Category Archives: economy

45 Elon Musk DOGE staff still on White House payroll and exempt from shutdown

Forty-five employees of Elon Musk’s Department of Government Efficiency (DOGE) remain on the White House payroll despite the Tesla CEO’s exit in May, and they are not being furloughed under the current government shutdown.

This fact appears in a memo released on Thursday by the White House Office of Administration, which lays out who stays and who goes while Congress stalls on funding. It shows a clear picture: DOGE staff keep working while many other government workers sit at home without pay.

The memo does not say why these 45 DOGE workers are untouched, but their status stands out as other White House offices shrink. It also reveals how President Donald Trump is handling this shutdown differently from 2018. Trump has furloughed 514 fewer staffers this time than in the last shutdown under his watch.

In that earlier plan, which former President Joe Biden had also approved but never had to use, about 61% of the Executive Office of the President was temporarily laid off. This current plan hits only 32% of the staff. The result is that far more staffers remain on the job, but Trump is openly saying he wants to lay off federal workers outright instead of just sending them home temporarily. According to the White House, these cuts could reach the thousands.

### Trump Keeps DOGE Running During Shutdown

Among the offices still running at full capacity is DOGE, which Elon once led as a cost-cutting operation before falling out with Trump over the president’s deficit-expanding tax cut bill. Elon’s departure in May came with a White House statement saying DOGE had been decentralized, meaning its teams across the government would report to their agency heads instead of a single leader. But the shutdown plan proves otherwise.

It shows that 45 DOGE staffers still work in the US DOGE Service, a unit inside the Executive Office of the President. The memo, signed by Joshua Fisher, director of the White House Office of Administration, does not say why DOGE staffers escaped furloughs.

However, the US Digital Service—which preceded DOGE—had a history of staying open during past shutdowns because it had its own source of funding from fees charged to other agencies. This background raises questions about whether DOGE also benefits from a separate funding stream. For now, though, the memo just notes their exemption without an explanation.

### Fewer Furloughs in Other White House Offices

Other White House divisions also show big changes compared with 2018. The Office of Management and Budget now keeps 437 employees on duty, far more than the 161 retained under the earlier plan. A tax cut law known as the “One Big Beautiful Bill” gave the budget office $100 million in long-term funding, which may help explain the difference.

The White House Office, which covers the president’s immediate staff, keeps 175 aides on the job now, compared with 156 during the last shutdown. Even the executive residence staff almost doubles to 40 retained workers under Trump’s plan.

At the same time, Trump officials signal they will use this funding lapse to cut or close programs they oppose, especially in states that voted for his opponent last year. The White House has threatened to fire thousands of federal employees permanently in the coming days, blaming the lack of congressional funding.

The White House press office also reportedly stayed silent when asked for comment by reporters, sending only an automated out-of-office reply. That message read:

> “Due to staff shortages resulting from the Democrat Shutdown, the typical 24/7 monitoring of this press inbox may experience delays. Thank you for your attention to this matter.”

*The smartest crypto minds already read our newsletter. Want in? Join them.*
https://bitcoinethereumnews.com/finance/45-elon-musk-doge-staff-still-on-white-house-payroll-and-exempt-from-shutdown/?utm_source=rss&utm_medium=rss&utm_campaign=45-elon-musk-doge-staff-still-on-white-house-payroll-and-exempt-from-shutdown

Sam Konstas hit a century nobody could watch. But everyone is talking about it

Park cricketers have long enjoyed the luxury of putting a little GST, also referred to as mayonnaise, on their efforts at the crease. They can embellish a knock however they like to mates and family members who weren’t there to see it. Sam Konstas found himself in a similar situation after compiling 109 for Australia A against India A in Lucknow last month.

It was the century that has Australian cricket talking, but like a tree falling in the woods, only a handful of people at the Ekana Cricket Stadium and some online scorecards could verify it happened. Remarkably, in a country obsessed with cricket, Konstas’ polished innings wasn’t streamed or televised. A wagon wheel on the BCCI website revealed where Konstas picked off his runs and boundaries—57 per cent into the leg side—plus a six over long-on, but beyond that, the details are scant.

In his only interview since returning from his first proper playing stint in India—Konstas spent time training at the MRF Academy in Chennai last year—the rising star offered his version of that innings, more than two months on from a challenging Test tour of the West Indies, where he managed 50 runs across six innings on difficult pitches.

“It was actually a really tough green-seamer, and it was spinning too,” Konstas said with a grin. “So yeah, it was one of my best hundreds.”

Jokes aside, Konstas is pleased to be back in the runs. The incumbent Australian opener will need plenty more to begin the Sheffield Shield season, which starts on Saturday with NSW facing Western Australia at the WACA, South Australia hosting Victoria, and Queensland taking on Tasmania.

Konstas, who landed back in Australia on Monday, is happy to paint an honest picture. “It was actually a nice wicket to bat on,” he said. “As the day went on, it did spin quite a bit. They had a quality side. The first session, I thought they bowled really well, and it was seaming a little bit. When the spinners came on, since the wicket was a bit flat, I decided to try and take the game on. I was lucky enough to get a few away against the spinners. The innings progressed really nicely, and then I got out for 109. All my hard work [is showing].”

There was one moment, however, five balls into Konstas’ innings, that the now 20-year-old—his birthday was on Thursday—probably wishes never made its way out of India. A local journalist tweeted that Konstas had once again pulled out the audacious stroke that shocked the cricket world on Boxing Day last year.

“Sam Konstas has already attempted one reverse scoop in the first over!” Sportstar reporter Sahil Mathur wrote on X.

Konstas laughed when asked if it was true. “It is true,” he said. “I tried to reverse ramp first over to a ball on eighth stump. It wasn’t the right thing to do at that time. It happens sometimes. The other innings I was really good. I had a lot of clarity and just reacting to the ball.”

Did the Indians laugh or sledge him about it? “I think they were probably just used to it when I played [them] at the MCG and the SCG,” Konstas said. “They were a very good attack. It wasn’t the right shot to play at that time.”

It begs the question: has Konstas really changed his ways? Will there still be another rush of blood when he walks out to bat for NSW this week? It’s certainly a shot that makes purists grumble, but it has been a profitable one for Konstas, and he has never been dismissed playing it.

As always, runs are the only currency that matters, but the exchange rate will be high in the opening rounds of the Sheffield Shield, with places in Australia’s batting order up for grabs before the first Ashes Test in Perth on November 21.

Konstas’ scores of 109, 27 not out, 49, and 3 against a quality India A attack were, to use a phrase that will become a cricket cliché over the next six weeks, a timely reminder of his talent.

“I’ve grown a lot from those two or three weeks,” Konstas said. “It’s obviously a good reward to have, especially with all my hard training. The Caribbean was probably the best thing that happened to me. I learnt a lot about myself. As an athlete, you’re gonna fail a lot more than you succeed. It’s how you deal with your failures.

“The standard was really high. India A played a good team in their home conditions. I was really happy with my other digs. Even though I got out for 49, I thought it was the best I felt in terms of my mental headspace and the way I was moving. It’s also a lot hotter there, and it was about understanding not to hit a lot of balls during training, have that extra time off, just so I am mentally refreshed. It was a very good tour for me.”

Konstas believes his technique is in a good place, having worked closely with his batting coach, Tahmid Islam, since the West Indies fast bowlers worked him over. He feels his mental approach is sound, having leaned on his mentor and former Test all-rounder Shane Watson for guidance. Konstas has even worked with a breathing coach to ensure he remains calm and focused as a bowler gets ready to deliver the ball.

Clarity and confidence are all Konstas could have asked for, as he embarks on an intense period where every shot he plays is analysed and scrutinised through an Ashes lens. You wouldn’t know it from his relaxed demeanour.

“I have a lot of clarity now,” Konstas said. “[Making runs] does matter for me. Any time you spend at the crease, it’s valuable and builds a bit of confidence. I’m just trying to win games for NSW and just put good performances in for the Ashes, hopefully.”

“I’ve been very grateful to Greg Mail and Greg Shipperd to have their support. Cricket NSW is my second home, and I’m always there. For them to have full faith in me is nice at a young age. To represent NSW is a huge honour. I think we have immense depth, and hopefully, we dominate this year and win the comp. I know I’m ready for that Aussie [call-up] when the Ashes do come. I’m just trying to score runs and put my best foot forward.”

This time, when Konstas walks out to bat at the WACA, there will be a live stream. A sea of gold shirts is also expected in the stands. Not necessarily for Western Australia—though some might be—but because the Wallabies play the All Blacks next door at Optus Stadium later that afternoon in a Bledisloe Cup fixture. Rugby Australia boss Phil Waugh, a handy junior cricketer in his day, is expected to drop in for a look. Thousands more will be watching online.

But Konstas doesn’t want to get ahead of himself. He knows the real hard work lies ahead.
https://www.smh.com.au/sport/cricket/sam-konstas-hit-a-century-nobody-could-watch-but-everyone-is-talking-about-it-20250930-p5myv8.html?ref=rss&utm_medium=rss&utm_source=rss_feed

10% households invest in markets: Survey

**Less than 10% of Indian Households Invest in Securities Market, Sebi Survey Reveals**

*MUMBAI:* According to a recent survey conducted by the Securities and Exchange Board of India (Sebi), less than one out of every ten households in India—only 9.5%—invest in securities market-related financial products such as stocks and mutual funds.

This low investment penetration persists despite the fact that 63% of the country’s total 33.7 crore households are aware of at least one such product.

**State-wise Investment Penetration**

The survey highlights significant variation across states. Delhi leads with nearly 21% of households investing in securities market products, followed by Maharashtra at 17%. On the other end of the spectrum, Uttarakhand records the lowest penetration with just 4.5% of stock-related investing households.

**Mutual Funds vs. Stocks**

At the all-India level, mutual funds have a higher penetration rate compared to stocks. About 6.7% of households invest in mutual funds, while 5.3% hold stocks. Other financial products such as Futures & Options (F&O), REITs/InvITs, and corporate bonds have less than 1% penetration among households.

**Risk Preferences**

The survey also sheds light on investors’ risk appetite. Nearly 80% of households prefer capital preservation over higher returns. This cautious approach extends to younger generations as well, with 79% of Gen-Z households displaying risk-averse behavior.

**About the Survey**

This nationwide survey was commissioned by Sebi in collaboration with the Association of Mutual Funds in India (Amfi), Bombay Stock Exchange (BSE), National Stock Exchange (NSE), and other market infrastructure institutions.

*Follow Us On Social Media for More Updates*
https://timesofindia.indiatimes.com/business/india-business/10-households-invest-in-markets-survey/articleshow/124280549.cms

OpenAI valuation soars to $500B in private share sale – reports

PARIS, France — The valuation of ChatGPT developer OpenAI soared to a chart-topping $500 billion in a deal allowing employees to sell a limited number of shares, financial media reported Thursday.

If confirmed, the sale of a reported $6.6 billion in shares by OpenAI workers to investors would make the company the world’s most valuable startup, overtaking Elon Musk’s ventures.

https://business.inquirer.net/550437/openai-valuation-soars-to-500b-in-private-share-sale-reports

RBI raises IPO financing limit to ₹25L per investor

**RBI Raises IPO Financing Limit to ₹25 Lakh Per Investor**

*By Akash Pandey | Oct 01, 2025, 05:12 PM*

**Overview**

The Reserve Bank of India (RBI) has announced a significant increase in the financing limit for Initial Public Offerings (IPOs), raising it from ₹10 lakh to ₹25 lakh per investor. This decision aims to improve credit flow in the economy and was revealed by RBI Governor Sanjay Malhotra following a three-day meeting of the monetary policy committee.

**Key Regulatory Changes**

Alongside the hike in IPO financing limits, the RBI is set to remove the regulatory cap on lending against listed debt securities. In addition, the loan limit against shares has been raised substantially—from ₹20 lakh to ₹1 crore per person.

These measures form part of RBI’s wider strategy to enhance credit availability across the Indian economy.

**Expansion of Banking Lending Scope**

In a major policy shift, Indian banks are now permitted to finance mergers and acquisitions (M&A) among domestic companies. This structural change is anticipated to bolster the banking sector by diverting deal financing from private credit players to formal banking channels.

**Industry Response and Policy Alignment**

Experts have welcomed the RBI’s measures aimed at boosting credit flow. Chanchal Agarwal, Chief Investment Officer at Equirus Family Office, highlighted that these reforms will help banks regain credit flows previously moving towards structured credit products.

Furthermore, the RBI’s policy focuses on broadening credit intermediation, especially by enabling Urban Cooperative Banks to expand their services. This aligns with the government’s “Viksit Bharat” agenda, which emphasizes improving credit access and deepening India’s financial ecosystem.

**Economic Projections**

The RBI has revised upward its GDP growth forecast for the current fiscal year from 6.5% to 6.8%, while lowering its Consumer Price Index (CPI) inflation estimate from 3.1% to 2.6%.

Murthy Nagarajan, Head of Fixed Income at Tata Asset Management, noted that these adjustments may create room for potential rate cuts in upcoming monetary policy meetings. The repo rate remains unchanged for now, as broadly expected.

**Promoting the International Use of the Indian Rupee**

In efforts to enhance the global footprint of the Indian rupee (INR), the RBI has proposed measures to allow authorized Indian banks to offer rupee-denominated loans to non-residents in Bhutan, Nepal, and Sri Lanka for cross-border trade transactions.

Governor Malhotra stated that the RBI has made steady progress toward this goal, with the current proposals serving as critical steps in that direction.

**Conclusion**

The RBI’s recent policy measures—including raising IPO financing limits, expanding lending scopes, and promoting the rupee’s internationalization—are designed to stimulate credit flow, support economic growth, and strengthen India’s financial system. Market participants and experts alike view these steps as positive developments for India’s evolving economic landscape.
https://www.newsbytesapp.com/news/business/rbi-enhances-ipo-financing-limit-improving-credit-flow/story

RBI proposes risk-based deposit insurance premium structure for banks

**RBI Proposes Risk-Based Deposit Insurance Premium Structure for Banks**
*By Akash Pandey | Oct 01, 2025, 04:54 PM*

The Reserve Bank of India (RBI) has proposed a significant change to the deposit insurance premium structure for banks, shifting from the current flat-rate system to a risk-based model. This move aims to align India’s banking practices with international standards and promote stronger risk management within the sector.

**Current Premium Structure and Proposed Changes**
At present, all banks pay a uniform premium of 12 paise per ₹100 of deposits to the Deposit Insurance and Credit Guarantee Corporation (DICGC), irrespective of their financial health or risk profile. Under the new proposal, this flat rate would act as a ceiling, ensuring that no bank pays more than the current premium.

However, banks with stronger balance sheets and healthier financial indicators could benefit by paying lower premiums. This approach rewards sound financial management and incentivizes banks to maintain robust risk profiles.

**Linking Premiums to Financial Health**
The proposed risk-based premium structure will factor in critical indicators such as capital adequacy, asset quality, and governance standards. RBI Governor Sanjay Malhotra emphasized that this framework is designed to encourage sound risk management practices and increase accountability among banks.

By tying premiums to financial health, the RBI expects to foster greater market discipline and reduce the systemic risks posed by weaker banks.

**No Change in Insurance Coverage Limit**
It is important to note that this proposal does not affect the existing deposit insurance coverage. Depositors continue to enjoy protection up to ₹5 lakh per depositor, per bank— a limit that was raised from ₹1 lakh in 2020 following several bank failures that undermined depositor confidence.

The coverage includes both principal and accrued interest.

**Context of Wider Banking Sector Reforms**
The RBI’s premium restructuring is part of broader reforms aimed at strengthening India’s banking sector resilience. These reforms include implementing expected credit loss provisioning, introducing Basel III capital norms starting 2027, and enforcing stricter governance requirements under the amended banking laws.

Alongside these regulatory measures, the RBI recently maintained the repo rate unchanged for the second consecutive meeting and signaled a neutral stance on future monetary policy moves.

**Conclusion**
By transitioning to a risk-based deposit insurance premium framework, the RBI is incentivizing healthier banking practices and aligning India’s financial system with global best practices, all while ensuring continued protection for depositors.

*Stay updated with the latest developments in India’s banking sector by following our coverage.*
https://www.newsbytesapp.com/news/business/rbi-to-introduce-risk-based-deposit-insurance-premium/story

Asia shares, gold rise on US shutdown watch

Oil prices declined recently amid expectations of an increase in OPEC production. Market participants anticipate that the organization will boost output, putting downward pressure on crude prices.

Meanwhile, China’s manufacturing activity has contracted for the sixth consecutive month, highlighting ongoing challenges in the sector. This persistent slowdown contributes to concerns about the broader economic recovery in the region.

In European markets, Euro Stoxx 50 futures dipped during early trading, reflecting investor caution amid these global economic developments. Traders are closely monitoring how these factors will influence market sentiment moving forward.
https://thewest.com.au/business/asia-shares-gold-rise-on-us-shutdown-watch-c-20187675

Is Alibaba Stock a Safe Buy Now?

Alibaba Group Holding Limited (NYSE: BABA) has been a focal point for investors looking to capitalize on China’s burgeoning e-commerce market. However, recent years have seen a roller-coaster ride for the stock, driven by regulatory crackdowns and economic uncertainties in China. The question for investors now is whether Alibaba represents a safe investment opportunity or if caution is still warranted.

Alibaba’s financial performance has shown resilience despite external pressures. The company reported strong revenue growth driven by its core commerce segment and cloud computing services. These sectors remain Alibaba’s backbone, contributing significantly to its financial health. Moreover, Alibaba’s international commerce and digital media segments are gaining traction, promising further diversification.

Regulatory challenges remain a significant concern. The Chinese government’s increased scrutiny over technology companies has led to hefty fines and operational adjustments for Alibaba. These regulatory measures are part of China’s broader goal to control the tech sector’s influence and ensure data security. However, Alibaba’s proactive compliance and cooperation with authorities may mitigate long-term impacts and restore investor confidence.

The global economic landscape also impacts Alibaba’s prospects. China’s economic slowdown and trade tensions with the United States have introduced volatility in the market. As a result, Alibaba’s international expansion efforts become critical. By strengthening its presence in Southeast Asia and Europe, Alibaba aims to reduce reliance on the domestic market and tap into new growth avenues.

Investor sentiment is gradually recovering as Alibaba demonstrates adaptability and strategic foresight. The company’s innovation in cloud technology and artificial intelligence positions it well for future growth. Moreover, Alibaba’s focus on sustainability and social responsibility aligns with global trends, potentially attracting ESG-conscious investors.

In conclusion, while challenges persist, Alibaba’s comprehensive strategy and financial robustness make it a compelling option for investors with a high-risk tolerance. Those considering Alibaba should weigh the potential for significant returns against the backdrop of regulatory and economic uncertainties.

*Footnotes:*
*Featured Image: DepositPhotos @ Iurii*
https://pressreach.com/investing-news/is-alibaba-stock-a-safe-buy-now/

CBIC Fact-Checks Journalist Rajdeep Sardesai Over His Claims Of 18% GST On Caramel Popcorn

**CBIC Corrects Rajdeep Sardesai on GST Rates for Popcorn Following Recent Reforms**

*New Delhi:* The Central Board of Indirect Taxes & Customs (CBIC), the statutory body under the Ministry of Finance responsible for administering indirect taxes, fact-checked journalist Rajdeep Sardesai regarding the latest GST reforms on Thursday.

In a now-deleted post on X, Sardesai had claimed that caramel popcorn would be taxed at 18%. His post read:
*“The POPCORN debate has been resolved at last! Salted or spiced popcorn will now attract a uniform 5% GST, whether it’s sold loose or in pre-packaged form. Caramel popcorn will be taxed at 18%. Bring on the salted popcorn folks!”*

CBIC was quick to respond, sharing a screenshot of the post and clarifying:
*“Dear @sardesairajdeep, all sugar confectionery items will now be taxed at 5%. Kindly refrain from sharing incorrect information. Please see below the latest rates in Annexure II.”*

### Rajdeep Sardesai Issues Clarification

In a separate post on X, Sardesai corrected his earlier statement, saying:
*“Clarification: @cbic_india has clarified that ALL popcorn will have GST at 5%. Whether loose or packaged, or caramel. Earlier reports had said salted popcorn at 5% and caramel at 18% because of sugar element. Now, ALL sugar confectionery products will be at 5%.”*

### Background: The Popcorn GST Debate

Last year, popcorn became a topic of heated debate due to differentiated GST rates based on type:
– Loose salted popcorn: 5% GST
– Packaged popcorn: 12% GST
– Caramel popcorn: 18% GST

However, with the new GST reforms, the inclusion of all sugar confectionery items under the 5% tax bracket has effectively standardized GST rates for this popular snack.

The revised GST rates will come into effect from September 22.

The “popcorn controversy” dates back to the rollout of GST in July 2017. Initially, loose popcorn was exempt from tax, whereas packaged popcorn attracted 12% GST, leading to ongoing confusion and debate around applicable rates.

Stay tuned for more updates on GST reforms and their impact on consumers and businesses.
https://www.freepressjournal.in/india/cbic-fact-checks-journalist-rajdeep-sardesai-over-his-claims-of-18-gst-on-caramel-popcorn