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North America
CNBC Economy

India’s Finance Minister blames easy exits and excess liquidity for equity market's underperformance

Excess liquidity in India's equity market has contributed to underperformance and may continue to do so, according to Finance Minister Nirmala Sitharaman. "Because of the ease of liquidity, ease of availability, people are even exiting easily" from equities, Sitharaman told CNBC in an exclusive interview on the sidelines of the IMF-World Bank meetings in Bangkok on Friday. However, the fundamentals of the Indian economy are "fine," she said. Since January, India's key benchmark indexes have slipped nearly 12%, as per LSEG data, even though the country's economic growth has been resilient amid trade uncertainty and geopolitical shocks. India has been hit with record outflows by foreign investors from its equity markets, and Sitharaman said that continued capital outflows are one of the biggest risks for India in 2027. Still, domestic capital continues to flood the market. Indian equity mutual funds have recorded net inflows every month since March 2021, according to data released by industry body Association of Mutual Funds in India earlier this month. Multinational companies, private equity funds and foreign investors have been able to make partial or full exits from their investments at a premium. Between 2021 and 2025, Indian initial public offerings collectively raised $60.4 billion, of which "a staggering" $37.7 billion, or 63% of total proceeds, went to existing holders who sold their shares to the public, an EY report in August said. Foreign portfolio investors have sold direct Indian equities of over $33 billion so far this year, as per Indian depository firm NSDL. India has gained a reputation as an anti-artificial intelligence trade, while markets like Taiwan and Korea, with AI champions, have attracted strong investment flows. The flight of capital toward AI and the U.S., which otherwise moves toward different countries for different sectoral investments, is "a concern," she added. Taiwan now has the largest market weighting in the MSCI Asia Pacific ex-Japan index at 29%, while Korea has moved into second place at 22%, as per a report by Goldman Sachs on Oct. 8. India's share has compressed from 19% a few years ago to 10%, it added. But with the global AI rally showing cracks, Sitharaman said India wouldn't be "hurt" from any spillover if the bubble burst. India has not received the "AI kind of investments coming into different jurisdictions," she said. Sitharaman, who is India's longest-serving finance minister to hold the office continuously, added that the South Asian country was "no longer a laggard" in the frontier tech space and investment was being made to set up semiconductor manufacturing. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

India’s Finance Minister blames easy exits and excess liquidity for equity market's underperformance
Europe
The Guardian

Meta strikes deal with Zuckerberg to protect him from California wealth tax

Zuckerberg, worth $239bn, according to Forbes, told Meta he was considering moving his primary residence outside California because Prop 40 could expose him to a massive tax liability. Photograph: Godofredo A Vásquez/APView image in fullscreenZuckerberg, worth $239bn, according to Forbes, told Meta he was considering moving his primary residence outside California because Prop 40 could expose him to a massive tax liability. Photograph: Godofredo A Vásquez/APMetaMeta strikes deal with Zuckerberg to protect him from California wealth taxCompany says deal will keep its chief executive living in California even if state brings in one-off billionaire tax Meta has struck a deal with Mark Zuckerberg to protect him from the threat of a California wealth tax targeting billionaires. The social media company behind Facebook, Instagram and WhatsApp revealed on Wednesday night that the arrangement would keep its chief executive living in California, where its headquarters are located. Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill in the event that California passes a one-off billionaire tax. In return, he is committed to remain a resident of the state, or wherever Meta maintains its base, for eight years Californians will vote early next month on Proposition 40 – a one-time 5% tax on the roughly 250 billionaires who live in the state. Zuckerberg, worth $239bn according to Forbes, told Meta he was considering moving his primary residence elsewhere because Prop 40 could expose him to a massive tax liability, potentially forcing him to sell voting shares to pay it. In response, Meta is creating a new class of non-voting shares via a two-for-one stock split for all existing shareholders. This will allow Zuckerberg to sell some of this new class C shares to pay a potential tax bill, without diluting his control of the company. Recent polling has shown that Prop 40 remains short of majority support with voters. Tech billionaires have been spending heavily to fight the measure, including the Google co-founder Sergey Brin, the Palantir co-founder Peter Thiel, and former Google CEO Eric Schmidt. Rohit Khanna, the US congressman representing California’s 17th congressional district, has dubbed Prop 40 as a choice between standing with the working class or the oligarchs. “Every society is taxed. The only question is who will pay. In Trump’s America, working people pay more than they should, while billionaires are so unburdened that they are becoming trillionaires. In the America we seek, billionaires and trillionaires will pay their fair share, while working people will be unburdened,” Khanna wrote in the Guardian last week. Meta also reported a 26% rise in revenues for the last quarter to $64.6bn, beating expectations of $63.3bn.

Meta strikes deal with Zuckerberg to protect him from California wealth tax
Asia-Pacific
Channel NewsAsia

Sri Lankan turbine project fuels anger as fish hauls plunge

The project has been blamed for a host of problems, from dwindling catches to floods, fuelling opposition to green energy projects as fuel costs soar. This photograph taken on Oct 3, 2026 shows a fisherman working on fishing nets at a beach near a wind power plant in Sri Lanka's mannar peninsula. (Photo: AFP/Ishara S Kodikara) SRI LANKA: Beneath rotating wind turbines on Sri Lanka's Mannar peninsula, a fishing net is hauled up the beach by tractor winches and 20 men, but once again the catch is meagre. "I've been fishing here since I was a boy," said Venkatasamy Kalimuththu, 65, looking disappointedly at the catch - a few good fish, some small fry, and several clumps of seaweed. "Before the wind turbines were installed, we caught a lot of fish," he added. "Now, much less." Since they appeared six years ago, the Mannar wind turbines have been blamed for a host of problems - from dwindling catches to floods, fuelling opposition to green energy projects as fuel costs soar. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Local residents are determined to see them dismantled or, at the very least, prevent more from being built. The opposition comes as war in the Middle East sends fuel and electricity costs soaring, making the shift to renewable energy an economic imperative. Although he admits he has no proof, Kalimuththu is convinced the spinning blades are driving fish away. "When the fans rotate, the shadow falls on the water," he said. "So the fish don't swim up to the shallows." His colleagues agree, also blaming the turbines - as well as competition from Indian trawlers. "We are not opposed to renewable energy in principle," said Lesley Jesurajan, a leading figure in the local civil society group OPEnE. "But not here. There are plenty of other places to install wind turbines."

Sri Lankan turbine project fuels anger as fish hauls plunge
Europe
BBC Business

'I'm 96 and have 15 million followers': The grannies taking over TikTok

Ninety-six-year-old Lillian Droniak, known as Grandma Droniak to her social media followers, went viral in June after claiming her retirement home had threatened to evict her for throwing parties. The home later confirmed the threat, but reached a settlement with Droniak that allowed her to keep partying – but not supply alcoholic drinks. With 15 million followers, Droniak has turned her personality into a lucrative business, earning enough from social media to cover her nursing home fees of $12,000 (£9,000) a month. The Connecticut grandma is one of many older women finding unexpected fame online, with most of their audiences often young enough to be their grandchildren. From fashion and food to dating and homemaking, they are finding new audiences and, in some cases, a new lease of life. "I always knew I had it in me to be famous, I just didn't think it would happen in my 90s," Droniak tells me, explaining that her grandson began helping her post videos in 2020, initially out of boredom. She believes her appeal lies in showing younger people that life doesn't stop as you get older. "They think old people just sit and stare at a wall but I'm showing it's not that bad to get old. We embrace it, can still have fun and I'm still partying and going out sometimes." Her grandson edits her sponsored content, which includes partnerships with food and beauty brands. As well as paying for her nursing home fees, the money also goes towards a college fund for her great-grandchildren. Despite being recognised by fans in public, she says her fame feels different at the retirement home. "They don't get it as they don't go on TikTok." On the other side of the Atlantic, there's Viv Truran, an equally cheeky and cheery 82-year-old from Cardiff. She started posting on Instagram after losing her husband and her neighbour suggested filming her colourful outfits.

'I'm 96 and have 15 million followers': The grannies taking over TikTok
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex down over 700 pts, Nifty 50 below 22,600; Q2 results, US Fed decision in focus

Sensex Today, Nifty 50 | Stock Market Live Updates: Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 28th October 2026. Sensex traded 633.22 pts or 0.86% lower at 72,965.45 at 9.17 am after opening at 73,253.44 from 73,598.67 previous close. Nifty 50 depreciated 156.35 pts or 0.69% to 22,593.40 Markets will see stock-specific action due to key results. Among the companies that will declare their September quarter results included HUL, Adani Ports & SEZ, Adani Enterprises, Hyundai Motors India, Vedanta, TVS Motor and Hero MotoCorp. Jio to make trading debut after record $3.2 billion IPO. Follow our live coverage here Benchmark indices ended virtually unchanged on Tuesday, October 27, 2026. The BSE Sensex closed at 73,598.67, down 8.08 points or 0.01 per cent, after swinging between a high of 73,762.98 and a low of 73,179.41 through the session. The NSE Nifty50 settled at 22,749.75, down 3.45 points or 0.02 per cent, touching an intraday high of 22,829.75 before profit-booking pulled it back. Oil prices climbed 1.6% to $115.7 a barrel after an attack on a refinery in top exporter Saudi Arabia renewed concerns about energy supply disruptions and inflation. Global deal momentum across tech, manufacturing, and energy drives investments, partnerships, and awards for Infosys, MIDHANI, Subros, Exide, Choice Intl, and more. Top gainers of Nifty 50: L&T (+5.87%), Bajaj Auto (+2.13%), SBI Life (+1.08%), Maruti (+0.63%) Top losers: Infosys (-4.48%), HCL Tech (-3.89%), Tech Mahindra (-3.75%), TCS (-3.23%), Tata Consumer (-3.15%) Sensex traded 633.22 pts or 0.86% lower at 72,965.45 at 9.17 am after opening at 73,253.44 from 73,598.67 previous close. Nifty 50 depreciated 156.35 pts or 0.69% to 22,593.40 “Crypto markets extended their recovery as improving global equity sentiment, stronger US economic data and expectations of a Federal Reserve pause supported investor participation. Bitcoin moved above $80,000, while Ethereum strengthened beyond $2,350, even as inflation and institutional positioning remained mixed. US consumer confidence improved and durable goods orders increased, reducing immediate recession concerns. Stable Treasury yields and lower oil prices also eased some pressure on financial conditions. However, elevated Australian inflation reinforced expectations of further regional tightening, while firm US demand may encourage the Federal Reserve to maintain cautious policy guidance despite holding rates. The combination supports crypto liquidity without signaling a broader shift toward easier monetary conditions.

Sensex today | Stock Market Live: Sensex down over 700 pts, Nifty 50 below 22,600; Q2 results, US Fed decision in focus
Asia
The Hindu BusinessLine

Jio Platforms Share Price & IPO Listing Live: Mukesh Ambani's Jio set for trading debut after record IPO

Signage at the Jio World Centre, developed by Reliance Industries Ltd., in Mumbai, India, on Monday, Oct. 26, 2026. Jio Platforms Ltd.’s $3.1 billion initial public offering drew strong demand, particularly from institutional investors, as the country’s biggest-ever share sale defied the drag of a weeklong selloff in Indian equities. Photographer: Dhiraj Singh/Bloomberg | Photo Credit: DHIRAJ SINGH Jio Platforms IPO listing today, Jio Platforms share price live updates: Check share price, IPO, subscription status, IPO allotment, listing price and more | Mukesh Ambani’s telecoms and digital unit Jio Platforms is set to list in Mumbai on Wednesday, after its $3.2 ‌billion IPO. The issue, priced at ₹1,119 per share at the upper end of the price band, received 22.19 times overall subscription, with total demand across the public issue and anchor placement exceeding ₹7.4 lakh crore. Analysts have advised investors to consider a long-term holding strategy, citing the company’s digital ecosystem, technology platform and growth opportunities in artificial intelligence, enterprise services and fixed broadband. At the issue price, the company is valued at approximately ₹10.3 lakh crore. The company will use the proceeds from the fresh issue primarily to repay up to ₹27,500 crore of borrowings at Reliance Jio Infocomm. Sensex traded 633.22 pts or 0.86% lower at 72,965.45 at 9.17 am after opening at 73,253.44 from 73,598.67 previous close. Nifty 50 depreciated 156.35 pts or 0.69% to 22,593.40 “Today’s market action will be focussed on the Jio Platform listing. With the QIB portion of the IPO oversubscribed by 70.5 times. there will be huge appetite for the stock at fair valuations.” “Listing of JIO platform is definitely a milestone in the Indian capital market . It is a major Indian digital infrastructure business with substantial growth opportunities. Jio has more than 500 million subscribers and a large telecom network, alongside broadband, enterprise technology, cloud and AI opportunities. Large Growth Potential with Attractive higher revenue per user, home broadband, enterprise services and monetisation of digital platforms could support future growth. Execution will determine how much value these opportunities create. It is definitely a long term bet & every investor would like to have the share in its portfolio.” Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Jio Platforms Share Price & IPO Listing Live: Mukesh Ambani's Jio set for trading debut after record IPO
North America
CNBC Economy

Women may be at greater risk of AI job losses. Telephone switch operators and PCs show why.

Decades before Siri or Alexa or ChatGPT, there was a real person, almost always a woman, at the center of the information world. She was so vital, most long-distance communication could not happen without her. She was the telephone switch operator, and at one time she was part of the single largest occupation for white, U.S.-born women under age 20. The world is struggling to figure out what the dawn of artificial intelligence means for society, culture and the economy. A lot of ordinary Americans are just wondering what it means for their jobs. The history of technological progress — from automated telephone switches to the introduction of the washing machine and the personal computer — can offer some guidance. And that guidance suggests women are likely to be among the most affected by AI. "AI is focused on routine tasks and numbers and finding patterns, and those types of jobs are the clerical, administrative jobs that a lot of women hold,'' said Ariane Hegewisch, a senior research fellow at the Institute for Women's Policy Research. "It's still 90% of secretaries and clerical workers who are women." New research backs this up. The International Labour Organization in March concluded that nearly one in 10 women in high-income countries works in occupations at the highest risk from AI. In the 1940s, nearly 95% of America's telephone operators were female. It was a relatively well-paying job for women at the time, and a complicated one: It took months of training to be able to handle the several hundred calls an hour that could come in at peak times. Operators were expected to be speedy, precise — and polite. These women were hit hard when AT&T introduced the automated telephone switch. It was one of the largest automation investments in history — a close analog to the massive AI investment now underway — and created one of the biggest technological shocks the nation had ever seen. In the decades after the automatic switch was popularized, an estimated 75,000 operator jobs vanished. Economists James Feigenbaum from Boston University and Daniel P. Gross from Duke University's Fuqua School of Business studied census and paycheck data from the time and followed local employment trends along the path of AT&T's rolling investment in switches across the nation. "The effect of this shock on incumbent operators was to dispossess many of their jobs and careers," they wrote in 2020. Many switchboard operators wound up in lower-paying jobs — or dropped out of the workforce entirely, they found. Economist David Autor says this outcome reflects the reality that many workers are already in their highest and best-paying occupation. When the job goes away, the next step is often down.

Women may be at greater risk of AI job losses. Telephone switch operators and PCs show why.
Europe
BBC Business

L'Oreal says weight loss drugs are impacting beauty and skin care sales

Beauty giant L'Oreal says the rise of weight loss drugs has affected beauty and skin care sales, as it designs products to specifically target some side effects of rapid weight loss. The company's head Nicolas Hieronimus said the beauty market was proving resilient in a challenging global context, and that the use of GLP-1s was "a very important phenomenon for us". He told an investor call that the rise in their use was "having an impact on beauty consumption and skin care consumption in particular". L'Oreal, which owns other popular brands including Maybelline and La Roche-Posay, announced on Thursday that sales in the three months to September rose by 7.7%, above analyst expectations. The use of GLP-1s has boomed in popularity in recent years, after drugs developed to treat diabetes such as Ozempic, Wegovy and Mounjaro were found to also lead to significant weight loss because they supress the appetite. While it is not caused by GLP-1 drugs directly, rapid weight loss can, for some people, come with a side effect of loose skin - including around the face. Hieronimus said L'Oreal's brands SkinCeuticals and Kiehl's have products "that have been designed to work alongside and complement GLP-1 and its side effects on skin sagging" and other effects related to rapid weight loss. L'Oreal has also moved further into the clinical aesthetic space, increasing its stake in dermatology firm Galderma to 20% last December. Both companies have been testing products on GLP-1 users worried about loose skin in separate clinical trials, according to Reuters. Galderma owns popular aesthetic products including Sculptra, an injectable aimed at stimulating collagen production, and Restylane, which is an injectable dermal filler. Last year the aesthetic firm released a report into the rise of GLP-1 use and related concerns about changes in facial appearance. Its own survey of weight loss medication users found the vast majority had noticed changes to their facial appearance after using those drugs.

L'Oreal says weight loss drugs are impacting beauty and skin care sales
Europe
BBC Business

Zuckerberg wins Meta deal to help him foot bill for possible California billionaire tax

Meta has agreed to a new deal with chief executive Mark Zuckerberg to prevent him from leaving California over a proposed state tax on billionaires. The agreement gives Zuckerberg, whose wealth is estimated to exceed $200bn (£149bn), even more shares in Meta to make up for the fraction of his fortune he may lose if the tax wins voter approval in November. The measure would impose a one-time 5% tax on residents with a net worth of more than $1bn. It would likely see the Facebook co-founder pay around $10bn in additional state taxes. He secured the deal with a special committee of Meta after "robust" and "at several points, contentious" negotiations, according to a Wednesday financial disclosure. California is home to most of the US's technology giants and there are around 225 billionaires who reside in the state, according to the Americans for Tax Fairness campaign group. The wealth of such people, including Zuckerberg, has ballooned in recent years. Meanwhile, his estimated effective tax rate in California was less than 1%, external each year. Nevertheless, Zuckerberg told Meta's board last month that he was thinking of moving his primary residence out of California, and even selling his property in the state. His main homes in Californa are in Palo Alto and Lake Tahoe. Such a move "would be public and inevitably noted and commented upon by company employees", Zuckerberg told the board. It would also "raise questions for management of the company going forward", he claimed. In response, Meta decided to create more shares of stock in the company in order to give Zuckerberg a way to essentially make up any wealth he may lose through the tax proposal. Through what's known as a stock split announced by the company on Wednesday, Meta created an entirely new type of stock and gave one new share to each existing shareholder. Zuckerberg is one of the company's largest shareholders and famously controls the company through the design of his holdings. Through the deal, he will receive more stock, more often, and also be able to sell it on a quarterly basis, according to the company's financial filing. The shares will not change his level control over Meta, but they will allow him to cash in more easily on the company's value.

Zuckerberg wins Meta deal to help him foot bill for possible California billionaire tax