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☆ Nanonets, an AI-powered workflow automation startup, just raised $29 million with this 23-slide pitch deck
▼ + stars: | 2024-03-12 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

AI workflow automation startup Nanonets has raised $29 million in new funding. Check out the 24-slide pitch deck Nanonets used the land the funds. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNanonets, an AI workflow automation startup, has raised $29 million in new funding.

Persons: —, Jain Organizations: Accel India, Capital, Service, Business

☆ The fastest-growing hedge funds are now investing conglomerates. That's changing how investors judge the biggest firms.
▼ + stars: | 2024-02-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

The rise in multi-manager hedge funds over the past five years has forced allocators to create a separate due diligence model for the fastest-growing segment in the industry. Even an executive at a midsized multi-manager admits their firm and its peers are "more like corporations than hedge funds." AdvertisementA new type of hedge-fund kingsFounders were once simply the best traders and money-makers, spinning out of banks' trading desks and larger hedge funds. Bobby Jain, the former Millennium executive starting his own multi-billion hedge fund, hasn't traded in decades but was a part of the leadership team at one of the biggest hedge funds in the world. Jobs at multi-manager platforms are roughly a quarter of the industry's overall roles, despite these funds holding roughly 14% of the assets.

Persons: —, allocators, Griffin's, Izzy Englander's, Jack Springate, Allen Cheng, Cheng, Bobby Jain, hasn't, Michael Gelband, Dmitry Balyasny, Steve Cohen, Izzy Englander, Ajay, Kevin Lyons, Lyons, Springate Organizations: Service, Business, Fortune, Goldman Sachs Asset Management, Aon, Millennium, Treasury Locations: Schonfeld's

☆ AI startup Glean lures Citigroup as investor at $2.2 billion valuation after revenue quadruples
▼ + stars: | 2024-02-27 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Arvind Jain, co-founder and CEO of Glean, makes a selfie with employees of the startup, which is based in Palo Alto, Calif. Artificial intelligence startup Glean attracted tech companies Databricks and Workday into its latest investment round. Glean, whose software sifts through corporate repositories to provide quick answers to workers' questions, said Tuesday that it's raised $200 million at a $2.2 billion valuation. Glean's annualized revenue at the end of January was $39 million, up from $10 million a year earlier. While Glean initially targeted the tech industry, it's now looking to expand in financial services, retail, manufacturing and other sectors, Jain said.

Persons: Arvind Jain, it's, Kleiner Perkins, Arvind Purushotham, OpenAI, Jain, Glean, Purushotham, Citi hasn't, Cathy Gao Organizations: Wall, Banking, Citigroup, Lightspeed, Sequoia, Citi Ventures, CNBC, Microsoft, Google, Sony Electronics, Citigroup's, Citi, Nvidia, Sapphire Locations: Palo Alto, Calif, LLMs, OpenAI, Glean

☆ Hot hedge fund trends collide at a new AI-powered multi-strategy fund
▼ + stars: | 2024-02-26 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Ascendance Asset Management, founded by former AllianceBernstein investor Bob Kim, will be a multi-strategy hedge fund that plans to integrate artificial intelligence across the investing and risk management process, several sources familiar with the matter told Business Insider. Kim was the director of research at Visium and a portfolio manager for Izzy Englander's Millennium before working as the chief investment officer for AB's Arya fund, the multi-billion multi-strategy fund within the asset manager's alternatives business. AdvertisementThe firm also brought on a former executive from billionaire Stan Druckenmiller's hedge fund Duquesne, John Kovitch, to be its head of trading. The goal, sources told BI, is for each portfolio manager to have their own personalized AI agent helping them trade. These firms need people, especially investing talent, pushing up compensation and guaranteed payouts across the industry.

Persons: Bob Kim, Ascendance, Kim, Izzy Englander's, AB's Arya, Josh Adam, Adam, Steve, Goldman Sachs, Stan Druckenmiller's, John Kovitch, Bobby Jain's Jain Organizations: Service, Management, Industry, Business, SAC, Duquesne, Citadel Locations: New York, London, Asia, GLG

☆ Warren Buffett calls out stock-market gamblers and honors the late Charlie Munger in his annual letter
▼ + stars: | 2024-02-24 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Warren Buffett hailed Charlie Munger as the "architect" of Berkshire Hathaway in his annual letter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWarren Buffett paid tribute to Charlie Munger, touted four of Berkshire Hathaway's biggest bets, and voiced frustration in his annual letter to shareholders published on Saturday. He shaped Berkshire into a world-beating conglomerate and helped Buffett evolve from bargain hunting to buying businesses at fair prices.

Persons: Warren Buffett, Charlie Munger, Berkshire Hathaway, Buffett, —, Charlie, he's, Munger, Ajit Jain, Greg Abel, Bertie Organizations: Service, Berkshire, American Express, Occidental Petroleum Locations: Berkshire, Omaha , Nebraska, Munger, United States, Omaha

☆ Indian State's Polygamy Ban Divides Some Muslim Women
▼ + stars: | 2024-02-11 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +4 min

For others like Jafar, Muslim politicians and Islamic scholars, it is an unwelcome stunt by Prime Minister Narendra Modi's Hindu nationalist party. A 2013 survey found 91.7% of Muslim women nationwide saying a Muslim man should not be allowed to have another wife while married to the first. The Supreme Court in 2017 found the Islamic instant divorce unconstitutional, but the order did not ban polygamy or some other practices that critics say violate equal rights for women. The All India Muslim Personal Law Board called the code impractical and a direct threat to a multi-religious Indian society. "Banning polygamy makes little sense because data shows very few Muslim men have more than one wife in India," said board official S.Q.R.

Persons: Bano, Sadaf Jafar, Jafar, Narendra Modi's, Modi's, Ilyas, Rupam Jain, William Mallard Organizations: DELHI, Reuters, Modi's Bharatiya Janata Party, BJP, SOCIETY BJP, Islam Locations: Islam, Uttarakhand, India's, India, Uttar Pradesh

☆ Violent Protests in Indian City Kills Two, More Than 80 Injured
▼ + stars: | 2024-02-09 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

NEW DELHI (Reuters) - Two people were killed and more than 80 injured in violent protests in India's northern city of Haldwani following a government demolition drive against what it calls illegal encroachments, officials said on Friday. "I can confirm two have lost their lives and three people are serious (injured)," said senior police official Prahlad Narayan Meena. "Over 80 suffered injuries due to stone pelting, including some police and reporters." He said locals of the area, including Muslim clerics, should have been taken into confidence before starting the drive. "Every rioter who indulged in arson and stone pelting is being identified.

Persons: Prahlad Narayan Meena, Sumit, Pushkar Singh Dhami, Saurabh Sharma, Rupam Jain, Michael Perry Organizations: Police Locations: DELHI, India's, Haldwani, Uttarakhand, Nainital, New Delhi

☆ HSBC analyst discusses shipping giant Maersk's fall in profits
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHSBC analyst discusses shipping giant Maersk's fall in profitsParash Jain, head of shipping and ports research at HSBC, says as soon as the Red Sea crisis is over, "reality will hit" and freight rates will drop "quite rapidly."

Persons: Jain Organizations: HSBC

☆ I spent 6 years studying to become a chartered accountant. Then I gave it all up to become a soft-skills trainer.
▼ + stars: | 2024-02-08 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Akansha Jain spent 6 years studying to be a Chartered Accountant for six years. AdvertisementThis as-told-to essay is based on a conversation with Akansha Jain , a 38-year-old Chartered Accountant turned soft-skills training freelancer based in the National Capital Region, India. Studying to become a chartered accountant was one of the hardest things I have done. I finally became a chartered accountant in 2009. AdvertisementLooking back at my own career transition, when it comes to hard skills versus soft skills, I don't think one is more important than the other.

Persons: Akansha Jain, Jain, — Organizations: Service, National Capital Locations: National Capital Region, India, Delhi

☆ China's housing bust is happening at 'a historically rapid pace' only seen in the worst collapses of the last 3 decades
▼ + stars: | 2024-02-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Most pressing, however, is its real estate trouble, which the International Monetary Fund characterized as a historic bust matching levels only seen in the worst collapses of the last three decades. AdvertisementYears of overreliance on real estate as an engine of the economy has led to a buildup of risks, the researchers said. Now, Beijing must clean up distressed developers like Evergrande and Country Garden, support falling real estate prices, and figure out how to put the sector on a more sustainable path. The collapse has transpired at "a historically rapid pace only seen in the largest housing busts in cross-country experience in the last three decades," researchers said. "Large public subsidies in the previous decade helped millions of people move to newer housing from older buildings lacking modern amenities.

Persons: Henry Hoyle, Sonali Jain, Chandra, homebuyers Organizations: International Monetary, Business, Housing, IMF Locations: Beijing, China

☆ Jain Global's talent roster: Here is everyone Bobby Jain has hired so far ahead of the 2024 launch of his monster hedge fund
▼ + stars: | 2024-02-06 | by ( Alex Morrell | ) www.businessinsider.com time to read: +1 min

Bobby Jain has been assembling his team ahead of a planned summer 2024 launch of Jain Global. Jain Global is expected to be one of the largest hedge fund launches ever. BI just added to a running list of Jain Global hires, including names, job titles, and past employers. Since last summer, former Millennium executive Bobby Jain has been laying the groundwork for one of the buzziest hedge fund start-ups ever. Early on he set his sights on becoming the largest launch on record, drawing inevitable comparisons to ExodusPoint, the previous industry record-setter with a $8.5 billion launch back in 2018.

Persons: Bobby Jain, —, Michael Gelband, huff Organizations: Jain, Jain Global, Service, Millennium, Business

☆ IMF expects new housing demand in China to drop by around 50% in the next decade
▼ + stars: | 2024-02-02 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — Demand for new housing in China is set to drop by around 50% over the next decade, making it harder for Beijing to quickly bolster the country's overall growth. China's real estate sector and related industries have accounted for about a quarter of the country's gross domestic product. Zhang said China's housing demand would remain large, and policy support would gradually kick in. "Therefore, a significant decline in housing demand is very unlikely to happen," he said. The IMF report compared housing demand and new starts from the 2012 to 2021 period with estimates for 2024 to 2033.

Persons: Zhengxin Zhang, Zhang, Evergrande, Sonali Jain, Chandra, Nir Klein Organizations: Nurphoto, Getty, International Monetary Fund's, IMF, U.S ., People's Bank of China Locations: Huai'an, China, BEIJING, Beijing, Evergrande, Hong Kong, Asia, Pacific

☆ Hunger is India’s ‘biggest problem’ — one of the world's largest food producers leaves millions hungry
▼ + stars: | 2024-01-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

A labourer works inside a mill of refined wheat flour at Khanna in India's Punjab state on May 18, 2022. "Hunger is the biggest problem in India," a representative of global agribusiness Bunge told CNBC on the sidelines of the Commodity Trading Week held in Singapore. If they are getting the food, it's not nutritious," said Amit Sharma, Bunge's global trade execution team leader. India's Department of Food and Public Distribution did not immediately respond to CNBC's request for comment. Vipin Kumar | Hindustan Times | Getty ImagesIndia's food problem is also compounded by the fact that the rising middle class is on course to demand for more food — and better quality food as well.

Persons: Sajjad Hussain, Bunge, There's, Amit Sharma, Sharma, India's, Garima, Louis Dreyfus, Vipin Kumar, Jain, It's Organizations: AFP, Getty, CNBC, Logistics, International Trade Administration, U.S . Commerce Department, India's Department of Food, ITA, Hindustan Times Locations: Khanna, India's Punjab, India, Singapore

☆ Modi's Party Set to Bring Contentious Common Civil Laws in India Through States
▼ + stars: | 2024-01-31 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

Framing a national common law has been one of the three core, decades-old promises of Modi's Bhartiya Janta Party (BJP). The northern state of Uttarakhand, nestled in the Himalayan foothills, is expected to unveil a Uniform Civil Code (UCC) bill next week, officials said. A committee set up in Uttarakhand in 2022 to draft the code will submit its work to the state government on Friday. "Several state governments across India are looking at whether a uniform civil code could be implemented," Nalin Kohli, a national BJP spokesperson said. Personal laws can be legislated by both federal and state governments, and other BJP-ruled states have said they could use the Uttarakhand UCC draft as a template.

Persons: Krishn Kaushik, Rupam Jain, Saurabh Sharma, Narendra Modi's, Modi's, Asaduddin Owaisi, Nalin Kohli, Pushkar Singh Dhami, Ram, Biswa Sarma, Keshav Prasad Maurya, Sumit Khanna, Jatindra, Lincoln Organizations: Saurabh Sharma NEW DELHI, Janta Party, BJP, UCC, Kashmir, Uttarakhand UCC, Reuters Locations: Indian, Jammu, Kashmir, Uttarakhand, India, Assam, Uttar Pradesh, New Delhi, Lucknow, Ahmedabad, Bhubaneshwar

☆ Why Trump Is the Republican Establishment - The New York Times
▼ + stars: | 2024-01-30 | by ( Lakshya Jain | Armin Thomas | ) www.nytimes.com time to read: +1 min

A year later, as Mr. DeSantis’s presidential campaign stalled, at least a handful of G.O.P. megadonors found new hope in Nikki Haley, with the Koch network announcing millions of dollars in support of her presidential campaign. It would be fair to say that the project has fallen flat: Mr. DeSantis suspended his presidential campaign on Jan. 21, and Ms. Haley’s hopes have now dwindled to a thin thread after her loss in New Hampshire. By Donald Trump and his allies, this primary will be portrayed as a victory over a Republican establishment with which he had been at odds for years. But although Mr. Trump has routinely positioned himself as a political outsider, it is clear — now more than ever — that he has become the Republican establishment, and the party’s fate increasingly seems inextricably tied to his.

Persons: Ron DeSantis, ”, Donald Trump, megadonors, Nikki Haley, Koch, DeSantis, Haley’s, Trump Organizations: New York Post, Republican Locations: Florida, New Hampshire

☆ India's role as a wheat exporter is now 'ruled out,' says agricultural merchant and processor
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's role as a wheat exporter is now 'ruled out,' says agricultural merchant and processorGarima Jain, deputy CEO and head of grains for India at Louis Dreyfus, says India's food security is paramount.

Persons: Jain, Louis Dreyfus Locations: India

☆ Bilt Rewards is the first neighborhood loyalty platform, says General Catalyst chairman Ken Chenault
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBilt Rewards is the first neighborhood loyalty platform, says General Catalyst chairman Ken ChenaultAnkur Jain, Bilt Rewards founder and CEO, and Ken Chenault, General Catalyst chairman and managing director and Bilt Rewards board chairman, join 'Squawk Box' to discuss the company's rewards program, how Bilt partners with real estate owners and allows its users to earn points when paying their rent, and more.

Persons: Ken Chenault Ankur, Bilt, Ken Chenault Organizations: Catalyst

☆ Investment management firm says it feels 'vindicated' in betting on Adani
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestment management firm says it feels 'vindicated' in betting on AdaniRajiv Jain, chairman and chief investment officer at GQG Partners, discusses the Adani-Hindenburg saga and says the "vast majority" of allegations was "yesterday's news," adding that "markets have clearly spoken."

Persons: Rajiv Jain Organizations: Email Investment, GQG Partners

☆ This fund scored a big win with its bet on Adani. Now, it could be pressing pause
▼ + stars: | 2024-01-18 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Art school teacher Sagar Kambli gives final touches to a painting of Indian businessman Gautam Adani (L) highlighting the ongoing crisis of the Adani group in Mumbai on February 3, 2023. One of the biggest investors in India's Adani Enterprises says he may be done doubling down on his investment. So I don't know [if] we'll double down further," Jain said on "Street Signs Asia." I don't know whether we'll go further from here." Adani Enterprises, owned by one of India's richest men Gautam Adani, is one of the country's top three conglomerates.

Persons: Sagar Kambli, Gautam Adani, Rajiv Jain, Jain, we'll Organizations: India's Adani Enterprises, GQG Partners, CNBC, Adani Enterprises, Hindenburg Locations: Mumbai, New

☆ Shipping 'thrives amid chaos,' HSBC says
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShipping 'thrives amid chaos,' HSBC saysParash Jain, HSBC's global head of shipping and ports research, discusses the Red Sea shipping crisis.

Persons: Parash Jain Organizations: Email Shipping, HSBC

☆ Trucking firm XPO to buy bankrupt Yellow's service centers for $870 mln
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

Yellow Corp. trailers sit idle at a YRC shipping facility in North Reading, Massachusetts, U.S., August 16, 2023. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsDec 5 (Reuters) - Trucking company XPO Inc (XPO.N) won a bid to buy 28 service centers of bankrupt Yellow Corp for $870 million in a closely watched auction of the nearly 100-year-old firm's assets. Yellow, formerly known as YRC, filed for Chapter 11 bankruptcy protection in August after blaming the International Brotherhood of Teamsters union for its demise. The U.S. Bankruptcy Court in Delaware will hold a hearing on Dec. 12 to approve the bids. Yellow's bankruptcy process was closely watched after its demise potentially saddled U.S. taxpayers with losses stemming from a government rescue.

Persons: Brian Snyder, XPO, Jonathan Chappell, XPO's, Aishwarya Jain, Pooja Desai, Krishna Chandra Organizations: Yellow Corp, REUTERS, Trucking, XPO Inc, International Brotherhood of Teamsters, Walmart, Evercore ISI, Estes Express Lines, Swift Transportation Holdings, U.S, Bankruptcy, Thomson Locations: North Reading , Massachusetts, U.S, North America, Delaware

☆ Credit demand in India's banking system remains healthy, Goldman Sachs says
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCredit demand in India's banking system remains healthy, Goldman Sachs saysRahul Jain, co-head of Asia financial research at Goldman Sachs, says its strategy team is overweight on Indian banks.

Persons: Goldman Sachs, Rahul Jain Locations: Asia

☆ Twilio to cut about 5% of total workforce
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +1 min

The logo of communication company Twilio is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsDec 4 (Reuters) - Cloud communications platform Twilio Inc (TWLO.N) said on Monday it will lay off about 5%, or 295, of its total workforce by the first quarter of 2024 to achieve profitable growth. The company expects to incur about $25 million to $35 million associated with the restructuring in the last three months of 2023. Earlier this year, Twilio cut 17% of its staff and closed some of its offices.

Persons: Chris Helgren, Twilio, Tanya Jain, Krishna Chandra Organizations: REUTERS, Twilio, Tech, Spotify, Microsoft, Thomson Locations: Toronto , Ontario, Canada, San Francisco, Bengaluru

"After these results, it looks like there is no stopping Modi," said Yashwant Deshmukh, poll expert with C-Voter agency, adding that stopping Modi would be a "herculean task". The BJP won the regional votes in three of four major states, including central Rajasthan and Chhattisgarh which were ruled by Congress. One of the challenges facing the opposition are the factious ties within the INDIA alliance. Congress refused to share seats in state polls with key regional ally the Samajwadi Party. "The future of the alliance is good if the Congress party works on it with full commitment," he said.

Persons: India's, Narendra Modi, of Home Affairs Amit Shah, Narendra Modi's, Modi, Yashwant Deshmukh, Rahul Gandhi, Manish Tewari, Manoj Kaka, Gandhi, Baijayant Panda, Saurabh Sharma, Miral Organizations: Bharatiya Janata Party, BJP, Indian, Union, of Home Affairs, Narendra Modi's Bharatiya Janata Party, Voter, Congress, Reuters, Samajwadi Party, Thomson Locations: Ahmedabad, India, DELHI, Britain, Rajasthan, Chhattisgarh, Karnataka, INDIA, Lucknow

"We always said we will win the heartland states," BJP President Jagat Prakash Nadda told Reuters. However, a 28-party opposition alliance led by the Congress party has come together to jointly fight BJP, posing a new challenge. But the alliance did not feature in the state polls due to internal rivalries and it was a direct contest between BJP and Congress. Politicians and analysts say state elections do not always influence the outcome of the general elections or accurately indicate national voter mood. Results of the last round of state elections before national elections have been misleading in the past.

Persons: Stringer, Narendra Modi, Modi, Rahul Gandhi, Jagat Prakash Nadda, Jyotiraditya Scindia, Gandhi, Supriya Shrinate, Gurmeet Chadha, Ira Dugal, Lincoln, Christopher Cushing Organizations: REUTERS, DELHI, Bharatiya Janata Party, BJP, Telangana, Reuters, Developmental, Congress, Thomson Locations: Madhya Pradesh, Indore, India, Rajasthan, Chhattisgarh, Telangana, Karnataka, Mizoram, Mumbai

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