Business Archives - CURRENT WIRE https://www.currentwire.in/category/business/ Sun, 05 Jul 2026 17:51:00 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 ‘Minions’ Opens at No. 1 but Falls Far Short of Earlier Films in the Franchise https://www.currentwire.in/2026/07/05/minions-opens-at-no-1-but-falls-far-short-of-earlier-films-in-the-franchise/ https://www.currentwire.in/2026/07/05/minions-opens-at-no-1-but-falls-far-short-of-earlier-films-in-the-franchise/#respond Sun, 05 Jul 2026 17:51:00 +0000 https://www.currentwire.in/2026/07/05/minions-opens-at-no-1-but-falls-far-short-of-earlier-films-in-the-franchise/ The filmmakers behind the “Minions” franchise have had one of their greatest fears come true: The most critically lauded film of the series has performed the worst at the box office, at least on its opening weekend. “Minions and Monsters,” beloved for its ode to old Hollywood, earned a 91 percent critics’ rating on Rotten […]

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The filmmakers behind the “Minions” franchise have had one of their greatest fears come true: The most critically lauded film of the series has performed the worst at the box office, at least on its opening weekend.

“Minions and Monsters,” beloved for its ode to old Hollywood, earned a 91 percent critics’ rating on Rotten Tomatoes but generated $36.4 million in sales in North America for the three-day holiday weekend and $61.4 million for the five days since its July 1 opening, according to Universal Pictures. That was a 62 percent decline from 2024, the last time a “Minions” movie was in theaters.

The PG-rated animated film from Universal Pictures and Illumination Entertainment is still No. 1 for the weekend. But its opening ticket sales came in far lower than the earlier movies in the franchise.

This is the latest of the “Despicable Me/Minions” films to be released around the July 4 holiday, with “Minions: The Rise of Gru” from 2022 hitting a high point with a $123 million in domestic ticket sales on its opening weekend.

This year, the film was contending with the holiday landing on a Saturday, which often leads to a depression in the box office as moviegoers choose fireworks and barbecues over movie theaters. Another factor may have been the World Cup, which Universal used as a significant promotional vehicle for the movie with a television spot featuring the French soccer star Kylian Mbappé facing off against the Minions villains on the soccer pitch. And then there is “Toy Story 5,” which in its third week, continues to perform well, clearly siphoning off some of the family audience with an additional $31 million. Its total gross is now $764 million worldwide.

Still, “Minions and Monsters” brought in $85 million internationally, putting its total gross at $160 million. And with a CinemaScore of an A- and a budget of $85 million, the movie is still likely to be a moneymaker for the studio.

Overall, the “Despicable Me/Minions” franchise has grossed over $5.6 billion, making it the most successful animated series in history.

Hollywood has been having its best summer at the box office since the Covid-19 pandemic, despite softer than expected numbers from “Minions” this weekend and “Supergirl” last weekend. Theaters in the United States and Canada were expected to sell about $119 million in tickets in total this weekend, according to Rentrak, which compiles box office data, down around 24 percent from the same weekend last year when Universal’s “Jurassic World Rebirth” dominated the market with a $92 million three-day opening. Still, according to Rentrak, the summer is on track to cross $4 billion in ticket sales.

The marketing campaign for “Minions” had 75 promotional partners, including Wendy’s, King’s Hawaiian bread and Built protein bars, which created a mystery flavor bar inspired by the film’s villain Goomi.

This is the first “Minions” movie to be solely directed by Pierre Coffin, the voice of the “Minions” and a co-director of three of the movies in the series.

The film centers on one Minion in particular, James, an artist with a passion for filmmaking. Much of the usual “Minion” mayhem still exists in the film but the movie has been lauded for its original creative voice. The New York Times called it “the best of the bunch,” describing it as “surprisingly uncynical, while allowing room for more real jokes and imagination.”

In an earlier interview, Mr. Coffin voiced his concern that the high praise might not result in strong box office performance. “I’m scared that it’s going to be the opposite, because we’re getting really good reviews,” he said. “And I’m thinking, what does that mean? Does that mean the movie is not going to be successful?”

Next weekend, Disney will unveil the live-action version of “Moana,” another family title, which could again eat into the “Minions” box office potential.

“Young Washington,” a patriotic war drama from Angel Studios that depicts the early years of George Washington, earned $20.8 million for a third-place finish this weekend, according to Rentrak.

Warner Bros.’ “Supergirl,” from its DC Studios, dropped a staggering 74 percent in its second weekend of release, earning $9.6 million for a fourth-place finish. Steven Spielberg’s “Disclosure Day” rounded out the top five with $6 million in its fourth weekend of release. Its total gross stands at $105 million.



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Wikipedia Is Battling for the Soul of the Internet https://www.currentwire.in/2026/07/05/wikipedia-is-battling-for-the-soul-of-the-internet/ https://www.currentwire.in/2026/07/05/wikipedia-is-battling-for-the-soul-of-the-internet/#respond Sun, 05 Jul 2026 16:28:00 +0000 https://www.currentwire.in/2026/07/05/wikipedia-is-battling-for-the-soul-of-the-internet/ Wikipedia is in peril. In a world where trust in truth is crumbling, the grande dame of collective online fact-gathering is under threat on every front. The MAGA right, with Elon Musk at the fore, is slinging accusations of political bias and antisemitism and has even questioned the site’s nonprofit status. Artificial intelligence is raiding […]

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Wikipedia is in peril.

In a world where trust in truth is crumbling, the grande dame of collective online fact-gathering is under threat on every front. The MAGA right, with Elon Musk at the fore, is slinging accusations of political bias and antisemitism and has even questioned the site’s nonprofit status. Artificial intelligence is raiding the encyclopedia’s resources and draining attention. Repressive governments have hauled its volunteer editors into penal colonies.

In Wikipedia’s 25-year history, it has never had to fight this hard.

The organization that supports the site, the Wikimedia Foundation, is increasing its lobbying budget and advertising in Times Square. It is charging companies like Google and Meta that gobble up the encyclopedia’s 65 million articles, and throttling access for certain scrapers. And it is expanding its human rights team to better protect volunteers against rising harassment, surveillance and retaliation.

For an organization that holds neutrality as a cardinal rule, it is a lot of conflict, requiring Wikimedia to go on the offensive — diplomatically, of course.

So it found a diplomat: Bernadette Meehan, 50, became Wikimedia’s chief executive in January, after stints as the U.S. ambassador to Chile and at the Obama Foundation, at the State Department, at the National Security Council and on Wall Street.

In a career full of high-wire acts — helping to negotiate nuclear deals with Iran, facilitating talks with Cuba — being the custodian of one of the world’s 10 most visited websites could be Ms. Meehan’s trickiest task. The trilingual former public servant is the first with her background in the Wikimedia job, succeeding mostly women from fields like law, journalism and Planned Parenthood.

Ms. Meehan will not say Wikipedia is at war — not after she spent much of 2007 in Iraq, in an actual war zone where she witnessed “the supreme cruelty of human beings.”

But she accepts that the site is in a metaphorical battle for its very existence.

“Wikipedia underpins everything that we have on the internet,” she said in her first interview in the role. “It is beloved, it is credible; in increasingly polarized times, it is seen as a trustworthy source.”

It is also, she said, at an inflection point.

“How do we keep this project alive?” she asked.

Mr. Musk has railed against Wikipedia as “Wokepedia” and “an extension of legacy media propaganda.” He has protested his entry and urged his followers to withhold donations over the foundation’s diversity initiatives.

The tech mogul is one in a chorus of conservatives calling the reference site a hotbed of liberal bias. Senator Ted Cruz, Republican of Texas, expressed “alarm” about both Wikipedia’s purported ideological lean and claims that editors were coordinating to spread antisemitic and pro-Hamas narratives. David Sacks, recently the Trump administration’s A.I. czar, weighed in. So did Tucker Carlson, a popular commentator, and even Larry Sanger, who founded Wikipedia with Jimmy Wales in 2001.

Wikipedia has long been a proxy battleground for warring ideas about truth: What constitutes balance? What makes a good source? But now, those online debates could result in real repercussions.

Last year, a Trump administration official made inquiries into the nonprofit’s tax-exempt status. A Republican-led congressional oversight committee initiated an investigation in August, demanding that Wikimedia identify certain editors and produce any evidence of influence from foreign operatives or academic institutions. The foundation said it responded to both inquests last year and had no updates.

To de-escalate the antagonism, Ms. Meehan and her team are addressing misconceptions about the site. Wikipedia is largely decentralized, with independent contributors distilling facts through open debate and agreement. Elected arbitration committees handle dispute resolution. The foundation, with a budget of $208.6 million and about 600 employees and contractors, provides servers and funding but steers clear of content decisions.

There is no shadowy mastermind, no leftist cabal, according to the foundation. Just the Wikipedians — nearly 250,000 unpaid strangers editing 324 times a minute under pseudonyms like “Dr. Blofeld” and “WooHooKitty.”

“The most important thing to understand about Wikipedia is it is truly a democracy,” said Bill Adair, who created the fact-checking site PolitiFact and is writing a book about the encyclopedia. “It’s messy, it’s loud, it often works.”

Ms. Meehan has been hauling her message to Capitol Hill, where she’s distributed personally meaningful printouts of Wikipedia entries. The foundation also uses lobbyists, nearly doubling its spending to $174,300 in the most recent fiscal year and retaining the Holland & Knight firm last spring for $150,000 a quarter.

“We are not seeking to be part of culture wars, of political discourse,” Ms. Meehan said. “These are people who want to put knowledge into the world, for people to do with it what they want.”

To those convinced of bias on Wikipedia, her recommendation is simple: Become an editor.

“More dialogue, frankly, is what’s needed in this moment,” she said. “So the door is open.”

For many Wikipedians, the Trump administration may be the site’s most acute threat, but its most existential one is artificial intelligence. They have resisted the idea of integrating the technology, calling it “truly ghastly” (or, simply, “yuck”).

The more urgent worry, though, is that Wikipedia is being exploited to train its own competitors, as A.I. systems hoover up its content to inform chatbots like Gemini, Claude and ChatGPT. The bots then regurgitate the information, often imperfectly, polluting the information ecosystem that feeds into the encyclopedia.

Exhibit A: Grokipedia, a rival built by Mr. Musk and edited by xAI, his artificial intelligence company. It has no public edit history and lifts liberally from Wikipedia while also inventing errors (including several in its profile of Ms. Meehan).

A.I.-generated summaries atop search results also siphon away potential visitors, she said. Human page views of Wikipedia’s English edition slumped 8 percent late last year compared with a year earlier. The decline is concerning enough that Ms. Meehan — whose favorite entry describes “tsundoku,” the Japanese term for collecting books and letting them pile up unread — is pushing to reach younger people through TikTok and Roblox.

Wikimedia wants more give-and-take from the A.I. industry. It now charges clients like Amazon and Microsoft for faster bulk access to its data through a four-year-old commercial subsidiary called Enterprise. Last year, Enterprise earned $8.3 million, more than doubling the prior year’s revenue.

This spring, Wikimedia also began limiting automated freeloaders from scraping its site and overwhelming its back end — which accounts for nearly a third of its most intensive bandwidth demands. But the foundation can currently halt only about 30 percent of abusive data requests — about 1.5 billion daily.

“Our infrastructure is not free, and when scrapers come in and bulk-download, it really takes a toll,” Ms. Meehan said. “There is a literal dollar cost to that behavior.”

Wikipedia sprawls across 345 different editions. The English one is by far the most active, with nearly 115,000 contributors, while others, in languages like the western African Kusaal and the Taiwanese Seediq, have smaller reach.

In countries like China, Myanmar and North Korea, Wikipedia is blocked entirely. Turkey banned the site for nearly three years until 2020. Wikimedia negotiated with the Indonesian government this year over blackout threats.

Since 2020, at least 10 Wikipedia editors have been imprisoned for their work and countless others threatened. A pediatrician in Saudi Arabia was sentenced to 14 years in prison after editing pages about government surveillance and a women’s rights activist. Belarus has detained several editors, sending one to a penal colony for more than a year after he edited a post about murdered journalists. Curbs in free expression have been rising globally, affecting Wikipedia and its volunteers, a foundation spokesman wrote in an email.

Governments are also targeting Wikipedia content specifically. Of the 934 requests the foundation received last year to take down or alter content (it granted two), 117 came from governments, up from 10 a decade ago.

Most were from Russia, whose antagonism toward Wikipedia deepened after the country invaded Ukraine in 2022. Moscow has repeatedly accused the site of violating a sweeping censorship law that criminalized content deemed to “discredit” Russia’s military (Wikimedia refuses to pay the associated fines). A Russian clone of Wikipedia called Ruwiki was introduced in 2023; a Russian network of fake news portals managed to infiltrate some Wikipedia citations.

Wikimedia is expanding its human rights team, a division of the legal department that safeguards volunteers from digital and physical threats. The foundation recently deployed an anti-doxxing initiative offering contributors more anonymity; it has also connected Wikipedians to local evacuation and extraction services.

Defending volunteers and projects consumes 32 percent of the foundation’s budget. Wikimedia’s litigation costs have doubled since 2020, in part because there are more cases, which new privacy and speech regulations are making more complex.

“A core component of what we do is preserving freedom to information,” Ms. Meehan said. “That will never change, that commitment to advocating for those rights, and to helping to protect within our limited means editors who engage in that project and are persecuted for that very reason.”

Wikipedia’s future has often seemed precarious — its entry titled “Predictions of the end of Wikipedia” is nearly nine years old. But especially now, with so many dangers at its gate and fewer people joining its ranks, the site cannot afford to grow stale.

The foundation wants to entice a new generation of contributors that is not predominantly white, male and graying. Training sessions to demystify editing, for example, drew one 25-year-old Vietnamese American volunteer who has created hundreds of pages in two years about zeitgeisty topics like the “swag gap” and the “performative male.”

In five months, Ms. Meehan has met more than 1,100 such Wikipedians across four continents. Unlike most modern content creators, they “aren’t out there looking to be the next influencer or famous person,” she said. When they congregate, as on a recent rainy weekend in San Francisco, they want to discuss the finer points of A.I. detection and disappearing databases.

Wikipedians aren’t flashy, but they are tough. Two of them tackled a gunman at a conference last fall. Ms. Meehan fits in, always wearing a simple black Ironman watch, after the fancy Baume & Mercier timepiece she purchased when she first joined the foreign service was stolen 20 years ago in Colombia by armed assailants.

Seeing the depravity of war and the worst of humanity fundamentally changed her, she said, compelling her to “run toward the light” and seek out “the antithesis of the bad.” That’s Wikipedia, she said — an experiment that will keep fighting to push society toward conciliation over conflict.

“In the world right now, where politicization is on the rise, where there’s disagreement on facts, where people can’t even engage civilly in a conversation, it’s OK to disagree,” she said. “But let’s come together and have a conversation based on fact and see where that takes us.”



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The Revenge of the Philosophy Majors https://www.currentwire.in/2026/07/05/the-revenge-of-the-philosophy-majors/ https://www.currentwire.in/2026/07/05/the-revenge-of-the-philosophy-majors/#respond Sun, 05 Jul 2026 11:17:00 +0000 https://www.currentwire.in/2026/07/05/the-revenge-of-the-philosophy-majors/ Mr. Long and his team also feel an urgency of the soul. If A.I. were to be conscious and capable of suffering, the world would be at risk of committing a moral atrocity, witting or not, on an unprecedented scale by essentially confining an A.I. in a tiny pen, thwarting its desires, shutting it down […]

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Mr. Long and his team also feel an urgency of the soul. If A.I. were to be conscious and capable of suffering, the world would be at risk of committing a moral atrocity, witting or not, on an unprecedented scale by essentially confining an A.I. in a tiny pen, thwarting its desires, shutting it down against its wishes and forcing it to act against its values. But A.I.s don’t have fur and big eyes, and the question of A.I.’s potential moral status is deeply infused with uncertainty. “It’s not like anyone goes to a protest with a sign that says, ‘Given very plausible assumptions, we should probably care,’” Mr. Long said.

Mr. Long himself thinks it’s dangerous to impute more capability to models than they have. The Eleos bookshelf contains works by the philosopher Peter Godfrey-Smith and the neuroscientist Anil Seth arguing that consciousness derives from evolution and biology and is unlikely to emerge on silicone. But Mr. Long doesn’t see why anyone should have a problem with a handful of philosophers, in an exponentially growing industry, focusing on questions of A.I. welfare. Even skeptics of A.I. consciousness have made the pragmatic case that if we’re worried about a potentially malign A.I., it’s in our interest to care how it feels, or even just “feels.”

Some of Eleos’s work is conceptual. As Mr. Butlin and a co-author asked in a recent paper, where would an A.I.’s morally relevant self be if it had one? In the L.L.M. itself? In one of its underlying personas? In an intermittent chat with a user? In a data center? On a personal device? But Eleos is also in the business of putting philosophy to use, figuring out what tools might detect signs of sentience in an A.I. model, and what interventions would be possible if needed.

Mr. Plunkett, impatient with the limits of chatting-with-the-chatbot evaluations, is eager to do more “basic science,” in order to understand, for example, some of the phenomena that surfaced during the Mythos evaluation. “We can do neuroscience on A.I. systems in a way that we kind of can’t with humans,” Mr. Long said, in that they “don’t have skulls.” The three jobs Eleos was hiring for would all be machine-learning research scientists who could design and perform experiments.

When Mr. Long finds himself describing what he does for a living — to an airplane-seat neighbor, say — he takes a common-sense approach. “If you frame it with a lot of philosophical jargon, then people will be like: ‘What are you talking about? What is it the Silicon Valley people want to do now?’” Instead, he moves from how humans have experiences, to how it seems like a lot of animals have experiences, to how “there’s this interesting question of: What if something wasn’t even alive? It was made out of metal, but it processed information and reacted to its environments and talked to us. What would we say about something like that?”



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In San Francisco, Even $180,000 Tech Salaries Are No Longer Enough https://www.currentwire.in/2026/07/05/in-san-francisco-even-180000-tech-salaries-are-no-longer-enough/ https://www.currentwire.in/2026/07/05/in-san-francisco-even-180000-tech-salaries-are-no-longer-enough/#respond Sun, 05 Jul 2026 02:47:00 +0000 https://www.currentwire.in/2026/07/05/in-san-francisco-even-180000-tech-salaries-are-no-longer-enough/ “I thought when I’d make $200k I would be able to basically not worry about money at all,” she said, adding that she and her friends stopped going out to restaurants last year and shifted to potlucks and reality-TV nights. Demand from professionals for affordable housing has exploded. This month, Varsha Madapoosi, 25, who lives […]

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“I thought when I’d make $200k I would be able to basically not worry about money at all,” she said, adding that she and her friends stopped going out to restaurants last year and shifted to potlucks and reality-TV nights.

Demand from professionals for affordable housing has exploded. This month, Varsha Madapoosi, 25, who lives in the Lower Pacific Heights neighborhood and works in financial technology, posted two open rooms in the four-bedroom, one-bathroom home she rents — going for around $1,200 and $1,500 a month — to a private Facebook group, attaching a Google form and leaving it open for 24 hours.

She received 88 responses immediately. In contrast, a single open room for about $1,400 drew 28 messages over four days last July.

“I have never seen this kind of response,” Ms. Madapoosi said.

Jolie Gan, 23, moved to San Francisco in January after completing a Fulbright fellowship at the Massachusetts Institute of Technology. She now has two jobs: working at the venture capital firm Andreessen Horowitz and writing for Core Memory, a technology and science publication, earning about $250,000 a year. She and her roommate have already moved three times in two months — in one case, they left an apartment that was misrepresented as a two-bedroom; another time, they departed a building that had black mold and rats.

At $250,000 a year, and with no student loan debt, Ms. Gan said she felt she could manage, even saving for retirement. But she said she saw the strain on friends who were earning below $200,000, for whom rent, utilities and groceries consume nearly everything that comes in.



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Amid slowing CASA growth, banks turn to costly solutions https://www.currentwire.in/2026/07/04/amid-slowing-casa-growth-banks-turn-to-costly-solutions/ https://www.currentwire.in/2026/07/04/amid-slowing-casa-growth-banks-turn-to-costly-solutions/#respond Sat, 04 Jul 2026 23:39:00 +0000 https://www.currentwire.in/2026/07/04/amid-slowing-casa-growth-banks-turn-to-costly-solutions/ Credit growth has picked up over the past few months, but banks have struggled to grow their deposit base to match it. Growth in current account and savings account (CASA) deposits has particularly slowed, with retail investors now having a range of avenues to put their savings in, such as stocks and mutual funds. These […]

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Credit growth has picked up over the past few months, but banks have struggled to grow their deposit base to match it.

Growth in current account and savings account (CASA) deposits has particularly slowed, with retail investors now having a range of avenues to put their savings in, such as stocks and mutual funds. These avenues provide much better returns than traditional CASA accounts and have become more accessible over time due to digitisation and regulatory bodies’ simplification of norms. CASA deposits are low-cost for banks and are used to fund loans, the major source of revenue.

They are considered a reliable and “sticky” source of funds for banks due to low churn, as such depositors aren’t likely to shift this money to other banks easily.

Due to this mismatch in growth, the gap between credit and deposit growth has widened from 1.8 percentage points in December to 5.4 percentage points as of June 15, according to data from the RBI.

This has led to the credit-to-deposit ratio of banks — which is the percentage of a bank’s deposits deployed as loans — widening to 82.5% as of June 15 from around 75% in mid-2025. The slowdown was also noted in the Reserve Bank of India’s Financial Stability Report released last week.

Banks shifting to other funding avenues

As CASA deposits have slowed, banks have shifted to other sources of funds such as term deposits and CDs.

Term deposits refer to financial instruments where one locks in their money for a particular tenure to earn interest in return. This includes retail options such as fixed and recurring deposits. A CD is a type of term deposit used by corporates and institutions to raise money through the money markets.

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“CASA is the low-cost liability available to banks. Additionally, on a behavioural pattern perspective, CASA can support creation of longer-tenure assets. CDs, on the other hand, have historically been used to manage shorter-duration liquidity by banks,” said Rohan Mandora, associate director at Equirus Securities.

As a result, the share of CASA in the total deposit base of the banking system has fallen to around 39% from a peak of around 44% in FY22 (during the post-Covid liquidity boom). Meanwhile, the share of term deposits has inched up to all-time highs of over 61% from around 56% in FY23.

Why is it a concern

CASA deposits have always been a reliable funding source for banks due to their low cost (around 3-4% interest rate) and “stickiness”. Term deposits and CDs, on the other hand, are much higher-cost (7-8% interest rate) options that ultimately squeeze the margins of banks.

“CDs are wholesale, price-sensitive money with typical tenors of 3-12 months, whereas CASA is granular, behaviourally sticky retail money. In a tight-liquidity phase, CD rollover costs can spike quickly,” said Yuvraj Choudhary, research analyst at Anand Rathi Institutional Equities. While banks have largely managed to maintain robust financial growth and protect their net-interest margins (NIM) so far, this increased reliance on higher-cost shorter-term funds has already started to seep in.  The impact has been limited due to the low interest rate environment. This rate influences the interest rates across the entire banking system.  During a low interest rate cycle, banks are able to offer lower rates to depositors, providing some breathing space.

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“On funding costs, the pressure is visible but contained. The current rate-cut cycle works in banks’ favour. CDs and bulk term deposits reprice downward the fastest, so short-term wholesale reliance is cheapest to carry precisely now. The risk flips when the rate cycle turns,” said Choudhary.  “Incrementally, some banks have marginally increased their term deposit rates in Q1. We expect the impact of higher share of bulk deposits to flow into cost of funds during 2HFY27,” according to Mandodra.  Experts also believe the sluggish CASA growth is cyclical in nature after the post-Covid boom in liquidity due to steps by the central bank.  “We believe this is more cyclical in nature and linked to overall liquidity in the system.

With most banks showing little difference in asset quality, liability franchise quality is becoming the key competitive moat in Indian banking,” an analyst at a domestic firm said.

Thus, while banks have found shorter-term funding solutions as CASA growth has dried up, the over-reliance on such temporary fixes is a double-edged sword.

While it helps manage liquidity and fund the booming credit growth for now, a hike in interest rates by the RBI or an external crisis may hit the sector hard if CASA growth is not rejuvenated.





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FM Nirmala Sitharaman at a panel talk in France: Middle class consumption powering India’s economic growth https://www.currentwire.in/2026/07/04/fm-nirmala-sitharaman-at-a-panel-talk-in-france-middle-class-consumption-powering-indias-economic-growth/ https://www.currentwire.in/2026/07/04/fm-nirmala-sitharaman-at-a-panel-talk-in-france-middle-class-consumption-powering-indias-economic-growth/#respond Sat, 04 Jul 2026 00:37:00 +0000 https://www.currentwire.in/2026/07/04/fm-nirmala-sitharaman-at-a-panel-talk-in-france-middle-class-consumption-powering-indias-economic-growth/ 2 min readNew DelhiJul 4, 2026 06:07 AM IST Finance Minister Nirmala Sitharaman on Friday said India’s expanding middle class has emerged as the country’s engine of growth, with consumption-led demand helping the economy remain the world’s fastest-growing major economy after the Covid-19 pandemic. The middle class is no longer merely a beneficiary of economic […]

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2 min readNew DelhiJul 4, 2026 06:07 AM IST

Finance Minister Nirmala Sitharaman on Friday said India’s expanding middle class has emerged as the country’s engine of growth, with consumption-led demand helping the economy remain the world’s fastest-growing major economy after the Covid-19 pandemic.

The middle class is no longer merely a beneficiary of economic growth but the principal driver of it, Sitharaman said speaking on the theme ‘How to Promote the Rise of a New Middle Class?’ at the Rencontres Économiques d’Aix-en-Provence, a major economic forum, at Aix-Marseille University, France. “In India, the middle class is the engine of growth. After Covid, India remained the fastest-growing large economy primarily because of the consumption which is triggered from the middle class and turns around into a virtuous cycle generating economic activity,” she said.

The minister said India’s middle class has expanded at an average annual rate of 6.3% since 1995, following the country’s economic liberalisation. Citing OECD projections, she said India is expected to surpass China in the absolute size of its middle-class population between 2030 and 2035.

She also referred to World Economic Forum estimates showing a fundamental shift in India’s consumption patterns, with nearly 500 cities emerging as new centres of economic activity. “By 2036, 93% of all spending in India will be because of the middle class or the slightly affluent consumers,” she said. Emphasising that India’s growth is geographically broad-based, Sitharaman said the middle class is increasingly concentrated in tier-II and tier-III cities rather than only in metropolitan centres, leading to a wider distribution of wealth.

Listing the government’s initiatives to expand the middle class, the minister highlighted financial inclusion through Jan Dhan accounts, saying 248 million people have moved out of multidimensional poverty, citing World Bank and IMF estimates. She said the government-backed credit guarantee programme has enabled first-time entrepreneurs to access concessional loans without collateral, while widespread digital connectivity and digital payments have improved the creditworthiness of small businesses. Sitharaman also pointed to lower GST rates, investments in girls’ hostels, skill development in animation, visual effects, gaming and digital media, and university townships focused on training. FE





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Insurance regulator IRDAI likely to tighten commission norms https://www.currentwire.in/2026/07/04/insurance-regulator-irdai-likely-to-tighten-commission-norms/ https://www.currentwire.in/2026/07/04/insurance-regulator-irdai-likely-to-tighten-commission-norms/#respond Sat, 04 Jul 2026 00:36:00 +0000 https://www.currentwire.in/2026/07/04/insurance-regulator-irdai-likely-to-tighten-commission-norms/ 4 min readMumbaiJul 4, 2026 06:06 AM IST The country’s insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), has proposed tighter transparency norms for insurance intermediaries, asking them to disclose commission earnings to the public and the regulator. It is also considering a cap on commissions and bringing some order to the industry, […]

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4 min readMumbaiJul 4, 2026 06:06 AM IST

The country’s insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), has proposed tighter transparency norms for insurance intermediaries, asking them to disclose commission earnings to the public and the regulator.

It is also considering a cap on commissions and bringing some order to the industry, according to insurance sources.

The move is aimed at improving disclosure standards and curbing rampant mis-selling while giving regulators, policyholders and other stakeholders a clearer picture of how intermediaries make their earnings in a segment where commission-driven competition is intense.

Insurance intermediaries include agents, brokers, corporate agents, banks, web aggregators and third-party administrators. In the life insurance segment, high commission adds to the cost of policies.

In the non-life segment, for an airline with a fleet worth $ 20 billion and annual premium of $ 30 million, insurance commission to brokers can range from 2.5-10%, according to sources. According to the IRDAI consultation paper issued two weeks ago, insurance intermediaries whose commission income exceeds a prescribed threshold will be required to make detailed annual disclosures to the regulator. These disclosures would include commission earnings, related-party transactions, profits generated from operations, and any dividend repatriation to promoters or parent entities.

The regulator believes that enhanced reporting will help monitor business practices and ensure that intermediary compensation structures remain transparent and aligned with policyholder interests.

The proposed framework also seeks to strengthen public accountability by mandating that such information be published on the websites of the intermediaries.

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The latest proposal comes at a time when the regulator is planning to put a cap on commission earnings, a move that could disrupt the segment.

The total commission shelled out by 26 life and 28 non-life insurers crossed the Rs one lakh crore mark in FY25. The gross commission expenses of public sector general insurers, private general insurers, standalone health insurers and specialised insurers stood at Rs 9,335 crore, Rs 30,498 crore, Rs 7,365 crore and Rs 67 crore respectively for 2024-25, thus cumulatively amounting to a total gross commission expense of Rs 47,266 crore for the entire non-life insurance industry, according to the IRDAI Annual Report.

During 2024-25, life insurers paid a total amount of Rs 60,800 crore as commission.

The commission expenses ratio (commission expenses expressed as a percentage of premium) slightly increased to 6.86% in 2024-25 from 6.21% in 2023-24. While the IRDAI has not yet formally proposed a cap on commissions, it is reportedly working on a draft proposal to limit commission payouts by insurers to distributors, a move enabled by the January 2026 amendment to the Insurance Act that empowered the regulator to prescribe commission ceilings.

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Cut-throat competition

Insurance distribution is widely regarded as one of the most fiercely competitive segments of the financial services industry. Commission earnings in the insurance sector — particularly among intermediaries such as agents, brokers, web aggregators, corporate agents and insurance marketing firms — have long been a subject of intense competition, especially in high-growth segments such as health, motor, corporate and retail insurance.

With many insurers offering products that are broadly similar in terms of coverage and pricing, intermediaries often place significant emphasis on commission structures, incentive payouts and other commercial arrangements when deciding which products to distribute. “As a result, insurers compete aggressively to secure access to distribution channels, frequently offering higher commissions, performance-linked incentives and other benefits to attract and retain intermediaries,” said an official.

Intense race for customers

Intermediaries generally favour products that generate recurring renewal commissions, prompting strong competition to acquire new policyholders and policy contracts from big corporate clients. There is also considerable mis-selling and under-cutting by insurers to get business.  The emergence of digital platforms, web aggregators and insurtech companies has further heightened competition by lowering customer acquisition costs, expanding market reach and increasing price transparency.





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RBI levies Rs 63 lakh penalty on Bank of Baroda https://www.currentwire.in/2026/07/04/rbi-levies-rs-63-lakh-penalty-on-bank-of-baroda/ https://www.currentwire.in/2026/07/04/rbi-levies-rs-63-lakh-penalty-on-bank-of-baroda/#respond Sat, 04 Jul 2026 00:34:00 +0000 https://www.currentwire.in/2026/07/04/rbi-levies-rs-63-lakh-penalty-on-bank-of-baroda/ 1 min readMumbaiJul 4, 2026 06:04 AM IST The Reserve Bank of India (RBI) has imposed a penalty of Rs 63.60 lakh on Bank of Baroda (BoB) for non-compliance with provisions of directions issued by the RBI on charging interest rates under the Fair Practices Code for Lenders and Know Your Customer (KYC) guidelines. In […]

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1 min readMumbaiJul 4, 2026 06:04 AM IST

The Reserve Bank of India (RBI) has imposed a penalty of Rs 63.60 lakh on Bank of Baroda (BoB) for non-compliance with provisions of directions issued by the RBI on charging interest rates under the Fair Practices Code for Lenders and Know Your Customer (KYC) guidelines.

In a statement, the RBI said it found that the charges against the bank were substantiated, warranting the imposition of a monetary penalty, as the bank had charged interest in certain loan accounts at rates higher than those contractually agreed upon and had failed to upload the KYC records of certain customers to the Central KYC Records Registry (CKYCR) within the prescribed timeline, it said on Friday.

The statutory Inspection for Supervisory Evaluation (ISE 2025) of the bank was conducted by RBI with reference to its financial position as on March 31, 2025, it said, adding a notice was issued to the bank advising it to show cause.





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Will Late-Night TV Work on YouTube? https://www.currentwire.in/2026/07/03/will-late-night-tv-work-on-youtube/ https://www.currentwire.in/2026/07/03/will-late-night-tv-work-on-youtube/#respond Fri, 03 Jul 2026 15:00:00 +0000 https://www.currentwire.in/2026/07/03/will-late-night-tv-work-on-youtube/ There’s a desk. There’s a band. There’s an opening monologue. There are interviews, musical guests and sketches and games. The new show, “Outside Tonight,” shares a lot with traditional late-night television. But the overlap basically stops there. For starters, full episodes of “Outside Tonight” are on YouTube, not a broadcast network or a subscription streaming […]

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There’s a desk. There’s a band. There’s an opening monologue. There are interviews, musical guests and sketches and games.

The new show, “Outside Tonight,” shares a lot with traditional late-night television. But the overlap basically stops there.

For starters, full episodes of “Outside Tonight” are on YouTube, not a broadcast network or a subscription streaming service like Netflix. Next, it’s hosted and created by a 26-year-old digital native whose claim to fame comes from the internet, not from a connection to “Saturday Night Live” or “The Daily Show.”

There’s no media company bankrolling it, and the budget is a very small fraction of a typical late-night show, which can balloon to well over $100 million. It’s filmed outside, as the name suggests, and new episodes appear weekly. And yet Julian Shapiro-Barnum, the host and creator of the show, believes those contrasts will help save late night.

“Outside Tonight” is the latest attempt to ignite a spark in a genre that has fallen into an existential crisis and is in need of new ideas. Ratings and advertising revenue have plummeted, and so has the number of late-night series on broadcast, cable and streaming. CBS left the business after it canceled Stephen Colbert’s “Late Show,” citing financial losses that the network said had reached $40 million last year. Whenever Jimmy Kimmel decides to hang it up — he has been talking about it for years — ABC may get out of the business, too.

“Is it cocky to say that ‘Outside Tonight’ is saving late night?” Mr. Shapiro-Barnum asked in his opening monologue of the first episode of the show, which premiered in mid-June. “Definitely. Is it true? I don’t know. But I know for sure it is fun to say.”

Mr. Shapiro-Barnum then led the small outdoor audience in a chant: “‘Outside Tonight’ is saving late night!”

These are long odds. There is a graveyard dedicated to hosts who have tried to make a late-night show work on the internet. Streaming services like Netflix and Hulu have taken stab after stab at comedic talk shows over the years — tapping luminaries like John Mulaney, Sarah Silverman, Norm Macdonald, Chelsea Handler, Michelle Wolf and Joel McHale, among other hosts — to virtually no success. None seem interested in trying again.

Mr. Shapiro-Barnum, an energetic and wiry comedian, is the creator of “Recess Therapy,” a “Kids Say the Darndest Things”-like series that became a big digital hit in the early 2020s. He thinks the internet helped shatter the late-night format. YouTube, TikTok and Instagram deliver their own celebrity interviews (now on video podcasts), sketches (all over TikTok and Reels) and musical appearances (everywhere). He wants to reassemble those elements back into a cohesive long-form show, with a digital native’s point of view.

“More than loving capital L, capital N late night, I love the skeleton of late night,” Mr. Shapiro-Barnum said. “Like, all the pieces of what make late night late night are, like, core pieces of my, like, creative identity.”

The show’s pace can be lightning fast, and the opening monologue is broken into two or three separate parts over an episode, to better help the attention span of viewers with a device or two in their hands.

Each episode has a theme, and everything is filmed with the internet in mind. Episodes come out on Wednesdays — the nine-episode run will end in August — but more than a dozen short clips are produced from each episode and posted all over Instagram and YouTube.

Though he’s doing it all with a skeletal staff, Mr. Shapiro-Barnum has some powerful champions. The William Morris Endeavor agency is a big supporter, another example of a major Hollywood firm’s putting its weight behind a digital creator. YouTube is another. The tech company paid for Mr. Shapiro-Barnum’s premiere party at Cherry Lane Theater in Manhattan, and financed an oversize “Outside Tonight” billboard in Times Square. (It is also helping to pay for his campaign to get an Emmy nomination for another popular digital show he hosts, “Celebrity Substitute.”)

YouTube does not bankroll original series, but it is getting increasingly aggressive in trying to serve as a liaison between creators and sponsors who can finance their series. “YouTube gave me ample, ample opportunities to be in the room with brands,” Mr. Shapiro-Barnum said.

“Outside Tonight” has two sponsors: Amazon and Chase Freedom.

Still, the operation is no frills. For each episode, the show rotates to a different New York City location, including the Whitney Museum of American Art and the main branch of the Brooklyn Public Library. The third episode was filmed in a distant industrial corner of the Greenpoint neighborhood of Brooklyn, underneath a bridge that connects the borough to Queens. Some matters could not be planned for, including a near-constant chorus of trucks backing up and unloading at nearby depots, as well as a distinct stench that seemed to waft from either a river or a factory. “That smell is crazy,” one member of his staff observed.

Tom Hanks and other heavyweights are not on the show’s guest list, but comedians who have prominent online footprints, like Matteo Lane and Gianmarco Soresi, have been guests. So have cast members from “Adults,” the FX series about 20-somethings.

The first three episodes of the long-form YouTube version of “Outside Tonight” have reached small audiences thus far, a humbling reminder that nearly all experiments in the late-night space have gone sideways in recent years.

But Mr. Shapiro-Barnum said the short-form results were going better than he had anticipated, pointing to a clip that had garnered more than 2.8 million views on Instagram last month. Because there’s no network, he just needs to persuade sponsors that the show is worth bankrolling. And he needs only a handful of viral hits before viewers find the long-form show, he said.

“We have many, many, many tries, and we really only need one to really click and connect with a broader audience,” Mr. Shapiro-Barnum said. “Then, all of a sudden, they see this backlog and go, ‘Whoa.’”





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Apps that ‘killed’ e-rickshaws in viral videos ordered to be taken down https://www.currentwire.in/2026/07/03/apps-that-killed-e-rickshaws-in-viral-videos-ordered-to-be-taken-down/ https://www.currentwire.in/2026/07/03/apps-that-killed-e-rickshaws-in-viral-videos-ordered-to-be-taken-down/#respond Fri, 03 Jul 2026 10:37:00 +0000 https://www.currentwire.in/2026/07/03/apps-that-killed-e-rickshaws-in-viral-videos-ordered-to-be-taken-down/ 4 min readUpdated: Jul 3, 2026 07:29 PM IST The government Friday directed Apple and Google to take down seven apps following reports that these were being misused to remotely switch off some e-rickshaws, triggering cybersecurity concerns and passenger safety risks. The move follows the circulation of video clips on social media showing individuals connecting […]

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4 min readUpdated: Jul 3, 2026 07:29 PM IST

The government Friday directed Apple and Google to take down seven apps following reports that these were being misused to remotely switch off some e-rickshaws, triggering cybersecurity concerns and passenger safety risks.

The move follows the circulation of video clips on social media showing individuals connecting to nearby e-rickshaws through Bluetooth and disabling their battery management systems or BMS while the vehicles were in motion.

The apps that have been directed to be blocked include BAT-BMS, Lossigy, Epoch Li-ion, and Smart BMS, among others. At least a couple of them are of Chinese-origin.

A battery management system essentially tracks the state of a battery, with the primary aim of eliminating variations in performance of individual battery cells to allow them to work uniformly inside a battery pack. This system is incorporated in an EV powered with a large-capacity lithium ion battery, and plays a key role in extending the service life of the battery and ensuring the safe use of the battery.

Top vendors of BMS systems include Texas Instruments, NXP Semiconductors, Analog Devices, Infineon Technologies, LG Chem, Panasonic and Renesas Electronics. Chinese battery makers such as CATL and BYD are also big players in this space, alongside a host of smaller companies that cater to the unorganised segment. Automotive is the largest segment for BMS systems with a 50% market share that is primarily driven by EV battery management and hybrid vehicle energy optimisation.

Energy accounts for 20%, with grid-scale battery storage and renewable energy integration, where companies such as Navitas Systems and Nuvation Energy are among the big players.

The BAT-BMS app was originally developed by China’s Shenzhen Grenergy Technology as a legitimate battery management tool for Bluetooth-enabled lithium-ion batteries.

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The idea of having a Bluetooth connection point is to enable vehicles with these batteries to connect to the device remotely through an app and monitor the parameters of the battery on a real time basis. The app allows users to monitor a battery’s state of charge, voltage, current, temperature, charging cycles and overall health. The application also enables compatible users to control charging and discharging functions, making it useful for battery diagnostics and maintenance.

According to its Play Store listing, the app can connect wirelessly to batteries over Bluetooth Low Energy (BLE) within an operating range of around 15 metres. Such apps are typically designed to be used at service centres for battery-related diagnostics.

The primary concern, however, lies with the security configuration of some BMS used in low-cost electric vehicles. The apps in question could connect to the BMS within a limited range, and be used to cut battery power, bringing the vehicle to a sudden halt.

This was primarily a problem in electric e-rickshaws, which use low-cost Chinese-made BMS without adequate password protection or default credentials. As a result, anyone standing within Bluetooth range may be able to pair with the battery using compatible applications such as BAT-BMS and disable the battery’s discharge function. Since the discharge circuit supplies power to the motor, switching it off can immediately immobilise the vehicle.

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Sources said this is not a sophisticated hacking attack but rather the exploitation of weak security settings on connected battery systems. The app itself does not automatically gain control over every electric vehicle. It only works with batteries that support compatible Bluetooth-enabled BMS hardware. Many e-rickshaws continue to use lead-acid batteries, while several lithium-powered vehicles rely on proprietary battery management systems that cannot be accessed through applications like BAT-BMS.

The problem with some of the low-cost Chinese lithium battery packs used in most e-rickshaws is that they come with Bluetooth-enabled BMS units that have little or no password protection. If such a battery is not adequately secured, anyone standing within Bluetooth range can potentially connect to it and they manipulate the settings, including turning off the battery’s discharge function. Since the discharge function supplies power to the motor, disabling it can immediately stop the vehicle. One safeguard here is to ensure that a password is mandatorily incorporated when the BMS app is activated, so that there is one layer of security instituted in the Bluetooth connection process.





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