="summary-list"><li>Kamala Harris appeared on "Saturday Night Live" for a cameo ahead of the US election.</li><li>The vice president appeared alongside actor Maya Rudolph in the show's cold open.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-closing-argument-washington-dc-speech-policty-economy-trump-2024-10">Kamala Harris</a> made a surprise campaign stop this weekend: Studio 8H, 30 Rockefeller Plaza.The vice president flew to New York City on Saturday after a campaign event in North Carolina to appear in the last episode of "Saturday Night Live" before <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris-donald-trump-swing-states-sun-belt-polls-2024-11">voters go to the polls on November 5.</a>She appeared in the <a target="_blank" class="editor-rtfLink" href="https://www.youtube.com/watch?v=e6Funs6yyEw&amp;list">episode's cold open</a> alongside her "SNL" impressionist, actor Maya Rudolph, in a sketch that began by parodying CNN's "The Source with Kaitlan Collins."Harris' cameo came after James Austin Johnson's spoof of a "four-and-a-half-hour" long <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-donald-trump-grab-em-tiktok-explained-2024-11">Donald Trump</a> rally speech.As Rudolph impersonated Harris backstage at a campaign rally, she wished aloud that she could talk to someone "who's been in my shoes," a "Black, South Asian woman running for president, preferably from the Bay area."The camera then panned to a beaming vice president."You and me both sister," Harris said.Harris then appeared to poke fun at a recent video of Trump struggling to climb into a garbage truck at a campaign event in Wisconsin."I am just here to remind you, you got this. Because you can do something your opponent cannot do: you can open doors," Harris said.The rest of the sketch involved Harris questioning Rudolph's impression of her laugh, a rhyming pep talk ("keep calm-ala and carry-on-ala"), and a final joke about whether Rudolph was registered in Pennsylvania — a swing state that will play a key role in this year's election.<div type="image" title="Maya Rudolph and Kamala Harris during the &quot;Pre-Election&quot; Cold Open on &quot;Saturday Night Live.&quot;" height="2000" width="3000" msid="114918473" hostid="261" sizebytes="365872"></div>"SNL" has a long history of politicians appearing on the show.Barack Obama, Hillary Clinton, and <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/bernie-sanders-joins-larry-david-snl-saturday-night-live-2016-2">Bernie Sanders</a> have all made cameos before, while <a target="_blank" class="" href="https://www.businessinsider.com/saturday-night-live-controversial-hosts-2021-4">Trump hosted the show in 2015</a>.Responding to Harris' appearance on the show, a Trump campaign spokesperson told News Nation in a statement that Harris "has nothing substantive to offer the American people, so that's why she's living out her warped fantasy cosplaying with her elitist friends on Saturday Night Leftists.""SNL" creator Lorne Michaels said earlier this year that he had not approached any political candidates about joining the show before the election and had no plans to do so."You can't bring the actual people who are running on because of election laws and the equal time provisions," he told <a target="_blank" class="editor-rtfLink" href="https://www.hollywoodreporter.com/tv/tv-news/snl-donald-trump-kamala-harris-no-cameos-1236018279/">The Hollywood Reporter</a>."You can't have the main candidates without having all the candidates, and there are lots of minor candidates that are only on the ballot in, like, three states and that becomes really complicated," Michaels added.A representative for the Harris campaign did not respond to a request for comment from Business Insider, which was sent outside regular working hours.

Kamala Harris mocks Donald Trump as she joins long list of politicians to cameo on 'Saturday Night Live'

<ul class="summary-list"><li>Eva Longoria shared wellness practices that she lives by.</li><li>Longoria, who will turn 50 in March, added that she's 'excited' to age.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/eva-longoria-john-wick-investments-money-worth-2024-10">Eva Longoria</a>'s 50th birthday is fast approaching, and she's more than ready for the milestone.In an interview with <a target="_blank" class="" href="https://www.marieclaire.com/culture/eva-longoria-nov-2024-cover/">Marie Claire</a> published on Wednesday, the "<a target="_blank" class="" href="https://www.businessinsider.com/then-and-now-desperate-housewives-2019-6">Desperate Housewives</a>" actor shared a list of wellness practices she lives by."I'm <a target="_blank" class="" href="https://www.businessinsider.com/daily-cold-plunge-at-home-benefits-not-worth-it-review-2024-5">cold-plunging</a>; I've got <a target="_blank" class="" href="https://www.businessinsider.com/guides/beauty/red-light-therapy">red lights</a> on; I strength train with weights; I meditate; I'm journaling," she said. "I wake up with the sun; I'm doing the grounding; I have an <a target="_blank" class="" href="https://www.businessinsider.com/oura-smart-ring-review-why-wont-solve-back-to-work-2021-9">Oura ring</a> to track deep sleep; I'm taking <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/diet-nutrition/magnesium-benefits">magnesium</a> and other supplements.""I'm doing everything. Not because I don't want to age but because I do want to age," said Longoria, who turns 50 in March."For me, age is just a number, but I'm excited," Longoria added. "I refuse to believe my greatest success is behind me."In 2016, Longoria told "<a target="_blank" href="https://www.thecut.com/2016/04/eva-longoria-workout-routine-diet.html">The Cut</a>" that people should prioritize their time and efforts toward wellness."Everything is about balance. I think people waste more time than they think. They think, 'I don't have time to <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/mental-health/how-to-meditate">meditate</a>,' or 'I don't have time to work out,' and yet they have time to be on Instagram for 30 minutes — like, that could have been their meditation session," she said.For Longoria, exercise is not just something she does. "It's part of my life," she told "<a target="_blank" href="https://www.today.com/health/eva-longoria-workout-rcna158708">Today</a>" in June.Longoria, who has a bachelor of science degree in kinesiology from Texas A&amp;M University-Kingsville, said she usually does <a target="_blank" class="" href="https://www.businessinsider.com/personal-trainer-mom-older-strength-training-habit-five-years-longevity-2024-11">strength training</a> and trampoline cardio. She also said she eats in moderation and has no hard and fast rules for restricting her diet."I'm lucky that I gravitate to healthy things. I love fish and vegetables. I love chicken and vegetables. I love beef and vegetables," she said.A representative for Longoria did not immediately respond to a request for comment from Business Insider sent outside regular business hours.<h2 id="3c93f288-1cc0-43d5-b693-4d1c8bb07ea9">Simple habits to age well</h2>As humans live longer than ever, <a target="_blank" class="" href="https://www.businessinsider.com/raadfest-cheat-death-longevity-loma-linda-blue-zone-2023-9">antiaging procedures</a> — from <a target="_blank" class="" href="https://www.businessinsider.com/stem-cell-injections-knee-joints-longevity-wellness-industry-bryan-johnson-2024-7">stem-cell injections</a> to <a target="_blank" class="" href="https://www.businessinsider.com/what-is-plasma-exchange-therapy-why-is-it-longevity-treatment-2024-10">plasma exchange therapy</a> — are all the rage among <a target="_blank" class="" href="https://www.businessinsider.com/inside-bryan-johnson-dont-die-summit-singapore-longevity-health-biohacking-2024-10">wealthy longevity-seekers</a>.But the key to aging well may lie in simple everyday habits. In November, <a target="_blank" href="https://www.businessinsider.com/longevity-tips-nobel-prize-scientist-cycles-daily-2024-11">Venki Ramakrishnan</a>, a Nobel laureate and the author of "Why We Die," shared three habits he lives by: eating nutritious foods in modest portions, cycling every day, and getting eight hours of good-quality sleep every night.<a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-better-sleep-millionaire-advice-2024-6">Sleep</a>, in particular, is "a way of resetting things and regenerating things," he said.Like Ramakrishnan, Mary Ní Lochlainn, a researcher in geriatric medicine at King's College London, includes <a target="_blank" class="" href="https://www.businessinsider.com/scientist-healthy-aging-research-eats-works-out-longevity-resistanc-training-2024-10">exercise in her daily routine</a>. Besides cycling, she adds resistance training to build muscle mass and prevent frailty. She also consumes vitamin D supplements and practices <a target="_blank" class="" href="https://www.businessinsider.com/intermittent-fasting-benefits-and-risks-for-longevity-weight-loss-cancer-2024-4">intermittent fasting</a>, she told BI earlier this month.It's also important that these habits are picked up early. "People think 'I'll do all of that later,' but actually, it's much better to just be doing it now," she said.

Eva Longoria, 49, says she's doing 'everything' to age well — from cold-plunging to red-light therapy

Rep. <keyword id="23631254" type="General" weightage="20" keywordseo="Thomas-Massie" source="keywords">Thomas Massie</keyword>, an <a href="https://www.businessinsider.com/thomas-massie-oppose-israel-aid-hamas-attack-2023-10" target="_blank">idiosyncratic libertarian</a> who represents a deep-red Kentucky district, shared a photo on X of a ballot that had "DeSantis/Massie" written in as candidates for president and vice president. After the publication of this story, a campaign spokesman responded to a request for comment and said Massie's post was a joke, noting the ballot, which also included Sen. <keyword id="20667602" type="General" weightage="20" keywordseo="Elizabeth-Warren" source="keywords">Elizabeth Warren</keyword>, was from Massachusetts. "I do NOT recommend this," said the post, which was published to the Massie campaign's X account on Tuesday evening, "unless you're in a state where the outcome is already decided." Massie and former President Donald Trump have had a somewhat tortured relationship, with Trump calling for the Kentucky congressman to be ousted from the <keyword id="20072488" type="General" weightage="20" keywordseo="GOP" source="keywords" meta.keywordsubtype="org" meta.entityname="GOP" meta.hostid="261" meta.entityid="GOP">GOP</keyword> after he stalled a vote on a COVID relief package in March 2020. Massie was also one of a handful of House Republicans who <a href="https://www.businessinsider.com/chip-roy-thomas-massie-trump-desantis-endorsements-fear-2024-1" target="_blank">endorsed Gov. Ron DeSantis of Florida</a> during the 2024 GOP presidential primary, and he has declined to formally endorse Trump since Trump secured the party's nomination. The Kentucky congressman has also long been a thorn in the side of the GOP generally. In May, he partnered with Rep. Marjorie Taylor Greene in an <a href="https://www.businessinsider.com/which-house-republicans-vote-table-marjorie-taylor-greene-motion-vacate-2024-5" target="_blank">unsuccessful bid</a> to oust Mike Johnson from the speakership, an effort driven in part by Johnson's decision to allow the House to vote on Ukraine aid. Correction: October 16, 2024 — An earlier version of this story mischaracterized the photo that Thomas Massie's campaign account shared on X. The photo showed a ballot from Massachusetts, not Massie's ballot. The story was updated with a comment from Massie's campaign describing the post as a joke.

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