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New Delhi: Nine of the top-10 most valued firms together added Rs 2,01,552.69 crore in market valuation last week, with <keyword id="19951944" type="General" weightage="100" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="153" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> stealing the show, amid bullish investors' sentiment in equities. Last week, the BSE benchmark jumped 1,707.01 points or 2.10 per cent. The 30-share BSE Sensex hit its lifetime high of 83,116.19 on Thursday. Bharti Airtel's valuation jumped Rs 54,282.62 crore to Rs 9,30,490.20 crore, becoming the biggest gainer among the top-10 firms. The market capitalisation (mcap) of <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="153" meta.entityid="ICICI Bank">ICICI Bank</keyword> surged Rs 29,662.44 crore to Rs 8,80,867.09 crore. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) added Rs 23,427.12 crore taking its valuation to Rs 16,36,189.63 crore. The mcap of Hindustan Unilever soared Rs 22,438.6 crore to Rs 6,89,358.33 crore and that of <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="153" meta.entityid="HDFC Bank">HDFC Bank</keyword> zoomed Rs 22,093.99 crore to Rs 12,70,035.77 crore. The market valuation of Infosys climbed Rs 17,480.49 crore to Rs 8,07,299.55 crore and that of ITC rallied Rs 15,194.17 crore to Rs 6,42,531.82 crore. The valuation of <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> jumped Rs 9,878.19 crore to Rs 19,92,160.61 crore and that of State Bank of India went up by Rs 7,095.07 crore to Rs 7,05,535.20 crore. However, the mcap of Life Insurance Corporation of India (LIC) declined by Rs 3,004.38 crore to Rs 6,54,004.76 crore. Reliance Industries was leading the chart of the top-10 most valued firms followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, LIC and ITC.

Mcap of nine of top-10 most valued firms jump Rs 2 lakh crore, Bharti Airtel leads the surge

<ul class="summary-list"><li>Trading firm Susquehanna is dipping its toe into sports gambling.</li><li>The space has exploded in the US as dozens of states have legalized <keyword id="20103900" type="General" weightage="20" keywordseo="online-gambling" source="keywords">online gambling</keyword>.</li></ul>Quants and gambling have been intertwined from the start. Math professor and first-generation quant trader Ed Thorp first rose to fame because he laid out the blueprint for counting cards in blackjack in his 1962 book "Beat the Dealer." A typical night for the late founder of <keyword id="21613450" type="General" weightage="20" keywordseo="Renaissance-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="Renaissance Technologies" meta.hostid="261" meta.entityid="Renaissance Technologies">Renaissance Technologies</keyword>, Jim Simons, when he was an undergrad at MIT included long-running poker games with his classmates. A <a target="_blank" href="https://www.scientificamerican.com/article/quants-book/">now-infamous poker charity tournament in 2006</a> had some of the biggest names in hedge funds competing, including Citadel's Ken Griffin, AQR's Cliff Asness, and PDT's Peter Muller, who came out on top. But they all knew the real money was in the markets, not poker pots. While some quant types have made their fortunes gambling — such as Bill Benter, <a href="https://www.bloomberg.com/news/features/2018-05-03/the-gambler-who-cracked-the-horse-racing-code" target="_blank">the man who "cracked" horse racing</a> — the most ambitious chased basis points, not parlays. Until now. Trading giant Susquehanna <a target="_blank" href="https://www.ft.com/content/88ba9e42-09c2-480a-8b21-43051707f84d">has built out a 15-person unit focused on </a>sports gambling in Dublin and plans to expand into the US. The number of "well-informed, deep-pocketed users" is growing on Novig, a <keyword id="22230743" type="General" weightage="100" keywordseo="sports-betting" source="keywords">sports betting</keyword> exchange, the startup's founder Kelechi Ukah told Business Insider. With sports gambling exploding in popularity in the US thanks to dozens of states allowing online betting, these traders —known to use copious amounts of data and sophisticated programs to trade securities in markets around the world — are diving in in search of serious profits in a nascent space. The increased presence of top-level quant firms is going to cut into the wins of the average gambler even more, said Jacek Dmochowski, a professor at the City College of New York who has studied the "optimal" way to gamble on sports. Sports gambling in the US is no longer a business done under the table with a shady bookie or on a Las Vegas bachelor party trip. Every night, millions are betting on college and professional games, some to the point of no return — <a target="_blank" href="https://www.nbcnews.com/business/consumer/online-sports-gambling-bankrupting-households-reducing-savings-rcna167235">a study from UCLA</a> found that states that legalized gambling have seen a 28% increase in bankruptcies compared to those that didn't. Through the second quarter of this year, online gambling site <keyword id="23047077" type="General" weightage="20" keywordseo="FanDuel" source="keywords" meta.keywordsubtype="org" meta.entityname="FanDuel" meta.hostid="261" meta.entityid="FanDuel">FanDuel</keyword> averaged 3.3 million bettors each month. Flutter Entertainment, the owner of Irish gambling company Paddy Power and US-based DraftKings, made more than $7 billion in revenue across its different units in the first half of the year. Executives at MGM spoke on their earnings call at the end of July about timing product releases for the start of football season. While the limits for many of these online platforms are relatively small compared to the trades the world's smartest quants are typically putting on, the space is growing rapidly. "Sportsbooks will have to basically alter their lines in response" to large wagers from <keyword id="23774657" type="General" weightage="20" keywordseo="trading-firms" source="keywords">trading firms</keyword>, Dmochowski said. "That's going to make it harder for the betting public to make a profit." <h2>Easy wins are already vanishing</h2>The trading firms that are slow to move have already missed out on low-hanging fruit. "It's a very similar dynamic to the electronicification of securities marketplaces in the 70s and 80s," said Ukah, the cofounder of Novig and a one-time Jane Street intern. Just as stock trading evolved from a phone call with a broker who would charge a commission to discount to online brokerages like eTrade to algorithmic trading shops, sports betting has gone from a personal relationship with a bookie to platforms like FanDuel. "The final stage is the algorithmic execution phase," he said. Already, the smartest Novig users are sanding away the easiest returns. Novig, which pulls in odds from different sportsbooks, has seen arbitrages between different sportsbooks' odds disappear after a few seconds now. Two years ago, it was several minutees, Ukah said. "Everyone is much tighter," Ukah said. Dmochowski predicts an "algorithm arms race" between traders and sportsbooks to find "the optimal price." There's demand from Novig users for the exchange to release software that would allow traders to program a bot to trade for them. Ukah said there's no timeline at the moment to release this, but said the portion of the gambling market growing the quickest is from institutions. "It's an uncorrelated, high-volatility asset class," Ukah said. In other words, exactly what trading shops are looking for. Correction: October 29, 2024 — An earlier version of this story misspelled the surname of a famed horse-racing gambler. It's Benter, not Bentley.

Sports betting is the next frontier for Wall Street's smartest quants to conquer 

<ul class="summary-list"><li>A string of federal lawsuits out of Manhattan accuse <keyword id="20236265" type="General" weightage="20" keywordseo="combs" source="keywords">Combs</keyword> of sexual attacks dating back to 1995.</li><li>One alleges Combs orally raped a worker for rival brand <keyword id="23786412" type="General" weightage="20" keywordseo="Ecko" source="keywords" meta.keywordsubtype="org" meta.entityname="Ecko" meta.hostid="261" meta.entityid="Ecko">Ecko</keyword> at the <keyword id="20749648" type="General" weightage="20" keywordseo="Macys" source="keywords" meta.keywordsubtype="org" meta.entityname="Macy's" meta.hostid="261" meta.entityid="Macy's">Macy's</keyword> flagship store in 2008.</li></ul>Macy's covered up a violent 2008 sexual attack by Sean "Diddy" Combs at its flagship <keyword id="23786411" type="General" weightage="20" keywordseo="Herald-Square" source="keywords">Herald Square</keyword>, Manhattan store to protect a "multi-million-dollar" deal with Combs' clothing brand, <keyword id="23786413" type="General" weightage="20" keywordseo="Sean-John" source="keywords" meta.keywordsubtype="org" meta.entityname="Sean John" meta.hostid="261" meta.entityid="Sean John">Sean John</keyword>, a new lawsuit alleges. The worldwide department store chain was named as a defendant in one of at least <a target="_blank" class="" href="https://www.businessinsider.com/sean-combs-diddy-new-allegations-lawsuits-2024-10">six federal lawsuits</a>, all alleging sexual assaults, filed against the hip-hop entrepreneur in Manhattan Monday. <a target="_blank" class="" href="https://www.documentcloud.org/documents/25204963-combs-lawsuit-macys-attack-complaint-20241014">The 19-page lawsuit</a> is one of two filed Monday that names an outside company as a defendant beyond <a target="_blank" class="" href="https://www.businessinsider.com/sean-combs-diddy-business-income-dried-up-ciroc-music-deleon-2024-10">the companies belonging to Combs</a>. It was filed on behalf of a "John Doe" who now lives in Ohio. The plaintiff alleges that he was orally raped by Combs while working in the stockroom of the flagship store. The plaintiff said he worked for Ecko, a rival clothing company to Combs' Sean John brand that was also carried by Macy's. On the day of the attack, Combs entered into the stockroom with three armed bodyguards, the lawsuit says. One or more of the guards struck him — he may have been pistol-whipped, he alleges — causing him to fall to his hands and knees, the lawsuit said. The plaintiff says in the lawsuit that one or more of the bodyguards threatened to kill him. The plaintiff said Combs demanded he perform oral sex on him, calling him by the name of the company he worked for, "Ecko." Combs proceeded to orally rape the plaintiff in what was described as a two-minute attack, according to the lawsuit. The lawsuit alleges that after the assault, Combs grabbed armfuls of Sean John merchandise from the stockroom, went out onto the retail floor, and "began passing out merchandise to an adoring crowd, as if nothing had happened." The lawsuit accuses Macy's of quickly covering up the incident. <div type="image" title="Sean Combs, Cassie Ventura, and Terry Lundgren stand in front of a Macy's backdrop." height="2191" width="3000" msid="114232336" hostid="261"></div>The plaintiff reported it the same day to company security, but there was no follow-up, and he was soon barred from the store, the lawsuit alleges. "Approximately three weeks later, <keyword id="23786414" type="General" weightage="20" keywordseo="Terry-Lundgren" source="keywords">Terry Lundgren</keyword>, CEO of Macy's, pressured Ecko executives to fire plaintiff because Macy's had just signed a multi-million-dollar deal with Sean John Clothing," the suit says. The plaintiff was eventually fired and told by Ecko that he could no longer live in his company-paid apartment in the city, the lawsuit says. Ecko was not named as a defendant in the lawsuit. The company did not immediately return requests for comment from Business Insider after normal business hours on Monday. The plaintiff "believes that the report of the assault was destroyed or otherwise purged from Macy's records, and no action was ever taken as a result of the report." He still "fears for his life," the lawsuit says. Macy's and Lundgren did not immediately respond to requests for comment on the allegations. Attorneys for Combs released a statement Monday, again denying that the artist ever committed sexual assault. They called the lawsuits filed Monday an attempt to "garner publicity." "Mr. Combs and his legal team have full confidence in the facts, their legal defenses, and the integrity of the judicial process," the lawyers said. "In court, the truth will prevail: that Mr. Combs has never sexually assaulted anyone—adult or minor, man or woman." The lawsuits against Combs were filed in Manhattan by the Texas-based <a target="_blank" class="" href="https://www.txattorneys.com/">Buzbee Law Firm</a>, co-counsel <a target="_blank" class="" href="https://avalaw.com/">AVA Law Group</a>, and <a target="_blank" class="" href="https://www.curislaw.com/">Curis Law.</a> The Sean John brand, founded in 1998, appears now to be defunct. Its Instagram page is blank, and its website is broken. At one point, it had expanded to include clothing, furniture, fragrance, and footwear, and by 2010, the brand reported retail sales of over $525 million. Starting in 2011, the company's lucrative sportswear line — which it said made up about half of its sales — was exclusively sold at Macy's. Five of the retailer's locations included Sean John shops, where the company's goods were marketed and sold in prime locations, and Combs appeared in commercials for the store. For years, it was among the department chain's top-selling men's brands, <a target="_blank" class="c-link" href="https://wwd.com/menswear-news/mens-retail-business/sean-combs-puffy-global-brands-sean-john-10714373/">WWD reported</a>. "I have always admired Sean's sense of fashion, as well as his business acumen. He has a keen insight into the needs of a style-conscious, contemporary man," Lundgren <a target="_blank" class="c-link" href="https://www.macysinc.com/newsroom/news/news-details/2010/Sean-John-Sportswear-to-be-Sold-Exclusively-at-Macys-05-05-2010/default.aspx">said</a> of Combs when the exclusivity deal was announced in 2010 — two years after the alleged <a target="_blank" href="http://assault.In">assault.</a> "He was the first person to believe in me," the hip-hop star said of Lundgren, returning the compliment in a 2012 <a target="_blank" class="c-link" href="https://www.barrons.com/articles/SB50001424052748704723404578199501748850748">Barron's article</a>. "He was like a godfather," Combs said. In 2016, Combs sold a majority stake in the brand for $70 million, but under new management, the brand floundered and eventually filed for bankruptcy. In 2021, Combs purchased the business back for $7.55 million. Sean John continued to be sold at Macy's until last fall, though a spokesperson did not comment on whether the line was pulled due to the mounting accusations against Combs. Combs remains in jail awaiting a sex-trafficking trial scheduled for May 5. Correction: October 21, 2024 — Due to an error during editing, an earlier version of this story misstated Sean Jean's revenue. The brand, as a whole, reported over $525 million in retail sales in 2010, not specifically at Macy's.

Macy's accused in lawsuit of covering up 2008 sexual attack by Sean 'Diddy' Combs in Herald Square flagship store

<ul class="summary-list"><li>New York mag has hired a top media law firm to investigate the Olivia Nuzzi-Robert F. Kennedy Jr. matter.</li><li>The probe, by Davis Wright Tremaine, concerns her relationship with RFK Jr. while reporting on the campaign.</li></ul>It may take a while for <a target="_blank" class="" href="https://www.businessinsider.com/olivia-nuzzi-rfk-jr-reaction-vox-media-new-york-magazine-2024-9">New York magazine to decide the fate of its star political reporter </a><a target="_blank" href="https://www.businessinsider.com/rfk-olivia-nuzzi-affair-reportedly-open-secret-in-some-circles-2024-9">Olivia Nuzzi</a> over a relationship she disclosed with Robert F. Kennedy Jr., the onetime presidential candidate. But the <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-benefits-of-vox-media-buying-new-york-magazine-2019-9">Vox Media publication</a> has signaled it's not messing around in investigating the matter.New York editor in chief David Haskell told staff at an all-hands meeting on Tuesday that it hired the law firm Davis Wright Tremaine to head the third-party probe. The firm is known in media circles as a heavy hitter. Media companies have hired it in the past to ensure press <a target="_blank" href="https://www.vanityfair.com/news/trump-trial-media-coverage">access</a> to the trials of Donald Trump, Harvey Weinstein, and Sam Bankman-Fried. The firm has also defended <a target="_blank" href="https://www.msn.com/en-us/money/other/tiktok-goes-all-out-in-washington-with-its-us-survival-at-stake/ar-BB1qFIRi?ocid=BingNewsVerp&amp;apiversion=v2&amp;noservercache=1&amp;domshim=1&amp;renderwebcomponents=1&amp;wcseo=1&amp;batchservertelemetry=1&amp;noservertelemetry=1">Big Tech companies</a> like Meta and Amazon, as well as creators who sued to stop a <a target="_blank" class="" href="https://www.businessinsider.com/what-tiktok-ban-marketers-employees-creators-are-not-worried-2024-9">TikTok ban</a>.Two people who attended the New York all-hands meeting said Haskell only briefly mentioned the Nuzzi-RFK Jr. situation and didn't answer questions about it. The meeting was a regularly scheduled monthly gathering that had been rescheduled from last week.The scandal has had a series of twists and turns. This week, in court documents viewed by BI, Nuzzi accused her ex-fiancé, Politico reporter Ryan Lizza, of making threats of physical violence against her after they broke up and threatening to <a target="_blank" class="" href="https://www.businessinsider.com/olivia-nuzzi-accuses-ex-fiance-blackmail-amid-rfk-jr-scandal-2024-10">destroy her career by making personal information about her public</a>. The court granted Nuzzi a temporary protection order. Lizza denied the claims in a statement to BI (Politico shares an owner with BI). CNN previously <a target="_blank" class="" href="https://www.cnn.com/2024/10/01/media/olivia-nuzzi-ryan-lizza-rfk-relationship/index.html">reported on the court documents</a>.The Nuzzi-RFK Jr. story has thrown a national spotlight on New York mag and its parent company, Vox Media. It's an uncomfortable moment for the low-profile Haskell, who faces the possibility of losing his highest-profile political reporter in the midst of a presidential election. Nuzzi was put on leave in late September after her editors learned she'd had a relationship with Kennedy while reporting on the presidential race; news of the relationship was first broken by journalist Oliver Darcy <a target="_blank" rel="" href="https://www.businessinsider.com/robert-f-kennedy-jr-rfk-olivia-nuzzi-oliver-darcy-interview-2024-9">in his newsletter,</a> Status.In a <a target="_blank" href="https://nymag.com/press/article/a-note-to-our-readers.html">note</a> to readers, New York called it a "violation of the magazine's standards around conflicts of interest and disclosures" but also said an internal review of her published work found no inaccuracies or evidence of bias. Employees were instructed by Vox Media's general counsel Brian Leung to not discuss anything with Nuzzi or send any correspondence about the matter.<a target="_blank" class="" href="https://www.businessinsider.com/olivia-nuzzi-rfk-jr-reaction-vox-media-new-york-magazine-2024-9">New York mag insiders previously told BI</a> that some in the newsroom had expressed sympathy for their colleague and friend while still condemning her reported actions. There have also been questions about whether her career can survive and why she wasn't fired on the spot, given her editors said she violated the magazine's standards, and demands for more transparency about NY mag's handling of the matter. Hiring Davis Wright Tremaine could be a signal Vox is building a rock-solid case to fire Nuzzi. On the other hand, should Vox decide to let her stay, it could have cover for doing so now that it's hired a high-profile law firm for the review.

New York mag has hired a top law firm to investigate the Olivia Nuzzi-RFK Jr. relationship

Wall Street rising stars: 25 top young investors, traders, and dealmakers at firms like Goldman Sachs, Blackstone, and JPMorgan

<ul class="summary-list"><li>Top consulting firms like McKinsey and Ernst &amp; Young use AI in their hiring processes.</li><li>McKinsey seeks candidates with diverse majors and strong problem-solving skills.</li></ul>Consulting can be a lucrative career, but <a target="_blank" class="" href="https://www.businessinsider.com/how-to-land-job-big-consulting-mckinsey-bain-bcg-2022-8">landing a job</a> at a top firm isn't always easy.McKinsey &amp; Company is known for its selective interview process. It receives about 1 million résumés annually and plans to hire fewer than 1% of applicants this year, in line with last year, a spokesperson said.Ernst &amp; Young, meanwhile, received more than 4 million applications in the past year and hired some 140,000 people, according to a spokesperson.Business Insider checked in with four major firms — Boston Consulting Group, Ernst &amp; Young, McKinsey, and PricewaterhouseCoopers (PwC) — for insights into what they might be looking for in prospective employees.<h2 id="69bc59ad-0153-4ea8-a173-029e9f494bdb">What kinds of roles are consulting firms hiring for?</h2>Consulting firms often <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-management-consulting-job-mckinsey-bcg-bain-accenture">hire for a range of positions</a>.Alicia Pittman, global people team chair at Boston Consulting Group, told BI the company is hiring for a wider array of roles than it did a decade ago. The company has a greater need for IT architects, UX designers, and data engineers, she said."The depth of breadth of expertise that we have has changed," she said, noting that the company now has climate scientists on staff.Pittman said generative artificial intelligence is an area of "tremendous growth" for the firm. "It's going to change the mix of people and expertise that we need," she said.The use of AI will even change how junior consultants do their jobs because it will often be possible to get answers more quickly."You learn the consulting tradecraft differently," Pittman said. "You learn how to interrogate data a little differently."Ernst &amp; Young is <a target="_blank" class="" href="https://www.businessinsider.com/ey-ernst-young-consulting-invests-ai-strategy-training-model-tools-2023-9">using AI</a> to hire. With a tool called EY Candidate Assistant, applicants who think they might be a good fit but don't know the right role can upload a résumé and list their interests. The tool then recommends open roles suitable for them using AI algorithms.Rod Adams, talent acquisition and onboarding leader at PwC, told BI that the company is hiring consultants, engineers, accountants, and tax professionals, among other roles.<h2 id="e48fb8d6-97b9-4a2a-8583-59f18d6e4304">What kinds of candidates are most likely to get hired?</h2>Consulting firms often say there isn't one specific background or set of skills they look for.McKinsey told BI that it looks for "distinctive students just starting their careers" who've majored in subjects such as computer science or art history. It also hires experts in industries ranging from technology to finance to law.Regardless of their field, the firm wants all of its hires to have good problem-solving skills. One way the firm gauges that is through a game-based assessment called Solve. The results help the firm identify candidates who will succeed at McKinsey regardless of their business experience and are considered along with the rest of a candidate's application, interviews, and any other assessment results relevant to their role, the firm told BI.PwC said some skills it looks for in job applicants are communication, problem-solving, and relationship building in a hybrid environment, while technical skills include accounting and auditing, tax strategy and reporting, and data engineering and visualization."We're also looking for candidates who are committed to continuing to build new skills throughout their career. People need to be able and willing to meet tomorrow's demands and take advantage of new opportunities," Adams said, noting PwC has a My AI initiative that trains its employees on generative AI.<h2 id="ebfea7ea-3b7f-46e9-92a8-aa8a0a71c75e">If you're interested in consulting</h2>McKinsey recently launched an interview prep site for new candidates that will include its best coaching and tips for prospective candidates."This helps to ensure candidates from any background — regardless of whether they have exposure to resources like consulting clubs — can demonstrate their distinctiveness in our process," the firm told BI.Adams of PwC said college students and young grads should focus on upskilling and trying to get something new out of every class, project, and experience."My advice would be to take advantage of any and all learning and development opportunities, whether it be at school or at work," he said.

Here's what it takes to get hired at top consulting firms right now

Domestic firms will <keyword id="6356112" type="General" weightage="100" keywordseo="lease" source="Orion">lease</keyword> an estimated 60-65 million square feet of <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> between 2024 and 2025, according to <keyword id="20060150" type="General" weightage="20" keywordseo="cbre" source="keywords">CBRE</keyword> South Asia's report, '<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Inc's Ascension - The Rise of Domestic Firms as an Office Demand Driver'. Domestic companies have been responsible for nearly 47 per cent of office leasing activity from 2022 to H1 2024, marking a departure from the traditional dominance of global corporations, particularly American firms. During 2022-2023, domestic firms experienced a 60 per cent surge in office space absorption compared to the pre-pandemic period of 2018-2019. Key occupier groups have secured significant spaces in prime locations across major cities, with <keyword id="19913115" type="General" weightage="20" keywordseo="delhi-ncr" source="keywords">Delhi-NCR</keyword> leading, followed by <keyword id="6354321" type="General" weightage="20" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and Mumbai. E-commerce and life sciences companies have driven occupancy in Bengaluru and Hyderabad, respectively, while Mumbai has captured a substantial 43 per cent share of domestic <keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword> leasing, with strong contributions from Delhi-NCR and Chennai. The report attributes the robust growth of India's office market to several factors, including government initiatives like Make in India and the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">Production Linked Incentive</keyword> (PLI) Scheme. These programs, along with increased domestic manufacturing, employment generation, and a well-capitalized banking sector, have created a supportive environment for business expansion. Other contributing factors include low corporate leverage ratios and improved access to capital, which have enhanced the investment capacity of Indian companies. India's talent pool, with approximately 2.5 million STEM graduates and a thriving start-up ecosystem featuring over 100 unicorns, has also been a major driver of growth. With over 38 sector skill councils, the government's focus on bridging the skill gap is preparing domestic firms for future demands, further bolstering the office leasing sector. Flexible space operators, technology, and BFSI sectors have emerged as the primary drivers of office leasing, collectively accounting for two-thirds of all domestic activity. The RCA sector, which includes legal, taxation, HR, and media services, is also playing a significant role in boosting domestic leasing. Additionally, Indian engineering and manufacturing firms, which currently represent 7-8 per cent of domestic office leasing, are expected to expand into <keyword id="20270212" type="General" weightage="20" keywordseo="tier-ii" source="keywords">Tier-II</keyword> and Tier-III cities, which are emerging as manufacturing hubs. Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East &amp; Africa, CBRE, said, "India's rapidly expanding start-up ecosystem and talent abundance are major drivers of this demand. As India's major urban centers continue to grow and diversify, the demand for premium office spaces will shape the future of the commercial real estate market, setting new standards for innovation and excellence. He added, "India's top nine cities are poised to see an impressive addition of ~185 million sq. ft. of premium office space by 2026. This dramatic increase in office space is a testament to several key factors driving the transformation of the commercial real estate landscape". Ram Chandnani, Managing Director, Advisory and Transaction Services, CBRE India, said, "Advances in technology, especially artificial intelligence (AI), are poised to further transform the office sector. While AI may cause job displacement in some areas, it will also create new opportunities and necessitate comprehensive workforce reskilling. The surge in workforce needs, driven by digitalization, evolving workplace strategies, and enhanced business confidence, has substantially boosted leasing activity."

Domestic firms to lease 60-65 million sq ft office space by 2025: CBRE report

<ul class="summary-list"><li>Reporters asked Fed Chair Jerome Powell whether he would resign if President-elect Trump asked him to.</li><li>Powell responded with one word: "No."</li></ul>Federal Reserve chair Jerome Powell has no plans to leave the central bank prematurely under President-elect Donald Trump.On Thursday, the Federal Open Market Committee <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">announced a 25-basis-point interest rate cut</a> two days after Trump won the presidential election.While economists <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">expect Trump's tariff proposals to boost inflation</a>, Powell refused to comment on anything directly related to the election or politics during his Thursday press conference. However, when a reporter asked Powell if he would resign should Trump ask him to, the head of the central bank responded with one word: "No."When a different reporter later followed up with Powell on the topic and asked if the president has the power to fire or demote the head of the Fed, Powell responded: "Not permitted under the law."Powell was <a target="_blank" class="" href="https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm">originally appointed</a> by Trump to the top position at the Fed in 2018 before being re-appointed for a second term by President Joe Biden in 2022.Trump has previously indicated that he would like to see changes in how the Fed functions. The Wall Street Journal reported in April that some members of Trump's team were <a target="_blank" class="" href="https://www.businessinsider.com/trump-interest-rate-decisions-restructure-federal-reserve-jerome-powell-wsj-2024-4">crafting a plan</a> that would give the president-elect authority to oust Powell from his position before his term ends in 2026. The plan also included a path to give Trump a say in interest-rate decisions, jeopardizing the Fed's independence.Trump later walked back those comments in an August <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-19/trump-defends-fed-criticism-weighs-providing-aid-to-home-buyers">interview</a> with Bloomberg, saying that he doesn't need to be "calling the shot" but should be able to talk about interest-rate decisions. He also said that he would support Powell finishing his full term, "especially if I thought he was doing the right thing."The law only allows for a president to remove a Fed official if there is cause — policy disagreements, like the ones Trump has previously expressed, would not suffice. Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">said</a> in February that Powell was being "political" by making decisions that could help Democrats win elections."It looks to me like he's trying to lower interest rates for the sake of maybe getting people elected," Trump said.Powell has held firm that the Federal Reserve is not political, telling reporters on Thursday that "the election will have no effects on our policy decisions.""We don't guess, we don't speculate, and we don't assume," Powell said. "Just in principle, it's possible that any administration's policies, or policies put in place by Congress, could have economic effects that, over time, would matter for our pursuit of our dual mandate goals."

Fed Chair Powell stands firm amid questioning about whether Trump will push him out

<ul class="summary-list"><li>Last week, Trump was said to be deciding between two leading candidates for Treasury Secretary.</li><li>Reports say Trump has been having second thoughts and is expanding his search to four major prospects.</li></ul>Two weeks after securing his return to the White House, president-elect Donald Trump has swiftly been forming his Cabinet for 2025.Trump already announced six of the people he wants to lead the <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11#marco-rubio-4">15 executive departments</a>, including Robert F. Kennedy Jr. for the Department of Health and Human Services and Florida Sen. Marco Rubio for the State Department.He appears to be taking a slower pace as he chooses his nominated successor to Janet Yellen, the current Secretary of the Treasury.The new Treasury Secretary will likely have two immediate tasks: Helping the US avoid default when the national debt ceiling expires in January 2025 and <a target="_blank" class="" href="https://www.businessinsider.com/tax-cut-tariff-plan-outlook-presidential-election-scenarios-harris-trump-2024-10">extending the 2017 Trump tax cut</a>, which is worth trillions and is mostly set to expire next year.The president-elect was initially said to be considering just two candidates, but <a target="_blank" class="" href="https://www.wsj.com/politics/elections/trump-broadens-hunt-for-top-treasury-job-after-jostling-became-messy-e20eb6b6">The Wall Street Journal</a> and <a target="_blank" class="" href="https://www.nytimes.com/2024/11/17/us/politics/trump-treasury-candidates.html">New York Times </a>reported that he's been having second thoughts and expanded the list to four prospects.With Trump seemingly still unsure over his choice, it's also possible that another candidate may emerge.Here are the top picks Trump is reportedly now considering for Secretary of the Treasury. A press contact for Trump's transition team did not respond to a request for comment from BI.<h2 id="ac3f4426-a376-4840-ad0c-600691195aaa">Kevin Warsh</h2><div type="image" title="Kevin Warsh is dressed formally and sits as speaks at a panel with three other people." height="2558" width="3837" msid="115408301" hostid="261" sizebytes="1354142"></div>Warsh, 54, is a former Morgan Stanley banker and one of the newer contenders.He was an economic advisor to President George W. Bush from 2002 to 2006 and a governor of the Federal Reserve Board from 2006 to 2011. During the latter period, Warsh was a central figure in shaping the nation's response to the 2007-2008 financial crisis, working to rescue major ailing banks.More recently, he's been working on Trump's transition team, helping with economic policy and personnel, according to The Journal.Warsh appears to have been in the president-elect's good graces for several years. <a target="_blank" class="" href="https://www.axios.com/2019/02/03/trump-compliments-powerful-men-handsome">Axios reported</a> that Trump praised Warsh as a "really handsome guy" when the two met in 2017 at the White House.Trump had been <a target="_blank" class="" href="https://www.cnbc.com/2017/10/03/kevin-warsh-would-take-a-hammer-to-the-fed-but-he-wouldnt-break-it.html">floating Warsh</a> that year as a frontrunner for Fed chair. He eventually picked Jerome Powell for the role.Warsh is often seen as a financial hawk, <a target="_blank" class="" href="https://www.cnbc.com/video/2024/10/24/former-fed-governor-kevin-warsh-the-fed-doesnt-seem-to-have-a-serious-theory-of-inflation.html">saying in October</a> that he believed the Fed "doesn't seem to have a serious theory of inflation" and <a target="_blank" class="" href="https://www.wsj.com/articles/interest-rates-are-a-sideshow-in-the-fed-drama-economy-monetary-policy-central-bank-53bb6d9e">writing in July</a> that it moved too slowly to curb surging prices.In his July commentary, he blamed inflation on "irresponsible government spending and excessive money printing." Warsh has also been critical of America's burgeoning debt.<h2 id="73ed19fc-c4d6-4b1c-af49-0c08335e71cb">Marc Rowan</h2><div type="image" title="Marc Rowan speaks at a financial leaders' summit in Hong Kong." height="2100" width="3150" msid="115408297" hostid="261" sizebytes="210070"></div>Rowan, 62, is a billionaire investor who leads Apollo Global Management, which he cofounded in the 1990s. It now has nearly $700 billion in assets under management. Apollo recently announced that it plans to double its assets under management to $1.5 trillion by 2029.The Journal and the Times reported that Rowan, like Warsh, is one of Trump's new candidates.The Journal, citing people familiar with the matter, reported that while the billionaire's aides are in touch with Trump, Rowan isn't actively trying to secure the Treasury Secretary role and hasn't spoken to Trump personally about such a position.But the Times also wrote that Trump has been telling his staff that he's impressed with Rowan, who Bloomberg estimates to be <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/profiles/marc-j-rowan/">worth $10.9 billion.</a> Rowan has said that US economic concerns must be fixed by what he called <a target="_blank" class="" href="https://finance.yahoo.com/news/apollo-ceo-marc-rowan-elon-musk-represents-wholesale-change-and-the-us-needs-it-155238301.html">"wholesale change,"</a> which he said Trump and his new administration would bring.That's broadly in line with how Trump has framed his Cabinet picks, as key movers who will upset the status quo and push fresh reform.Rowan has kept a relatively low profile on his views about government policy, though he recently voiced <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-02/apollo-ceo-rowan-warns-that-aggressive-rate-cuts-could-backfire">concerns</a> that the Fed could overstimulate the economy with interest rate cuts.<h2 id="e6cea6ab-a68b-4816-b297-f3f995f40039">Howard Lutnick</h2><div type="image" title="A man stands at a Trump/Vance podium" height="2769" width="4300" msid="115408282" hostid="261" sizebytes="238422"></div>Lutnick, 63, is the CEO of Cantor Fitzgerald, a Wall Street financial services firm.Lutnick has been serving as Trump's transition cochair with Linda McMahon, of WWE royalty. He's been a friend of the president-elect for decades, repeatedly holding fundraisers for Trump.In August, Lutnick hosted an <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-08-09/with-lutnick-s-help-trump-raises-15-million-at-hamptons-event">event at his home</a> in the Hamptons that raised $15 million for the Trump-Vance campaign.Lutnick has aligned himself closely with Trump's rhetoric. In late October, he expressed a vision for the US economy, describing America in the year 1900 to a crowd at Madison Square Garden, saying it was a time when the "economy was rocking.""We had no income tax, and all we had was tariffs," <a target="_blank" class="" href="https://www.youtube.com/watch?v=x1b4UZn1GAk&amp;ab_channel=HowardW.Lutnick">he said to a cheering stadium.</a> Lutnick has also said that under Trump, corporate taxes would be raised for US giants like Apple and Tesla. He said that Elon Musk, a Trump ally, welcomed such a move if it applied to all big players. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-lutnick-treasury-secretary-bessent-2024-11">Musk has endorsed Lutnick</a> for Treasury Secretary.Lutnick is also known for steering Cantor Fitzgerald after the 9/11 attack, which killed 658 of its 960 employees at the World Trade Center.<h2 id="4b1b9607-5cdd-4853-b1e5-347ec1d4ffa3">Scott Bessent</h2><div type="image" title="A man in a red vest and blue sweater goes for a walk" height="2931" width="4396" msid="115408293" hostid="261" sizebytes="791788"></div>Bessent, 62, was one of the original frontrunners for Trump's Treasury Secretary.His involvement emerged early last week when <a target="_blank" class="" href="https://www.reuters.com/world/us/bessent-paulson-lead-us-treasury-secretary-under-trump-sources-say-2024-11-08/">Reuters reported</a> that the founder of macro investment firm Key Square Capital Management had been meeting with Trump at the Mar-a-Lago resort.Bessent worked for the liberal philanthropist George Soros from 1991 to 2015, making a name for himself by betting big against the British pound, which collapsed in 1992, and then against the Japanese yen as it weakened in 2013.He left Soros' firm in 2015 to start Key Square, and <a target="_blank" class="" href="https://www.wsj.com/politics/elections/the-ex-soros-executive-who-is-trumps-new-obsession-4be2d493">The Journal</a> reported that he hasn't spoken to the billionaire in years.Bessent has been vocal in his support for Trump, telling <a target="_blank" class="" href="https://www.breitbart.com/politics/2024/08/18/exclusive-scott-bessent-kamala-harris-economic-illiterate-will-crash-economy/">Breitbart</a> in August that Vice President Kamala Harris would have crashed the economy if she was president.He wrote <a target="_blank" class="" href="https://www.wsj.com/opinion/markets-hail-trumps-economics-he-will-repair-biden-damage-pro-growth-investment-boost-f3954dbe?">an opinion column</a> just after the election, praising Trump for a stock market rally after his win and knocking <a target="_blank" class="" href="https://www.cnn.com/2024/10/23/politics/nobel-prize-economists-harris-economic-plan/index.html">23 Nobel Prize-winning economists</a> for predicting that the president-elect's agenda would be "counterproductive."The investor laid out his ideas for the economy in his written piece, calling for the Trump administration to reduce government borrowing and to reform President Joe Biden's policies for investment in a "quixotic energy transition."Like Lutnick, he's <a target="_blank" class="" href="https://www.foxnews.com/opinion/scott-bessent-talk-tariffs-its-time-revitalize-alexander-hamiltons-favorite-tool">advocated for an economy</a> that's more reliant on tariffs and weaned off income tax, saying the move would restore America's position on the world stage and help curb China's growth.However, The Journal reported that some conservatives in Trump's circle were concerned about Bessent's past experience working for Soros, who has attracted the ire of the MAGA base for his support of left-leaning causes.

Meet the top 4 candidates Trump is considering for Secretary of the Treasury

<ul class="summary-list"><li>Saudi Arabia has invested billions of dollars into tech overseas in recent years.</li><li>The kingdom is now looking for overseas tech companies to invest in it, according to Bloomberg. </li></ul>In his ascendance to power, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-crown-prince-mohammed-bin-salman-mbs-2023-10">Mohammed bin Salman</a> spent years investing Saudi Arabia's oil money in the global tech sector. The crown prince's kingdom appears to be ready for some of that favor to be returned.Rather than prioritizing investments in overseas tech companies, Saudi Arabia is looking to them to bring investment and resources to the Middle East as it seeks to capitalize on the AI boom and become a force of its own in the rapidly growing sector.The latest signs of this shift came on Wednesday after <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-06/saudis-plan-100-billion-ai-powerhouse-to-rival-uae-s-tech-hub">Bloomberg reported</a> that Saudi Arabia had plans for an up to $100 billion AI project that aims to not only prioritize the local tech industry but also encourage large tech companies to "put resources in the country.""Project Transcendence," as it is known, aims to make Saudi Arabia a place with all the components needed to advance AI: data centers housing the GPUs that train and run AI models, well-resourced startups at the cutting edge of innovation, and a globally sourced talent pool. According to the Bloomberg report, it also aims to build a "national champion" in AI. The crown prince, known as MBS, <a target="_blank" class="" href="https://ai.sa/">initiated a national AI strategy in 2020,</a> well before the current boom. But several factors have emerged since then for his nation to think hard about what it can do to accelerate the development of a resilient AI industry at home — and who it can get some help from.<div type="image" title="MBS" height="3043" width="4300" msid="115061833" hostid="261" sizebytes="382254"></div>One reason is that there has been an investment step-up in AI since the <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">launch of ChatGPT</a> in late 2022, raising the stakes for Saudi Arabia as it battles neighboring rivals like the UAE for regional supremacy. Emirati state Abu Dhabi, for instance, is home to G42, a domestic company with an advanced <a target="_blank" href="https://www.g42.ai/resources/news/meet-jais-worlds-most-advanced-arabic-llm-open-sourced-g42s-inception">Arabic large language model</a>. It has also attracted $1.5 billion of investment from Microsoft. Bloomberg's report said Saudi Arabia planned to build its own version of G42.Another reason is weakening oil demand, a resource that has made the kingdom the central economic force of the Middle East for the better part of a century.An <a target="_blank" href="https://www.imf.org/en/Publications/CR/Issues/2024/09/03/Saudi-Arabia-2024-Article-IV-Consultation-Press-Release-Staff-Report-and-Informational-Annex-554530">IMF report in September</a> highlighted the ongoing decline in the country's oil revenue as the calendar speeds through to 2030; a decade-high of 857 billion riyals in 2022 ($228 billion) is projected to fall to 778 billion riyals ($207.1 billion) by 2029. Signs of weakening demand showed themselves this week, too, as state-owned oil giant <a target="_blank" href="https://www.aramco.com/-/media/publications/corporate-reports/reports-and-presentations/2024/q3/saudi-aramco-q3-2024-interim-report-english.pdf">Saudi Aramco reported a 15.3% year-on-year decrease</a> in third-quarter net income from $32.6 billion to $27.6 billion.Diversification away from oil has been a front-and-center issue for the kingdom's leaders for some time. It is a central focus of the <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-vision-2030-projects-trillion-value-neom-2024-9">grand Vision 2030 project MBS launched in 2016</a>, which includes mega-infrastructure projects like Neom. It is also a top priority for decision-makers at the Public Investment Fund, Saudi Arabia's giant sovereign wealth fund.The fund — chaired by MBS — has served as a crucial diversification tool for Saudi Arabia, <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">leading an investment charge into top tech names</a> like Uber and SoftBank's first Vision Fund, a venture capital vehicle that bet on over 90 companies with $45 billion from the Saudis. The kingdom doesn't seem to want to keep up the pace of overseas spending it has previously had, however.Last month, PIF governor Yasir Al-Rumayyan told attendees of the Future Investment Initiative in Riyadh that the fund was preparing to allocate just 18 to 20% of its capital to overseas opportunities, <a target="_blank" href="https://www.ft.com/content/5004fbc6-23e2-4b9f-9885-14e1ea724ce2">the Financial Times reported</a>. That's a notable drop from the 30% allocated at the start of the decade.Overseas investment in AI looks set to continue, though. In March, The New York Times reported that the PIF was in early talks with Silicon Valley venture capital firm Andreessen Horowitz for a <a target="_blank" class="" href="https://www.nytimes.com/2024/03/19/business/saudi-arabia-investment-artificial-intelligence.html">$40 billion AI fund.</a> Should that materialize, it would be a significant force in the global AI investment space. <div type="image" title="Yasir al-Rumayyan" height="852" width="1093" msid="115061832" hostid="261" sizebytes="47602"></div>It remains to be seen how Project Transcendence might play out, but it could lead to Saudi Arabia announcing new developments, companies, and projects alongside key names from beyond its borders to bolster its AI activity at home.There are already examples of the country turning to overseas tech companies. California-based AI company Groq, for instance, <a target="_blank" href="https://groq.com/unleashing-the-power-of-fast-ai-inference-groq-and-aramco-digital-partner-to-establish-world-leading-data-center/">unveiled a partnership</a> with an arm of Saudi Aramco in September that will oversee the development of an AI data center in the country. In October, Google Cloud and the PIF announced a partnership to develop an AI hub in the kingdom that, if approved, would see the two conduct joint research on Arabic language models and train "millions" of students and professionals.Saudi Arabia will want others to work with it, too, as it gets serious about becoming the Middle East's main stage for AI.

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