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Goldman Sachs on Monday said it has struck a deal to sell part of its wealth business to an independent wealth manager, part of a strategy refresh which is seeing the bank exit some businesses and focus its wealth offering on targeting the super rich. The Wall Street bank, which did not disclose the sale price, said the sale to Creative Planning LLC is expected to close in the fourth quarter and result in a gain. The latest sale is part of a shift in strategy after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its consumer business, which lost $3 billion in the last three years. Goldman bought the registered investment adviser (RIA), formerly known as United Capital Financial Partners, for $750 million in 2019 when it managed about $25 billion in funds. Creative Planning has more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. The RIA business was relatively small in size compared with Goldman's core business that focuses on the super rich. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. High net worth individuals — who would fall within the business Goldman is considering selling — typically have about $1 million to $10 million to invest Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management, told Reuters the current strategy is to invest more on its core businesses such as ultra-high net worth and workplace growth strategy including the proceeds from the sale. «We think there's a lot of space for us to grow.

Sun Pharmaceutical Industries: The drugmaker plans to allocate 7-8% of its current fiscal's sales towards research and development to enhance its range of products in various therapeutic categories. The company said it witnessed robust performance across all regions in the previous fiscal, marking a growth in double digits. Zomato: US private equity player Tiger Global, divested its residual shares in the Indian food delivery company in a transaction worth ₹11.24 billion/Tiger Global offloaded 123.5 million shares at ₹91.01 rupees apiece through consolidated transactions.

Bloomberg News that the leaders “will launch a kind of manifesto calling attention to the need to improve labor relations," that would touch on work environments and pay. Scheduled for September 19, the meeting will follow the addresses of both presidents to the General Assembly.

ZomatoTiger Global, through its affiliate Internet Fund III Pte, has exited food delivery platform zomato by selling its entire stake through bulk deals on Monday.Star HealthMio IV Star has sold stake in Star Health, while Fidelity, among other funds, bought shares through bulk deals on Monday.Read more: What changed the market while you were sleepingAdani stocksAn investigation of India's Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds, Reuters reported.Sun PharmaSun Pharma aims to spend 7-8% of its sales in the current fiscal on research and development activities as it looks to further strengthen its product portfolio across therapeutic segments.LTIMindtreeLTIMindtree has announced a collaboration with SaaS company CAST AI to help businesses optimize their cloud investments.Piramal EnterprisesPiramal Enterprises aims to achieve 3-3.3% ROA at consolidated level by FY28.

Friend.tech, the newest social app for web3 launched early this month, has already been pronounced ‘dead’ by industry speculators following a sharp decline in inflows, volume, etc.

platform dedicated to small and medium enterprises (SMEs) is currently witnessing a flood of public offerings on surging demand from rich individual domestic investors with the risk appetite for such small issuances. So far, in 2023, 100 SME firms have raised a record ₹2,600 crore of funds from the SME board, breaking the previous record of ₹2,287 crore raised in 2018 by 141 firms. By contrast, 19 companies have raised around ₹14,500 crore on the main board.

Glance, a smart lock screen platform from InMobi, is launching in Japan. It will partner with leading telecom carriers and Android smartphone brands in the country, Piyush Shah, president of Glance, told ET. Singapore-headquartered Glance has already expanded in Indonesia and is now eyeing the US market.

Since reaching a high of nearly $69,000 in November 2021, Bitcoin has experienced a massive pricess drop, marking the cryptocurrency's most prolonged bear market so far.

A digital platform where college athletes can alert their administrations anonymously to improper or illegal conduct by coaches, teammates or others is expanding to allow them to report suspected gambling activity

A new study says Alexa, Siri and other voice assistants could do a better job giving instructions on CPR to help bystanders respond in emergencies

retail business will be the fastest growing segment for Reliance Industries in the days to come, chairman Mukesh Ambani said on Monday. Reliance has invested $10 billion for the expansion of the retail business in the past two years. Addressing shareholders in the company's 46th annual general meeting held virtually, Ambani said as «India grows from a $2,500 per-capita economy to a $10,000 per-capita economy, Reliance Retail will be our fastest-growing business in revenues and Ebitda.» Ebitda is earnings before interest, taxes, depreciation and amortisation, or the operating profit. Based on the latest investment by sovereign wealth fund Qatar Investment Authority in Reliance Retail, the valuation of the business has touched ₹8.28 lakh crore.

Reliance Jio will launch its fixed wireless access offering — Jio AirFiber — on September 19, Reliance Industries chairman Mukesh Ambani said. While Jio, with 50 million 5G users, is on track to have a pan-India coverage of the next-gen technology by December 2023, the telco will be among the first globally to develop 6G capabilities, he said. The launch of Jio AirFiber — coming shortly after rival Bharti Airtel commercially launched its own device — is expected to help expand Jio's addressable market over the next three years to over 200 million high-paying homes and premises, Ambani said, addressing shareholders of Jio's parent Reliance Industries at a virtual annual general meeting on Monday. «Our extensive optical fibre presence puts us in close proximity to over 200 million premises.

NEW DELHI : ChatGPT has made waves across the world since entering the public discourse last year; but for the hard-nosed judges combing through law and jurisprudence, the large language model is not grown up enough. Not just yet. The artificial-intelligence (AI) platform made an unexpected entry into commercial litigation, with French luxury footwear maker Christian Louboutin citing the platform’s responses as evidence in an intellectual-property case before the Delhi high court.

NEW DELHI : India’s leading carrier, Reliance Jio, is set to introduce its 5G home broadband service, Jio AirFiber, on 19 September, seeking to cover 200 million homes, Reliance Industries Ltd (RIL) chairman Mukesh Ambani said. Besides, it also seeks to democratize artificial-intelligence (AI) access for all Indians, as the carrier moves to becoming a tech-co from a telco. Ambani also outlined four key growth areas for the telco, including the consumer segment, powered by Jio 5G and Jio Bharat (a 5G device tailored for feature-phone users); home segment will benefit from Jio AirFiber; and the business segment and Jio Platforms will be focussing on global expansion.

Goldman Sachs Group Inc.’s foray into the retail-focused wealth management business was short, lasting only four years, On Monday, the bank said it was dumping its registered investment advisor business to refocus on the super-rich.

Artificial intelligence leader OpenAI said on Monday it is releasing a version of ChatGPT targeted to large businesses, increasing the overlap in what OpenAI and its financial backer Microsoft offer to customers. ChatGPT Enterprise offers more security, privacy and higher-speed access to OpenAI's technology, the company said. Early customers include Block, Carlyle and Estee Lauder Companies. When OpenAI released the consumer-focused ChatGPT in November, it set off frenzied use of generative AI in daily tasks from writing to coding, and reached 100 million monthly active users in January. Many people in the U.S.

Article 370, which gave special status to Jammu and Kashmir, was a «self-extinguishing» and a «temporary» provision. Appearing on behalf of the central government, solicitor general Tushar Mehta argued that a «mistake of the past should not befall upon the future generations», adding that the mistake has been «rectified» by the Centre by abrogating Article 370. Mehta further contended that the Constitution of India lies on a higher platform than that of the J&K Constitution which now stands repealed. The Solicitor General added that Article 370 was used in a «floating way» and any word in Article 370 which became «otiose» was replaced by its successor. Strongly defending the abrogation of Article 370, the solicitor general added that Article 370 could have been abrogated through «an administrative exercise» and that the Parliament committed no illegality, as alleged by the petitioners, by abrogating the Article. Reiterating that the abrogation of Article 370 has brought the people of Jammu and Kashmir on a par with their «brothers and sisters (natives)» of India, Mehta argued that it acted as a barrier in providing welfare legislations to the people of the region.

It may sound cliche but time is the most valuable asset, and investing in your twenties can play a significant role in your financial success in later age. Money invested in the 20s could be compounded for decades. Radhika Gupta, CEO of Edelweiss Asset Management Company has shared five 'money tips' for those who have just started earning. In a tweet, Gupta wrote, «5 pieces of money advice I would give my 22-year-old self (who just started earning)…».

Globetrotters are always on the search for good, cheap accommodation. And that is good news for people offering homestays via platforms like Airbnb. The Airbnb story, though, is not new in India.

online games. While many platforms witnessed rising interest during the covid-induced lockdowns, Loco and its competitors, such as Rooter, suffered setbacks in the form of bans and suspensions. For instance, the ban on the popular game PUBG in 2020 by the ministry of electronics and IT, citing security concerns over its Chinese origin, led to a temporary 40% decline in traffic on the Loco platform, he said.

US Open 2023, one of the premier events in the sport's calendar. As the final Grand Slam of the year, the competition is imbued with heightened anticipation as fans eagerly anticipate the unfolding drama. The US Open commenced on Monday, August 28, captivating tennis aficionados worldwide.