For India's middle class, buying real estate properties has been the best investment so far, with 2013 marking 33 per cent YoY growth in the residential places sold and purchased.&nbsp;

However, the real estate market has been left puzzled by Budget 2024. Purchasing a house is no longer being considered as the best investment by many people, amid revisions in taxes on capital gains and removal of indexation benefits on unlisted capital assets, which includes properties.&nbsp;

Let us first understand what&nbsp;indexation was&nbsp;and how it played a crucial role in the sale of properties.

<h2>How did indexation benefit property owners?</h2>

The house owners till now had the provision of reducing the taxes on the profit incurred from selling a house, depending on how long they had held the property in their possession.

Using the indexation benefit, the house owners reduced the difference between the purchase and sale price with the inflation rate on which the tax was eventually calculated. This process drastically reduced the tax payable on the sale of property.&nbsp;

If the inflation was higher in comparison to the property price, the taxpayers were able to claim capital loss and save taxes on other capital gains made in that financial year.&nbsp;

When house owners were free to use indexation benefits to reduce their taxable profit, the tax on long-term capital gains made from the property's sale stood at 20 per cent.&nbsp;

Now, with the indexation benefit removed, the tax rate has been reduced to 12.5 per cent. However, experts believe that this is likely to give not much relief to house owners who are likely to pay more tax due to no indexation.

It should be noted that the indexation benefit will not be given to the properties purchased in or after 2001.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-heres-how-tds-changes-in-indian-budget-2024-will-impact-your-salary-mutual-fund-investments-743799">Money-Wise: Here’s how TDS changes in Indian Budget 2024 will impact your salary, mutual fund investments</a>

<h2>How will the removal of indexation impact the real estate industry?</h2>

According to analysts, this unexpected deletion of indexation benefits in the real estate business can lead to a higher frequency of secondary market real estate as house owners may turn reluctant towards holding onto their assets after three to five years.&nbsp;

Speaking to WION, Goel Ganga Developments Director, Gunjan Goel said, "Without indexing, a long-term property holder is likely to face a considerably higher capital gain tax, which can deter buy-and-hold strategies that have long been a staple of real estate investment. This will, in great measure, raise house turnovers as investors attempt to circumvent the tax liability by as much as they can."

"For detailed attention toward house prices, a short-term jump could be seen where sellers try to push their increased tax burden forward onto the pocketbooks of buyers. However, this upturn might soon fizzle out while the market adjusts to its new set of circumstances," she added.

Explaining how the changes can bring volatility in the real estate market, Motia Group Director LC Mittal said, "The removal of indexation benefits from real estate will have a knock-on effect throughout an industry in which investment patterns may be altered and market behaviour changed. This may dampen long-term property holdings, as the tax advantages of those strategies are removed. We might increase short-term flipping activities or turn our attention to those areas with large potential for rapid appreciation."

Watch:&nbsp;Budget 2024 highlights: Focus on taxes, jobs and consumer products

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2024-highlights-focus-on-taxes-jobs-and-consumer-products-743421/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"An immediate reaction to the house prices could be that people looking to sell will inflate prices in order to recapture or bridge their losses through the increased tax liability. However, over time, these effects get neutralized by the forces of the market. The big picture would be that due to such taxation, properties could witness some recalibration in valuations as investors revisit expectations and strategy. This may lead to more volatile price movements in the short run but potentially a more efficient and responsive market in the long run," he added.&nbsp;

It should be noted that this can also encourage cash transactions in the sale and purchase of property. The house owners are now left with the only option of buying a property of the same or more price than the price of the house sold to save themselves from paying any LTCG tax.

"Simply put, in case of property sale, indexation&nbsp;helps in adjusting its purchase price according to the prevailing inflation rate. High-value properties will be most impacted and we may see a reduction in demand for them. Potential buyers might hesitate due to the increased uncertainty about future price trends and this might cause sellers of high-value properties to adjust their pricing strategies," said Ashok Singh Jaunapuria, MD and CEO of SS Group while speaking to WION.

Explaining the impact of the removal of indexation on the house owners, a chartered account shared an interesting anecdote on X.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
Today, an elderly person approached me for an IT filing. 
 
- Purchased a property in 2015 for ₹30,00,000 
- Sold in 2023 for ₹53,40,000 
 
Taxation for AY 2024-25: 
- Indexed Cost of Acquisition: ₹41,10,236 
- Capital Gain: ₹53,40,000 - ₹41,10,236 = ₹12,29,763 
- Tax on Capital…
— CA Nagachandra Somu (@snagachandra) <a href="https://twitter.com/snagachandra/status/1816194052074922195?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<h2>Here's how experts suggest you can your taxes even without indexation</h2>

<h3>Gunjan Goel, Director at Goel Ganga Developments</h3>

<ul>
	<li>
	House owners can go for value-enhancing renovations, and it should warrant a higher selling price to recoup part, if not the whole, of the increased tax liability.&nbsp;
	</li>
	<li>
	Timing of sale is important too—sell strategically before new rules apply, when possible, to preserve existing tax advantages.&nbsp;
	</li>
	<li>If the individual has flexibility, contemplate selling fractions of the property in phases over several tax years to spread the tax burden.&nbsp; 
	&nbsp;</li>
	<li>This overall tax liability may further be reduced by property exchanges or reinvestment in certain tax-saving instruments.&nbsp;</li>
</ul>

<h3>LC Mittal, Director, Motia Group</h3>

<ul>
	<li>One key strategy would be to properly record every expenditure on the property, right from purchase costs to renovation expenses and even maintenance fees—all those which will help reduce the taxable capital gain.&nbsp; 
	&nbsp;</li>
	<li>Another approach is to see if it can be structured into a joint development agreement with any developer, which again could be more efficient in tax treatment.&nbsp; 
	&nbsp;</li>
	<li>People could also resort to home equity loans to extract funds to invest in tax-saving instruments so that the additional taxes paid after sales by the property owner are compensated.&nbsp; 
	&nbsp;</li>
	<li>Strategic decisions as to which property to sell first may help manage the overall tax impact if one owns multiple properties.&nbsp; 
	&nbsp;</li>
	<li>Furthermore, exploring fractional property sales opportunities or alternative investment vehicles, such as real estate investment trusts, could yield fresh ways to monetize property while creating more beneficial tax treatments.&nbsp;</li>
</ul>

<h3>Ashok Singh Jaunapuria MD and CEO of SS Group</h3>

<ul>
	<li>Homeowners should concentrate on setting competitive prices and using digital channels for increased exposure and cost-effectiveness to optimise savings.&nbsp; 
	&nbsp;</li>
	<li>Additionally, consulting with financial advisors to explore tax-efficient investment opportunities post-sale can further enhance financial outcomes in this evolving tax landscape.&nbsp;</li>
</ul>

For India's middle class, buying real estate properties has been the best investment so far, with 2013 marking 33 per cent YoY growth in the residential places sold and purchased.

For India's middle class, buying real estate properties has been the best investment so far, with 2013 marking 33 per cent YoY growth in the residential places sold and purchased. However, the real estate market has been left puzzled by Budget 2024. Purchasing a house is no longer being considered as the best investment by many people, amid revisions in taxes on capital gains and removal of indexation benefits on unlisted capital assets, which includes properties. Let us first understand what indexation was and how it played a crucial role in the sale of properties. How did indexation benefit property owners? The house owners till now had the provision of reducing the taxes on the profit incurred from selling a house, depending on how long they had held the property in their possession. Using the indexation benefit, the house owners reduced the difference between the purchase and sale price with the inflation rate on which the tax was eventually calculated. This process drastically reduced the tax payable on the sale of property. If the inflation was higher in comparison to the property price, the taxpayers were able to claim capital loss and save taxes on other capital gains made in that financial year. When house owners were free to use indexation benefits to reduce their taxable profit, the tax on long-term capital gains made from the property's sale stood at 20 per cent. Now, with the indexation benefit removed, the tax rate has been reduced to 12.5 per cent. However, experts believe that this is likely to give not much relief to house owners who are likely to pay more tax due to no indexation. It should be noted that the indexation benefit will not be given to the properties purchased in or after 2001. Also Read: Money-Wise: Here’s how TDS changes in Indian Budget 2024 will impact your salary, mutual fund investments How will the removal of indexation impact the real estate industry? According to analysts, this unexpected deletion of indexation benefits in the real estate business can lead to a higher frequency of secondary market real estate as house owners may turn reluctant towards holding onto their assets after three to five years. Speaking to WION, Goel Ganga Developments Director, Gunjan Goel said, "Without indexing, a long-term property holder is likely to face a considerably higher capital gain tax, which can deter buy-and-hold strategies that have long been a staple of real estate investment. This will, in great measure, raise house turnovers as investors attempt to circumvent the tax liability by as much as they can." "For detailed attention toward house prices, a short-term jump could be seen where sellers try to push their increased tax burden forward onto the pocketbooks of buyers. However, this upturn might soon fizzle out while the market adjusts to its new set of circumstances," she added. Explaining how the changes can bring volatility in the real estate market, Motia Group Director LC Mittal said, "The removal of indexation benefits from real estate will have a knock-on effect throughout an industry in which investment patterns may be altered and market behaviour changed. This may dampen long-term property holdings, as the tax advantages of those strategies are removed. We might increase short-term flipping activities or turn our attention to those areas with large potential for rapid appreciation." Watch: Budget 2024 highlights: Focus on taxes, jobs and consumer products "An immediate reaction to the house prices could be that people looking to sell will inflate prices in order to recapture or bridge their losses through the increased tax liability. However, over time, these effects get neutralized by the forces of the market. The big picture would be that due to such taxation, properties could witness some recalibration in valuations as investors revisit expectations and strategy. This may lead to more volatile price movements in the short run but potentially a more efficient and responsive market in the long run," he added. It should be noted that this can also encourage cash transactions in the sale and purchase of property. The house owners are now left with the only option of buying a property of the same or more price than the price of the house sold to save themselves from paying any LTCG tax. "Simply put, in case of property sale, indexation helps in adjusting its purchase price according to the prevailing inflation rate. High-value properties will be most impacted and we may see a reduction in demand for them. Potential buyers might hesitate due to the increased uncertainty about future price trends and this might cause sellers of high-value properties to adjust their pricing strategies," said Ashok Singh Jaunapuria, MD and CEO of SS Group while speaking to WION. Explaining the impact of the removal of indexation on the house owners, a chartered account shared an interesting anecdote on X. Today, an elderly person approached me for an IT filing. - Purchased a property in 2015 for ₹30,00,000 - Sold in 2023 for ₹53,40,000 Taxation for AY 2024-25: - Indexed Cost of Acquisition: ₹41,10,236 - Capital Gain: ₹53,40,000 - ₹41,10,236 = ₹12,29,763 - Tax on Capital… — CA Nagachandra Somu (@snagachandra) July 24, 2024 × Here's how experts suggest you can your taxes even without indexation Gunjan Goel, Director at Goel Ganga Developments House owners can go for value-enhancing renovations, and it should warrant a higher selling price to recoup part, if not the whole, of the increased tax liability. Timing of sale is important too—sell strategically before new rules apply, when possible, to preserve existing tax advantages. If the individual has flexibility, contemplate selling fractions of the property in phases over several tax years to spread the tax burden. This overall tax liability may further be reduced by property exchanges or reinvestment in certain tax-saving instruments. LC Mittal, Director, Motia Group One key strategy would be to properly record every expenditure on the property, right from purchase costs to renovation expenses and even maintenance fees—all those which will help reduce the taxable capital gain. Another approach is to see if it can be structured into a joint development agreement with any developer, which again could be more efficient in tax treatment. People could also resort to home equity loans to extract funds to invest in tax-saving instruments so that the additional taxes paid after sales by the property owner are compensated. Strategic decisions as to which property to sell first may help manage the overall tax impact if one owns multiple properties. Furthermore, exploring fractional property sales opportunities or alternative investment vehicles, such as real estate investment trusts, could yield fresh ways to monetize property while creating more beneficial tax treatments. Ashok Singh Jaunapuria MD and CEO of SS Group Homeowners should concentrate on setting competitive prices and using digital channels for increased exposure and cost-effectiveness to optimise savings. Additionally, consulting with financial advisors to explore tax-efficient investment opportunities post-sale can further enhance financial outcomes in this evolving tax landscape.

Money-Wise: With 'indexation' gone in real estate, is property still best investment for Indians?

On the morning of July 23, 2024, India's Finance Minister Nirmala Sitharaman, clad in a white saree with red border (which somehow always manages to make it to the headlines), held the red-coloured bahi-khata - which has become an emblem of tradition in the modern-day Indian Parliament - and posed for the crowd of reporters as millions of people belonging to the country's middle-class watched with hope what she will bring to the table in her seventh consecutive budget.

On the morning of July 23, 2024, India's Finance Minister Nirmala Sitharaman, clad in a white saree with red border (which somehow always manages to make it to the headlines), held the red-coloured bahi-khata - which has become an emblem of tradition in the modern-day Indian Parliament - and posed for the crowd of reporters as millions of people belonging to the country's middle-class watched with hope what she will bring to the table in her seventh consecutive budget. But soon those eyes full of hope appeared to have turned into the gaze of dismay as the finance minister announced the revision in the tax rates, controversial removal of indexation, tax on buyback of shares and efforts to make investment instruments like EPF and NPS attractive. All eyes of the middle class on the #UnionBudget pic.twitter.com/j5VuwYJONL — Raghuveer (@Straying_mind) July 23, 2024 × The verdict on Budget was out in the open within minutes when the S&P BSE Sensex crashed by 1,178 points, dropping below 80,000 and the day eventually ended in red. Post-budget, Minister Sitharaman said, "I want to give relief to the middle class". But did the middle class really get any relief? Today, we are here trying to understand what actually came to their coffers and what all left. Income tax revised, capital gains penalised For the middle class, the biggest announcement in the budget is the revision of the income tax. This time, there was no relief in the old tax regime but some changes were made in the new tax regime. Let's understand how much we are saving with these changes. If we try to compare the two tax regimes, the minimum deductions needed to save the same tax in the same bracket are as follows. Gross Income Level (In Rs) Minimum deductions in old tax regime Tax payable in old regime Tax payable in new regime At 7.7 lakhs 3,25,000 - - At 10 lakhs 3,50,000 44,200 44,200 At 12.5 lakhs 4,31,250 79,300 79,300 At 15.75 lakhs 4,83,333 1,45,600 1,45,600 At 20 lakhs 4,83,333 2,78,200 2,78,200 Source: EY India Before the changes were introduced in the new tax regime, a person with an income of Rs 20 lakh needed to claim a minimum deduction of Rs 4.25 lakh in the old tax regime to reach the position of tax return. Now, the minimum deduction limit stands at Rs 4,83,333, which is a surge of Rs 58,333. Also Read: Money-Wise: 'Indexation' gone in real estate, is property still best investment for Indians? Now, let's talk about the reliefs in the new tax regime. a) Standard deduction has been increased to Rs 75,000 from Rs 50,000 = Rs 25,000 saved b) Standard deduction for family pensioners increased to Rs 25,000 from Rs 15,000 = Rs 10,000 saved c) The minimum bracket of the tax slab was revised from Rs 2,50,000 to Rs 3,00,000 = Rs 50,000 saved However, these changes are introduced in the new regime where no investments made in traditional investment instruments that fall under 80C or 80D are considered. The old tax regime remained unchanged or rather ignored which forced people to think if it would be phased out in future. Your ancestors paid no tax on LTCG. You will pay 12.5% tax on LTCG. Your ancestors paid no tax on the dividends. You will pay tax on the dividends as per your income slab. Your ancestors paid no STT. You will pay higher STT. Your ancestors got the indexation benefits. You will… pic.twitter.com/XdHa6YeRbr — Value | Compounding (@oldschoolinvest) July 23, 2024 × Founder and Managing Director of Vibhavangal Anukulakara Private, Siddharth Maurya, explaining the nature of the new tax regime told WION, "Actual taxpayers along with high expenditures on instruments such as PF, home loans, and insurance policies are likely to be better off in the old regime even with higher brackets of taxation because of the plethora of deductions out there." Apart from the income tax, interest on capital gains was also increased which meant more expenditure for the middle class. The LTCG (Long Term Capital Gains Tax) was increased from 10 per cent to 12.5 per cent and STCG (Short-term Capital Gains Tax) was revised from 15 per cent to 20 per cent. The middle class was given relief when the limit of exemption of capital gains on some financial assets was increased from Rs 1,00,000 to Rs 1,25,000 per year. However, the investors still need to pay a good amount of tax on their investments in mutual funds and shares. Watch: Budget 2024: What the budget means for the middle class? The last and most debated change was the removal of indexation benefits which took away the inflation rate revision on the prices of the properties and left the house owners in doldrums. In this case, the slight relief to the house owners was a decrease in the long-term capital gains (LTCG) tax on immovable properties to 12.5 per cent from 20 per cent. These changes in the tax rates sparked a plethora of memes, one of which gave a stark calculation of how the upper-middle-class people are losing all that they are gaining in this budget. Received this forward. A perfect flowchart depicting how the earning class is being burdened with taxes pic.twitter.com/pXaaLT1s0o — Saketh R (@saketh1998) July 23, 2024 × Old vs new tax regime So, who should opt for the old tax regime and who should choose the new tax regime? Here's what our expert Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited said Old Tax Regime: Best For: People, who employ more deductions and exemptions like HRA, 80C (contribution to PF, PPF, life insurance, etc.), 80D (medical insurance), and home loan interest. Benefits: It can create a major opportunity for those people who organise their financial conditions properly and have a lot of opportunities to receive deductions. Drawback: Yes, it takes more space for planning taxes and documenting. New Tax Regime: Best For: Those people who are paid a fixed amount and do not have a large number of stocks or any other sort of investment, or those people who want to spend less time preparing their taxes. Benefits: Lower tax being payable on a larger number of assessments without the need of having to invest in tax-saving instruments. Easy tax returns because of the lower number of people seeking deductions and exemptions. Drawback: Absence of the motive to save and invest as was the case before the change in the system.

Money-Wise: Decoding what the middle class ACTUALLY gained from India's budget

Are you a salaried professional who is now calculating how much you will benefit from the revisions proposed in the Tax Deducted at Source&nbsp;(TDS) rates in the Budget 2024 by India's Finance Minister Nirmala Sitharaman and wondering if your decision to make investments in&nbsp; mutual funds was right or not?

The TDS changes introduced in Union Budget 2024 are significant and are likely to have an impact on the salaried class. So, let's try to understand what exactly are the changes and will it rattle or secure the working class' personal pockets.

<h2>In Salaries&nbsp;</h2>

The salaried employees have now been empowered to claim credit for Tax Collected at Source (TCS) against the deduction of TDS on their salaries. What does this mean?&nbsp;

TCS, which stands for the tax collected at source, is paid by the buyer to the seller and is then deposited with the tax authorities. This is collected on specific goods/services.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-planning-to-redeem-your-mutual-fund-units-what-every-indian-investor-should-know-742407">Money-Wise: Planning to redeem your mutual fund units? What every Indian investor should know</a>

TDS, which stands for the tax deducted at source, is the tax deducted by those making payments - in this case the employer - in advance for the payments to be made to you. The employer deducts TDS on the basis of the tax slab, the tax-exempted investments made by you and any other income.

Now, all the employees can claim the TCS paid by them to the employers and directly reduce the TDS amount to be deducted by the employer from the salary.&nbsp;

Also, if a refund is due because of the TCS, it will be adjusted against TDS on the income of the individual taxpayer.

<h2>In Mutual Funds</h2>

In the case of the mutual funds, the 20 per cent TDS which was charged on the repurchase of units by UTI (Unit Trusts of India) or mutual funds has been withdrawn.

Before October 1, 2024, 20 per cent TDS was levied on the mutual fund redemptions and this amount was deducted at the source before the rest of the money was transferred to the investor.

After October 1, 2024, the people investing in the mutual funds will not face any such deduction and the entire redemption amount, after deducting the expense ratio, will be credited to them. However, they will be required to pay capital gains tax on the profit made in their income tax return.

Watch:&nbsp;Budget 2024: Post-budget, Rupee crashes to a record low, Indian stocks tank

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2024-post-budget-rupee-crashes-to-a-record-low-indian-stocks-tank-743438/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

While removing TDS on the repurchase of units, the TDS on long-term capital gains, which is more than Rs. 1.25 lakh, has been increased from 10 per cent to 12.5 per cent.&nbsp;

Also, there has been an increase in the LTCG tax rate for all financial and non-financial assets from 10 per cent to 12.5 per cent. On some specific financial assets, the Higher Short-Term Capital Gains (STCG) tax has been revised from 15 per cent to 20 per cent.

So, it's not all good news for mutual fund investors, who may save some part of their pocket but are likely to lose part of their profits, especially if they have a large profit share.

Are you a salaried professional who is now calculating how much you will benefit from the revisions proposed in the Tax Deducted at Source (TDS) rates in the Budget 2024 by India's Finance Minister Nirmala Sitharaman and wondering if your decision to make investments in mutual funds was right or not?

Are you a salaried professional who is now calculating how much you will benefit from the revisions proposed in the Tax Deducted at Source (TDS) rates in the Budget 2024 by India's Finance Minister Nirmala Sitharaman and wondering if your decision to make investments in mutual funds was right or not? The TDS changes introduced in Union Budget 2024 are significant and are likely to have an impact on the salaried class. So, let's try to understand what exactly are the changes and will it rattle or secure the working class' personal pockets. In Salaries The salaried employees have now been empowered to claim credit for Tax Collected at Source (TCS) against the deduction of TDS on their salaries. What does this mean? TCS, which stands for the tax collected at source, is paid by the buyer to the seller and is then deposited with the tax authorities. This is collected on specific goods/services. Also Read: Money-Wise: Planning to redeem your mutual fund units? What every Indian investor should know TDS, which stands for the tax deducted at source, is the tax deducted by those making payments - in this case the employer - in advance for the payments to be made to you. The employer deducts TDS on the basis of the tax slab, the tax-exempted investments made by you and any other income. Now, all the employees can claim the TCS paid by them to the employers and directly reduce the TDS amount to be deducted by the employer from the salary. Also, if a refund is due because of the TCS, it will be adjusted against TDS on the income of the individual taxpayer. In Mutual Funds In the case of the mutual funds, the 20 per cent TDS which was charged on the repurchase of units by UTI (Unit Trusts of India) or mutual funds has been withdrawn. Before October 1, 2024, 20 per cent TDS was levied on the mutual fund redemptions and this amount was deducted at the source before the rest of the money was transferred to the investor. After October 1, 2024, the people investing in the mutual funds will not face any such deduction and the entire redemption amount, after deducting the expense ratio, will be credited to them. However, they will be required to pay capital gains tax on the profit made in their income tax return. Watch: Budget 2024: Post-budget, Rupee crashes to a record low, Indian stocks tank While removing TDS on the repurchase of units, the TDS on long-term capital gains, which is more than Rs. 1.25 lakh, has been increased from 10 per cent to 12.5 per cent. Also, there has been an increase in the LTCG tax rate for all financial and non-financial assets from 10 per cent to 12.5 per cent. On some specific financial assets, the Higher Short-Term Capital Gains (STCG) tax has been revised from 15 per cent to 20 per cent. So, it's not all good news for mutual fund investors, who may save some part of their pocket but are likely to lose part of their profits, especially if they have a large profit share.

Money-Wise: Here’s how TDS changes in Indian Budget 2024 will impact your salary, mutual fund investments

Have you invested in the mutual funds and are you now planning to redeem some units or the entire amount? Mutual fund investments have been popular among the working class, however, some little tricks and smart steps while investing or redeeming can actually make the investment more wiser and profitable.&nbsp;

<h2>Mutual fund redemptions are taxable. Here's how</h2>

If you have decided to redeem your Mutual fund units after looking at the current value of your fund based on the latest NAV (Net Asset Value), then it is important to understand that it is not the final amount you will get after redemption.&nbsp;

Mutual fund profits are taxable and exit loads are applicable on the redemption of the fund units.&nbsp;

In the case of Equity-based Mutual Fund investment, if you have decided to redeem the investment in a period of less than a year, you will be required to also pay short-term capital gain tax.

Meanwhile, there is a 15 per cent tax rate applicable on capital gains in any equity fund if it is redeemed before a year. If the redemption takes place after a year, then an LTCG tax of 10 per cent is required to be paid on returns of Rs 1 lakh (approx. $1195) or more in one financial year. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-big-changes-on-nps-in-india-budget-how-to-make-best-investment-in-this-pension-scheme-740282">Money-Wise: Big changes on NPS in India Budget. How to make best investment in this pension scheme?</a>

In the case of debt-based Mutual Funds, short-term gain tax is calculated as per the income tax slab and the investment gains beyond three years are taxed at 20 per cent. Also, cess remains applicable over and above the tax rate.

The exit load&nbsp;applicable differs for every fund and can range between 0.5 per cent to 1 per cent, which is calculated on the total amount withdrawn.

<h2>When is the right to redeem mutual funds?</h2>

You may consider redeeming mutual fund units if the fund is not performing well and has a below-par performance, which can be assessed by observing the performance of SENSEX or NIFTY50.

In case there is any financial emergency or you wish to change the investment strategy, the redemption of units can be considered. Also, if you started a mutual fund with a financial goal which has been accomplished, you can plan a redemption.&nbsp;

It is important to check whether all units of your mutual funds can be redeemed or not or if is there any lock-in period applicable to them, which is generally the case with the ELSS (Equity Linked Savings Scheme).

<h2>What is the most accurate time to order redemption of units?</h2>

In the case of mutual funds, it is important to understand that when you order the redemption of units is very important as it will determine the NAV applicable and hence will affect the entire value of the fund and the capital gains made through it.&nbsp;

To understand this, one first needs to know the cut-off timing decided by SEBI and the NAV applicable to funds according to it.

For liquid funds, if the redemption is ordered after 1:30 pm (local time), the same day's NAV is applicable and if it is before 1:30 pm (local time), the NAV of the day before is applicable.

In equity and debt funds, the cut-off time is 3:00 pm (local time). If redemption is ordered before 3:00 pm, the same day's NAV is applicable and if it is ordered later the next day's NAV. However, the rule is applicable on redemption requests of less than Rs 2 lakh (approx. $2390.59).

Watch:&nbsp;SBI's mutual funds grows faster than deposits

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sbis-mutual-funds-grows-faster-than-deposits-732406/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

So, if you are observing the stock market and seeing a surge in SENSEX and you do not wish to take any more risk, 2:00 pm (local time) becomes the best period to redeem your units.

This is because NAV is calculated on the basis of the prices of the portfolio's securities once the stock market closes.&nbsp;

The stock market trend at 2:00&nbsp;pm (local time) is likely to remain the same when the closing bell goes at 3:30 pm (local time) and this will directly impact the value of your units and the net capital gain you make at the time of redemption.&nbsp;

Have you invested in the mutual funds and are you now planning to redeem some units or the entire amount? Mutual fund investments have been popular among the working class, however, some little tricks and smart steps while investing or redeeming can actually make the investment more wiser and profitable.

Have you invested in the mutual funds and are you now planning to redeem some units or the entire amount? Mutual fund investments have been popular among the working class, however, some little tricks and smart steps while investing or redeeming can actually make the investment more wiser and profitable. Mutual fund redemptions are taxable. Here's how If you have decided to redeem your Mutual fund units after looking at the current value of your fund based on the latest NAV (Net Asset Value), then it is important to understand that it is not the final amount you will get after redemption. Mutual fund profits are taxable and exit loads are applicable on the redemption of the fund units. In the case of Equity-based Mutual Fund investment, if you have decided to redeem the investment in a period of less than a year, you will be required to also pay short-term capital gain tax. Meanwhile, there is a 15 per cent tax rate applicable on capital gains in any equity fund if it is redeemed before a year. If the redemption takes place after a year, then an LTCG tax of 10 per cent is required to be paid on returns of Rs 1 lakh (approx. $1195) or more in one financial year. Also Read: Money-Wise: Big changes on NPS in India Budget. How to make best investment in this pension scheme? In the case of debt-based Mutual Funds, short-term gain tax is calculated as per the income tax slab and the investment gains beyond three years are taxed at 20 per cent. Also, cess remains applicable over and above the tax rate. The exit load applicable differs for every fund and can range between 0.5 per cent to 1 per cent, which is calculated on the total amount withdrawn. When is the right to redeem mutual funds? You may consider redeeming mutual fund units if the fund is not performing well and has a below-par performance, which can be assessed by observing the performance of SENSEX or NIFTY50. In case there is any financial emergency or you wish to change the investment strategy, the redemption of units can be considered. Also, if you started a mutual fund with a financial goal which has been accomplished, you can plan a redemption. It is important to check whether all units of your mutual funds can be redeemed or not or if is there any lock-in period applicable to them, which is generally the case with the ELSS (Equity Linked Savings Scheme). What is the most accurate time to order redemption of units? In the case of mutual funds, it is important to understand that when you order the redemption of units is very important as it will determine the NAV applicable and hence will affect the entire value of the fund and the capital gains made through it. To understand this, one first needs to know the cut-off timing decided by SEBI and the NAV applicable to funds according to it. For liquid funds, if the redemption is ordered after 1:30 pm (local time), the same day's NAV is applicable and if it is before 1:30 pm (local time), the NAV of the day before is applicable. In equity and debt funds, the cut-off time is 3:00 pm (local time). If redemption is ordered before 3:00 pm, the same day's NAV is applicable and if it is ordered later the next day's NAV. However, the rule is applicable on redemption requests of less than Rs 2 lakh (approx. $2390.59). Watch: SBI's mutual funds grows faster than deposits So, if you are observing the stock market and seeing a surge in SENSEX and you do not wish to take any more risk, 2:00 pm (local time) becomes the best period to redeem your units. This is because NAV is calculated on the basis of the prices of the portfolio's securities once the stock market closes. The stock market trend at 2:00 pm (local time) is likely to remain the same when the closing bell goes at 3:30 pm (local time) and this will directly impact the value of your units and the net capital gain you make at the time of redemption.

Money-Wise: Planning to redeem your mutual fund units? What every Indian investor should know

In the Indian government's Budget 2024, the National Pension Scheme (NPS) is expected to be an important investment instrument in which significant changes are likely to be announced.&nbsp;

The taxpayers have been demanding some changes in the NPS which can make this investment more beneficial for them and give them more returns in the longer period.

The NPS holds importance for the taxpayers as investing in this instrument gives them additional income tax deductions under&nbsp;Sec 80CCD(1B).&nbsp;&nbsp;

The taxpayers are now demanding that NPS should be aligned with other government savings instruments like EPF, which work more or less like a retirement scheme.

There have also been demands to increase the tax deduction limit under Sec 80CCD(1B) from Rs 50,000 ($598.68) to Rs 1,00,000 ($1197.35) and raise the tax-free withdrawal limit from 60 per cent to 80 per cent upon maturity.

Amid these demands, media reports have suggested that all central government employees who are registered under NPS are likely to get 50 per cent of their last drawn pay as pension.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/money-wise-planning-to-invest-in-an-ipo-here-are-five-things-you-must-keep-in-mind-738265">Money-wise: Planning to invest in an IPO? Here are five things you must keep in mind</a>

So, is this investment instrument under section 80(C) of income tax deductions a lucrative option?

<h2>Understand NPS and its impact on our personal pockets</h2>

The National Pension Scheme can be best defined as a retirement plan or long-term saving plan with comparatively less but secured return on investment.&nbsp;

This scheme is open to employees who are in private, public and even unorganised sectors. However, it does not have an enrolment policy for people in the armed forces.

In this scheme, people are expected to invest some money in the pension account at regular intervals during their employment years.&nbsp;

Throughout this period, the account holder is free to partially withdraw 25 per cent of his contributions three times throughout the tenure of the account, after the account has completed three years. However, there needs to be a gap of five years between the partial withdrawals, unless it is being made to meet medical expenses.

Upon retirement, the account holder can withdraw a certain percentage of the corpus and the rest gets converted as a monthly pension.

Watch:&nbsp;Tesla stock surges 38%

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This scheme has so far delivered nine&nbsp;per cent to 12 per cent annualised returns, which can be called a decent interest rate. However, it may vary depending on the pension fund chosen.

So, NPS is a good investment plan for those who wish to create a corpus for their retirement and also avail tax benefits on the same. A tax deduction can be claimed on investments made in NPS under Section 80CCD(1), Section 80CCD(1B),&nbsp;and Section 80CCD(2).&nbsp;

Under section 80CCD(1), a person can claim a tax deduction of Rs 1,50,000 ($1796.03) every year and an additional deduction of up to Rs 50,000 ($598.68) under section 80CCD(1B). It should be noted that Section 80CCD(1), Section 80CCD(1B) and Section 80CCD(2) are not included in the popular Section 80C.

However, this is not a scheme for those who wish to multiply wealth and make bigger gains on the investments in a shorter duration of time. &nbsp;

In the Indian government's Budget 2024, the National Pension Scheme (NPS) is expected to be an important investment instrument in which significant changes are likely to be announced.

In the Indian government's Budget 2024, the National Pension Scheme (NPS) is expected to be an important investment instrument in which significant changes are likely to be announced. The taxpayers have been demanding some changes in the NPS which can make this investment more beneficial for them and give them more returns in the longer period. The NPS holds importance for the taxpayers as investing in this instrument gives them additional income tax deductions under Sec 80CCD(1B). The taxpayers are now demanding that NPS should be aligned with other government savings instruments like EPF, which work more or less like a retirement scheme. There have also been demands to increase the tax deduction limit under Sec 80CCD(1B) from Rs 50,000 ($598.68) to Rs 1,00,000 ($1197.35) and raise the tax-free withdrawal limit from 60 per cent to 80 per cent upon maturity. Amid these demands, media reports have suggested that all central government employees who are registered under NPS are likely to get 50 per cent of their last drawn pay as pension. Also Read: Money-wise: Planning to invest in an IPO? Here are five things you must keep in mind So, is this investment instrument under section 80(C) of income tax deductions a lucrative option? Understand NPS and its impact on our personal pockets The National Pension Scheme can be best defined as a retirement plan or long-term saving plan with comparatively less but secured return on investment. This scheme is open to employees who are in private, public and even unorganised sectors. However, it does not have an enrolment policy for people in the armed forces. In this scheme, people are expected to invest some money in the pension account at regular intervals during their employment years. Throughout this period, the account holder is free to partially withdraw 25 per cent of his contributions three times throughout the tenure of the account, after the account has completed three years. However, there needs to be a gap of five years between the partial withdrawals, unless it is being made to meet medical expenses. Upon retirement, the account holder can withdraw a certain percentage of the corpus and the rest gets converted as a monthly pension. Watch: Tesla stock surges 38% This scheme has so far delivered nine per cent to 12 per cent annualised returns, which can be called a decent interest rate. However, it may vary depending on the pension fund chosen. So, NPS is a good investment plan for those who wish to create a corpus for their retirement and also avail tax benefits on the same. A tax deduction can be claimed on investments made in NPS under Section 80CCD(1), Section 80CCD(1B), and Section 80CCD(2). Under section 80CCD(1), a person can claim a tax deduction of Rs 1,50,000 ($1796.03) every year and an additional deduction of up to Rs 50,000 ($598.68) under section 80CCD(1B). It should be noted that Section 80CCD(1), Section 80CCD(1B) and Section 80CCD(2) are not included in the popular Section 80C. However, this is not a scheme for those who wish to multiply wealth and make bigger gains on the investments in a shorter duration of time.

Money-Wise: Big changes on NPS in India Budget. How to make best investment in this pension scheme?

For those planning to make long-term gains, investing in an Initial Public Offering (IPO) can prove to be a beneficial way.&nbsp;

Investing in an IPO has become a growing trend in the market and some of them have proved very profitable to the investors, giving them as much as 90 per cent returns.

However, not all IPOs are worth investing and one should tread this path of investment carefully to avoid any major loss. So how can one decide if an IPO is worth subscribing with their hard-earned money or not? Let's first understand what is an IPO of a company.&nbsp;

<h2>What is an IPO?</h2>

IPO is an initial public offering in which the private company's shares are made available to the public for the first time.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/indias-sensex-hits-80000-for-the-first-time-737323">India’s Sensex hits 80,000 for the first time</a>

This helps the company to increase its equity capital with the help of public investors and go from a privately held corporation to a public corporation.&nbsp;

Investors can profit from an IPO if the issue price of IPO shares is less compared to the listed price when it is sold in the market.

The company raises its IPO to gain funds for equity capital, ensuring hassle-free trading of future capital and monetising private equity investors' investments.

<h2>Five things to know before investing in an IPO</h2>

<h3>Investigate the company’s financial condition history</h3>

It is important to check the financial condition of the company and the history of its performance, before investing in an IPO. One can look into how the company has performed in the last few years and if it is in a profitable zone.&nbsp;

<h3>Understand the valuation of the IPO</h3>

An IPO's valuation is dependent on the price at which shares are issued by the company before stepping into the market.

It is important to analyse the valuation and if the IPO appears overvalued, one should avoid investing in it. One way of understanding if an IPO is fairly valued is by conducting a comparison between the prices of shares of similar companies and the issue price of the IPO.&nbsp;

<h3>Find out why the company is raising funds</h3>

There can be various reasons why a company is going public and raising funds. Not every time, does the company raise its IPO because it is going for a growth plan or launching a new product.

Watch:&nbsp;Bezos to sell Amazon shares after stock hits record high

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A company can also come up with its IPO if it has to repay debts, speedily expand or acquire a smaller firm.

<h3>Carefully check the lock-up period of the IPO</h3>

It is important to check what is the lock-up period of an IPO, which generally ranges between three to 24 months.

A lock-up period refers to the time when the investors are prohibited from selling any shares of the company.

This is important because an IPO may be listed at a higher price when it debuts in the market, however, there can be a slump in the price after the lock-up period which will impact the profit of the investors.

<h3>Study market conditions</h3>

One must also look at the current market conditions when subscribing to an IPO. When markets are bullish, it is likely that the IPOs will open in green, but they can go red if the market turns bearish.

(With inputs from agencies)

For those planning to make long-term gains, investing in an Initial Public Offering (IPO) can prove to be a beneficial way. Investing in an IPO has become a growing trend in the market and some of them have proved very profitable to the investors, giving them as much as 90 per cent returns.

For those planning to make long-term gains, investing in an Initial Public Offering (IPO) can prove to be a beneficial way. Investing in an IPO has become a growing trend in the market and some of them have proved very profitable to the investors, giving them as much as 90 per cent returns. However, not all IPOs are worth investing and one should tread this path of investment carefully to avoid any major loss. So how can one decide if an IPO is worth subscribing with their hard-earned money or not? Let's first understand what is an IPO of a company. What is an IPO? IPO is an initial public offering in which the private company's shares are made available to the public for the first time. Also Read: India’s Sensex hits 80,000 for the first time This helps the company to increase its equity capital with the help of public investors and go from a privately held corporation to a public corporation. Investors can profit from an IPO if the issue price of IPO shares is less compared to the listed price when it is sold in the market. The company raises its IPO to gain funds for equity capital, ensuring hassle-free trading of future capital and monetising private equity investors' investments. Five things to know before investing in an IPO Investigate the company’s financial condition history It is important to check the financial condition of the company and the history of its performance, before investing in an IPO. One can look into how the company has performed in the last few years and if it is in a profitable zone. Understand the valuation of the IPO An IPO's valuation is dependent on the price at which shares are issued by the company before stepping into the market. It is important to analyse the valuation and if the IPO appears overvalued, one should avoid investing in it. One way of understanding if an IPO is fairly valued is by conducting a comparison between the prices of shares of similar companies and the issue price of the IPO. Find out why the company is raising funds There can be various reasons why a company is going public and raising funds. Not every time, does the company raise its IPO because it is going for a growth plan or launching a new product. Watch: Bezos to sell Amazon shares after stock hits record high A company can also come up with its IPO if it has to repay debts, speedily expand or acquire a smaller firm. Carefully check the lock-up period of the IPO It is important to check what is the lock-up period of an IPO, which generally ranges between three to 24 months. A lock-up period refers to the time when the investors are prohibited from selling any shares of the company. This is important because an IPO may be listed at a higher price when it debuts in the market, however, there can be a slump in the price after the lock-up period which will impact the profit of the investors. Study market conditions One must also look at the current market conditions when subscribing to an IPO. When markets are bullish, it is likely that the IPOs will open in green, but they can go red if the market turns bearish. (With inputs from agencies)

Money-Wise: Planning to invest in an IPO? Here are five things you must keep in mind

Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.

Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years.

Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it.

In its 222-page final order, Sebi found that Anil Ambani, with the help of RHFL's key managerial personnel, had orchestrated a fraudulent scheme to siphon-off funds from RHFL by disguising them as loans to entities linked to him.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-chatgpt-and-vogue-publisher-cond%C3%A9-nast-join-hands-for-searchgpt-partnership-what-does-it-mean-751871">ChatGPT and Vogue publisher Condé Nast join hands for SearchGPT partnership. What does it mean?</a>

Although the Board of Directors of RHFL had issued strong directives to stop such lending practices and reviewed corporate loans regularly, the company's management ignored these orders.

This suggests a significant failure of governance, driven by certain key managerial personnel under the influence of Anil Ambani.

Given these circumstances, the company RHFL itself should not be held equally responsible as the individuals involved in the fraud.

Further, the remaining entities have played the role of being either recipients of illegally obtained loans or conduits to enable illegal diversion of monies from RHFL, the regulator noted.

Sebi said its findings have established the "existence of a fraudulent scheme, orchestrated by Noticee No. 2 (Anil Ambani) and administered by the KMPs of RHFL, to siphon off funds from the public listed company (RHFL) by structuring them as 'loans' to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be 'promoter linked entities' i.e. entities associated/ linked with Noticee 2 (Anil Ambani)".

Ambani used his position as 'chairperson of the ADA group' and his significant indirect shareholding in the holding company of RHFL to orchestrate the fraud.

Sebi, in its order on Thursday, noted the cavalier approach of the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue.

This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL.

Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

For example, in March 2018, RHFL's share price was around Rs 59.60. By March 2020, as the extent of the fraud became clear and the company was drained of its resources, the share price had plummeted to just Rs 0.75.

Even now, over 9 lakh shareholders remain invested in RHFL, facing significant losses.

The 24 restrained entities include former key officials of Reliance Home Finance Ltd (RHFL) -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- and Sebi has imposed fine on them for their role in the case.

Also, the regulator levied a fine of Rs 25 crore on Ambani, Rs 27 crore on Bapna, Rs 26 crore on Sudhalkar and Rs 21 crore on Shah.

Additionally, the remaining entities including Reliance Unicorn Enterprises, Reliance Exchange next Lt, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Big Entertainment Private Ltd have been imposed a penalty of Rs 25 crore each.

These fines have been levied on them for either receiving the illegally obtained loans or acted as intermediaries to facilitate the illegal diversion of funds from RHFL.

In February 2022, markets watchdog Sebi had passed an interim order and restrained Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders for allegedly siphoning off funds from the company.

Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company.

Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. In its 222-page final order, Sebi found that Anil Ambani, with the help of RHFL's key managerial personnel, had orchestrated a fraudulent scheme to siphon-off funds from RHFL by disguising them as loans to entities linked to him. Also read: ChatGPT and Vogue publisher Condé Nast join hands for SearchGPT partnership. What does it mean? Although the Board of Directors of RHFL had issued strong directives to stop such lending practices and reviewed corporate loans regularly, the company's management ignored these orders. This suggests a significant failure of governance, driven by certain key managerial personnel under the influence of Anil Ambani. Given these circumstances, the company RHFL itself should not be held equally responsible as the individuals involved in the fraud. Further, the remaining entities have played the role of being either recipients of illegally obtained loans or conduits to enable illegal diversion of monies from RHFL, the regulator noted. Sebi said its findings have established the "existence of a fraudulent scheme, orchestrated by Noticee No. 2 (Anil Ambani) and administered by the KMPs of RHFL, to siphon off funds from the public listed company (RHFL) by structuring them as 'loans' to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be 'promoter linked entities' i.e. entities associated/ linked with Noticee 2 (Anil Ambani)". Ambani used his position as 'chairperson of the ADA group' and his significant indirect shareholding in the holding company of RHFL to orchestrate the fraud. Sebi, in its order on Thursday, noted the cavalier approach of the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position. For example, in March 2018, RHFL's share price was around Rs 59.60. By March 2020, as the extent of the fraud became clear and the company was drained of its resources, the share price had plummeted to just Rs 0.75. Even now, over 9 lakh shareholders remain invested in RHFL, facing significant losses. The 24 restrained entities include former key officials of Reliance Home Finance Ltd (RHFL) -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- and Sebi has imposed fine on them for their role in the case. Also, the regulator levied a fine of Rs 25 crore on Ambani, Rs 27 crore on Bapna, Rs 26 crore on Sudhalkar and Rs 21 crore on Shah. Additionally, the remaining entities including Reliance Unicorn Enterprises, Reliance Exchange next Lt, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Big Entertainment Private Ltd have been imposed a penalty of Rs 25 crore each. These fines have been levied on them for either receiving the illegally obtained loans or acted as intermediaries to facilitate the illegal diversion of funds from RHFL. In February 2022, markets watchdog Sebi had passed an interim order and restrained Reliance Home Finance Ltd, industrialist Anil Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) from the securities market till further orders for allegedly siphoning off funds from the company.

Sebi Bans Anil Ambani, 24 entities from securities market for 5 years

The newly appointed boss of Starbucks, Brian Niccol has been slammed by critics after it was revealed that he will commute almost 1,000 miles (approx 1609 kilometres)&nbsp;from his family home in Newport Beach, California, to the firm's headquarters in Seattle on a corporate jet.&nbsp;

The critics highlighted the discrepancy between the company's public stance on green issues and the lifestyles of the top executives.&nbsp;

Niccol will be taking up the role on September 9. Critics have accused the firm of greenwashing its eco-credentials by emphasising environmental initiatives while allowing its incoming CEO to travel by private jet.&nbsp;

As mentioned in the job offer published online, Niccol will not be required to relocate to Seattle, however, he will instead “commute from your residence to the Company’s headquarters”. He is expected to travel three times a week under the company's flexible working policy.&nbsp;

Starbucks will provide company aircraft for "business-related travel" and for "travel" between Newport Beach and Seattle.&nbsp;

<a href="https://www.wionews.com/trending/starbucks-new-ceo-to-supercommute-1600-km-from-california-to-seattle-for-work-751837">Also read:&nbsp;Starbucks' new CEO to supercommute 1,600 km from California to Seattle for work</a>

However, the world's biggest coffee shop chain said that they would also set up a small remote office in Newport Beach for Niccol to use when working from California.&nbsp;

Dan Coatsworth, an investment analyst at AJ Bell, told BBC that&nbsp;using a private jet was not just bad for the environment, but it would also send a bad message to customers and staff and was "ultimately not a practical way to run a $105 billion business with an estimated 400,000 employees".

"A leader needs to be at the heart of a business, not sitting on the beach enjoying the perks of the job," he said.

"The fact Brian Niccol was drafted in to give a new lease of life to Starbucks implies he has a big challenge ahead. This isn’t taking the reins of a business firing on all cylinders; it’s a repair job which means being in the engine room at all times."

Watch |&nbsp;This CEO will be taking a jet to work thrice a week

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One of the X users&nbsp;said, "That's nice... good convenience for top talent! But hope we don't see too many new 'sustainability' and 'environment' related ads from @starbucks? *Wink*,"

Niccol, who had earlier led the Mexican fast food chain Chipotle since 2018, will be replacing Laxman Narasimhan as its chief executive.&nbsp;

(With inputs from agencies)

The newly appointed boss of Starbucks, Brian Niccol has been slammed by critics after it was revealed that he will commute almost 1,000 miles (approx 1609 kilometres) from his family home in Newport Beach, California, to the firm's headquarters in Seattle on a corporate jet.

The newly appointed boss of Starbucks, Brian Niccol has been slammed by critics after it was revealed that he will commute almost 1,000 miles (approx 1609 kilometres) from his family home in Newport Beach, California, to the firm's headquarters in Seattle on a corporate jet. The critics highlighted the discrepancy between the company's public stance on green issues and the lifestyles of the top executives. Niccol will be taking up the role on September 9. Critics have accused the firm of greenwashing its eco-credentials by emphasising environmental initiatives while allowing its incoming CEO to travel by private jet. As mentioned in the job offer published online, Niccol will not be required to relocate to Seattle, however, he will instead “commute from your residence to the Company’s headquarters”. He is expected to travel three times a week under the company's flexible working policy. Starbucks will provide company aircraft for "business-related travel" and for "travel" between Newport Beach and Seattle. Also read: Starbucks' new CEO to supercommute 1,600 km from California to Seattle for work However, the world's biggest coffee shop chain said that they would also set up a small remote office in Newport Beach for Niccol to use when working from California. Dan Coatsworth, an investment analyst at AJ Bell, told BBC that using a private jet was not just bad for the environment, but it would also send a bad message to customers and staff and was "ultimately not a practical way to run a $105 billion business with an estimated 400,000 employees". "A leader needs to be at the heart of a business, not sitting on the beach enjoying the perks of the job," he said. "The fact Brian Niccol was drafted in to give a new lease of life to Starbucks implies he has a big challenge ahead. This isn’t taking the reins of a business firing on all cylinders; it’s a repair job which means being in the engine room at all times." Watch | This CEO will be taking a jet to work thrice a week × One of the X users said, "That's nice... good convenience for top talent! But hope we don't see too many new 'sustainability' and 'environment' related ads from @starbucks? *Wink*," Niccol, who had earlier led the Mexican fast food chain Chipotle since 2018, will be replacing Laxman Narasimhan as its chief executive. (With inputs from agencies)

New Starbucks CEO faces backlash for 1000 miles private jet commute

Indian former Union Minister Subramanian Swamy has made fresh allegations against embattled SEBI chief Madhabi Puri Buch. During a recent case hearing of the Axis-Max Life deal at the Delhi High Court, Swamy alleged a lack of action from the market regulator SEBI. He credited this to a potential conflict of interest on Buch's part. &nbsp;

<h2 bis_size="{&quot;x&quot;:7,&quot;y&quot;:84,&quot;w&quot;:813,&quot;h&quot;:25,&quot;abs_x&quot;:40,&quot;abs_y&quot;:1924}">The case</h2>

The case in the Delhi High Court involves regulatory scrutiny of transactions between Axis Bank and Max Life Insurance Company.&nbsp;

In February 2024, Bharatiya Janata Party leader Subramanian Swamy filed a public interest litigation (PIL) in the Delhi High Court against Axis Bank and Max Life Insurance Company. The PIL alleged that Axis Bank made undue profits of about ₹4,000 crore ($477 million) from the sale and purchase of Max Life shares between February 2016 and April 2021.

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It came into the limelight due to allegations that SEBI's actions might be compromised.&nbsp;

Swamy, in an affidavit dated March 13, highlighted that Madhabi Puri Buch, the SEBI chairperson, served as the director at Max Healthcare Institute Ltd from February 2015 to April 2017.&nbsp;

The former union minister argued that this past affiliation of Buch's might have contributed to a delay in the market regulators' investigation into the alleged misconduct.

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SEBI, however, has maintained that its inquiry into the deal is progressing. In an affidavit, the market regulator has asserted that the preliminary investigation is at an advanced stage.&nbsp;

The court acknowledged that the SEBI chairperson, despite the personal allegation, was not listed as a respondent in the petition. Regardless of any previous professional ties, the court highlighted that SEBI must regulate the case as per legal standards. Swamy's PIL was dismissed by the court, but the regulatory bodies were instructed to speed up their investigations and enforce the law.&nbsp;

(With inputs from agencies)

Indian former Union Minister Subramanian Swamy has made fresh allegations against embattled SEBI chief Madhabi Puri Buch. During a recent case hearing of the Axis-Max Life deal at the Delhi High Court, Swamy alleged a lack of action from the market regulator SEBI.

Indian former Union Minister Subramanian Swamy has made fresh allegations against embattled SEBI chief Madhabi Puri Buch. During a recent case hearing of the Axis-Max Life deal at the Delhi High Court, Swamy alleged a lack of action from the market regulator SEBI. He credited this to a potential conflict of interest on Buch's part. The case The case in the Delhi High Court involves regulatory scrutiny of transactions between Axis Bank and Max Life Insurance Company. In February 2024, Bharatiya Janata Party leader Subramanian Swamy filed a public interest litigation (PIL) in the Delhi High Court against Axis Bank and Max Life Insurance Company. The PIL alleged that Axis Bank made undue profits of about ₹4,000 crore ($477 million) from the sale and purchase of Max Life shares between February 2016 and April 2021. Also read | BJP announces nine candidates for Sept 3 Rajya Sabha bypolls It came into the limelight due to allegations that SEBI's actions might be compromised. Swamy, in an affidavit dated March 13, highlighted that Madhabi Puri Buch, the SEBI chairperson, served as the director at Max Healthcare Institute Ltd from February 2015 to April 2017. The former union minister argued that this past affiliation of Buch's might have contributed to a delay in the market regulators' investigation into the alleged misconduct. Also read | India, Japan hold '2+2' ministerial dialogue focusing on Indo-Pacific SEBI, however, has maintained that its inquiry into the deal is progressing. In an affidavit, the market regulator has asserted that the preliminary investigation is at an advanced stage. The court acknowledged that the SEBI chairperson, despite the personal allegation, was not listed as a respondent in the petition. Regardless of any previous professional ties, the court highlighted that SEBI must regulate the case as per legal standards. Swamy's PIL was dismissed by the court, but the regulatory bodies were instructed to speed up their investigations and enforce the law. (With inputs from agencies)

Exclusive | SEBI chief Buch under fire; Subramanian Swamy alleges conflict of interest in Axis-Max Life deal

German battery maker Varta announced&nbsp;in a statement that it had agreed to a restructuring agreement with its creditors, bringing in sports car manufacturer Porsche to save the business.

After days of intense bargaining, the deal would reduce Varta's debt from 485 million euros ($534.86 million) to 200 million euros, said the company.

Varta, which produces batteries for global automakers, industry, and consumers, had been trying to find a compromise with major shareholder Michael Tojner, creditors, and Porsche in a bid to ease its debts and secure fresh capital.

Under the agreement, Tojner and Porsche will be the new owners of Varta and will jointly provide a capital injection of 60 million euros.

Another 60 million euros will come from the creditors in the form of senior secured loans, the company said, adding that a third investor could also jump on board at a later date.

"We are in advanced discussions with other investors who would like to join us," Varta CEO Michael Ostermann told Reuters.

By contributing to Varta's rescue, Porsche will ensure its supplies of high-performance batteries used in its hybrid and electric sports cars.

The German carmaker also announced on Saturday that it would take a majority stake in Varta's V4Drive Battery division via a capital increase, mainly through a contribution in kind.

"With the planned majority takeover of V4Drive, we ... would make an important contribution to keeping key technologies in Germany," said Lutz Meschke, deputy chairman of the executive board at Porsche AG.

In July, Ostermann announced a radical pre-insolvency restructuring for Varta, which had debt it could not service following costly investments.

"With the implementation of the measures agreed today, the group's financing and liquidity have now been sustainably stabilised and secured in the long term," said Varta CFO Marc Hundsdorf.

According to Ostermann, there is no acute threat of major job losses.

"We want to grow, both with battery storage for photovoltaic systems and with button cells for Apple headphones. We are currently looking for staff there," he said.

Varta will keep all its manufacturing sites in Germany, with only "moderate" job cuts in administration. "We will put Varta back on a profitable growth path," he told Reuters.

However, current shareholders will walk empty-handed since, in the wake of restructuring, Varta will be taken off the stock exchange.

"We tried everything to get the small shareholders on board - but that is not legally possible in this situation," said Ostermann.

German battery maker Varta announced in a statement that it had agreed to a restructuring agreement with its creditors, bringing in sports car manufacturer Porsche to save the business.

German battery maker Varta announced in a statement that it had agreed to a restructuring agreement with its creditors, bringing in sports car manufacturer Porsche to save the business. After days of intense bargaining, the deal would reduce Varta's debt from 485 million euros ($534.86 million) to 200 million euros, said the company. Varta, which produces batteries for global automakers, industry, and consumers, had been trying to find a compromise with major shareholder Michael Tojner, creditors, and Porsche in a bid to ease its debts and secure fresh capital. Under the agreement, Tojner and Porsche will be the new owners of Varta and will jointly provide a capital injection of 60 million euros. Another 60 million euros will come from the creditors in the form of senior secured loans, the company said, adding that a third investor could also jump on board at a later date. "We are in advanced discussions with other investors who would like to join us," Varta CEO Michael Ostermann told Reuters. By contributing to Varta's rescue, Porsche will ensure its supplies of high-performance batteries used in its hybrid and electric sports cars. The German carmaker also announced on Saturday that it would take a majority stake in Varta's V4Drive Battery division via a capital increase, mainly through a contribution in kind. "With the planned majority takeover of V4Drive, we ... would make an important contribution to keeping key technologies in Germany," said Lutz Meschke, deputy chairman of the executive board at Porsche AG. In July, Ostermann announced a radical pre-insolvency restructuring for Varta, which had debt it could not service following costly investments. "With the implementation of the measures agreed today, the group's financing and liquidity have now been sustainably stabilised and secured in the long term," said Varta CFO Marc Hundsdorf. According to Ostermann, there is no acute threat of major job losses. "We want to grow, both with battery storage for photovoltaic systems and with button cells for Apple headphones. We are currently looking for staff there," he said. Varta will keep all its manufacturing sites in Germany, with only "moderate" job cuts in administration. "We will put Varta back on a profitable growth path," he told Reuters. However, current shareholders will walk empty-handed since, in the wake of restructuring, Varta will be taken off the stock exchange. "We tried everything to get the small shareholders on board - but that is not legally possible in this situation," said Ostermann.

Porsche commits capital to Varta's restructuring effort

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns. It comes amid fresh fundraising by its flagship unit, Adani Enterprises Ltd., at this time when this Indian conglomerate is under scrutiny following allegations made by Hindenburg Research.&nbsp;

Consolidated financial highlights&nbsp;

According to the latest earnings release, cash at Adani has now formed 24.8 per cent of its gross debt, up from 17.7 per cent a year ago. This followed strong financial performance during which earnings before interest, tax, depreciation, and amortization rose 33 per cent to Rs 225.70 billion ($2.7 billion) for the quarter ended June 30.&nbsp;

The group is targeting Rs 100 billion to Rs 120 billion through share sale after its transmission arm completed a $1 billion fund raise. This potential financing is key to restoring investor confidence in the group, which Hindenburg Research charged with wide-scale fraud and corporate malfeasance early in 2023—events that at one point led to the loss of more than $150 billion in market value. Adani has denied the allegations.&nbsp;

Through a BSE filing titled "Hindenburg Report - A Red Herring" dated August 11, 2024, the Adani Group categorically denied the allegations of the Hindenburg Group, terming them as mischievous and malicious.

"The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023."&nbsp;

"It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017."&nbsp;

"The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements. For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws."&nbsp;

Debt on the Adani group&nbsp;

It is to be noted that the gross debt of the Adani Group had touched Rs 2.41 trillion by the end of the quarter, drawing many raised eyebrows on its ability to service such monstrous financial liabilities. Further, with the ever-evolving situation it is to be seen how the Adani Group will defend itself from any upcoming counter by Hindenburg.

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns.

In a strategic move, the Adani Group has revealed that it has sufficient cash that would easily pay off over 30 months of its debt against key liquidity concerns. It comes amid fresh fundraising by its flagship unit, Adani Enterprises Ltd., at this time when this Indian conglomerate is under scrutiny following allegations made by Hindenburg Research. Consolidated financial highlights According to the latest earnings release, cash at Adani has now formed 24.8 per cent of its gross debt, up from 17.7 per cent a year ago. This followed strong financial performance during which earnings before interest, tax, depreciation, and amortization rose 33 per cent to Rs 225.70 billion ($2.7 billion) for the quarter ended June 30. The group is targeting Rs 100 billion to Rs 120 billion through share sale after its transmission arm completed a $1 billion fund raise. This potential financing is key to restoring investor confidence in the group, which Hindenburg Research charged with wide-scale fraud and corporate malfeasance early in 2023—events that at one point led to the loss of more than $150 billion in market value. Adani has denied the allegations. Through a BSE filing titled "Hindenburg Report - A Red Herring" dated August 11, 2024, the Adani Group categorically denied the allegations of the Hindenburg Group, terming them as mischievous and malicious. "The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007- 2008) and, later, a director of Adani Enterprises until 2017." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements. For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws." Debt on the Adani group It is to be noted that the gross debt of the Adani Group had touched Rs 2.41 trillion by the end of the quarter, drawing many raised eyebrows on its ability to service such monstrous financial liabilities. Further, with the ever-evolving situation it is to be seen how the Adani Group will defend itself from any upcoming counter by Hindenburg.

Adani Group touts cash pile to soothe Hindenburg-fuelled concerns

Chinese electric vehicle giant BYD announced on Saturday that it would commence car production in Pakistan, where three of its models would also be sold in conjunction with Mega Motors.

BYD would be the first major new EV entrant into the Pakistani market, which completely lacks infrastructure for charging.

"Our entry into the Pakistani market is not just about bringing advanced vehicles to consumers," said Liu Xueliang, BYD's general manager for Asia Pacific.

"It's about driving a broader vision of environmental responsibility and technological innovation."

It also wants to open three "flagship stores and experience centres" in Karachi, Lahore, and Islamabad, the company said in a statement at an inauguration ceremony in Lahore, adding that it would start selling two models of sport utility vehicles and a sedan from the fourth quarter of 2024 onwards.

Mega Motors is a subsidiary of the largest private utility in Pakistan, Hub Power Co Ltd &nbsp;HPWR.PSX, better known as Hubco.

"We will establish Pakistan's first NEV assembly plant... dedicated to producing BYD's cutting-edge new energy vehicles," said Hubco Chief Executive Kamran Kamal, who described the deal as a "landmark investment".

The new plant will start operations in 2026, according to Reuters.

Hubco will set up fast-charging stations across major cities, motorways, and highways to improve Pakistan's charging infrastructure.

Chinese electric vehicle giant BYD announced on Saturday that it would commence car production in Pakistan, where three of its models would also be sold in conjunction with Mega Motors.

Chinese electric vehicle giant BYD announced on Saturday that it would commence car production in Pakistan, where three of its models would also be sold in conjunction with Mega Motors. BYD would be the first major new EV entrant into the Pakistani market, which completely lacks infrastructure for charging. "Our entry into the Pakistani market is not just about bringing advanced vehicles to consumers," said Liu Xueliang, BYD's general manager for Asia Pacific. "It's about driving a broader vision of environmental responsibility and technological innovation." It also wants to open three "flagship stores and experience centres" in Karachi, Lahore, and Islamabad, the company said in a statement at an inauguration ceremony in Lahore, adding that it would start selling two models of sport utility vehicles and a sedan from the fourth quarter of 2024 onwards. Mega Motors is a subsidiary of the largest private utility in Pakistan, Hub Power Co Ltd HPWR.PSX, better known as Hubco. "We will establish Pakistan's first NEV assembly plant... dedicated to producing BYD's cutting-edge new energy vehicles," said Hubco Chief Executive Kamran Kamal, who described the deal as a "landmark investment". The new plant will start operations in 2026, according to Reuters. Hubco will set up fast-charging stations across major cities, motorways, and highways to improve Pakistan's charging infrastructure.

China's BYD to establish car plant in Karachi, marking its entry into Pakistan

Singapore-based Antfin will offload a 1.54 per cent stake in the online food delivery platform Zomato. The deal is valued at around $408 million. This comes just after Zomato posted stellar quarterly earnings, with net profit surging 126.5 times to Rs 253 crore in the three months ended June 2024. The sale will likely be made through block deals at a floor price of Rs 251.68 per share, a 4 per cent discount to Zomato's last closing on the NSE.&nbsp;

Stake sale details&nbsp;

As of June 30, 2024, Antfin held a 4.3 per cent stake in Zomato, translating into around 13.6 crore shares. If the transaction goes through at this price, Antfin's shareholding in Zomato will come down to 2.76 per cent. These shares will be offloaded at a floor price, which is a tad below the recent close of the stock closed at Rs 263.24 on the NSE and Rs 262.30 on the BSE, down 0.83 per cent in the last trading session. The engagement of Goldman Sachs and Morgan Stanley as placement agents for this transaction further testifies to its size and the deal's significance for the market.&nbsp;

Zomato's market performance&nbsp;

Zomato's stock has been on this remarkable northward journey, giving multi-bagger returns of 110.68 per cent in 2024 alone. In two years, the shares surged 327.20 per cent. This growth could be credited to many strategic initiatives taken by Zomato, including a recent hike in platform fees and improvements in operational profitability in its quick commerce arm, Blinkit.&nbsp;

Blinkit was acquired by Zomato in June 2022. Zomato's board approved the Rs 4,447 crore transaction to acquire Blinkit, as detailed in an exchange filing. The ancillary business was bought for Rs 61 crore.&nbsp;

Further, the strong financial results have brought the company into the limelight of investor and analyst attention. In a recent report, the global brokerage firm UBS has just raised its target price for Zomato shares from Rs 260 to Rs 320. This seems to be on account of strong first-quarter results and positive guidance.&nbsp;

Implications of the sale&nbsp;

This move by Antfin to offload a part of its stake in Zomato could not have been more opportune. It just came right after the massive fundraising exercise by the energy transmission unit of Zomato, which raised $1 billion. It could be a strategy where it wants to cash out its investments at times the market conditions are favorable but still have a stake in a fast-growing company. The deal will most likely be watched by market participants to see its impact on the price of Zomato's stock and investor sentiment for the food delivery sector in times ahead.

Singapore-based Antfin will offload a 1.54 per cent stake in the online food delivery platform Zomato. The deal is valued at around $408 million. This comes just after Zomato posted stellar quarterly earnings, with net profit surging 126.

Singapore-based Antfin will offload a 1.54 per cent stake in the online food delivery platform Zomato. The deal is valued at around $408 million. This comes just after Zomato posted stellar quarterly earnings, with net profit surging 126.5 times to Rs 253 crore in the three months ended June 2024. The sale will likely be made through block deals at a floor price of Rs 251.68 per share, a 4 per cent discount to Zomato's last closing on the NSE. Stake sale details As of June 30, 2024, Antfin held a 4.3 per cent stake in Zomato, translating into around 13.6 crore shares. If the transaction goes through at this price, Antfin's shareholding in Zomato will come down to 2.76 per cent. These shares will be offloaded at a floor price, which is a tad below the recent close of the stock closed at Rs 263.24 on the NSE and Rs 262.30 on the BSE, down 0.83 per cent in the last trading session. The engagement of Goldman Sachs and Morgan Stanley as placement agents for this transaction further testifies to its size and the deal's significance for the market. Zomato's market performance Zomato's stock has been on this remarkable northward journey, giving multi-bagger returns of 110.68 per cent in 2024 alone. In two years, the shares surged 327.20 per cent. This growth could be credited to many strategic initiatives taken by Zomato, including a recent hike in platform fees and improvements in operational profitability in its quick commerce arm, Blinkit. Blinkit was acquired by Zomato in June 2022. Zomato's board approved the Rs 4,447 crore transaction to acquire Blinkit, as detailed in an exchange filing. The ancillary business was bought for Rs 61 crore. Further, the strong financial results have brought the company into the limelight of investor and analyst attention. In a recent report, the global brokerage firm UBS has just raised its target price for Zomato shares from Rs 260 to Rs 320. This seems to be on account of strong first-quarter results and positive guidance. Implications of the sale This move by Antfin to offload a part of its stake in Zomato could not have been more opportune. It just came right after the massive fundraising exercise by the energy transmission unit of Zomato, which raised $1 billion. It could be a strategy where it wants to cash out its investments at times the market conditions are favorable but still have a stake in a fast-growing company. The deal will most likely be watched by market participants to see its impact on the price of Zomato's stock and investor sentiment for the food delivery sector in times ahead.

Antfin Singapore to Sell $408 million stake in Zomato after strong earnings

Warren Buffett, widely regarded as the best investor of all time, also known as the 'Oracle of Omaha' and the CEO of Berkshire Hathaway, has yet again created investing history through his firm by amassing $234.6 billion in short-term US Treasury bills in a bold move. This move has resulted in Berkshire Hathaway even overtaking the Federal Reserve's $195 billion in holdings. This strategic decision has left financial experts speculating about Buffett's insights and his take on the future of the US economy.&nbsp;

In their recent earnings report, Berkshire revealed a notable increase in T-bill holdings, up from $130 billion at the end of the previous fiscal year. These Treasury bills, maturing in four to 52 weeks, offer security backed by the US government and are free from state and local taxes, making them hugely attractive to sizeable investors like Berkshire Hathaway.&nbsp;

This escalation in T-bill investments by Berkshire underlines Buffett's cautious approach amidst uncertain market conditions primarily due to the 20-year record level on which the federal funds rates stand today. During Berkshire's AGM in May, Buffett spoke about the safety of cash and equivalents over the volatile and riskier financial markets. Given stocks can yield higher returns, they also carry higher risk of capital depreciation. Whereas T-bills provide a safer yet a lower return opportunity.&nbsp;

Berkshire's strategy also includes a significant reduction in its Apple holdings, cutting the stake by around 50 per cent to $84 billion. Despite this significant reduction, Apple remains Berkshire's largest stock investment, far ahead of Bank of America at $41 billion.&nbsp;

Financial analysts view this move as a classic Buffett strategy: prioritizing safety and conservation of capital during economic uncertainty. Berkshire's record reserve of $277 billion at the last quarter's end underlines this cautious approach, setting the company apart in the US markets.&nbsp;

As investors watch Buffett's T-bill strategy unfold, the long-term payoff of this massive bet remains to be seen. However, it clearly signals Berkshire Hathaway's unique position in the market, outpacing even the Federal Reserve.

Warren Buffett, widely regarded as the best investor of all time, also known as the 'Oracle of Omaha' and the CEO of Berkshire Hathaway, has yet again created investing history through his firm by amassing $234.

Warren Buffett, widely regarded as the best investor of all time, also known as the 'Oracle of Omaha' and the CEO of Berkshire Hathaway, has yet again created investing history through his firm by amassing $234.6 billion in short-term US Treasury bills in a bold move. This move has resulted in Berkshire Hathaway even overtaking the Federal Reserve's $195 billion in holdings. This strategic decision has left financial experts speculating about Buffett's insights and his take on the future of the US economy. In their recent earnings report, Berkshire revealed a notable increase in T-bill holdings, up from $130 billion at the end of the previous fiscal year. These Treasury bills, maturing in four to 52 weeks, offer security backed by the US government and are free from state and local taxes, making them hugely attractive to sizeable investors like Berkshire Hathaway. This escalation in T-bill investments by Berkshire underlines Buffett's cautious approach amidst uncertain market conditions primarily due to the 20-year record level on which the federal funds rates stand today. During Berkshire's AGM in May, Buffett spoke about the safety of cash and equivalents over the volatile and riskier financial markets. Given stocks can yield higher returns, they also carry higher risk of capital depreciation. Whereas T-bills provide a safer yet a lower return opportunity. Berkshire's strategy also includes a significant reduction in its Apple holdings, cutting the stake by around 50 per cent to $84 billion. Despite this significant reduction, Apple remains Berkshire's largest stock investment, far ahead of Bank of America at $41 billion. Financial analysts view this move as a classic Buffett strategy: prioritizing safety and conservation of capital during economic uncertainty. Berkshire's record reserve of $277 billion at the last quarter's end underlines this cautious approach, setting the company apart in the US markets. As investors watch Buffett's T-bill strategy unfold, the long-term payoff of this massive bet remains to be seen. However, it clearly signals Berkshire Hathaway's unique position in the market, outpacing even the Federal Reserve.

How Warren Buffett's $234.6 Billion Bet on T-Bills Outshines the Federal Reserve

The stablecoin market has seen significant growth recently, expanding by $2.21 billion in around a week between August 9 and August 18. Tether, the cryptocurrency stable coin, was at the core of this increase, contributing 1.26 billion USDT to its supply, which now represents 69.4 per cent of the $168.42 billion stablecoin market. This marks a splendid 2.9 per cent growth for Tether in the last 30 days.&nbsp;

On the other hand, the PayPal-backed PYUSD stablecoin has also witnessed impressive growth. Within just ten days, PYUSD's supply surged by as much as $140.9 million, turning it into the sixth largest stablecoin, with a market cap reaching $828.86 million as of August 18. This represents an eye-catching 41.5 per cent surge in PYUSD's supply since mid-July 2024.&nbsp;

Performance of other stablecoins:&nbsp;key observations&nbsp;

In correlation, the performance of other major stablecoins was mixed. USD Coin (USDC) rose 3.3 per cent over the last month. Meanwhile, Makerdao's DAI saw a slight decrease of 1 per cent, and Ethena's USDE dropped by around 9.2 per cent, struggling to maintain its $3 billion market cap.&nbsp;

Further, First Digital's FDUSD experienced a notable 17.2 per cent rise in supply, contrasting with the stagnation seen in other stablecoins like Frax Dollar (FRAX) and True USD (TUSD), among others.&nbsp;

Several other smaller stablecoins also had shown varied results, with Alchemix USD (ALUSD) increasing by 1.1 per cent and Aave's GHO climbing by 19 per cent since July 19. However, Paxos' USDP and Gemini Dollar (GUSD) saw declines of 6.5 per cent and 6.9 per cent respectively.&nbsp;

Thus, the recent surge in the stablecoin market is mainly driven by Tether and PYUSD, indicating a growing desire for these coins within the broader crypto economy. As the market develops and evolves, the performance of these stablecoins will continue to shape the digital asset landscape.

The stablecoin market has seen significant growth recently, expanding by $2.21 billion in around a week between August 9 and August 18. Tether, the cryptocurrency stable coin, was at the core of this increase, contributing 1.

The stablecoin market has seen significant growth recently, expanding by $2.21 billion in around a week between August 9 and August 18. Tether, the cryptocurrency stable coin, was at the core of this increase, contributing 1.26 billion USDT to its supply, which now represents 69.4 per cent of the $168.42 billion stablecoin market. This marks a splendid 2.9 per cent growth for Tether in the last 30 days. On the other hand, the PayPal-backed PYUSD stablecoin has also witnessed impressive growth. Within just ten days, PYUSD's supply surged by as much as $140.9 million, turning it into the sixth largest stablecoin, with a market cap reaching $828.86 million as of August 18. This represents an eye-catching 41.5 per cent surge in PYUSD's supply since mid-July 2024. Performance of other stablecoins: key observations In correlation, the performance of other major stablecoins was mixed. USD Coin (USDC) rose 3.3 per cent over the last month. Meanwhile, Makerdao's DAI saw a slight decrease of 1 per cent, and Ethena's USDE dropped by around 9.2 per cent, struggling to maintain its $3 billion market cap. Further, First Digital's FDUSD experienced a notable 17.2 per cent rise in supply, contrasting with the stagnation seen in other stablecoins like Frax Dollar (FRAX) and True USD (TUSD), among others. Several other smaller stablecoins also had shown varied results, with Alchemix USD (ALUSD) increasing by 1.1 per cent and Aave's GHO climbing by 19 per cent since July 19. However, Paxos' USDP and Gemini Dollar (GUSD) saw declines of 6.5 per cent and 6.9 per cent respectively. Thus, the recent surge in the stablecoin market is mainly driven by Tether and PYUSD, indicating a growing desire for these coins within the broader crypto economy. As the market develops and evolves, the performance of these stablecoins will continue to shape the digital asset landscape.

Stablecoin Market Surges $2.21 Billion in a Week as Tether, PYUSD lead the way

What appeared to be an exciting race for Paramount changed its course altogether as former Warner Music Group CEO Edgar Bronfman Jr. entered a $4.3 billion emerging bid to take over the media house. This, just a few days ahead of the key date in the negotiation process, is really bringing up the mud to an already brewing deal with Skydance, according to a report by The New York Times.&nbsp;

This is a company that owns CBS, MTV, and one of the most storied movie studios in the business, which happens to be in the process of being acquired. Skydance, run by David Ellison, cut a deal in July to buy Shari Redstone's controlling shares at a price that would recapitalize the company at around $8 billion. The deal has what's called a 45-day "go-shop" provision, which means Paramount can literally shop for a better offer.&nbsp;

With a Bronfman bid would come attached producer Steven Paul, behind the "Baby Geniuses" franchise. The offer would give access to the parent corporation behind Paramount, National Amusements. Paramount, at one time a titan in TV and film, has struggled lately as the world shifts away from traditional cable TV and toward streaming services, like its own Paramount+ and Pluto TV. The company has also posted a recent profit from its streaming operations and just this week announced plans to cut 15 per cent of its workforce in the U.S. This development clearly signifies at large the decisive transition of digital viewing from cable TV towards streaming of content, i.e., streaming services. It also provides a clue for aspiring digital media players.&nbsp;

Further, the upshot of the "go-shop" window closing Wednesday should help clarify the fate of Bronfman's bid. If Paramount had otherwise decided to extend the period for negotiation, that would have meant it was taking Bronfman's offer seriously.&nbsp;

The Skydance deal is structured as a merging of Skydance with Paramount as a subsidiary, but some shareholders feel that the deal undervalues Paramount. This is a serious issue in the ongoing negotiations. It is seen that Skydance has an inflated valuation of $4.75 billion and that Ellison is overpaying for the company.&nbsp;

But Bronfman has also lined up in front of him the formidable obstacle of Ellison, who, despite deep support from his investors, offers a governance premium to allow Redstone to continue supporting him. Unless it finally nails its agreement with Skydance, Paramount will be charged a $400 million breakup fee.&nbsp;

And for all his previous association with Redstone and firsthand experience in running large organizations, though, Bronfman had leverage on his side, Paramount is sensitive to such proposals because it will have to accommodate the demands of investors before laying a claim for future longterm stability.

What appeared to be an exciting race for Paramount changed its course altogether as former Warner Music Group CEO Edgar Bronfman Jr. entered a $4.3 billion emerging bid to take over the media house.

What appeared to be an exciting race for Paramount changed its course altogether as former Warner Music Group CEO Edgar Bronfman Jr. entered a $4.3 billion emerging bid to take over the media house. This, just a few days ahead of the key date in the negotiation process, is really bringing up the mud to an already brewing deal with Skydance, according to a report by The New York Times. This is a company that owns CBS, MTV, and one of the most storied movie studios in the business, which happens to be in the process of being acquired. Skydance, run by David Ellison, cut a deal in July to buy Shari Redstone's controlling shares at a price that would recapitalize the company at around $8 billion. The deal has what's called a 45-day "go-shop" provision, which means Paramount can literally shop for a better offer. With a Bronfman bid would come attached producer Steven Paul, behind the "Baby Geniuses" franchise. The offer would give access to the parent corporation behind Paramount, National Amusements. Paramount, at one time a titan in TV and film, has struggled lately as the world shifts away from traditional cable TV and toward streaming services, like its own Paramount+ and Pluto TV. The company has also posted a recent profit from its streaming operations and just this week announced plans to cut 15 per cent of its workforce in the U.S. This development clearly signifies at large the decisive transition of digital viewing from cable TV towards streaming of content, i.e., streaming services. It also provides a clue for aspiring digital media players. Further, the upshot of the "go-shop" window closing Wednesday should help clarify the fate of Bronfman's bid. If Paramount had otherwise decided to extend the period for negotiation, that would have meant it was taking Bronfman's offer seriously. The Skydance deal is structured as a merging of Skydance with Paramount as a subsidiary, but some shareholders feel that the deal undervalues Paramount. This is a serious issue in the ongoing negotiations. It is seen that Skydance has an inflated valuation of $4.75 billion and that Ellison is overpaying for the company. But Bronfman has also lined up in front of him the formidable obstacle of Ellison, who, despite deep support from his investors, offers a governance premium to allow Redstone to continue supporting him. Unless it finally nails its agreement with Skydance, Paramount will be charged a $400 million breakup fee. And for all his previous association with Redstone and firsthand experience in running large organizations, though, Bronfman had leverage on his side, Paramount is sensitive to such proposals because it will have to accommodate the demands of investors before laying a claim for future longterm stability.

Edgar Bronfman Jr. Challenges Skydance Bid for Paramount

Brian Niccol is all set to step into his new role as Starbucks's CEO on September 9. As he takes over the charge, his top priority will be addressing the ongoing glitches in the company's mobile application. Former CEO Howard Schultz, who remains involved with the coffee giant, has labelled the application as Starbucks' "Achilles heel" on an episode of the 'Acquired' podcast in June. This issue has weakened the brand image of the company and has caused immense operational inefficiencies related to same-store sales.&nbsp;

Mobile orders now represent nearly a third of Starbucks' sales, but this dependence has brought significant challenges. The surge in digital orders often leads to longer wait times, overwhelming baristas and frustrating customers. What was designed to enhance convenience has, in many cases, disrupted the in-store customer experience, driving away patrons who find the process more stressful and demanding than satisfying.&nbsp;

Former CEO Howard Schultz, who was involved in positioning Starbucks as a "third place" between work and home, witnessed these issues first-hand during a random visit to a Chicago store. He observed overcrowded counters, long lines, delays and a chaotic atmosphere that completely contrasted with the welcoming, community-oriented environment that Starbucks was once known for. The convenience of digitally ordering through a mobile, while beneficial for on-the-go customers, has unintentionally compromised the brand's core value of creating a calm and relaxed social space.&nbsp;

This operational strain not only affects the overall customer experience but also places immense pressure on baristas, leading to burnout and dissatisfaction. As Starbucks looks to the future, addressing these significant challenges will be crucial. Incoming CEO Brian Niccol faces the task of refining and rejuvenating the mobile ordering process to bring down wait time and restore the flow between digital convenience and the in-store experience that made Starbucks an adored destination.&nbsp;

Brian Niccol brings talent and experience to the table&nbsp;

Niccol brings invaluable experience from his time at Chipotle, where he successfully dealt with similar challenges by simplifying digital orders and optimizing operations. At Chipotle, a dedicated digital order preparation line and the introduction of drive-through lanes for online pickups termed "Chipotlanes" immensely helped the company impactfully manage its booming digital sales.&nbsp;

Steps taken by Starbucks to deal with the problem&nbsp;

Starbucks has started implementing fundamental changes to tackle these challenges, including new technological equipments and the upgradation of mobile applications. Still, the rollout has been sluggish with only 40 percent of North American stores anticipated to receive the new equipment by 2026.&nbsp;

Brian will have to accelerate these efforts to restore Starbucks' reputation and boost sales to generate higher revenue. Reducing customer wait times and making the process seamless will go a long way in alleviating the strain on baristas. If he can convincingly deal with these pressing issues, he's likely to gain the trust of investors and customers alike, placing Starbucks in for a successful turnaround.

Brian Niccol is all set to step into his new role as Starbucks's CEO on September 9. As he takes over the charge, his top priority will be addressing the ongoing glitches in the company's mobile application.

Brian Niccol is all set to step into his new role as Starbucks's CEO on September 9. As he takes over the charge, his top priority will be addressing the ongoing glitches in the company's mobile application. Former CEO Howard Schultz, who remains involved with the coffee giant, has labelled the application as Starbucks' "Achilles heel" on an episode of the 'Acquired' podcast in June. This issue has weakened the brand image of the company and has caused immense operational inefficiencies related to same-store sales. Mobile orders now represent nearly a third of Starbucks' sales, but this dependence has brought significant challenges. The surge in digital orders often leads to longer wait times, overwhelming baristas and frustrating customers. What was designed to enhance convenience has, in many cases, disrupted the in-store customer experience, driving away patrons who find the process more stressful and demanding than satisfying. Former CEO Howard Schultz, who was involved in positioning Starbucks as a "third place" between work and home, witnessed these issues first-hand during a random visit to a Chicago store. He observed overcrowded counters, long lines, delays and a chaotic atmosphere that completely contrasted with the welcoming, community-oriented environment that Starbucks was once known for. The convenience of digitally ordering through a mobile, while beneficial for on-the-go customers, has unintentionally compromised the brand's core value of creating a calm and relaxed social space. This operational strain not only affects the overall customer experience but also places immense pressure on baristas, leading to burnout and dissatisfaction. As Starbucks looks to the future, addressing these significant challenges will be crucial. Incoming CEO Brian Niccol faces the task of refining and rejuvenating the mobile ordering process to bring down wait time and restore the flow between digital convenience and the in-store experience that made Starbucks an adored destination. Brian Niccol brings talent and experience to the table Niccol brings invaluable experience from his time at Chipotle, where he successfully dealt with similar challenges by simplifying digital orders and optimizing operations. At Chipotle, a dedicated digital order preparation line and the introduction of drive-through lanes for online pickups termed "Chipotlanes" immensely helped the company impactfully manage its booming digital sales. Steps taken by Starbucks to deal with the problem Starbucks has started implementing fundamental changes to tackle these challenges, including new technological equipments and the upgradation of mobile applications. Still, the rollout has been sluggish with only 40 percent of North American stores anticipated to receive the new equipment by 2026. Brian will have to accelerate these efforts to restore Starbucks' reputation and boost sales to generate higher revenue. Reducing customer wait times and making the process seamless will go a long way in alleviating the strain on baristas. If he can convincingly deal with these pressing issues, he's likely to gain the trust of investors and customers alike, placing Starbucks in for a successful turnaround.

New Starbucks CEO Brian Niccol Must Fix the Chain's Mobile App Problem

A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator.

A consultancy set up by Madhabi Buch before she became the Securities and Exchange Board of India (SEBI) chairperson is registered at the same address as its statutory auditor, reports said, raising fresh doubts about the past practices of the chief of India's market regulator. The firm came under scrutiny after the recent report by US-based short seller Hindenburg highlighted it as part of possible conflicts of interest on the part of Buch. The shared address issue was reported by Scroll website earlier this week citing the consulting firm's regulatory filings. The Scroll report, published on August 13, said the firm was identified as Agora Advisory Private Limited. The Hindenburg report had alleged that Buch previously held investments in offshore funds also used by the Adani Group. The report said that Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Adani Group Chairman Gautam Adani. Both the Buchs and the Adani group denied the allegations. A look at the consulting firm Citing documents with the Registrar of Companies, the Scroll report on Tuesday said that Agora Advisory Private Limited was incorporated on May 7, 2013, with Madhabi Buch as one of its two directors. Buch at that point was based in Singapore. She also registered another firm Agora Partners Pte Ltd, in Singapore. Agora Advisory Private Limited is located at 201, RNJ Corporate, Next to Samrat Hotel, Jawahar Road, Ghatkopar (East), Mumbai. This address was cited in the firm's latest balance sheets for the year 2023-24. Also read | Money-Wise: How can Indian market investors be saved from sudden crises like Hindenburg-Adani case? Scroll reported that these balance sheets were audited by a chartered accountancy firm called Shah and Savla LLP. But here's the catch: Shah and Savla LLP's address is the same as that of Agora Advisory Private Limited. The report pointed out that two other firms operated by Buch - Aarnaira Impact Solutions Private Limited and Aarnaira Development Foundation - also have the same address. She had stepped down from these firms before joining SEBI in 2017. Her husband Dhaval has been a director in these firms since 2019. Experts told the publication that a firm and its auditor sharing the same address was a “shady” and a “lazy” practice usually restricted to medium, small and micro enterprises in the informal sector. An expert, who chose to remain anonymous, said this was usually a sign of bad corporate governance. Also watch | World Business Watch: Hindenburg vs SEBI chief- What are experts' opinions hinting at? × Another expert highlighted that an auditor sharing its address with the auditee firm might not necessarily be a red flag, but could lead to questions about other links. Is Agora Advisory dormant or active? Apart from the controversy over Buch's firm and its auditor sharing the same address, Scroll reported citing documents that Madhabi Buch continued to hold a 99 per cent stake in Agora Advisory Private Limited till as late as March this year, despite resigning from the consulting firm in 2017. The firm has said that it is engaged in management consultancy services. Hindenburg had highlighted that the firm reported revenue of Rs 1.98 crore (around $236,063) in 2021-’22, more than four times Buch’s salary as the SEBI chief. (With inputs from agencies)

Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has&nbsp;come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group. Madhabi, in her capacity as the chairperson of SEBI, promoted Real&nbsp; Estate Investment Trusts as a promising asset class.&nbsp;

Now, it has emerged that&nbsp;Buch's husband Dhaval Buch is currently an adviser to Blackstone Inc., the world's largest alternative asset manager with over $1 trillion assets under management. Blackstone has sponsored two of the four listed Real Estate Investment Trusts.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/hindenburg-vs-sebi-chief-madhabi-buchs-consulting-firm-shares-address-with-its-auditor-says-report-751099">Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report</a>

Madhabi has refuted the conflict of interest accusations made by the US-based short-seller Hindenburg Research about her ownership of "stakes in obscure offshore funds used in the Adani money siphoning scandal."

She also stated that she had withdrawn from all Blackstone-related matters as SEBI chairperson.&nbsp;

Even though Madhabi has recused herself from all Blackstone-related affairs, the New York-headquartered asset management giant either owns or has a significant stake in major companies including the hospital chain Care Hospitals, the IT services provider Mphasis, Aadhar Housing Finance, Indiabulls Housing Finance (now Sammaan Capital), and ASK Investment Managers, among others, The Morning Context has reported.

Also watch |&nbsp;Hindenburg vs SEBI Chief: What experts are saying

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Madhabi Puri Buch and SEBI have not yet revealed whether she had recused herself from all the cases involving the Blackstone-linked companies.&nbsp;

Earlier in February, under Buch's supervision, SEBI had approved the initial public offering (IPO) of Aadhar Housing Finance, a business that Blackstone controlled.&nbsp;

The Morning Context report added that in August 2021, as a full-time SEBI member, Madhabi Puri Buch resolved an insider trading case against one Atul Goel and his business, E-city Hi-Tech Projects. This is significant because in April 2019, Ashok Goel Trust, in which Atul Goel is an advisory board member, was the 51 per cent stake buyer of Blackstone interest.

(With inputs from agencies)

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group.

SEBI chairperson Madhabi Puri Buch's connection with the asset management giant Blackstone has come under scrutiny amid Hindenburg Research report's allegations linking her to Adani group. Madhabi, in her capacity as the chairperson of SEBI, promoted Real Estate Investment Trusts as a promising asset class. Now, it has emerged that Buch's husband Dhaval Buch is currently an adviser to Blackstone Inc., the world's largest alternative asset manager with over $1 trillion assets under management. Blackstone has sponsored two of the four listed Real Estate Investment Trusts. Also read | Hindenburg vs SEBI chief: Madhabi Buch's consulting firm shares address with its auditor, says report Madhabi has refuted the conflict of interest accusations made by the US-based short-seller Hindenburg Research about her ownership of "stakes in obscure offshore funds used in the Adani money siphoning scandal." She also stated that she had withdrawn from all Blackstone-related matters as SEBI chairperson. Even though Madhabi has recused herself from all Blackstone-related affairs, the New York-headquartered asset management giant either owns or has a significant stake in major companies including the hospital chain Care Hospitals, the IT services provider Mphasis, Aadhar Housing Finance, Indiabulls Housing Finance (now Sammaan Capital), and ASK Investment Managers, among others, The Morning Context has reported. Also watch | Hindenburg vs SEBI Chief: What experts are saying × Madhabi Puri Buch and SEBI have not yet revealed whether she had recused herself from all the cases involving the Blackstone-linked companies. Earlier in February, under Buch's supervision, SEBI had approved the initial public offering (IPO) of Aadhar Housing Finance, a business that Blackstone controlled. The Morning Context report added that in August 2021, as a full-time SEBI member, Madhabi Puri Buch resolved an insider trading case against one Atul Goel and his business, E-city Hi-Tech Projects. This is significant because in April 2019, Ashok Goel Trust, in which Atul Goel is an advisory board member, was the 51 per cent stake buyer of Blackstone interest. (With inputs from agencies)

What is SEBI chief Madhabi Puri Buch's link with asset manager Blackstone all about?

A Mississippi poultry processing plant will pay $164,814 in fines and implement additional safety measures under a settlement with the US Department of Labor reached after a 16-year-old boy died at the facility.

Friday's announcement was part of a news release following up on an investigation by the department's Occupational Safety and Health Administration in the case of an underaged worker who died after he was pulled into a machine as he was cleaning it on July 14, 2023, at Mar-Jac Poultry.

"Tragically, a teenage boy died needlessly before Mar-Jac Poultry took the required steps to protect its workers," said OSHA Regional Administrator Kurt Petermeyer in Atlanta. "This settlement demands the company commit to a safer workplace environment and take tangible actions to protect their employees from well-known hazards. Enhanced supervision and increased training can go a long way toward minimising risks faced by workers in meat processing facilities."

"Mar-Jac was aware of these safety problems for years and had been warned and fined by OSHA, yet did nothing. Hopefully, Mar-Jac will follow through this time so that no other worker is killed in such a senseless manner," Jim Reeves, an attorney for the victim's family, told WHLT-TV.

The victim's family sued Mar-Jac Poultry MS, LLC, and Onin Staffing this year. The suit claimed Perez was killed because Mar-Jac chose to ignore safety regulations by choosing not to shut off machinery during sanitation. Onin Staffing was negligent as well, they say, for the illegal assignment of the 16-year-old at the plant.

Based in Gainesville, Georgia, Mar-Jac Poultry has raised live birds for poultry production since 1954 at facilities in Alabama, Georgia, and Mississippi for food service customers in the US and abroad, the DOL's news release said.

A telephone call to the company seeking comment about the settlement was unanswered on Friday.

A Mississippi poultry processing plant will pay $164,814 in fines and implement additional safety measures under a settlement with the US Department of Labor reached after a 16-year-old boy died at the facility.

A Mississippi poultry processing plant will pay $164,814 in fines and implement additional safety measures under a settlement with the US Department of Labor reached after a 16-year-old boy died at the facility. Friday's announcement was part of a news release following up on an investigation by the department's Occupational Safety and Health Administration in the case of an underaged worker who died after he was pulled into a machine as he was cleaning it on July 14, 2023, at Mar-Jac Poultry. "Tragically, a teenage boy died needlessly before Mar-Jac Poultry took the required steps to protect its workers," said OSHA Regional Administrator Kurt Petermeyer in Atlanta. "This settlement demands the company commit to a safer workplace environment and take tangible actions to protect their employees from well-known hazards. Enhanced supervision and increased training can go a long way toward minimising risks faced by workers in meat processing facilities." "Mar-Jac was aware of these safety problems for years and had been warned and fined by OSHA, yet did nothing. Hopefully, Mar-Jac will follow through this time so that no other worker is killed in such a senseless manner," Jim Reeves, an attorney for the victim's family, told WHLT-TV. The victim's family sued Mar-Jac Poultry MS, LLC, and Onin Staffing this year. The suit claimed Perez was killed because Mar-Jac chose to ignore safety regulations by choosing not to shut off machinery during sanitation. Onin Staffing was negligent as well, they say, for the illegal assignment of the 16-year-old at the plant. Based in Gainesville, Georgia, Mar-Jac Poultry has raised live birds for poultry production since 1954 at facilities in Alabama, Georgia, and Mississippi for food service customers in the US and abroad, the DOL's news release said. A telephone call to the company seeking comment about the settlement was unanswered on Friday.

Mississippi poultry plant reaches settlement with OSHA after teen's death in 2023

Over the past seven trading days, the US markets delivered its best performance of 2024, powered by encouraging economic data that eased recession fears. The NASDAQ Composite surged over 5.2 per cent, and the S&amp;P 500 jumped 4 per cent, whereas the Dow Jones clocked a return of nearly 3 per cent.&nbsp;

Going ahead, the focus shifts to the Federal Reserve. Investors are eagerly waiting for the Chair of the Federal Reserve, Jerome Powell, to deliver his speech at the Jackson Hole Symposium on Friday. This speech is going to provide insights into potential interest rate cuts in 2024 and can significantly influence investor sentiment and market expectations.&nbsp;

On the Corporate end, retail earnings will be in focus. Major retailers such as Lowe’s, BJ’s, and TJX, among others, will deliver numbers.&nbsp;

It is to be noted that the recent market rebound was largely fuelled by a busy week of economic data that helped calm fears of an impending recession. Initially, concerns were sparked by a weaker-than-expected jobs report, still with strong consumer spending coupled with a steady decline in inflation towards the Fed’s 2 per cent target and stability in layoffs have provided a sense of calm for investors.&nbsp;

Several prominent economists and Wall Street analysts now believe that the US economy is well on its way to a “soft landing” and economic condition where inflation falls to the Fed’s target without triggering a massive sell-off in equities or a significant economic downturn. Michael Gapen, head of Economics at Bank of America Securities, stated in a note that the recent data supports this optimistic outlook, with balanced economic activity and moderate inflation.&nbsp;

With a lighter economic calendar to look forward to this week Powell’s Jackson Hole speech is going to be central. Market participants will keenly look for clues about the extent and timing of future rate cuts. Still, Powell is expected to maintain his July stance of aiming to cut rates going ahead as inflation cools and the Fed reaches a point where easing rates becomes feasible depending on data.&nbsp;

Further, ongoing volatility has also been reduced as the market sentiment eases with technology stocks leading the recovery. Analysts at Citi have projected that the S&amp;P 500 could reach 5,800 level by the end of this year and the firm views growth stocks as increasingly attractive in light of the latest pullback.&nbsp;

Over the past seven trading days, the US markets delivered its best performance of 2024, powered by encouraging economic data that eased recession fears. The NASDAQ Composite surged over 5.

Over the past seven trading days, the US markets delivered its best performance of 2024, powered by encouraging economic data that eased recession fears. The NASDAQ Composite surged over 5.2 per cent, and the S&P 500 jumped 4 per cent, whereas the Dow Jones clocked a return of nearly 3 per cent. Going ahead, the focus shifts to the Federal Reserve. Investors are eagerly waiting for the Chair of the Federal Reserve, Jerome Powell, to deliver his speech at the Jackson Hole Symposium on Friday. This speech is going to provide insights into potential interest rate cuts in 2024 and can significantly influence investor sentiment and market expectations. On the Corporate end, retail earnings will be in focus. Major retailers such as Lowe’s, BJ’s, and TJX, among others, will deliver numbers. It is to be noted that the recent market rebound was largely fuelled by a busy week of economic data that helped calm fears of an impending recession. Initially, concerns were sparked by a weaker-than-expected jobs report, still with strong consumer spending coupled with a steady decline in inflation towards the Fed’s 2 per cent target and stability in layoffs have provided a sense of calm for investors. Several prominent economists and Wall Street analysts now believe that the US economy is well on its way to a “soft landing” and economic condition where inflation falls to the Fed’s target without triggering a massive sell-off in equities or a significant economic downturn. Michael Gapen, head of Economics at Bank of America Securities, stated in a note that the recent data supports this optimistic outlook, with balanced economic activity and moderate inflation. With a lighter economic calendar to look forward to this week Powell’s Jackson Hole speech is going to be central. Market participants will keenly look for clues about the extent and timing of future rate cuts. Still, Powell is expected to maintain his July stance of aiming to cut rates going ahead as inflation cools and the Fed reaches a point where easing rates becomes feasible depending on data. Further, ongoing volatility has also been reduced as the market sentiment eases with technology stocks leading the recovery. Analysts at Citi have projected that the S&P 500 could reach 5,800 level by the end of this year and the firm views growth stocks as increasingly attractive in light of the latest pullback.

Insights for the week: Focus shifts to Fed’s Jackson Hole Interaction as Markets rebound

A company accusing Starbucks of stealing its idea for coffee-flavoured lipstick and lip gloss has sued the coffee chain for a third time. 
&nbsp; 
Balmuccino filed its complaint on Friday in Manhattan federal court. Its leaders have included a sister-in-law of TV doctor Mehmet Oz.

The filing followed a Seattle federal judge's dismissal in July 2023 of an earlier version of the lawsuit on procedural grounds, the second such dismissal.

Seattle-based Starbucks had no immediate comment.

Balmuccino said it began developing coffee-flavoured lip balms in 2016 and pitched them at an October 2018 meeting in Starbucks' New York office, where it provided prototypes and other confidential information.

The Los Angeles-based company said Dr. Oz had brokered the meeting, during which he had called Starbucks Chief Executive Howard Schultz to propose a potential joint venture.

Balmuccino said Starbucks "stole" its fully developed concept for lip balms by launching its "S'mores Frappuccino Sip Kit" in April 2019.

The kits included lipstick and gloss in four shades: Campfire Spark, Chocolicious Bliss, Graham Glam, and Marshmallow Glow.

Balmuccino said Starbucks did not pay it a premium for selling Sip Kits and is seeking unspecified compensatory and punitive damages.

It said its lawsuit isn't too late because New York allows some plaintiffs to toll their statutes of limitation when they sue in the wrong forum and, "as here," a court finds it lacks jurisdiction.

Balmuccino originally sued Starbucks in Los Angeles in October 2019.

The case is Balmuccino LLC v. Starbucks Corp, U.S. District Court, Southern District of New York,&nbsp;No.&nbsp;24-06214.

A company accusing Starbucks of stealing its idea for coffee-flavoured lipstick and lip gloss has sued the coffee chain for a third time. Balmuccino filed its complaint on Friday in Manhattan federal court.

A company accusing Starbucks of stealing its idea for coffee-flavoured lipstick and lip gloss has sued the coffee chain for a third time. Balmuccino filed its complaint on Friday in Manhattan federal court. Its leaders have included a sister-in-law of TV doctor Mehmet Oz. The filing followed a Seattle federal judge's dismissal in July 2023 of an earlier version of the lawsuit on procedural grounds, the second such dismissal. Seattle-based Starbucks had no immediate comment. Balmuccino said it began developing coffee-flavoured lip balms in 2016 and pitched them at an October 2018 meeting in Starbucks' New York office, where it provided prototypes and other confidential information. The Los Angeles-based company said Dr. Oz had brokered the meeting, during which he had called Starbucks Chief Executive Howard Schultz to propose a potential joint venture. Balmuccino said Starbucks "stole" its fully developed concept for lip balms by launching its "S'mores Frappuccino Sip Kit" in April 2019. The kits included lipstick and gloss in four shades: Campfire Spark, Chocolicious Bliss, Graham Glam, and Marshmallow Glow. Balmuccino said Starbucks did not pay it a premium for selling Sip Kits and is seeking unspecified compensatory and punitive damages. It said its lawsuit isn't too late because New York allows some plaintiffs to toll their statutes of limitation when they sue in the wrong forum and, "as here," a court finds it lacks jurisdiction. Balmuccino originally sued Starbucks in Los Angeles in October 2019. The case is Balmuccino LLC v. Starbucks Corp, U.S. District Court, Southern District of New York, No. 24-06214.

Starbucks faces lawsuit over accusations of stealing the concept for coffee-flavoured lipstick

On Friday, OpenAI announced that it had disabled accounts used by an Iranian group to generate content for influencing the US presidential elections and other issues using its ChatGPT chatbot.

Operation Storm-2035 used ChatGPT to generate content on topics ranging from commentating on the candidates on both sides in the US elections to conflict in Gaza and Israel's presence at the Olympic Games, which were subsequently posted on social media accounts and sites.

An investigation by the Microsoft-backed AI firm found that ChatGPT had penned long-form articles and shorter-form social media comments.

OpenAI said that the operation does not appear to have gained any meaningful engagement with its audience.

Most of the identified social media posts had few or no likes, shares, or comments, and it did not see any indications that web articles were shared on social media.

The accounts have been banned from using OpenAI services, and the activities are continuously monitored for further attempts at violating policies, it said.

A Microsoft threat-intelligence report earlier this month said that an Iranian network, Storm-2035, composed of four websites masquerading as news outlets, is actively engaging US voter groups on opposing ends of the political spectrum.

The engagement, according to the report, was built out through "polarising messaging on issues such as the US presidential candidates, LGBTQ rights, and the Israel-Hamas conflict.".

The Nov. 5 presidential election pits Democratic candidate Kamala Harris against Republican Donald Trump, both are locked in a tight race.

The AI firm said in May it had disrupted five covert influence operations that sought to use its models for "deceptive activity" across&nbsp;the&nbsp;internet.

On Friday, OpenAI announced that it had disabled accounts used by an Iranian group to generate content for influencing the US presidential elections and other issues using its ChatGPT chatbot.

On Friday, OpenAI announced that it had disabled accounts used by an Iranian group to generate content for influencing the US presidential elections and other issues using its ChatGPT chatbot. Operation Storm-2035 used ChatGPT to generate content on topics ranging from commentating on the candidates on both sides in the US elections to conflict in Gaza and Israel's presence at the Olympic Games, which were subsequently posted on social media accounts and sites. An investigation by the Microsoft-backed AI firm found that ChatGPT had penned long-form articles and shorter-form social media comments. OpenAI said that the operation does not appear to have gained any meaningful engagement with its audience. Most of the identified social media posts had few or no likes, shares, or comments, and it did not see any indications that web articles were shared on social media. The accounts have been banned from using OpenAI services, and the activities are continuously monitored for further attempts at violating policies, it said. A Microsoft threat-intelligence report earlier this month said that an Iranian network, Storm-2035, composed of four websites masquerading as news outlets, is actively engaging US voter groups on opposing ends of the political spectrum. The engagement, according to the report, was built out through "polarising messaging on issues such as the US presidential candidates, LGBTQ rights, and the Israel-Hamas conflict.". The Nov. 5 presidential election pits Democratic candidate Kamala Harris against Republican Donald Trump, both are locked in a tight race. The AI firm said in May it had disrupted five covert influence operations that sought to use its models for "deceptive activity" across the internet.

OpenAI shuts Iranian group's ChatGPT accounts over alleged attempts to influence US election

On Friday, National Australia Bank, the nation's number three lender by total loans, posted that profit dropped for the June quarter, partly due to amplified costs caused by inflation, which in turn fueled competition; however, a measure of its core operating margins held steady, according to it, and sent its shares higher.

The company stands out as Australia's number one business lender and top-tier mortgage provider, and warned that its business banking portfolio is deteriorating, with "non-performing" loans hitting their highest level in at least two years.

In a limited trading update for the third quarter, it said its net interest margin (NIM), a closely watched measure of bank performance, had remained stable compared to the first two quarters.

Its underlying profit fell 8 per cent to A$1.75 billion from the same three months a year earlier but met analysts' expectations, based on halving the average forecast of second-half profit compiled by market data aggregator Visible Alpha.

Analysts seized on the NIM figure as a sign that the bank may make its way through a price war since 2022, in which interest rate hikes and inflation have prompted lenders to sacrifice margins to lure more customers.

NAB shares climbed 1.5 per cent in mid-session trade, in line with the broader Australian market, as investors looked beyond some softening in the bank's loan quality to focus on its core profit measure.

"Little signs of deterioration in NIM versus market expectations is what is likely to keep the market encouraged so far," said JPMorgan brokers in a client note.

Australia's banks said initially after interest rates began rising that most borrowers were able to make repayments, but have recently reported rising financial stress. NAB said on Friday its asset quality deteriorated further in the June quarter.

The bank said that its ratio of "non-performing exposures to gross loans" was 1.31 per cent at June-end, up 11 basis points since March and the highest since at least September 2021. The bank didn't publish a comparable metric earlier.

The increase reflected "continued broad-based deterioration in the Business &amp; Private Banking business lending portfolio, combined with higher arrears for the Australian mortgage portfolio", it added.

NAB, which commands 23 per cent of the nation's A$1 trillion business lending market, is the most exposed of the nation's so-called Big Four banks to a surge in companies entering external administration, which reached a record in the year to June, according to Australian Securities and Investments Commission&nbsp;data.

On Friday, National Australia Bank, the nation's number three lender by total loans, posted that profit dropped for the June quarter, partly due to amplified costs caused by inflation, which in turn fueled competition; however, a measure of its core operating margins held steady, according to it, and sent its shares higher.

On Friday, National Australia Bank, the nation's number three lender by total loans, posted that profit dropped for the June quarter, partly due to amplified costs caused by inflation, which in turn fueled competition; however, a measure of its core operating margins held steady, according to it, and sent its shares higher. The company stands out as Australia's number one business lender and top-tier mortgage provider, and warned that its business banking portfolio is deteriorating, with "non-performing" loans hitting their highest level in at least two years. In a limited trading update for the third quarter, it said its net interest margin (NIM), a closely watched measure of bank performance, had remained stable compared to the first two quarters. Its underlying profit fell 8 per cent to A$1.75 billion from the same three months a year earlier but met analysts' expectations, based on halving the average forecast of second-half profit compiled by market data aggregator Visible Alpha. Analysts seized on the NIM figure as a sign that the bank may make its way through a price war since 2022, in which interest rate hikes and inflation have prompted lenders to sacrifice margins to lure more customers. NAB shares climbed 1.5 per cent in mid-session trade, in line with the broader Australian market, as investors looked beyond some softening in the bank's loan quality to focus on its core profit measure. "Little signs of deterioration in NIM versus market expectations is what is likely to keep the market encouraged so far," said JPMorgan brokers in a client note. Australia's banks said initially after interest rates began rising that most borrowers were able to make repayments, but have recently reported rising financial stress. NAB said on Friday its asset quality deteriorated further in the June quarter. The bank said that its ratio of "non-performing exposures to gross loans" was 1.31 per cent at June-end, up 11 basis points since March and the highest since at least September 2021. The bank didn't publish a comparable metric earlier. The increase reflected "continued broad-based deterioration in the Business & Private Banking business lending portfolio, combined with higher arrears for the Australian mortgage portfolio", it added. NAB, which commands 23 per cent of the nation's A$1 trillion business lending market, is the most exposed of the nation's so-called Big Four banks to a surge in companies entering external administration, which reached a record in the year to June, according to Australian Securities and Investments Commission data.

NAB reports profit decline, investors applaud margin stability

Japan’s Prime Minister Fumio Kishida's resignation is more likely to cause a hiccup in the Bank of Japan's plan to steadily lift interest rates from near zero.

Then there could be some acceptance of pause for a considerable period: not only in the way the leadership race of the ruling party shapes up but also in the way market moves become key in the political debate on the favoured pace of rate hikes, analysts say.

Kishida, who handpicked Kazuo Ueda as BOJ governor last year, said on Wednesday he will not stand in his ruling Liberal Democratic Party's (LDP) leadership race in September.

The BOJ worked in tandem with Kishida's administration to preach the benefits of higher wages. Days before the BOJ's rate hike in July, Kishida said his backing toward an exit from ultra-low interest rates signified a policy normalisation that would support Japan's shift to a growth-driven economy.

Kishida's exit creates a political vacuum at a high level of uncertainty over economic policy and complicates BOJ's efforts to pull off a smooth exit from easy monetary conditions in coordination with the government.

Most assumed front-runners have backed the policy, which includes only very gradual increases in Japan's current ultralow interest rates, mainly as a means to keep sharp falls in the yen at bay.

Shigeru Ishiba, viewed as one of the frontrunners to take over from Kishida as the next LDP leader and therefore premier, would not comment directly but said the BOJ was "on the right policy track" in raising rates slowly, according to Reuters.

Other contenders, such as party heavyweights Toshimitsu Motegi and Taro Kono, have also repeatedly spoken of the need for higher interest rates and hawkish communication by the BOJ.

The only candidate urging aggressive easing is dark horse Sanae Takaichi, who belongs to a party group that supported former premier Shinzo Abe's stimulus policies.

"Takaichi might be an exception, but most candidates don't seem to be against the BOJ's policy normalisation. If so, there won't be much disruption to the bank's long-term rate hike path," said veteran BOJ watcher&nbsp;Mari&nbsp;Iwashita.

Japan’s Prime Minister Fumio Kishida's resignation is more likely to cause a hiccup in the Bank of Japan's plan to steadily lift interest rates from near zero. Then there could be some acceptance of pause for a considerable period: not only in the way the leadership race of the ruling party shapes up but also in the way market moves become key in the political debate on the favoured pace of rate hikes, analysts say.

Japan’s Prime Minister Fumio Kishida's resignation is more likely to cause a hiccup in the Bank of Japan's plan to steadily lift interest rates from near zero. Then there could be some acceptance of pause for a considerable period: not only in the way the leadership race of the ruling party shapes up but also in the way market moves become key in the political debate on the favoured pace of rate hikes, analysts say. Kishida, who handpicked Kazuo Ueda as BOJ governor last year, said on Wednesday he will not stand in his ruling Liberal Democratic Party's (LDP) leadership race in September. The BOJ worked in tandem with Kishida's administration to preach the benefits of higher wages. Days before the BOJ's rate hike in July, Kishida said his backing toward an exit from ultra-low interest rates signified a policy normalisation that would support Japan's shift to a growth-driven economy. Kishida's exit creates a political vacuum at a high level of uncertainty over economic policy and complicates BOJ's efforts to pull off a smooth exit from easy monetary conditions in coordination with the government. Most assumed front-runners have backed the policy, which includes only very gradual increases in Japan's current ultralow interest rates, mainly as a means to keep sharp falls in the yen at bay. Shigeru Ishiba, viewed as one of the frontrunners to take over from Kishida as the next LDP leader and therefore premier, would not comment directly but said the BOJ was "on the right policy track" in raising rates slowly, according to Reuters. Other contenders, such as party heavyweights Toshimitsu Motegi and Taro Kono, have also repeatedly spoken of the need for higher interest rates and hawkish communication by the BOJ. The only candidate urging aggressive easing is dark horse Sanae Takaichi, who belongs to a party group that supported former premier Shinzo Abe's stimulus policies. "Takaichi might be an exception, but most candidates don't seem to be against the BOJ's policy normalisation. If so, there won't be much disruption to the bank's long-term rate hike path," said veteran BOJ watcher Mari Iwashita.

Kishida's exit stirs political uncertainty, casting shadows on BOJ’s delicate rate hike strategy

The Chinese firm TikTok argued in a federal appeals court on Thursday that the US Department of Justice overstated the social media app's ties to China, urging it to throw out a law necessitating China-based ByteDance to sell TikTok's US assets or face a ban.

TikTok, which has sued to overturn the law, said the Justice Department has gotten the facts wrong in the case. Department attorneys argued that the app is a national security threat because the Chinese government can collect data on Americans and covertly manipulate the content they see.

TikTok said on Thursday that it is undisputed that the app's content recommendation engine and user data are stored in US cloud servers operated by Oracle and moderation on the content that would affect US users are made in the US.

The law allows ByteDance until January 19 to sell TikTok—with the alternative facing a ban—was signed by President Joe Biden on April 24. The White House said they wanted an end to Chinese-based ownership on the grounds of national security but did not want to put in place a total ban on TikTok.

The appeals court is scheduled to hear oral arguments in the legal fight on Sept. 16, thrusting the issue of TikTok's fate deep into the final weeks of the Nov. 5 presidential election.

Developments in the case come after Republican presidential candidate Donald Trump joined TikTok, saying in June he would never support a TikTok ban.

In July, Democratic Presidential Candidate Vice President Kamala Harris joined TikTok and dialled up social media as part of her campaign strategy.

TikTok countered Thursday that the law would divest it of its free-speech right, countering the Justice Department's contention that the content curation decisions of the short video app are "speech of a foreigner" and not protected by the US Constitution.

"By the government's logic, a U.S. newspaper that republishes the content of a foreign publication - Reuters, for example - would lack constitutional protection," the company said.

The law blocks Apple, Alphabet's Google, etc., from offering TikTok and prohibits internet hosting services from providing its back-end services to TikTok unless it is divested by ByteDance.

Fueled by fears in Congress that China might use the app to collect data on Americans or even spy on them, the measure passed overwhelmingly just weeks after its&nbsp;introduction.

The Chinese firm TikTok argued in a federal appeals court on Thursday that the US Department of Justice overstated the social media app's ties to China, urging it to throw out a law necessitating China-based ByteDance to sell TikTok's US assets or face a ban.

The Chinese firm TikTok argued in a federal appeals court on Thursday that the US Department of Justice overstated the social media app's ties to China, urging it to throw out a law necessitating China-based ByteDance to sell TikTok's US assets or face a ban. TikTok, which has sued to overturn the law, said the Justice Department has gotten the facts wrong in the case. Department attorneys argued that the app is a national security threat because the Chinese government can collect data on Americans and covertly manipulate the content they see. TikTok said on Thursday that it is undisputed that the app's content recommendation engine and user data are stored in US cloud servers operated by Oracle and moderation on the content that would affect US users are made in the US. The law allows ByteDance until January 19 to sell TikTok—with the alternative facing a ban—was signed by President Joe Biden on April 24. The White House said they wanted an end to Chinese-based ownership on the grounds of national security but did not want to put in place a total ban on TikTok. The appeals court is scheduled to hear oral arguments in the legal fight on Sept. 16, thrusting the issue of TikTok's fate deep into the final weeks of the Nov. 5 presidential election. Developments in the case come after Republican presidential candidate Donald Trump joined TikTok, saying in June he would never support a TikTok ban. In July, Democratic Presidential Candidate Vice President Kamala Harris joined TikTok and dialled up social media as part of her campaign strategy. TikTok countered Thursday that the law would divest it of its free-speech right, countering the Justice Department's contention that the content curation decisions of the short video app are "speech of a foreigner" and not protected by the US Constitution. "By the government's logic, a U.S. newspaper that republishes the content of a foreign publication - Reuters, for example - would lack constitutional protection," the company said. The law blocks Apple, Alphabet's Google, etc., from offering TikTok and prohibits internet hosting services from providing its back-end services to TikTok unless it is divested by ByteDance. Fueled by fears in Congress that China might use the app to collect data on Americans or even spy on them, the measure passed overwhelmingly just weeks after its introduction.

TikTok challenges US allegations on China links in court appeal