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		<title>India bull Chris Wood likes Pakistan stock market around IMF bailout cycles</title>
		<link>https://lsd.hu/india-bull-chris-wood-likes-pakistan-stock-market-around-imf-bailout-cycles/</link>
		
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		<pubDate>Fri, 10 Apr 2026 05:20:17 +0000</pubDate>
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		<guid isPermaLink="false">https://lsd.hu/india-bull-chris-wood-likes-pakistan-stock-market-around-imf-bailout-cycles/</guid>

					<description><![CDATA[Jefferies&#8217; top global equity strategist Christopher Wood, known as an India bull, sees Pakistan as a high‑beta opportunity around IMF support, even as he stays marginally positive on India for the long term. He argues that while India has vastly outperformed Pakistan over decades, Pakistan’s equity market can deliver outsized returns when IMF bailout programmes [&#8230;]]]></description>
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<div data-brcount="35">Jefferies&#8217; top global equity strategist Christopher Wood, known as an India bull, sees Pakistan as a high‑beta opportunity around IMF support, even as he stays marginally positive on India for the long term. He argues that while India has vastly outperformed Pakistan over decades, Pakistan’s equity market can deliver outsized returns when IMF bailout programmes restore macro stability.</p>
<h2>IMF cycles and Pakistan rally<br /></h2>
<p>Pakistan has spent much of its post‑Independence history lurching from one balance‑of‑payments crisis to another, marked by weak exports, recurring current account blow‑ups and repeated recourse to the IMF.</p>
<p>In his latest &#8216;GREED &amp; fear&#8217; newsletter, Wood points out that these very bailout programmes often create powerful trading windows for investors willing to buy into crisis.</p>
<p>Using the latest IMF package as an example, Wood highlights that since the Fund programme agreed in September 2024, the MSCI Pakistan Index has surged 84% in US dollar terms. Over the same period, Pakistan has outpaced MSCI India by a massive 124 percentage points in dollar returns, underscoring the torque available when sentiment turns from despair to mere survival.</p>
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<h2>India vs Pakistan: structural vs cyclical<br /></h2>
<p>Wood stresses that Pakistan’s recent outperformance needs context: since the start of this century, India has beaten Pakistan by 653% in US dollar terms. That gap reflects India’s stronger growth model, deeper reforms and far more consistent corporate earnings trajectory.</p>
<p>Even after a “disastrous” first quarter in which India was Asia’s second‑worst market after Indonesia, Wood remains marginally Overweight India in his Asia Pacific ex‑Japan portfolio. He argues that aggressive foreign selling has driven a meaningful de‑rating, with the Nifty one‑year forward price‑earnings multiple now around 18.3 times, close to its 2015–19 pre‑Covid average of 16.8 times. </p>
<p>Foreign investors have already dumped about $18.5 billion of Indian equities so far this year, which he believes sets up India as a “reverse AI trade” beneficiary if the global artificial intelligence capex boom peaks and money rotates out of expensive tech.</p>
<p><b></b><a data-ga-onclick="Inarticle articleshow link click#Markets#href" href="https://economictimes.indiatimes.com/markets/stocks/news/is-niftys-cheap-looking-valuation-a-mirage-why-100-oil-could-trap-value-hunters/articleshow/130158945.cms" target="_blank" rel="noopener"></p>
<h2>Ceasefire, geopolitics and market optics<br /></h2>
<p>The Jefferies strategist frames Pakistan’s latest diplomatic moment as part of a larger “TACO” theme – markets’ recurring belief that geopolitical crises will be contained. He says the Pakistan‑brokered ceasefire in the Iran conflict, while fragile, has postponed an “apocalypse” scenario and eased energy market fears, a clear positive for oil‑importing India.</p>
<p>From New Delhi’s perspective, however, Wood suggests it is “galling” to see a chronically fragile neighbour suddenly gain centre‑stage geopolitical relevance. Pakistan’s significance, he writes, stems from its nuclear arsenal – an estimated 170 warheads – and a standing military of roughly 660,000 personnel, which gives Islamabad leverage far beyond its economic weight.</p>
<h2>Trading Pakistan, owning India<br /></h2>
<p>For portfolio strategy, Wood’s message is that Pakistan is a tactical, IMF‑cycle trade, while India remains the structural growth story in South Asia. He flags Pakistan as a market that can be “profitable to trade around IMF bailout cycles”, but cautions that its long macro record still compares poorly with India’s compounding over the past two decades.</p>
<p>In his latest asset allocation, Wood keeps India slightly Overweight and Pakistan outside the regional benchmark, while highlighting that IMF‑linked rebounds across frontier and distressed markets can offer sharp, if volatile, upside. For the emerging markets bull, India stays the core South Asia bet, but Pakistan’s IMF bailouts can periodically turn its market into a high‑octane satellite play.</p>
<p>(<strong>Disclaimer</strong>: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)</p>
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		<title>Jefferies’ Chris Wood reshuffles India portfolio. Here&#8217;s a look at the shifts across 6 sectors &#8211; Strategy Shift</title>
		<link>https://lsd.hu/jefferies-chris-wood-reshuffles-india-portfolio-heres-a-look-at-the-shifts-across-6-sectors-strategy-shift/</link>
		
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		<pubDate>Sat, 21 Jun 2025 14:51:59 +0000</pubDate>
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		<guid isPermaLink="false">https://www.lsd.hu/jefferies-chris-wood-reshuffles-india-portfolio-heres-a-look-at-the-shifts-across-6-sectors-strategy-shift/</guid>

					<description><![CDATA[In a clear signal of selectivity, Wood has exited Larsen &#38; Toubro, Thermax, and Godrej Properties. These names had previously represented bets on India’s infrastructure and premium housing cycle. The exits suggest a tightening lens on valuation and earnings momentum, with Wood opting to redeploy capital toward names better aligned with current market themes. (Disclaimer: [&#8230;]]]></description>
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<br /><img decoding="async" src="https://img.etimg.com/photo/msid-121992338,imgsize-19550.cms" alt="msid 121992338,imgsize 19550" title="Jefferies’ Chris Wood reshuffles India portfolio. Here&#039;s a look at the shifts across 6 sectors - Strategy Shift 4"></p>
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<p>In a clear signal of selectivity, Wood has exited Larsen &amp; Toubro, Thermax, and Godrej Properties. These names had previously represented bets on India’s infrastructure and premium housing cycle. The exits suggest a tightening lens on valuation and earnings momentum, with Wood opting to redeploy capital toward names better aligned with current market themes.</p>
<p>(<strong>Disclaimer</strong>: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) </p>
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		<title>Instacart names Chris Rogers as CEO after Fidji Simo&#8217;s exit for OpenAI</title>
		<link>https://lsd.hu/instacart-names-chris-rogers-as-ceo-after-fidji-simos-exit-for-openai/</link>
		
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		<pubDate>Wed, 28 May 2025 14:26:43 +0000</pubDate>
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		<guid isPermaLink="false">https://www.lsd.hu/instacart-names-chris-rogers-as-ceo-after-fidji-simos-exit-for-openai/</guid>

					<description><![CDATA[Instacart celebrates their IPO at the Nasdaq on Sept. 19th, 2023. Courtesy: Nasdaq Instacart on Wednesday appointed business chief Chris Rogers as its new CEO, less than a month after OpenAI announced CEO Fidji Simo as its new head of applications. Shares were flat. Rogers, who joined Instacart in 2019, will start Aug. 15 and [&#8230;]]]></description>
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<p>Instacart celebrates their IPO at the Nasdaq on Sept. 19th, 2023.</p>
<p>Courtesy: Nasdaq</p>
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<p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Instacart<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> on Wednesday <a href="https://investors.instacart.com/news-releases/news-release-details/instacart-appoints-chris-rogers-chief-executive-officer" target="_blank" rel="noopener">appointed</a> business chief Chris Rogers as its new CEO, less than a month after OpenAI announced CEO Fidji Simo as its new head of applications.</p>
<p>Shares were flat.</p>
<p>Rogers, who joined Instacart in 2019, will start Aug. 15 and join the board of directors. Simo will retain her chair position to &#8220;smooth the transition,&#8221; the company said.</p>
<p>&#8220;Over the last four years, we&#8217;ve transformed Instacart into a growing, profitable, leading technology platform that&#8217;s helping reshape the grocery industry,&#8221; Simo said in a release. &#8220;We&#8217;re building a generational company at the intersection of technology and food, and Chris is the right leader for our next chapter.&#8221;</p>
<p>OpenAI announced this month that it had recruited Simo to lead its applications team, reporting directly to CEO Sam Altman. At the time, Altman said in a post that Simo would &#8220;focus on enabling our &#8216;traditional&#8217; company functions to scale as we enter a next phase of growth.&#8221;</p>
<p>She joined the artificial intelligence startup&#8217;s board last year.</p>
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<p>Simo helped take the grocery delivery company public in 2023, after it ballooned in popularity as consumers sheltered at home during the depths of the pandemic.</p>
<p>At the time, Instacart was the first major venture-backed tech IPO since the end of 2021. She also made CNBC&#8217;s 2024 Changemakers list.</p>
<p>&#8220;There were a lot of questions about whether Instacart would be just another pandemic fad,&#8221; Simo told CNBC at the time. &#8220;And we have now proven that we not only kept the Covid gains, but grew on top of the Covid gains and grew sustainably and profitably,  which is really important.&#8221;</p>
<p>Prior to <a href="https://www.instacart.com/company/about-us/chris-rogers" target="_blank" rel="noopener">joining Instacart</a>, Rogers spent 11 years at Apple working in a variety of roles, including managing director for the company&#8217;s Canada division. He started his career at the delivery company as vice president of global retail, later transitioning into the chief business officer role.</p>
<p>Rogers began his professional career at Procter &amp; Gamble and graduated in 2001 from Canada&#8217;s Wilfrid Laurier University in Ontario, with a bachelor&#8217;s degree in business administration.</p>
<p>&#8220;We have a world-class team, deep partnerships, leading technology, and a bold vision for the future, and I&#8217;m honored to step in and lead Instacart&#8217;s next chapter,&#8221; he said.</p>
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		<title>Former cybersecurity agency chief Chris Krebs leaves SentinelOne after Trump targets him in executive order</title>
		<link>https://lsd.hu/former-cybersecurity-agency-chief-chris-krebs-leaves-sentinelone-after-trump-targets-him-in-executive-order/</link>
		
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		<pubDate>Wed, 16 Apr 2025 23:16:46 +0000</pubDate>
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		<guid isPermaLink="false">https://www.lsd.hu/former-cybersecurity-agency-chief-chris-krebs-leaves-sentinelone-after-trump-targets-him-in-executive-order/</guid>

					<description><![CDATA[Former Cybersecurity and Infrastructure Security Agency Director Chris Krebs testifies before a Senate Homeland Security and Governmental Affairs hearing to examine claims of voter irregularities in the 2020 election, in the Dirksen Senate Office Building, in Washington, U.S., December 16, 2020. Jim Lo Scalzo &#124; Reuters A week ago, President Donald Trump signed an executive [&#8230;]]]></description>
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<p>Former Cybersecurity and Infrastructure Security Agency Director Chris Krebs testifies before a Senate Homeland Security and Governmental Affairs hearing to examine claims of voter irregularities in the 2020 election, in the Dirksen Senate Office Building, in Washington, U.S., December 16, 2020.</p>
<p>Jim Lo Scalzo | Reuters</p>
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<p>A week ago, President Donald Trump signed an <a href="https://www.whitehouse.gov/presidential-actions/2025/04/addressing-risks-from-chris-krebs-and-government-censorship/" target="_blank" rel="noopener">executive order</a> targeting former Cybersecurity and Infrastructure Security Agency Chief Chris Krebs, and calling on the government to suspend the security clearances of any entities with whom he&#8217;s associated. The order specifically named <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">SentinelOne<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>, Krebs&#8217; employer.</p>
<p>On Wednesday, Krebs <a href="https://www.sentinelone.com/blog/an-official-statement-in-response-to-the-april-9-2025-executive-order/" target="_blank" rel="noopener">announced</a> his resignation from SentinelOne, a cybersecurity company with a $5.6 billion market cap. While Krebs said the choice was his alone, his swift departure is the latest example of the effect Trump is having on the private sector when it comes to pressuring people and institutions that he personally dislikes.</p>
<p>Krebs had served as SentinelOne&#8217;s chief intelligence and public policy officer since late 2023, when the company <a href="https://therecord.media/sentinelone-to-acquire-krebs-stamos-group" target="_blank" rel="noopener">acquired</a> his consulting firm.</p>
<p>&#8220;For those who know me, you know I don&#8217;t shy away from tough fights,&#8221; Krebs wrote in an email to SentinelOne staffers that the company posted on its website. &#8220;But I also know this is one I need to take on fully — outside of SentinelOne. This will require my complete focus and energy. It&#8217;s a fight for democracy, for freedom of speech, and for the rule of law. I&#8217;m prepared to give it everything I&#8217;ve got.&#8221;</p>
<p>Krebs served as the first CISA director from 2018 until he was fired in November 2020 after declaring that the presidential election, which Democrat Joe Biden won, was &#8220;the most secure in American history.&#8221; CISA is part of the Department of Homeland Security.</p>
<p>In his executive order on April 9, which took the extraordinary approach of going after a specific individual, Trump called Krebs a &#8220;bad-faith actor who weaponized and abused his Government authority.&#8221;</p>
<p>&#8220;Krebs&#8217; misconduct involved the censorship of disfavored speech implicating the 2020 election and COVID-19 pandemic,&#8221; the order said. &#8220;Krebs, through CISA, falsely and baselessly denied that the 2020 election was rigged and stolen, including by inappropriately and categorically dismissing widespread election malfeasance and serious vulnerabilities with voting machines.&#8221;</p>
<p>Trump directed the attorney general, director of national intelligence and &#8220;all other relevant agencies&#8221; to suspend &#8220;any active security clearances held by individuals at entities associated with Krebs, including SentinelOne, pending a review of whether such clearances are consistent with the national interest.&#8221;</p>
<p>The Wall Street Journal was first to report on Krebs&#8217; departure from SentinelOne, publishing a story on Wednesday based on an interview with Krebs. He told the <a href="https://www.wsj.com/politics/policy/chris-krebs-trump-cybersecurity-executive-action-31cb99cb" target="_blank" rel="noopener">Journal</a> that he was leaving to push back on Trump&#8217;s efforts &#8220;to go after corporate interests and corporate relationships.&#8221;</p>
<p>The demands on SentinelOne resemble campaigns that President Trump has waged against law firms and universities that he&#8217;s tried to strongarm into making significant changes in how they operate or else lose government contracts or funding.</p>
<p>SentinelOne, which uses artificial intelligence to detect threat and prevent cyberattacks, doesn&#8217;t disclose how much of its revenue comes from the government. But the company acknowledges in the risk factors section of its financial reports that it relies on government agencies for some of its business and can be hurt by changes in policy.</p>
<p>&#8220;Our future growth depends, in part, on increasing sales to government organizations,&#8221; the latest <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001583708/a0a0518d-3e5b-46f8-b496-3855af9df002.pdf" target="_blank" rel="noopener">quarterly filing</a> says. Specific to Trump, SentinelOne said that the establishment of the Department of Government Efficiency, which Elon Musk is running, could lead to budgetary changes that &#8220;adversely affect the funding for and purchases of our platform by government organizations.&#8221;</p>
<p>SentinelOne CEO Tomer Weingarten told employees in a memo, also posted to the company&#8217;s site on Wednesday, that Krebs &#8220;helped shape important conversations and strengthened public-private collaboration.&#8221; The company previously said, in a blog post after the executive order, that fewer than 10 employees had security clearances.</p>
<p>&#8220;Accordingly, we do not expect this to materially impact our business in any way,&#8221; the post said.</p>
<p><strong>WATCH:</strong> Krebs on cyberthreats</p>
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		<title>Microsoft&#8217;s business development chief Chris Young resigns</title>
		<link>https://lsd.hu/microsofts-business-development-chief-chris-young-resigns/</link>
		
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		<pubDate>Thu, 23 Jan 2025 08:31:39 +0000</pubDate>
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					<description><![CDATA[Christopher Young, executive vice president of business development at Microsoft Corp., speaks during the GeekWire Summit in Seattle, Washington, U.S., on Tuesday, Oct. 5, 2021. The GeekWire Summit brings together business, tech and community leaders for discussions about the future. David Ryder &#124; Bloomberg &#124; Getty Images Microsoft&#8216;s head of business development Chris Young, who [&#8230;]]]></description>
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<p>Christopher Young, executive vice president of business development at Microsoft Corp., speaks during the GeekWire Summit in Seattle, Washington, U.S., on Tuesday, Oct. 5, 2021. The GeekWire Summit brings together business, tech and community leaders for discussions about the future.</p>
<p>David Ryder | Bloomberg | Getty Images</p>
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<p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">Microsoft<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>&#8216;s head of business development Chris Young, who helped orchestrate the software giant&#8217;s acquisition of Activision Blizzard, is resigning from his post after about four years on the job, the company said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/789019/000119312525010492/d929748d8k.htm" target="_blank" rel="noopener">regulatory filing</a> on Wednesday. No successor was named.</p>
<p>Young joined Microsoft in 2020 after almost three years as CEO of McAfee, where he ran the effort to separate the company from <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-3">Intel<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>. Previously, he held executive positions at Cisco and RSA.</p>
<p>At Microsoft, Young sat on the company&#8217;s senior leadership team alongside CEO Satya Nadella and finance chief Amy Hood. He reported to Nadella. As one of the highest paid Microsoft employees, Young received $12 million in total compensation in the 2024 fiscal year, according to a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/789019/000119312524242883/d858775ddef14a.htm" target="_blank" rel="noopener">filing</a>.</p>
<p>Young&#8217;s organization included the M12 corporate venture capital unit, which has invested in startups like Innovaccer, Outreach, PsiQuantum, Skedulo and Typeface. In 2023, M12 <a href="https://blogs.microsoft.com/blog/2023/01/05/m12-ventures-down-a-new-path/" target="_blank" rel="noopener">said</a> that going forward, it would work more closely with Microsoft to better assist portfolio companies.</p>
<p>Microsoft&#8217;s $68.7 billion acquisition of video game publisher Activision, its largest deal ever, closed in 2023. Young also played a role in Microsoft&#8217;s expansion of its partnership with artificial intelligence startup OpenAI and its ad deal with <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-7">Netflix<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span>.</p>
<p>&#8220;As I spend the next several weeks supporting a smooth transition, I&#8217;m grateful for this chapter and am inspired by the possibilities the AI era presents for transformation and growth,&#8221; Young wrote in a <a href="https://www.linkedin.com/feed/update/urn:li:activity:7287972449474748416/" target="_blank" rel="noopener">LinkedIn post</a>. &#8220;My entrepreneurial roots are calling me, and I&#8217;m excited about what&#8217;s ahead.&#8221; He did not provide details.</p>
<p>Young, one of the most prominent Black executives at Microsoft, &#8220;provided thought leadership on the importance of diversity and inclusion in the technology industry,&#8221; the company said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/789019/000119312523259247/d356108ddef14a.htm" target="_blank" rel="noopener">2023 filing</a>.</p>
<p>While Microsoft hasn&#8217;t made any recent comments about its diversity, equity and inclusion programs, there has been a broader industry rollback since President Donald Trump&#8217;s reelection in November. <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-11">Amazon<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> said it&#8217;s halting some of its DEI programs, and <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-13">Meta&#8217;s<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"/></button></span></span></span> are being canceled.</p>
<p>In December, Microsoft&#8217;s chief diversity officer <a href="https://www.linkedin.com/pulse/doing-work-intention-inclusion-impact-lindsay-rae-mcintyre-cvg4c" target="_blank" rel="noopener">said</a> the company&#8217;s work in the area was &#8220;more important than ever.&#8221;</p>
<p><strong>WATCH:</strong> Microsoft CEO Satya Nadella on $500B Stargate project: Our partnership with OpenAI continues</p>
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		<title>Chris Wood of Jefferies cuts stake in 3 PSU stocks as PM Modi faces coalition challenge</title>
		<link>https://lsd.hu/chris-wood-of-jefferies-cuts-stake-in-3-psu-stocks-as-pm-modi-faces-coalition-challenge/</link>
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		<pubDate>Fri, 07 Jun 2024 07:03:22 +0000</pubDate>
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		<guid isPermaLink="false">https://www.lsd.hu/chris-wood-of-jefferies-cuts-stake-in-3-psu-stocks-as-pm-modi-faces-coalition-challenge/</guid>

					<description><![CDATA[Questioning whether Prime Minister Narendra Modi can operate effectively in a coalition government in his third term, Chris Wood of global brokerage firm Jefferies has shaved weightage of PSU stocks in his long-only India portfolio. The weightings in ICICI Bank, State Bank of India (SBI), REC and Coal India will be reduced by one percentage [&#8230;]]]></description>
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<br /><img decoding="async" src="https://img.etimg.com/photo/msid-110788809,imgsize-38284.cms" alt="msid 110788809,imgsize 38284" title="Chris Wood of Jefferies cuts stake in 3 PSU stocks as PM Modi faces coalition challenge 10"></p>
<div data-brcount="27">Questioning whether Prime Minister Narendra Modi can operate effectively in a coalition government in his third term, Chris Wood of global brokerage firm Jefferies has shaved weightage of PSU stocks in his long-only India portfolio.</p>
<p>The weightings in ICICI Bank, State Bank of India (SBI), REC and Coal India will be reduced by one percentage point each, while an investment in PolicyBazaar will be introduced with a 4% weighting, Wood wrote in his GREED &amp; fear newsletter.</p>
<p>As for the Asia ex-Japan long-only portfolio, the investment in JSW Energy will be increased by one percentage point by shaving the investment in SBI.</p>
<p>Wood said there will be a temptation for investors to tilt portfolio more towards consumption plays, relative to investment plays, on the view that the new government will focus more on populist measures whereas a feature of the past 10 years has been a fiscal deficit driven by spending on physical infrastructure rather than transfer payments. The obvious possibility here is measures to revive the rural economy, he said.</p>
<p><strong><br /></strong><br />Foreign investors will, however, view any significant correction as an opportunity to add since a combination of India’s outperformance in recent quarters and high valuations, most particularly in the midcap space, has meant that most dedicated emerging market investors are no longer overweight the market.</p>
<p>FIIs have been net sellers of Indian stocks year-to-date and have sold around $4 billion of Indian equities so far in 2024, after buying a net $21.4 billion in 2023.</p>
<p>The India bull has warned that the risk of further corrections remains greatest in the midcap space given that the Nifty MidCap 100 Index now trades at 30.7x one-year forward earnings, compared with 19.7x for the Nifty.</p>
<p>Jefferies’ head of India research Mahesh Nandurkar had reduced the weightings to property and public sector banks in his portfolio earlier this week.</p>
<p>&#8220;Still GREED &amp; fear’s long-only India portfolio is structural in nature and the base case here remains that India is in a property and capital spending up cycle which will continue,&#8221; Wood said.</p>
<p>Earlier, billionaire investor Mark Mobius had told ETMarkets that the bull run is intact and that the Sensex can even hit the 1 lakh mark before Modi finishes his third term.</p>
<p>“We are certainly not at the end of the bull run. See, generally speaking, you can say that if a country is growing at 7%, like India is now growing, the market and earnings of good companies will go up double that, 14-15%. So, you can expect the market index to be rising at that pace over the next 10 years,&#8221; he had said.</p>
<p>After ending Tuesday&#8217;s session with a 6% loss, Nifty has been rallying non-stop for 3 sessions and was near its exit poll day peak around noon on Friday.</p>
<p><em>(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)</em></p>
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		<title>Chris Christie Suspends His 2024 Bid in Chaotic Fashion</title>
		<link>https://lsd.hu/chris-christie-suspends-his-2024-bid-in-chaotic-fashion/</link>
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		<pubDate>Thu, 11 Jan 2024 00:18:16 +0000</pubDate>
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		<guid isPermaLink="false">https://www.lsd.hu/chris-christie-suspends-his-2024-bid-in-chaotic-fashion/</guid>

					<description><![CDATA[Former Gov. Chris Christie of New Jersey suspended his presidential campaign on Wednesday, but undermined his effort to stop Donald J. Trump when he sweepingly dismissed his rivals during a hot-mic moment. Minutes before his announcement in Windham, N.H., Mr. Christie’s voice could be heard on the event’s livestream, saying, “She’s going to get smoked, [&#8230;]]]></description>
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<p class="css-at9mc1 evys1bk0">Former Gov. Chris Christie of New Jersey suspended his presidential campaign on Wednesday, but undermined his effort to stop Donald J. Trump when he sweepingly dismissed his rivals during a hot-mic moment.</p>
<p class="css-at9mc1 evys1bk0">Minutes before his announcement in Windham, N.H., Mr. Christie’s voice could be heard on the event’s livestream, saying, “She’s going to get smoked, and you and I both know it,” in a reference to Nikki Haley, the former South Carolina governor. “She’s not up to this.” He added of Gov. Ron DeSantis of Florida, “DeSantis called me, petrified.”</p>
<p class="css-at9mc1 evys1bk0">Mr. Trump immediately seized on the remarks, writing on Truth Social that Mr. Christie’s comments about Ms. Haley, who appears to be the most significant obstacle to a Trump victory in New Hampshire, were a “very truthful statement.”</p>
<p class="css-at9mc1 evys1bk0">Mr. Christie did not endorse any of his rivals in his speech, nor did he address their prospects against Mr. Trump, dashing the hopes of Republican moderates that his exit would mark a moment of coming together for remaining members of the party who oppose Mr. Trump.</p>
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<p class="css-at9mc1 evys1bk0">In fact, Mr. Christie denounced his rivals’ long-running public deference to the former president, and offered no positive remarks about their candidacies.</p>
<p class="css-at9mc1 evys1bk0">“I would rather lose by telling the truth than lie in order to win,” he said. “And I feel no differently today because this is a fight for the soul of our party and the soul of our country.”</p>
<p class="css-at9mc1 evys1bk0">His departure effectively ends a phase of the Republican presidential contest, removing from the field its most aggressive Trump opponent and the only prominent contender who had argued that Mr. Trump was unfit for office — a contention that all but doomed his candidacy from the start.</p>
<p class="css-at9mc1 evys1bk0">“Imagine just for a moment if 9/11 had happened with Donald Trump behind the desk,” Mr. Christie said on Wednesday. “The first thing he would have done was run to the bunker to protect himself. He would have put himself first, before this country.”</p>
<p class="css-at9mc1 evys1bk0">Mr. Christie also acknowledged regret for his actions after Mr. Trump defeated him in the 2016 primary race. Soon afterward, Mr. Christie <a class="css-yywogo" href="https://archive.nytimes.com/www.nytimes.com/politics/first-draft/2016/02/26/chris-christie-endorses-donald-trump/" title="" target="_blank" rel="noopener">shocked the political establishment by endorsing Mr. Trump</a>, becoming the first significant former candidate to back him as his march to the nomination picked up pace.</p>
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<p class="css-at9mc1 evys1bk0">“For all the people who have been in this race, who have put their own personal ambition ahead of what’s right, they will ultimately have to answer the same questions that I had to answer after my decision in 2016,” Mr. Christie said. “Those questions don’t ever leave. In fact, they’re really stubborn. They stay.”</p>
<p class="css-at9mc1 evys1bk0"><em class="css-2fg4z9 e1gzwzxm0">This is a developing story; check back for updates.</em></p>
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		<title>If Chris Christie Debates Without Donald Trump, Does He Make a Sound?</title>
		<link>https://lsd.hu/if-chris-christie-debates-without-donald-trump-does-he-make-a-sound/</link>
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		<pubDate>Mon, 21 Aug 2023 17:37:46 +0000</pubDate>
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					<description><![CDATA[After months of relentless taunting and hyping a debate clash with former President Donald J. Trump, former Gov. Chris Christie of New Jersey turned to chiding. “If you qualify for the stage, which Trump has, not showing up is completely disrespectful to the Republican Party, who made you their nominee twice, and to the Republican [&#8230;]]]></description>
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<p class="css-at9mc1 evys1bk0">After months of relentless taunting and hyping a debate clash with former President Donald J. Trump, former Gov. Chris Christie of New Jersey turned to chiding.</p>
<p class="css-at9mc1 evys1bk0">“If you qualify for the stage, which Trump has, not showing up is completely disrespectful to the Republican Party, who made you their nominee twice, and to the Republican voters, whose support you’re asking for again,” Mr. Christie told reporters on Friday outside the famed Versailles Cuban restaurant in Miami.</p>
<p class="css-at9mc1 evys1bk0">Mr. Christie built his entire presidential candidacy toward a marquee confrontation with Mr. Trump, relentlessly goading him and needling him as a coward in a clear effort to tempt the quick-to-anger former president into showing up to the debate on Wednesday in Milwaukee.</p>
<p class="css-at9mc1 evys1bk0">It appears Mr. Trump will not take the bait, other than <a class="css-yywogo" href="https://www.nbcnews.com/politics/donald-trump/trump-mocks-fat-pig-chris-christies-weight-rcna98859" title="" rel="noopener noreferrer" target="_blank">swiping back at Mr. Christie</a> on social media and in speeches. Last week, he <a class="css-yywogo" href="https://www.nytimes.com/2023/08/18/us/politics/trump-debate-tucker-carlson.html" title="" target="_blank" rel="noopener">signaled that he planned to skip the first Republican debate</a> and instead sit for an interview with Tucker Carlson that will be broadcast online at the same time.</p>
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<p class="css-at9mc1 evys1bk0">Mr. Trump’s absence could lead to an anticlimactic scene at the debate, with Mr. Christie forced to launch unrequited broadsides through the airwaves without the fireworks of a Trump response.</p>
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<p class="css-at9mc1 evys1bk0">“They have been taunting each other back and forth on Twitter and campaign town halls, so it robs Christie of a big moment that he is looking for if Trump doesn’t show up onstage,” said Ryan Williams, a Republican strategist and veteran of two presidential campaigns. “You can use the debate to get the anti-Trump message out that he’s pushing, but you’re going to lack that viral moment if the two of them aren’t looking at each other face to face.”</p>
<p class="css-at9mc1 evys1bk0">Yet Mr. Christie and his team also see an opportunity if the pugnacious and unpredictable former president is not onstage. Mr. Christie, a confident debater and the only Trump critic in the Republican field with any kind of foothold, could shine in the vacuum, using candidates who have been far more deferential to Mr. Trump as a stand-in for him.</p>
<p class="css-at9mc1 evys1bk0">Mr. Christie tried out that kind of approach at a town hall event in Miami on Friday, chastising Gov. Ron DeSantis of Florida over his super PAC’s <a class="css-yywogo" href="https://www.nytimes.com/2023/08/17/us/politics/desantis-debate-strategy.html" title="" target="_blank" rel="noopener">disclosure of debate strategy memos</a>, which called for him to defend Mr. Trump against Mr. Christie’s attacks onstage.</p>
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<p class="css-at9mc1 evys1bk0">If Mr. DeSantis ends up doing so, Mr. Christie said he had one piece of advice: “Get the hell out of the race.”</p>
<p class="css-at9mc1 evys1bk0">In an interview this month during <a class="css-yywogo" href="https://www.nytimes.com/2023/08/04/us/politics/chris-christie-zelensky-ukraine-visit.html" title="" target="_blank" rel="noopener">his surprise visit to Ukraine</a>, Mr. Christie said he was not particularly bothered by the prospect of a debate without Mr. Trump.</p>
<p class="css-at9mc1 evys1bk0">“It doesn’t change my perspective or my tactical approach,” he said. “Because if he’s not there, it just means two things. One, he’s afraid to be on the same debate stage and defend his record. And two, you know, this is a guy who, by not showing up, just gives me more time. So it’s OK. Either way, I win.”</p>
<p class="css-at9mc1 evys1bk0">Mr. Christie and his advisers see the debate as a forum built to the former governor’s strengths. Comfortable in unscripted moments in front of cameras, Mr. Christie has a confrontational style, hewed from years in the trenches of New Jersey politics, that has served him well in past debates, and he has over a decade of experience participating in them through two campaigns for governor and his 2016 run for president.</p>
<p class="css-at9mc1 evys1bk0">To prepare for Wednesday, he has been huddling with close advisers to go over topics at the heart of the campaign and anticipate different scenarios that may arise as he navigates the chaos of an eight-lectern stage. He has been heavily focused on the debate, bringing it up in casual conversations with both advisers and political acquaintances as he takes the temperature of the race.</p>
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<p class="css-at9mc1 evys1bk0">At the same time, his preparations have a bare-bones nature. There are no mock debates, no fake stages with podiums, no advisers suiting up for the roles of Mr. Trump or Mr. DeSantis.</p>
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<p class="css-at9mc1 evys1bk0">In part, he is informed by his experience during the 2016 presidential debates, when he notably avoided attacking Mr. Trump. (He has said on the campaign trail that he was the only candidate to go speak to Mr. Trump during commercial breaks.) Mr. Christie was quick to pounce on his other rivals, including a now-famous exchange with Senator Marco Rubio of Florida.</p>
<p class="css-at9mc1 evys1bk0">“There it is,” Mr. Christie said, interrupting Mr. Rubio, who had pivoted to a line about former President Barack Obama during an exchange with Mr. Christie. “The memorized 25-second speech. There it is, everybody.”</p>
<p class="css-at9mc1 evys1bk0">That dismissive riposte sent the Rubio campaign spiraling, with headlines concluding that Mr. Christie had exposed Mr. Rubio as a robotic candidate reliant on consultants and that the Florida senator had <a class="css-yywogo" href="https://www.politico.com/story/2016/02/gop-debate-rubio-chris-christie-fight-218873" title="" rel="noopener noreferrer" target="_blank">“choked.”</a> After polling near second or third place in New Hampshire before the debate, Mr. Rubio finished fifth in the state’s primary race less than a week later.</p>
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<p class="css-at9mc1 evys1bk0">Built into the question of how Mr. Christie treats this week’s debate is just how much Republican voters want to see someone caustically rip into Mr. Trump, whether he is onstage or not.</p>
<p class="css-at9mc1 evys1bk0">Despite his mounting legal problems, Mr. Trump remains exceptionally popular within the party. And Mr. Christie’s constant provocations, beyond endearing the former governor to some moderate Republicans, have also turned him into something of a <a class="css-yywogo" href="https://www.nytimes.com/2020/12/30/us/politics/ossoff-georgia-resistance-trump.html" title="" target="_blank" rel="noopener">#Resistance</a> hero among liberals who will not be voting in a G.O.P. primary.</p>
<p class="css-at9mc1 evys1bk0">Waiting for a flight at Kennedy International Airport in New York early this month, Mr. Christie was approached for a photo by a fellow traveler, Jessica Rutherford, who told him she appreciated his broadsides against Mr. Trump and hoped he would continue.</p>
<p class="css-at9mc1 evys1bk0">“You’re like Obi-Wan Kenobi, you’re our only hope!” she told him.</p>
<p class="css-at9mc1 evys1bk0">But Ms. Rutherford, an intellectual property lawyer from Wilton, Conn., and a Democrat, conceded that she was unlikely to vote for Mr. Christie in November 2024 if he were to win the Republican primary.</p>
<p class="css-at9mc1 evys1bk0">Undaunted, Mr. Christie made his pitch. “I’ll be awake in meetings with foreign leaders,” he offered, in a jab at President Biden’s age.</p>
<p class="css-at9mc1 evys1bk0">“Reagan wasn’t awake in meetings with foreign leaders,” Ms. Rutherford shot back.</p>
<p class="css-at9mc1 evys1bk0">“I bet you didn’t vote for him, either,” Mr. Christie replied.</p>
<p class="css-798hid etfikam0">Patricia Mazzei<!-- --> contributed reporting from South Miami, Fla.</p>
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