US stocks rally despite Trump tariff threat but European stocks fall
Stocks closed higher on Wall Street as the market posted its fifth straight gain and the Dow Jones Industrial Average notched another record high. The S&P 500 rose 0.3%. The benchmark index’s 1.7% gain for the week erased most of its loss from last week. The Dow rose 1% as it nudged past its most recent high set last week, and the Nasdaq composite rose 0.2%. Markets have been volatile over the last few weeks, losing ground in the runup to elections in November, then surging following Donald Trump’s victory, before falling again. The S&P 500 has been steadily rising throughout this week to within close range of its record. It’s now within about 0.5% of its all-time high set last week. “Overall, market behavior has normalized following an intense few weeks,” said Mark Hackett, chief of investment research at Nationwide, in a statement. Several retailers jumped after giving Wall Street encouraging financial updates. Gap soared 12.8% after handily beating analysts’ third-quarter earnings and revenue expectations, while raising its own revenue forecast for the year. Discount retailer Ross Stores rose 2.2% after raising its earnings forecast for the year. EchoStar fell 2.8% after DirecTV called off its purchase of that company’s Dish Network unit. Smaller company stocks had some of the biggest gains. The Russell 2000 index rose 1.8%. A majority of stocks in the S&P 500 gained ground, but those gains were kept in check by slumps for several big technology companies. Nvidia fell 3.2%. Its pricey valuation makes it among the heaviest influences on whether the broader market gains or loses ground. The company has grown into a nearly $3.6 trillion behemoth because of demand for its chips used in artificial-intelligence technology. Intuit, which makes TurboTax and other accounting software, fell 5.7%. It gave investors a quarterly earnings forecast that fell short of analysts’ expectations. Facebook owner Meta Platforms fell 0.7% following a decision by the Supreme Court to allow a multibillion-dollar class action investors’ lawsuit to proceed against the company. It stems from the privacy scandal involving the Cambridge Analytica political consulting firm. All told, the S&P 500 rose 20.63 points to 5,969.34. The Dow climbed 426.16 points to 44,296.51, and the Nasdaq picked up 42.65 points to close at 2,406.67. European markets closed mostly higher and Asian markets ended mixed. Crude oil prices rose. Treasury yields held relatively steady in the bond market. The yield on the 10-year Treasury fell to 4.41% from 4.42% late Thursday. In the crypto market, bitcoin hovered around $99,000, according to CoinDesk. It has more than doubled this year and first surpassed the $99,000 level on Thursday. Retailers remained a big focus for investors this week amid close scrutiny on consumer spending habits headed into the holiday shopping season. Walmart, the nation’s largest retailer, reported a quarter of strong sales and gave investors an encouraging financial forecast. Target, though, reported weaker earnings than analysts’ expected and its forecast disappointed Wall Street. Consumer spending has fueled economic growth, despite a persistent squeeze from inflation and high borrowing costs. Inflation has been easing and the Federal Reserve has started trimming its benchmark interest rates. That is likely to help relieve pressure on consumers, but any major shift in spending could prompt the Fed to reassess its path ahead on interest rates. Also, any big reversals on the rate of inflation could curtail spending. Consumer sentiment remains strong, according to the University of Michigan’s consumer sentiment index. It revised its latest figure for November to 71.8 from an initial reading of 73 earlier this month, though economists expected a slight increase. It’s still up from 70.5 in October. The survey also showed that consumers’ inflation expectations for the year ahead fell slightly to 2.6%, which is the lowest reading since December of 2020. Wall Street will get another update on how consumers feel when the business group The Conference Board releases its monthly consumer confidence survey on Tuesday. A key inflation update will come on Wednesday when the U.S. releases its October personal consumption expenditures index. The PCE is the Fed’s preferred measure of inflation and this will be the last PCE reading prior to the central bank’s meeting in December.Trump's DEA Nominee Bows Out Amid Transition Challenges
'Tipping, taxes and hidden fees': The parts of travelling to the US Australians hateBASEBALL Major League Baseball American League TEXAS RANGERS — Named Luis Urueta bench coach, Dave Bush assistant pitching coach and Jordan Tiegs bullpen coach. BASKETBALL National Basketball Association NBA — Fined Sacramento head coach Mike Brown $35,000 for for aggressively pursuing a game official during a Nov. 24 game against Brooklyn. Fined Atlanta $100,000 for violating the player participation policy in connection with Trae Young missing the team’s Nov. 12 Emirates NBA Cup game against Boston. FOOTBALL National Football League NFL — Fined Jacksonville LB Ventrell Miller $5,440.19 for unnecessary roughness. JACKSONVILLE JAGUARS — Signed OL Tyler Shatley to the practice squad. Released OL Dieter Eiselen from the practice squad. KANSAS CITY CHIEFS — Signed K Matthew Wright. Reinstated TE Baylor Cupp from the practice squad injured reserve. Placed TE Peyton Hendershot on injured reserve. Waived DE Cameron Thomas. Released OT Lucas Niang and DR Truman Jones from the practice squad. MIAMI DOLPHINS — Reinstated S Patrick McMorris from injured reserve. Waived S Marcus Maye. MINNESOTA VIKINGS — Signed LB Jamin Davis. Placed LB Ivan Pace Jr. on injured reserve. Reinstated OLB Gabriel Murphy from injured reserve. NEW YORK GIANTS — Claimed TE Greg Dulcich off waivers from Denver. NEW YORK JETS — Signed WR Easop Winston to the practice squad. TENNESSEE TITANS — Signed WR Stanley Morgan to the practice squad. WASHINGTON COMMANDERS — Signed RB Chris Rodriguez Jr. Placed K Austin Seibert on injured reserve. Signed DT Vilami Fehoko Jr. to the practice squad. Released G Marquis Hayes from the practice squad. HOCKEY National Hockey League NHL — Suspended New Jersey F Timo Meier for one game without pay for cross-checking during a Nov. 25 game against Nashville. ANAHEIM DUCKS — Recalled D Tyson Hinds from San Diego (AHL). BUFFALO SABRES — Reinstated C Tage Thompson from injured reserve. Sent Isak Rosen to Rochester (AHL). CAROLINA HURRICANES — Recalled D Riley Stillman from Chicago (AHL). NEW YORK RANGERS — Reassigned RW Matt Rempe to Hartford (AHL). Promoted D Chad Ruhwedel from Hartford. OTTAWA SENATORS — Placed D Artyom Zub on long-term injured reserve. Recalled D Donocan Sebrango from Belleville (AHL). PITTSBURGH PENGUINS — Waived RW Valtteri Puustinen. SAN JOSE SHARKS — Reassigned G Yaroslav Askarov to San Jose (AHL). Recalled D Jack Thompson from San Jose. SEATTLE KRAKEN — Reassigned C Ben Meyers for Coachella Valley (AHL). UTAH — Loaned RW Milos Kelemen to HC Dynamo Pardubice and D Patrik Koch to HC Ocelari Trinec. SOCCER Major League Soccer ATLANTA UNITED — Exercised contract options on G Brad Guzan, D Efrain Morales and Ms Jay Fortune and Santiago Sosa. INTER MIAMI — Named Javier Mascherano head coach. PHILADELPHIA UNION — Exercised a contract option on D Isaiah LeFlore. ST. LOUIS CITY — Named Olof Mellberg head coach. COLLEGE NORTH CAROLINA — Fired head football coach Mack Brown.
Saudi Gazette report RIYADH — The Capital Market Authority (CMA) has introduced a draft law expanding the scope of foreign nationals who may invest in shares listed on the Saudi main stock market or All Tadawul Share Index (TASI). Under the draft amendment to the Investment Accounts Instructions, the Rules Governing Foreign Investment, and the Financial Market Institutions Regulations, the authority will allow a foreign national residing in one of the Gulf Cooperation Council countries, and a foreign national who has previously resided in the Kingdom or in one of the GCC countries, to invest in shares listed on the main market. The proposed amendments allow individual foreign investors, who previously resided in Saudi Arabia or one of the GCC countries to continue operating their investment accounts and invest in shares listed in the main market even after their residency has ended and they return to their home country, provided they have previously opened an investment account in Saudi Arabia. The proposal, which was presented by the authority on the Istithlaa platform in preparation for its approval, also aims to facilitate the procedures for opening and operating investment accounts for a number of categories of clients of financial market institutions, while taking into account enhancing client protection. The CMA called upon relevant and interested persons participating in the capital market to share their feedback on facilitating the procedures for opening investment accounts for various categories of investors within the proposed “Amendments of the Investment Accounts Instructions and the Rules for Foreign Investment in Securities and the Capital Market Institutions Regulations” for a period of 30 days ending on December 20, 2024. The key elements of the proposed draft include developing the requirements for opening an investment account for individual foreign investors residing in one of the GCC countries and expanding the types of securities they can directly invest in, including shares listed on the main market. Currently, their participation is limited to the debt market, the parallel market (Nomu), investment funds, and the derivatives market. To open investment accounts for foreigners residing in the GCC countries, the resident's identity data and a valid passport must be submitted. As for foreigners who are not residing in the Kingdom or in the GCC countries, a valid passport must be produced. The amendments prohibited the opening of investment accounts for individual institutions, with the exception of non-profit and endowment institutions, according to the draft law. < Previous Page Next Page >Former President Jimmy Carter dies at age 100
AHL suspends Griffins’ William Lagesson three games for UFC-style chokehold
“I’m trying to find holiday gifts for my sisters. I open a bunch of tabs, I want my wife’s advice.” That’s Browser Company CEO, Josh Miller, in his company’s latest ad for its new AI browser, Dia . Consulting your spouse to find gifts for your siblings is a pure — and dare I say, sweet — thing to do with a browser. But the new product he’s showcasing is replacing Arc, a beloved browser that put Miller’s company on the map. Not everyone is happy about the Browser Company’s pivot from Arc to AI browsing, and this latest commercial inadvertently explains why. Instead of talking to his wife, Miller talks to his AI chatbot and asks the AI to talk to his wife for him. “Hi, Valerie, I hope you’re doing well,” said the AI chatbot, posing as Miller, in an email to his wife. “I came across a few interesting products on Amazon ...” it continued. “Best, Josh.” The email feels more like something you’d write to a distant work colleague, rather than the way you’d speak with a loved one you see every day. While it’s not an inappropriate message, it’s cold and could’ve been sent to anyone. This example from the Browser Company was the latest AI ad that told a different story about the technology than it intended — but perhaps a truer one. It strikes the same sensitive nerve that so many other AI advertisements have in the last year. In trying to promote AI, tech companies can’t help but show how it removes us from the very activities that make us human. Of course, Miller could (and probably should) have customized the prompt to be warmer and address his wife as such, but that’s missing the larger point. Miller didn’t really talk to his wife in this case. The AI browser took a genuine act of human kindness and turned the exchange into something that feels impersonal — largely because it is. AI is further abstracting what it means to connect. At one point, connection meant talking in person; then, around the turn of the century, it migrated to texts sent over the internet. Now humans are starting to experiment with using AI to talk with each other, and in some cases, just talking to AI — removing the need to connect with a human altogether. You could say I’m cherry-picking this ad, but it’s a story that tech companies keep accidentally telling over and over again. This part of the ad was likely intended to show how Dia could retrieve links from multiple web pages and understand their context — an impressive feat for an AI system these days. But this was yet another example of how generative AI can reduce our humanity. Consider Google’s ad earlier this year, where a father and daughter used Gemini to create an AI-generated fan letter to their favorite Olympian. The company later pulled the ad after facing backlash for taking a sweet father-daughter exchange, and automating it away. Or maybe you remember how Apple unveiled its AI features at WWDC this year: showing how you can go up to a stranger’s dog, point your iPhone at it, and have Apple Intelligence tell you what breed it is. Many people pointed out that you could have just asked the stranger what type of dog they have , and maybe you would have found a friend alongside the dog’s breed. Apple's Visual Intelligence enables you to use the camera to look things up. "It will change the way you interact with iPhone" Maybe, it's just "cynical me", but this example of the looking up the cute dog was a perfect opportunity for two humans to connect in a human way by... pic.twitter.com/CZpPb0ufCU Months earlier, Apple apologized for an ad it ran where the company quite literally crushed objects representing human creativity , in favor of an iPad. It wasn’t an ad for AI, but it had the same effect: technology that reduces our humanity. The most extreme example of these AI ads came from an AI startup called Friend. The startup released a promotional video showing how lonely young people could have a virtual companion in the startup’s AI device that they wear around their neck , instead of talking to others. Uncomfortably honest While these AI ads feel dystopian, there’s something about them that also feels honest. These ads represent the ways people are actually using AI for today, even though it’s unsettling when it’s demonstrated on your screen. Some of the most common use cases of AI today are AI-generated art and AI companions. The former is usually a pretty low-stakes, creative task such as creating a picture or a short song. The latter can be surprisingly valuable: people are using chatbots to learn about things or talk through personal problems, much like they would with an intelligent or sympathetic friend. Art and companionship both feel very central to the human experience, and the fact that AI is being used for both of those things today is a reality some find uncomfortable to acknowledge. But for every dystopian AI ad that stirs social media users into a frenzy, there are thousands of AI advertisements that fly under the radar. Why? Because most ads for AI mean nothing at all. Lots of companies have resorted to painting AI as this amorphous, magical children’s book character with no specific use case, and yet, implying that it can do almost anything. Here’s some examples of odd AI billboards seen around San Francisco: Claude ads are fascinating because they feel completely divorced from Anthropic as a company pic.twitter.com/MjYE1qjgdW “Intelligence so big, you’d swear it was from Texas,” said one. “Adapt your workforce at the speed of AI,” said another. “AI that talks to cars and talks to wildlife,” said a third. “Geminiiiiiiiiiice,” said yet another. See what I mean? I have no idea what these things do, and yet, it all feels inoffensive, vaguely describes AI in a magical way, and gets the product in front of my face. Maybe that’s the point. This banal tapestry of AI advertisements depicts the industry more accurately than any one company can. Most companies don’t really know what AI is good for, and the ways people use AI today are somewhat discomfiting, automating many of the very tasks that make us human. You might wonder why companies aren’t making the obvious AI ads: AI does your boring job so you can spend more time at the beach, with your friends and family, or pursuing your passions. That’s what Zoom’s CEO laid out as his vision for AI , and it’s probably the most optimistic outcome we’ve seen someone describe. Perhaps the reason we’re not seeing more tech companies promise that future is because AI is not ready to do your job. There’s also a conflicting vision there: if AI can do some of your job, couldn’t it also replace you altogether? While it may be a while until AI can actually do your job, it seems most companies are steering clear of that message altogether. I can’t say what the “right way” to be promoting AI is right now, but I do think the status quo for AI ads is objectively strange. Whereas previous generations of technology promised to liberate us, connect us, and make us smarter, the overarching promise of AI is still unclear. If companies are looking for another uplifting message to sell their software with, automating core aspects of the human experience ain’t it.WASHINGTON, Dec 4 — US presidents traditionally dole out pardons as they leave office but Joe Biden’s “full and unconditional” pardon of his son Hunter is a rare instance involving a family member. Bill Clinton granted a pardon to his half-brother Roger, who had served time in prison on 1985 drug charges, on January 20, 2001, his last day in office. And Donald Trump pardoned Charles Kushner, a fellow real estate magnate whose son Jared is married to Trump’s daughter Ivanka, at the end of his first term in the White House. Trump, now president-elect, nominated Kushner, 70, who pleaded guilty in 2004 to tax evasion, witness tampering and making illegal campaign contributions, on Saturday to be the next US ambassador to France. Kushner, who served 14 months in prison, admitted hiring a prostitute to seduce his brother-in-law, who was cooperating in the campaign finance inquiry, and sending a videotape of the encounter to his own sister. Hunter Biden, who has struggled with alcohol and drug addiction, is the first child of a sitting president to receive a pardon. His father, who leaves office on January 20, had repeatedly said he would not pardon his son — but in announcing the move on Sunday he claimed that Hunter had been “selectively, and unfairly, prosecuted.” “I believe in the justice system, but as I have wrestled with this, I also believe raw politics has infected this process and it led to a miscarriage of justice,” Biden said. “No reasonable person who looks at the facts of Hunter’s cases can reach any other conclusion than Hunter was singled out only because he is my son — and that is wrong,” the president said. Hunter Biden pleaded guilty to tax evasion in September and was facing up to 17 years in prison. He risked 25 years in prison for the felony gun charge but was not expected to receive such stiff sentences in either case. Presidents have also used their constitutionally-mandated pardon powers over the years on close friends and political allies. One of the most controversial pardons in recent years was that of former president Richard Nixon by his successor in the White House, Gerald Ford. Ford granted a “full and unconditional” pardon to Nixon, who was facing potential prosecution over the Watergate scandal, on September 8, 1974. Trump is the first former president convicted of a crime — falsifying business records to cover up a hush money payment to a porn star — but he will not be able to pardon himself because the case involved state and not federal charges. — AFPKansas City Chiefs star Justin Reid gives local mother a new car as a Christmas gift READ MORE: Joe Burrow reveals reason he bought his linemen samurai swords By ERIC BLUM Published: 18:36 EST, 24 December 2024 | Updated: 18:43 EST, 24 December 2024 e-mail View comments Quarterbacks aren't the only ones in the NFL giving out generous Christmas gifts this holiday season, as Kansas City Chiefs star Justin Reid purchased a brand-new car for a local mother of six. Reid stopped by a local Ford dealership in Kansas in a Santa suit for his second annual 'Just-In-Time for the Holidays' event. The advertised portion of the night was giving more than 50 local children Christmas gifts. Then came the huge reveal for Bonnie Strutton, a new SUV, with her current car in the shop and one she considers a 'gas guzzler', per KCTV. As soon as Reid presented the new car to Strutton, she burst into tears. She only attended the event to have her children participate. 'I don’t even know what to say,' Strutton said. 'I’m speechless.' 'It’s just been one thing after another. This is such a blessing. Good things keep happening, you just have to keep doing the next right thing.' Kansas City Chiefs star Justin Reid purchased a brand-new car for a local mother of six Bonnie Strutton was speechless after the reveal with tears coming down her face last week It is unclear how Reid heard of Strutton and the struggles she has in her life. Yet, he did not hesitate to jump into action. Read More Miserable New York Jets get their first good news for the 2025 NFL season 'The same way she’s doing the next right thing, we wanted to do the next right thing and recognize her situation and to help her out with a brand-new vehicle,' Reid said. 'We’re all excited to be a part of Bonnie’s story, just to play a small piece in it. We’re excited to see her continue in her journey.' Strutton is also celebrating 30 months of sobriety this holiday season. The gift giving took place last week as Reid is now in Pennsylvania as the Chiefs make last-second preparations for Wednesday's game against the Pittsburgh Steelers. 'To have all my kids back in my life and this right here is going to be more of a connection than anybody could know,' Strutton said. 'Don’t give up on yourself. Don’t give up before the miracle happens because people do see you, they hear you, and they love you.' 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Tantalizers Plc has announced the signing of a Memorandum of Understanding (MoU) to acquire all assets of DanBethel Marine Services Limited, an Apapa-based marine and fishing enterprise. This follows Tantalizers’ recent announcement of a N1 billion private equity injection by Messrs Food Specialties and Banklink Africa Private Equities, which jointly acquired a majority stake in the company. In light of the recent N1 billion capital injection, Tantalizers announced on December 28, 2024, through an NGX disclosure, its decision to acquire all assets of DanBethel Marine Services Limited. Related Stories Briscoe, Tantalizers, Oando unfazed as ASI declines by 1.16% in the third week of August Ministry of Housing, consortium sign MOU to deliver 100,000 affordable housing units According to the announcement on the NGX platform, this planned acquisition aligns with Tantalizers’ strategy to expand into the blue economy, with a particular focus on the seafood industry. The statement highlights the company’s intention to engage in industrial fish trawling, aquaculture, mariculture, seafood supplies, and related marine operations. Commenting on the MoU signing, Tope Fagbamila, MD/CEO of DanBethel, expressed enthusiasm, stating, “ Our team admires the courage and capacity of the new Tantalizer’s leadership and are excited to be part of pivoting the company to a new height.” Adam Nuru, Chairman of Tantalizers Plc, echoed this sentiment, adding, “ DanBethel’s acquisition is an excellent strategic fit for us as we further invest over the next five years in the company’s fleet to capture significant opportunities in the largely unexplored Nigerian fishing and aquaculture industry.” Apapa-Lagos-based DanBethel Marine Services is known for its fleet of fishing trawlers and related marine assets. Over time, it has built a notable presence in Nigeria’s domestic seafood supply market. As demand for healthier protein sources and more sustainable food systems continues to rise, the MoU agreement provides Tantalizers with an opportunity to explore new business segments in the marine industry. DanBethel’s decades of experience in fish trawling and processing may help Tantalizers Plc tap into broader opportunities in seafood production, supply chain integration, and value-added aquaculture processes. Tantalizers has recorded a year-to-date (YTD) growth of 266% in the Nigerian stock market for 2024. The share price opened at N0.47 and moved upward through mid-year, with a more pronounced rise starting in August. From January to October, the trend remained positive, then picked up pace in November likely following the announcement of a N1 billion private equity injection—resulting in a share price increase from N0.64 to over N1.70 by year-end. According to the company, the capital injection aims to address longstanding financial issues and help reposition Tantalizers for the future. The capital was provided by Messrs Food Specialties and Organics Limited, along with Banklink Africa Private Equities Limited, both of which acquired a majority stake in the company.Significant milestones in life and career of Jimmy Carter
Hello, Reader. Most investors missed out on the initial phase of the AI Revolution. You know... that just passed era of advancements marked by ChatGPT, artificial intelligence chips, rapidly evolving robots – and substantial gains. However, another wave of AI innovation is coming... This time, though, it has nothing to do with any of the previous AI advancements that the mainstream media talks so much about. In fact, the opportunity here is significantly larger than any of those AI applications. In this letter, first , let’s chat about how we got to this spot in the AI Revolution. Then, we’ll dive into what to expect from this new wave of winners... And where to find some of that opportunity. The First Winners of the AI Boom Although artificial intelligence has been around since the 1950s, it wasn’t until OpenAI released ChatGPT to the public in November 2022 that interest in AI really caught fire. For perspective, following ChatGPT’s launch, more than 1 million people downloaded it in five days. And over 100 million people signed up for it in two months. In comparison, it took Facebook more than 4.5 years to reach 100 million users. In the early phase of the AI Revolution, in 2023, seven clear winners emerged. You know their names. CNBC’s Jim Cramer dubbed them the “Magnificent Seven.” And their performances certainly were magnificent. They gained an average 111% in 2023. Of course, the biggest winner of 2023’s boom was Nvidia Corp. ( NVDA ) , the AI chip king, which surged 239% in 2023. Since ChatGPT’s debut in late 2022, shares of the company have skyrocketed nearly 765%. In different ways, each of these Magnificent Seven companies has been providing the hardware, software, and processing power that enable enterprises to create and operate AI platforms. They enabled the AI Revolution. For example... Their efforts are why LLMs, like ChatGPT and Anthropic’s Claude 3, can be developed and improved upon so quickly. Cramer may call these companies the Magnificent Seven, but I think of them more as the “AI Seven.” However, the sudden dawn of the entire AI boom caught most people – and many investors – by surprise. Therefore, a lot of folks missed out on those big gains from the AI Seven. The good news is the AI Revolution is about to enter a new phase, and a different set of companies will lead the way. The AI Seven is about to become the AI Eight... Nine... and beyond... We’ve had the AI enablers. Now enter the “AI appliers. ” The Next Winners of the AI Boom Unlike the AI enablers, these companies are not at the forefront of producing the material needed to create AI. Instead, they are employing AI technology within their own products and services. AI appliers are everywhere ... and growing by the day. That universe includes companies as diverse as beauty-products purveyor Coty Inc. ( COTY ) , gold and copper explorer Ivanhoe Electric Inc. ( IE ) , and industrial-solutions provider Rockwell Automation Inc. ( ROK ) . Clearly, many of these companies operate in niches that are not normally associated with technology. So, they are still lying low. However, they and many others are ready to explode with the next phase of the AI boom, which my InvestorPlace colleagues Louis Navellier and Luke Lango and I are calling AI Day One . AI Day One will be a “phase shift” in artificial intelligence. Without getting too into the weeds, it will involve the development of AI with much deeper, deliberate reasoning abilities. And it will make it much easier for companies – high tech and not – to apply AI to their business models and create huge efficiencies... and profits. However, not all AI appliers will deliver gains like we saw from Nvidia and the rest of the AI Seven. That’s why Louis, Luke, and I are releasing our AI Appliers Portfolio during a special broadcast this week. The portfolio is made up of stocks that could skyrocket from AI Day One. Now, this new opportunity before AI Day One is so fast moving that things can change quickly. The reality is that we don’t know exactly what the world will look like in a year or two; but we do know that AI is moving faster than anything before it. That is why it is important that you prepare yourself now. Go here to watch our broadcast and to learn more about our AI Appliers Portfolio. Regards, Eric Fry Editor, Fry’s Investment ReportIndia’s payments regulator is set to decide as early as Monday whether to curb the dominance of Walmart’s PhonePe and Google in the nation’s fast-growing mobile payments market, a move that could reshape how its billion-plus population moves money. The decision centers on UPI, or Unified Payments Interface, a network backed by more than 50 retail banks that has changed how Indians pay for everything from groceries to taxi rides. The platform processes over 13 billion transactions monthly, making it one of the world’s largest digital payment networks. It’s also, by far, the most popular way Indians transact online. At issue is whether the National Payments Corporation of India, which reports to India’s central bank, will enforce a rule limiting companies to handling no more than 30% of all UPI transactions . The rule, first proposed in 2020 , would particularly affect Walmart-owned PhonePe, which handles 47.8% of all UPI payments, and Google Pay, which processes 37.1%. The uncertainty has thrown a wrench into PhonePe’s plans to go public. The startup, valued at $12 billion and backed by Walmart, would be one of India’s most prominent technology IPOs. PhonePe’s co-founder and chief executive, Sameer Nigam, said in August that the startup cannot go public “if there is uncertainty on the regulatory side.” “If you are buying a share at Rs 100 and you price it assuming we have 48-49% market share, then there is an uncertainty about whether it will come down to 30% and by when,” said Nigam (pictured above) at a fintech conference. “We are requesting them [the regulator], if they can find another way to at least solve whatever their concerns are or tell us what the list of concerns is.” The issue also impacts the growth potential of numerous fintech startups that are attempting to make deeper inroads in digital payments. If the regulator imposes restrictions on PhonePe and Google Pay’s ability to onboard new users or puts a check on how many transactions they process, many other startups stand to gain grounds. The regulator is inclined to delay enforcing the cap again or may increase the limit to more than 40%, people briefed on the situation told TechCrunch. The agency has already pushed back the deadline several times, from January 2021 to 2023, and then to 2025, as it struggled with implementation. It has held talks with many stakeholders as recently as last week over the decision. Enforcing a limitation on the market share will impact the consumer experience, some of the people said. The situation highlights India’s efforts to balance technological innovation with market competition. UPI has been a cornerstone of Prime Minister Narendra Modi’s push to digitize India’s economy and reduce its reliance on cash. The system allows instant transfers between bank accounts using simple identifiers like phone numbers, making it more accessible than traditional banking services. A market share cap would mark one of India’s most significant interventions in its technology sector, which has attracted massive investments from global companies like Walmart, Google, and Meta. These companies view India, with its young, increasingly digital population, as a crucial growth market.