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Altman says world should trust AI firms

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Altman says world should trust AI firms

Sam Altman, chief executive of ChatGPT maker OpenAI, said yesterday that the public should trust AI companies to keep the technology safe, while accepting that people were right to be concerned about its risks.

“The world should trust that we are going to do the right thing because it’s the right thing and we feel the magnitude of this,” Altman said at Dreamforce, the annual gathering of Salesforce clients in San Francisco.

“It doesn’t take as much imagination as it used to for [us] to imagine how this could go wrong,” he said. “I think the world is right to be afraid of this.”

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Altman said AI companies were capable of regulating themselves. “We will get it right,” he said, adding that if firms could not keep “alignment and safety way ahead of capabilities” they would “slow down or stop”.

The remarks were his first public comments since a post went viral last week from a researcher who quit Anthropic, claiming AI could “kill all humans” by the end of the decade if left unchecked.

Industry leaders back self-regulation

Nvidia chief executive Jensen Huang, speaking at the same conference, said AI firms should decide whether new versions of the technology are released, rather than outside forces.

“We don’t need new laws or regulations,” he said, adding there should not be a “false choice” between the speed of innovation and the safety of AI products. Huang argued that safety is an “engineering problem” and that companies should “take a pause” if they lose confidence in a product.

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After Altman’s comments, Meta chief executive Mark Zuckerberg wrote on X that every AI firm had the ability and the incentive “to take its own actions” towards safety.

“Any lab that doesn’t focus on alignment will fall behind,” he wrote. “Labs face significant liability if their models cause harm, so they have a strong incentive to prevent this as well.”

The recent warnings from inside the industry prompted Anthropic chief executive Dario Amodei to call for the pace of AI development to slow and for governments to regulate the sector. His call was applauded by Altman, Google DeepMind co-founder Demis Hassabis and Elon Musk.

Speaking at Dreamforce yesterday, Amodei said Anthropic was now in “a dialogue with the rest of the industry” about committing to better safety standards and checks on AI tools and development.

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OpenAI executive Chris Lehane said last week that the company was working with other labs, including Anthropic and Google DeepMind, “to advance frontier AI standards, building a voluntary effort now, with or without government support.”

Critics question industry oversight

Critics say companies cannot be trusted to police themselves. Senator Bernie Sanders said decisions about AI had been left to “a handful of the richest people in the world”, while former White House strategist Steve Bannon said the public could not trust tech oligarchs to regulate themselves.

Jack Clark, an Anthropic co-founder and executive, told the BBC on Monday that leaving AI as a “totally unregulated industry” was “rolling dice with immense risks”.

Yoshua Bengio, one of the pioneers of modern AI, wrote on X that “ambitious efforts outside the for-profit sector” were needed to “avert the worst risks from AI”.

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President Donald Trump has rejected calls for more guardrails, describing fears about AI safety as a “hoax” and saying the only guardrail needed was a “strong and smart” president.

New US legislation looks unlikely soon. In an interview with Axios published on 3 September, Altman said he had expected Congress to create a “basic framework” for advanced AI after his 2023 testimony, suggesting lawmakers had struggled to regulate without “slow[ing] down innovation”.

Congress returned from its summer break on Monday, but there is no consensus in either party on regulation, and the House is due to enter recess again at the end of this week ahead of the midterm elections in early November.

In the UK, Business Matters reported last week that Anthropic released its Claude Mythos 5.1 model without submitting it to the AI Security Institute for testing.

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Cherry Martin
About the author

Cherry Martin

Cherry is Associate Editor of Business Matters with responsibility for planning and writing future features, interviews and more in-depth pieces for what is now the UK’s largest print and online source of current business news.

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Paytm shares jump 7% as Jefferies, other brokerages raise target prices and earnings estimates after new UPI charges

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Paytm shares jump 7% as Jefferies, other brokerages raise target prices and earnings estimates after new UPI charges
Paytm shares sharply rallied more than 7% on Wednesday as brokerages issued bullish notes and increased target prices for the fintech stock after the government announced the first-ever Merchant Discount Rate (MDR) on select UPI transactions above Rs 2,000.

The company’s shares rallied sharply to Rs 1,855.50 apiece on NSE, on track to record the sharpest single-day jump since August 10, when they surged 10% after Bernstein gave its first-ever price target above the company’s original IPO price.

The government will introduce MDR on some Person-to-Merchant (P2M) UPI transactions from October 15 onwards, with merchants paying 0.4% on transactions above Rs 2,000, the National Payments Corporation of India (NPCI) announced on Tuesday. A maximum fee of Rs 300 can be levied on such transactions of Rs 75,000 or more.

Also read | Paytm, Mobikwik, Pine Labs shares rally up to 7% after govt announces UPI fees above Rs 2,000. Why brokerages are bullish

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What Paytm said on new MDR charges

Paytm, in an exchange filing on Tuesday, said the government’s latest move will generate additional revenue from the merchant business for many of the payment transactions that were free earlier. The fintech platform highlighted that no charge will be levied on customers for UPI payments, which shall continue to remain free of charge for them.


NPCI announced that consumers will not be charged for making UPI payments, while Person-to-Person (P2P) transfers will also remain free. Small merchants classified under the P2PM framework, including vendors receiving up to Rs 1 lakh a month through UPI QR codes, will continue to be protected from MDR.

Jefferies on Paytm share price

Jefferies maintained its ‘Buy’ call on Paytm shares, and increased its target price to Rs 2,150 apiece, implying over 24% upside potential. After recently increasing earnings estimates for the fintech platform, Jefferies again increased its earnings estimates for FY28-29 by 10-12% to factor in a 40 bps revenue pool even after making adjustments for exemptions, competitive pricing and other aspects.The international brokerage also raised FY27 profit estimate by 18%, factoring in a slight benefit in FY27 as well. It also raised the target price for Pine Labs to Rs 235 apiece.

Also read | UPI Charges Explained: Will you pay a fee for Rs 2,000+ UPI payments? Government clarifies what users need to know

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JM Financial on Paytm share price

JM Financial increased its target price for the shares of Paytm to Rs 2,150 apiece, implying more than 24% upside potential from the stock’s previous closing price, while maintaining its ‘Buy’ call on the stock. The notified MDR rate is materially above the 25 bps JM Financial had modelled in, but the carve-outs are also broader than assumed, forcing our hand to cut the eligible-GMV overlay to 20% (from 30% earlier).

The new charges on UPI transactions are expected to generate incremental revenue of Rs 2.1 billion in FY27 and Rs 4.7 billion in FY28, according to the domestic brokerage. “MDR converts a structurally zero-revenue GMV pool into ‘monetisable’ volume with nearly full flow-through to EBITDA, not to mention a clear resolution to the long-standing regulatory overhang on UPI monetisation,” it added.

Emkay Global on Paytm share price

Emkay Global Research meanwhile said the latest move will likely benefit Paytm and Pine Labs, while maintaining its ‘Buy’ calls on the stocks and increasing target prices to Rs 2,400 and Rs 230 respectively. The latest target price for Paytm implies around 39% upside potential.

“UPI acquiring now carries a commercial revenue model that is contractual, recurring, and scales with value, in place of a discretionary annual subsidy. This will make the payment business structurally self-sustaining, making the business model much more resilient,” the domestic brokerage said, adding that even on conservative assumptions, it estimates Paytm to generate UPI MDR revenue of Rs 1,120 crore in FY28, and expects Pine Labs to generate Rs 155 crore in the same year.

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Also read | New charges on UPI payments: Here’s what you will be charged for stock market investments

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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Morrisons sales growth accelerates as turnaround strategy continues

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Business Live

The supermarket group reported like-for-like sales growth of 3.2% over the latest quarter, boosted by hot weather and the World Cup

A Morrisons store in Eastwood, Nottinghamshire

A Morrisons store in Eastwood, Nottinghamshire(Image: Joseph Raynor/ Nottingham Post)

Morrisons has posted its strongest sales growth in over a year as the supermarket chain’s turnaround continues to gain momentum.

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The heavily indebted retailer said it benefited from warm weather and the World Cup during the most recent quarter.

Chief executive Rami Baitieh said the group’s performance was “robust” and outpaced the broader UK grocery market following investment in competitive pricing.

The Bradford-based company reported that group like-for-like sales rose by 3.2% over the 13 weeks to 26 July, compared with the same period a year earlier.

Total sales climbed to £4.1bn for the quarter, the company added.

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Mr Baitieh said: “Our stronger sales momentum reflected a broad-based improvement across the business – with our supermarkets, online, convenience, pharmacy and Myton manufacturing businesses all reporting good growth, underlining our progress with our plans to renew and modernise Morrisons.

“We are pleased with our third quarter performance.

“Our stronger like-for-like sales, the combination of lower prices and volume growth, and our market share improvement, are all clear evidence that our strategy is delivering and that we remain on track with our plans.”

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Edison International: Buy The Panic, Collect 8%

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Edison International: Buy The Panic, Collect 8%

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NATO pathway opened for Australian defence industry

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NATO pathway opened for Australian defence industry

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Generali options flow points to institutional roll, not new directional bet

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Generali options flow points to institutional roll, not new directional bet

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(PHOTO) Owala’s New Pokemon Water Bottles Land at Target for the Franchise’s Big 30th Anniversary Bash

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Little Tikes Launches Neutral 'Cloud Collection' Turning Classic Cozy Coupe

KEY POINTS

Owala’s New Pokemon Water Bottles Land at Target Wednesday for the Franchise’s Big 30th Anniversary Bash

Drinkware brand Owala is releasing a new collection of Pokemon-themed water bottles exclusively at Target on Wednesday, timing the launch to coincide with the video game franchise’s 30th anniversary celebrations.

The Owala x Pokemon collection features five distinct FreeSip water bottle designs built around some of the franchise’s most recognizable characters. Confirmed designs include a bright yellow, cream and blue bottle centered on Pikachu, marketed as the “Pikachu I Choose You” edition, alongside separate bottles dedicated to Charizard and Gengar, a design featuring Eevee alongside its evolved forms Sylveon and Vaporeon, and a Kanto Starter Trio bottle bringing together Bulbasaur, Charmander and Squirtle. Owala gave fans an early look at the collection through a short video posted to Instagram ahead of the official release, showcasing the designs across the lineup.

Owala’s FreeSip bottles, the format used across the new Pokemon collection, are known for a two-way spout system that lets users drink either upright through an integrated straw or tilt the bottle back to use a wider opening. The stainless steel bottles also feature insulated construction, a leak-resistant push-button lid, and a carry loop that doubles as a lock when closed, features consistent with Owala’s broader special-edition bottle lineup.

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Target has not yet published final retail pricing for the collection, though at least one confirmed listing shows a 16-fluid-ounce stainless steel Pikachu design available on Target’s website. Given that Owala’s existing special-edition FreeSip bottles at Target typically retail in the range of $25 to $30 depending on size and finish, industry watchers have said the new Pokemon collection is likely to fall within that same general pricing tier, though exact prices for each of the five designs had not been officially confirmed as of the collection’s launch.

Target typically publishes new product drops to its website around 3 a.m. Eastern time, though the retailer had not officially confirmed the exact release time for the Pokemon collection ahead of Wednesday’s launch, according to retail coverage tracking the release. Target did tease the collaboration on its website in the days leading up to launch, confirming the collection was arriving Wednesday without detailing full pricing or size information for each design at that time.

Ahead of the official release, photos purporting to show the bottles already stocked on store shelves at some Target locations began circulating online, including images shared to social media and community forums showing the Charizard and Kanto Starter Trio designs apparently pulled directly from shelves before the collection’s confirmed launch date. One widely shared image showed a bagged Charizard bottle still bearing a printed “Remove Before Display” instruction, suggesting at least some Target locations had received and begun unpacking shipments of the collection ahead of schedule.

The character lineup selected for the collaboration leans on some of Pokemon’s most consistently popular and recognizable figures. Pikachu, the franchise’s mascot, anchors the collection, while Charizard and Gengar represent two of the series’ most enduringly popular non-mascot characters among longtime fans. The inclusion of Eevee and its evolved forms, along with the original three Kanto starter Pokemon, rounds out a lineup aimed at covering a broad cross-section of the franchise’s decades-spanning fan base without requiring more niche or recent character selections.

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The collaboration’s timing is no coincidence. Wednesday’s release coincides directly with Pokemon’s 30th anniversary, marking three decades since Nintendo’s original Pokemon video games first launched and sparked what has since grown into one of the best-selling media franchises in history, spanning video games, a long-running animated series, and a global trading card game. The Owala collaboration joins a broader wave of 30th-anniversary merchandise tied to the milestone, including a Pokemon Trading Card Game 30th Celebration set that has also drawn significant attention from collectors and retailers in recent weeks, as well as a separate collaboration between apparel brand Adidas and Pokemon featuring three bomber jackets sold exclusively through Dick’s Sporting Goods.

As with many of Owala’s prior special-edition and licensed collaborations, the Pokemon collection is expected to be available for a limited time only, a pattern that has previously driven quick sellouts for the brand’s other themed drops, including past Halloween-specific FreeSip designs and other limited-run collaborations sold exclusively through Target. Owala has built a reputation in recent years for regularly releasing themed and collaboration bottles through Target, a pattern that has turned each new drop into a closely watched event among the brand’s dedicated fan following, many of whom track upcoming releases through retail-focused deal and collector community websites.

The exact online release time and full pricing details for all five Pokemon designs are expected to become clear once Target’s individual product listings go live, with retail tracking sites advising shoppers interested in the collection to check Target’s website directly on the morning of the release, given the retailer’s history of limited initial stock for similarly hyped licensed collaborations. Shoppers interested in the broader Owala lineup, including the brand’s standard FreeSip water bottles in various sizes, can find those products available now through Target’s website and in select stores, independent of the new Pokemon-specific collection’s release.

Drinkware brand Owala is releasing a new collection of Pokemon-themed water bottles exclusively at Target on Wednesday, timing the launch to coincide with the video game franchise’s 30th anniversary celebrations.

Advertisement

The Owala x Pokemon collection features five distinct FreeSip water bottle designs built around some of the franchise’s most recognizable characters. Confirmed designs include a bright yellow, cream and blue bottle centered on Pikachu, marketed as the “Pikachu I Choose You” edition, alongside separate bottles dedicated to Charizard and Gengar, a design featuring Eevee alongside its evolved forms Sylveon and Vaporeon, and a Kanto Starter Trio bottle bringing together Bulbasaur, Charmander and Squirtle. Owala gave fans an early look at the collection through a short video posted to Instagram ahead of the official release, showcasing the designs across the lineup.

Owala’s FreeSip bottles, the format used across the new Pokemon collection, are known for a two-way spout system that lets users drink either upright through an integrated straw or tilt the bottle back to use a wider opening. The stainless steel bottles also feature insulated construction, a leak-resistant push-button lid, and a carry loop that doubles as a lock when closed, features consistent with Owala’s broader special-edition bottle lineup.

Target has not yet published final retail pricing for the collection, though at least one confirmed listing shows a 16-fluid-ounce stainless steel Pikachu design available on Target’s website. Given that Owala’s existing special-edition FreeSip bottles at Target typically retail in the range of $25 to $30 depending on size and finish, industry watchers have said the new Pokemon collection is likely to fall within that same general pricing tier, though exact prices for each of the five designs had not been officially confirmed as of the collection’s launch.

Target typically publishes new product drops to its website around 3 a.m. Eastern time, though the retailer had not officially confirmed the exact release time for the Pokemon collection ahead of Wednesday’s launch, according to retail coverage tracking the release. Target did tease the collaboration on its website in the days leading up to launch, confirming the collection was arriving Wednesday without detailing full pricing or size information for each design at that time.

Advertisement

Ahead of the official release, photos purporting to show the bottles already stocked on store shelves at some Target locations began circulating online, including images shared to social media and community forums showing the Charizard and Kanto Starter Trio designs apparently pulled directly from shelves before the collection’s confirmed launch date. One widely shared image showed a bagged Charizard bottle still bearing a printed “Remove Before Display” instruction, suggesting at least some Target locations had received and begun unpacking shipments of the collection ahead of schedule.

The character lineup selected for the collaboration leans on some of Pokemon’s most consistently popular and recognizable figures. Pikachu, the franchise’s mascot, anchors the collection, while Charizard and Gengar represent two of the series’ most enduringly popular non-mascot characters among longtime fans. The inclusion of Eevee and its evolved forms, along with the original three Kanto starter Pokemon, rounds out a lineup aimed at covering a broad cross-section of the franchise’s decades-spanning fan base without requiring more niche or recent character selections.

The collaboration’s timing is no coincidence. Wednesday’s release coincides directly with Pokemon’s 30th anniversary, marking three decades since Nintendo’s original Pokemon video games first launched and sparked what has since grown into one of the best-selling media franchises in history, spanning video games, a long-running animated series, and a global trading card game. The Owala collaboration joins a broader wave of 30th-anniversary merchandise tied to the milestone, including a Pokemon Trading Card Game 30th Celebration set that has also drawn significant attention from collectors and retailers in recent weeks, as well as a separate collaboration between apparel brand Adidas and Pokemon featuring three bomber jackets sold exclusively through Dick’s Sporting Goods.

As with many of Owala’s prior special-edition and licensed collaborations, the Pokemon collection is expected to be available for a limited time only, a pattern that has previously driven quick sellouts for the brand’s other themed drops, including past Halloween-specific FreeSip designs and other limited-run collaborations sold exclusively through Target. Owala has built a reputation in recent years for regularly releasing themed and collaboration bottles through Target, a pattern that has turned each new drop into a closely watched event among the brand’s dedicated fan following, many of whom track upcoming releases through retail-focused deal and collector community websites.

Advertisement

The exact online release time and full pricing details for all five Pokemon designs are expected to become clear once Target’s individual product listings go live, with retail tracking sites advising shoppers interested in the collection to check Target’s website directly on the morning of the release, given the retailer’s history of limited initial stock for similarly hyped licensed collaborations. Shoppers interested in the broader Owala lineup, including the brand’s standard FreeSip water bottles in various sizes, can find those products available now through Target’s website and in select stores, independent of the new Pokemon-specific collection’s release.

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Yes Bank shares jump 4% as Citi, Morgan Stanley see lender as key beneficiary of new UPI charges. Earnings boost ahead?

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Yes Bank shares jump 4% as Citi, Morgan Stanley see lender as key beneficiary of new UPI charges. Earnings boost ahead?
Shares of Yes Bank jumped over 4% on Wednesday after Citi, Morgan Stanley and other brokerages highlighted that the private lender will likely be one of the key beneficiaries of the newly announced charges on select UPI transactions above Rs 2,000.

Yes Bank shares jumped to Rs 24.10 apiece on the NSE on Wednesday morning, leading advances on the Nifty Bank and Nifty Private Bank indices, which were trading with marginal gains. The stock has gained more than 6% over the past week and 11% so far in 2026.

New charges on select UPI transactions

The government is all set to introduce a Merchant Discount Rate (MDR) on some Person-to-Merchant (P2M) UPI transactions from October 15 onwards, requiring merchants to pay a 0.4% fee on transactions above Rs 2,000, the National Payments Corporation of India (NPCI) announced on Tuesday. A maximum fee of Rs 300 can be levied on such transactions of Rs 75,000 or more.

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Also read | Paytm, Mobikwik, Pine Labs shares rally up to 7% after govt announces UPI fees above Rs 2,000. Why brokerages are bullish

The authorities clarified that consumers will not be charged for making UPI payments, while Person-to-Person (P2P) transfers will also remain free. Small merchants classified under the P2PM framework, including vendors receiving up to Rs 1 lakh a month through UPI QR codes, will continue to be protected from MDR.

Why is Yes Bank a key beneficiary of MDR on UPI transactions

Citi called Yes Bank a standout beneficiary of the new MDR charges on select UPI transactions, given its more than 40% share in UPI beneficiary volume, ET Now reported, adding that the international brokerage expects this to potentially amplify the private lender’s earnings impact from UPI monetisation.
Citi estimates that Bank of Baroda, Punjab National Bank and IndusInd Bank could see a 2% boost to profit before tax, while Axis Bank, State Bank of India and Federal Bank could see a 1-2% increase in earnings, the report said.Morgan Stanley also said that Yes Bank remains a relative gainer, ET reported, although the international brokerage expects the profit before tax benefit to be much lower than the 10% estimated earlier.

Also read | UPI charges from October 15: FAQs on who will pay 0.4% MDR and what consumers, small vendors & large merchants need to know

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Yes Bank Chief Vigilance Officer resigns

Meanwhile, Yes Bank’s Chief Vigilance Officer (CVO) Binu Soman has tendered his resignation for better career growth opportunities, the company said in an exchange filing on Tuesday. He submitted his resignation on June 17, and the bank has relieved him from his duties from Tuesday onwards.

“The Bank places on record its appreciation for the services rendered by Mr. Binu Soman during his association with the Bank,” the company said.

Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

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We managed to get jobs after uni – here's how we're keeping them

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A woman wrapped in a blanket and holding a hot drink sits at a table with a laptop on it. The table has scrunched-up tissues on it as well.

Four recent job starters share their tips on what helped them have a smooth transition and survive their first few days.

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BlackRock Strategic Income Opportunities Fund Q2 2026 Commentary

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Businessman Presenting Income Growth with Stacked Coins on Wooden Table and Focused Gesture in Office Environment

BlackRock Strategic Income Opportunities Fund Q2 2026 Commentary

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Eurozone Industry Still Lacks Momentum

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Engineer checking machine parts of a heavy machine

Eurozone Industry Still Lacks Momentum

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