Ratan Tata, one of the most revered business tycoons in history, passed away recently in Mumbai, leaving behind a legacy cherished by millions.

As the world mourns his loss, his will has sparked curiosity, proving to be just as remarkable as the man himself.

According to The Times of India, Tata’s will features a touching gesture for his loyal German Shepherd, Tito.

A portion of his wealth has been earmarked to provide “unlimited” care for Tito, with his longtime cook, Rajan Shaw, appointed to oversee the beloved pet’s well-being.

Tata’s generosity doesn’t stop there.

With an estate valued at over Rs 10,000 crore, his will also extends support to his foundation, his brother Jimmy Tata, his half-sisters Shireen and Deanna Jejeebhoy, and trusted house staff—highlighting the personal connections and values that shaped his extraordinary life.

Dog, house staff, find mention in Tata’s will

Tito’s care is guaranteed to maintain the standard of living he enjoyed during Tata’s life, reflecting the bond shared between Tata and his beloved pets.

Tata’s affection for Tito is no secret. Adopted around five or six years ago after the passing of Tata’s previous dog of the same name, Tito became a familiar companion in Tata’s Colaba residence, Halekai.

Tata’s will also includes provisions for his long-serving house staff, who have supported him throughout his personal and professional life.

His butler, Subbiah, who served him for over three decades, is among the beneficiaries.

Ratan Tata was reportedly known to buy designer clothes for his house staff including Shaw and Subbiah during his foreign travels.

They have been recognised for their loyalty and dedication, with Tata ensuring their well-being after his passing.

Shantanu Naidu, a long-time associate of Ratan Tata, is expected to receive a piece of the late industrialist’s Rs 10,000-crore will, the TOI report said.

Further, the tycoon relinquished his stake in Naidu’s companionship venture, Goodfellows, and waived Naidu’s overseas education expenses.

The majority of wealth reserved for philanthropic pursuits

While the special provision for Tito has drawn attention, the vast majority of Ratan Tata’s estate is earmarked for charitable foundations and trusts.

A central feature of the will is the transfer of Tata’s 0.83% stake in Tata Sons, the holding company of the $165 billion Tata Group, to the Ratan Tata Endowment Foundation (RTEF).

Established in 2022 as a Section 8 company focused on non-profit causes, RTEF is set to receive the majority of Tata’s estimated ₹10,000 crore estate.

Tata Sons chairman N Chandrasekaran is expected to lead the foundation, continuing Tata’s vision for social welfare and service.

Known for his commitment to philanthropy, Tata’s allocation of his wealth to charity aligns with the Tata family’s long-standing tradition of using their assets to support social causes.

The legacy of Halekai House and other key assets

Tata’s estate includes a range of assets, from a valuable 2,000-square-foot beach bungalow in Alibaug to substantial fixed deposits of over ₹350 crore.

Tata’s primary residence, Halekai in Colaba, where he lived until his passing, is owned by Ewart Investments, a subsidiary of Tata Sons.

The home, designed by Tata himself, carries sentimental value, yet its future ownership will be determined by Ewart.

Tata’s Alibaug property and a Juhu beachfront house also feature in his estate.

The Juhu house, inherited by Tata and his family, has remained closed for over two decades, and insiders suggest plans may be underway to sell it.

Tata’s extensive car collection, consisting of 20 to 30 luxury vehicles, is currently housed at Halekai and the Taj Wellington Mews apartments.

This collection, which includes rare and valuable models, is under consideration for either an auction or transfer to a Tata Museum in Pune.

If acquired, these cars would be preserved as a part of Tata’s legacy, showcasing his passion for automobiles to the public.

Longtime confidants tasked with Tata’s final wishes

Ratan Tata entrusted the execution of his will to close confidants, including lawyer Darius Khambata and Mehli Mistry, a trustee on the boards of Tata Trusts.

Tata’s half-sisters, Shireen and Deanna Jejeebhoy, are also involved in overseeing his estate’s execution.

Mistry, who shared a close bond with Tata and has served on the boards of Tata’s main charitable trusts, the Sir Dorabji Tata Trust and Sir Ratan Tata Trust, has played a significant role in furthering Tata’s philanthropic objectives.

Mehli Mistry, also a confidante of Tata’s estranged half-brother, Cyrus Mistry, has maintained a strong relationship with the Tata family and is deeply connected to the group’s broader philanthropic mission.

The Tata Trusts, collectively holding a 66% stake in Tata Sons, are pivotal in advancing Tata’s vision for societal progress, especially through initiatives in healthcare, education, and social welfare.

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In an unexpected move, the Bank of Russia has announced a significant hike in its key interest rate, indicating a proactive approach to tackling economic challenges.

This decision has major implications for both local and international markets.

Let’s take a closer look at the details surrounding this important development.

During its October 2024 meeting, the Bank of Russia announced a historic move to raise its benchmark interest rate by 200 basis points, bringing it to 21 per cent.

This hike was significantly more than the market’s expectation of a 100 basis point increase, highlighting the gravity of the current economic situation.

Despite several hurdles, the central bank’s measures demonstrate a determined attempt to battle inflation and maintain economic stability.

Reasons for the rate hike

The Bank of Russia provided several justifications for this dramatic increase in interest rates.

A primary reason is the ongoing inflationary pressures, which have exceeded previous forecasts.

This inflation surge is largely due to strong domestic demand that has stretched the Russian economy’s capabilities, compounded by Western sanctions and a labour shortage partially caused by the dispersal of military-aged males.

Economic impact and policy outlook

The recent interest rate hike has set a new record, surpassing the previous peak set in response to Russia’s invasion of Ukraine in 2022.

The central bank’s move demonstrates its commitment to addressing inflation and economic imbalances immediately.

Furthermore, it has hinted at the likelihood of additional rate hikes at the next meeting in December, reinforcing a proactive and attentive monetary policy strategy.

Inflationary concerns and fiscal policies

Rising inflation expectations have been further aggravated by worsening trade conditions and the expansive fiscal policies laid out in the 2024 Federal Budget.

These elements have contributed to increasing inflationary pressures and highlighted the necessity for decisive monetary actions to stabilize the economy and mitigate rising prices.

The Bank of Russia’s bold decision to boost its benchmark interest rate to a historic high reflects a targeted approach for addressing economic issues and maintaining stability in the face of mounting pressures.

The implications of this decision are expected to reach beyond Russia’s borders, influencing global investors and governments.

As the central bank prepares for additional policy changes in the coming months, many will be looking intently to see how these steps will shape Russia’s economic destiny amidst continued complications.

Economic forces shaping the Russian Ruble and monetary policy

The Russian ruble is currently under significant pressure, trading below 96 per USD and approaching a year-long low of 97.5.

This comes despite the Federal government’s interventions and the Bank of Russia’s aggressive monetary stance.

The government’s gradual easing of capital controls has somewhat offset the central bank’s efforts, complicating the currency’s stability.

Additionally, sanctions against the Moscow Exchange have exacerbated difficulties for export-focused businesses, limiting their access to foreign currency for their operations.

In response, the Federal government has implemented a reduction in mandatory conversion rates for major exporting companies, which has led to a decreased demand for rubles.

Complicating matters further, worries about the state of the Chinese economy have weakened international demand for Russian products, placing extra strain on the ruble.

To combat rising inflation expectations, the Bank of Russia significantly raised its key interest rate to an unprecedented 21% in October.

The situation illustrates the intricate relationship between domestic policies and international pressures that are influencing Russia’s economy.

As the ruble continues to face these external challenges and internal policy shifts, the country must carefully navigate a difficult financial landscape to maintain economic stability.

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Brad Garlinghouse – the chief executive of Ripple Labs expects the post-election environment to be a lot more favourable for the crypto space. 

And his optimistic view is not based on who wins the Office in November either. 

“This is the most important election we’ve had, but I also believe no matter what happens, we’re going to have a more pro-crypto, more pro-innovation Congress than we’ve ever had,” he told CNBC in a recent interview. 

His comment is significant as it doesn’t relate only to the price of XRP. He’s convinced that other cryptocurrencies, which may very well include the recently launched Vantard, could start to benefit after the 2024 US elections. 

What you need to know about Vantard

Vantard is pretty much like an exchange-traded fund, only for the crypto coins. 

Think about it, how does investing in an ETF help a stock market investor?

It basically eliminates all the headaches of handpicking individual stocks that could offer upsized returns and leaves that job instead to the experts. 

All you have to do is invest in a relevant exchange-traded fund and it gives you exposure to the top names within that sector. 

Similarly, Vantard is an index fund that primarily deals in meme coins that have built a reputation for offering explosive initial returns. But there are thousands of them out there – and handpicking ones with maximum potential sure looks like a frustrating task. 

That’s where Vantard steps in. You can simply invest in its native VTARD coin and you’ll be well-positioned to benefit from strength in the best Solana-based meme coins.

You can find out more about Vantard on this link. 

Vantard presale is attracting solid demand

Note that Vantard doesn’t expose you to select meme coins only.

It regularly rotates between them to make sure that you’re positioned to benefit from ones that are expected to outperform in the coming weeks. 

$VTARD may be an exciting investment at writing also because it has managed to raise more than $166,000 within days of launching its presale.

What that signals is strong demand, which typically serves as a telltale sign of a great future investment. 

Additionally, the native Vantard token is going for $0.0001 only. So, it’s not like you need a huge capital to build an early position in it either. Even if you can spare just $10, it will win you a sizable position in $VTARD.  

After the presale, the Vantard coin will look to list on a crypto exchange that tends to drive more interest and push the price of a digital token up.

That’s when you’ll get to lucratively benefit from investing in $VTARD. 

Click here to explore ways to invest in Vantard today. 

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In October, Brazilian consumer confidence suffered a small but significant shift in attitude, as seen by the seasonally adjusted FGV-IBRE Consumer Confidence Index falling by 0.7 points to 93.

This adjustment comes after four months of consistent increase, which propelled the index to its highest level in a year.

The divergent fluctuations in the sub-indices provide a nuanced picture of customer attitudes, with future expectations falling and current ratings rising.

Diverging trajectories point towards a complex interplay of factors

The diverging trajectories of the Expectations Index and the Current Situation Index in October point towards a complex interplay of factors shaping consumer confidence.

The Expectations Index, a key metric reflecting consumers’ predictions for the future economic environment, declined by 2.5 points to 99.7.

This marked decrease comes after a series of four consecutive months of positive results, underscoring a notable change in sentiment towards the upcoming months.

On the other hand, the Current Situation Index, which gauges consumers’ perceptions of the present economic conditions, witnessed a 2.0-point increase to 83.7.

This upturn propels the index to its highest level since December 2014 and signifies a more favourable assessment of the current economic landscape by Brazilian consumers.

Analyzing Inflation trends in Brazil: Insights from September

In September, Brazil saw its annual inflation rate rise modestly to 4.42%, just above the market expectation of 4.43%.

This uptick from 4.24% in August was largely attributed to faster price increases in critical areas such as food and beverages, housing and utilities, and healthcare.

While there was a slight decrease in prices related to transportation and personal expenses, the overall trend in inflation stayed stable.

Key factors contributing to the rising inflation included higher costs in housing—especially residential electricity—as well as food and beverages.

There were also minor increases in transportation costs, mainly influenced by airfares and ethanol prices.

In September, consumer prices in Brazil climbed by 0.44% compared to the previous month, following a small dip in August.

This change was generally in line with what the market had anticipated, reflecting a robust inflationary environment.

Significant shifts in specific sectors like housing, food and beverages, and transportation highlighted the complex factors at play in Brazil’s inflationary landscape.

In light of these changes, ongoing careful observation and strategic economic management will be essential for navigating the shifting inflationary conditions and maintaining economic stability.

Challenges and opportunities ahead

The contrasting movements in the Expectations Index and the Current Situation Index illuminate the challenges and opportunities that lie ahead for Brazilian consumer confidence.

While the positive upswing in current evaluations bodes well for the immediate economic outlook, the decline in future expectations signals potential obstacles on the horizon.

Balancing these factors and understanding their implications is crucial for policymakers and businesses seeking to navigate the evolving consumer sentiment landscape.

Consumer confidence serves as a vital barometer for economic decision-making and spending patterns.

A decline in confidence levels can ripple through various sectors of the economy, influencing demand, investment, and overall economic activity.

Indicators show the need for closer monitor

The fluctuations in consumer confidence underscore the need for policymakers and industry stakeholders to closely monitor economic indicators and tailor strategies to shore up consumer sentiment.
Policymakers face the task of interpreting the mixed signals in the FGV-IBRE Consumer Confidence Index and devising targeted interventions to bolster consumer confidence.

By addressing underlying concerns, fostering transparent communication, and implementing measures to enhance future expectations, policymakers can catalyze a more resilient and optimistic economic environment.

As Brazil grapples with shifting consumer sentiment, it becomes imperative to focus on strategies that instill confidence in the economy.

Transparency in policymaking, clear communication of economic strategies, and targeted interventions to address consumer concerns can play a pivotal role in rebuilding trust and optimism among consumers.

What’s at stake?

Overall, the October 2024 FGV-IBRE Consumer Confidence Index in Brazil reflects a dynamic consumer sentiment landscape characterized by mixed signals.

While the decline in expectations poses challenges, the uptick in current evaluations presents opportunities for economic growth.

Navigating this nuanced terrain requires a multifaceted approach that acknowledges and addresses both the challenges and opportunities shaping Brazilian consumer confidence.

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Investors should consider taking profit in Apple Inc (NASDAQ: AAPL) as its share price runs the risk of seeing a meaningful decline over the next twelve months, warns Brandon Nispel – a KeyBanc analyst.

On Friday, Nispel downgraded the iPhone maker to “underweight” and said its shares could sink to $200 that indicates a potential 13% downside from here.

He’s dovish on the tech behemoth as its launch of iPhone SE in early 2025 “could possibly be cannibalistic to iPhone 16 sales.”

Apple stock has rallied some 40% over the past six months.

iPhone SE could be a headwind for Apple stock

KeyBanc moved to downgrade Apple today on the back of a recent survey in which 59% of the participants said they wanted to upgrade to the iPhone 16.

But 61% of the respondents who indicated interest in upgrading demonstrated interest in the upcoming iPhone SE as well.

“From our view, if iPhone SE is successful, iPhone units could rise but average selling prices could call, contrary to consensus,” he argued in his research note.

The last time AAPL rolled out an iPhone SE was in 2022.

Brandon Nispel turned bearish on Apple stock this morning also because the expectations that the company’s revenue will increase across all geographies and all categories in 2025 are “unrealistic”.

And it’s not like the Cupertino headquartered firm has a super lucrative dividend yield to make income investors flock into its shares at current levels either.

AI will take time to help Apple share price

KeyBanc’s dovish call on Apple Inc comes only days before the Nasdaq-listed firm is scheduled to report its financial results for the fourth quarter. Consensus is for it to earn $1.54 versus $1.46 per share a year ago.

In June, the multinational announced Apple Intelligence – its own brand of AI solutions, hoping that it would result in a major upgrade cycle.

But analysts have been concerned lately that Apple Intelligence may not be able to drive material demand anytime soon.

Brandon Nispel also talked of a need for AAPL to “articulate a plan to monetise Apple Intelligence” on its upcoming earnings release for the share price to push further up.

“From the looks of it, Apple appears to be working on awareness, where monetisation will take time,” he told clients on Friday.

Earlier this week, UBS analysts also warned that iPhone unit sales will likely remain flat on a year-over-year basis in the company’s September quarter, further reflecting that the AI hype is far from reflecting on revenue for now.

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