Category: Business

In a statement, the finance ministry said that several other countries are expected to perform worse than India on the debt front

India on Friday said the International Monetary Fund’s projection of the general government debt exceeding 100 per cent of the country’s GDP by 2027-28 is “misconstrued”.

In a statement, the finance ministry said that several other countries are expected to perform worse than India on the debt front.

For instance, the corresponding figures of ‘worst-case’ scenarios for the USA, UK and China are about 160, 140, and 200 per cent, respectively, which is far worse compared to 100 per cent for India, the statement said.

“It is also noteworthy that the same report indicates that under favourable circumstances, the general government debt to GDP ratio may decline to below 70 per cent in the same period.

“Therefore, any interpretation that the report implies that general government debt would exceed 100 per cent of GDP in the medium term is misconstrued,” the ministry said in its rebuttal to the IMF report following the annual Article IV consultation with Indian authorities.

Further, the ministry said the general government debt (including both state and centre) has steeply declined from about 88 per cent in FY 2020-21 to about 81 per cent in 2022-23, and the Centre is on track to achieve its stated fiscal consolidation target to reduce fiscal deficit below 4.5 per cent of GDP by FY 2025-26.

“The states have also individually enacted their fiscal responsibility legislation, which is monitored by their respective state legislatures.

“Therefore, it is expected that the general government debt will decline substantially in the medium to long term,” it said.

As per Article IV consultation report by the IMF earlier this week, while the budget deficit has eased, public debt remains elevated and fiscal buffers need to be rebuilt.

IMF reviews a country’s current and medium-term economic policies and outlook.

Looking forward, India’s elevated public debt calls for additional revenue and expenditure measures, such as further GST and subsidy reforms, while continuing to prioritise public investment and targeted support for the vulnerable, the report said.

Source: https://www.telegraphindia.com/business/imfs-projection-of-government-debt-exceeding-100-per-cent-of-gdp-misconstrued-finance-ministry/cid/1988756

Increasing for the fifth week in a row, India’s foreign exchange (forex) reserves jumped $9.11 billion during the week ended December 15 to hit an over 20-month high of $615.97 billion.

In the previous reporting week, the overall reserves had risen $2.816 billion to $606.859 billion.

In October 2021, the country’s forex kitty reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended December 15, the foreign currency assets, a major component of the reserves, increased $8.349 billion to $545.048 billion, as per the Reserve Bank of India (RBI) data released on Friday.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves were up $446 million to $47.577 billion during the week, the RBI said. The special drawing rights (SDRs) were up $135 million to $18.323 billion, the apex bank said.

Source: https://www.news18.com/business/forex-update-indias-foreign-exchange-reserves-jump-9-1-billion-to-hit-20-month-high-of-616-billion-8714849.html

As per the Sebi consultation paper, an optional T+0 settlement cycle (for trades till 1:30pm) is envisaged in Phase 1 with settlement of funds and securities to be completed on the same day by 4:30pm; Phase 2 will see instant settlement for all trades done till 3:30pm

The Securities and Exchange Board of India (Sebi) has issued a consultation paper proposing to implement same-day settlement (T+0) and instant settlement on an optional basis in the Indian stock market in two phases.

While inviting public comments on the issue, the capital market regulator has said that the shorter settlement cycles will be in addition to the current T+1 cycle.

“The significant evolution of payment systems in the country in recent years coupled with sophisticated and robust technologies used by Markets Infrastructure Institutions (MIIs) appears to present further opportunities for advancing the clearing and settlement timelines, on an optional basis,” stated the Sebi discussion paper.

“… it is envisaged that for equity cash segment, in addition to the existing T+1 settlement cycle, a shorter settlement cycle may be introduced as an option,” it added.

As per the Sebi consultation paper, an optional T+0 settlement cycle (for trades till 1:30pm) is envisaged in Phase 1 with settlement of funds and securities to be completed on the same day by 4:30pm.

In Phase 2, thereafter, an optional immediate trade-by-trade settlement (funds and securities) may be carried out for all trades i.e. for all transactions done till 3.30pm.

Incidentally, the settlement cycle was shortened from T+5 to T+3 in 2002 and subsequently to T+2 in 2003. Further in 2021, T+1 settlement was introduced in a phased manner, which was fully implemented from January 2023.

As per the Sebi consultation paper, to begin with, T+0 settlement will be made available in the top 500 listed companies based on market capitalisation — this will be done in three tranches of 200, 200, 100 from lowest to highest market capitalisation.

In terms of the potential benefits of T+0 or instant settlement mechanism, the regulator believes that the option is expected to provide flexibility in terms of faster pay-out of the funds against the securities to the sellers and faster pay-out of securities against the funds to the buyers.

Source: https://www.businesstoday.in/markets/top-story/story/sebi-takes-first-step-to-introduce-instant-settlement-in-indian-stock-market-410582-2023-12-22

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 21,135 level as compared to the Nifty futures’ previous close of 21,169.

The Indian stock market indices, Sensex and Nifty 50, are expected to open lower on Thursday tracking weak global cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 21,135 level as compared to the Nifty futures’ previous close of 21,169.

The domestic indices witnessed a sharp sell-off on Wednesday with the Nifty 50 registering its biggest one-day fall in a year.

On December 20, the Sensex slumped 930.88 points to end at 70,506.31, while the Nifty 50 ended 302.95 points, or 1.41%, lower at 21,150.15.

Nifty 50 formed an engulfing pattern at the highs suggesting a possible downward reversal. The candle of December 20 engulfed the candles of the previous three sessions and filled the upgap formed on December 15.

“Zooming into the 15 min charts, we can observe that the Nifty has broken its previous support of 21,337 and there has also been a negative moving average crossover as the 20 period MA has moved below the 50 period MA. Momentum readings like the 14-day RSI too have declined sharply from overbought levels indicating a loss of momentum. This is a negative signal for the near term and it also implies that the Nifty has now entered into a short term downtrend,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty Open Interest Data
Speaking on the Open Interest (OI) data, Deven Mehata, Research Analyst at Choice Broking said on the call side, the highest OI observed at 21,500 followed by 21,400 strike prices while on the put side, the highest OI is at 21,000 strike price.

Nifty 50 Predictions
The Nifty 50 experienced a sharp correction on December 20 as bearish sentiment persisted.

“Nifty failed to sustain above 21,500, resulting in increased call writing at the 21,500 strike, subsequently leading to a significant downturn. At its lowest point, the Nifty dropped just below 21,100 before recovering to close above that level. Looking ahead, there might be a consolidation phase for the Nifty in the near term,” said Rupak De, Senior Technical Analyst at LKP Securities.

He expects resistance to be around 21,500, while support is anticipated at 21,100.

Source: https://www.livemint.com/market/stock-market-news/nifty-50-sensex-today-what-to-expect-from-indian-stock-market-in-trade-on-december-21-11703124586731.html

In a World Bank report, remittances are expected to increase by $14 billion and rise to $125 billion in 2023, increasing India’s share in South Asian remittances to 66 per cent in 2023 from 63 per cent in 2022.

India saw the highest amount of remittance inflows in the world in 2023 at $125 billion, driven by several factors, including the country’s agreement with the UAE, for promoting the use of dirhams and rupees for bilateral trade, the World Bank said.

In a report, the World Bank further said growth in remittances in India is expected to halve to 12.4 per cent in 2023 from a historic peak of 24.4 per cent in 2022.

“Remittances are expected to increase by $14 billion and rise to $125 billion in 2023, increasing India’s share in South Asian remittances to 66 per cent in 2023 from 63 per cent in 2022,” said the World Bank’s latest Migration and Development Brief.

India was followed by Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion) and Egypt ($24 billion).

Economies where remittance inflows represent substantial shares of Gross Domestic Product (GDP) — highlighting the importance of remittances for funding current account and fiscal shortfalls — are Tajikistan (48 per cent), Tonga (41 per cent), Samoa (32 per cent), Lebanon (28 per cent) and Nicaragua (27 per cent).

On India, the World Bank said the main contributing factors were declining inflation and strong labour markets in high-income source countries, which boosted remittances from highly skilled Indians in the US, the UK and Singapore, which collectively account for 36 per cent of the total remittance flows to New Delhi.

Source: https://www.indiatoday.in/business/story/india-remittance-inflows-global-chart-uae-trade-business-world-bank-report-2478132-2023-12-20

The disruption assumes significance as Bab-el-Mandeb Strait, which connects the Mediterranean Sea to the Arabian Sea via the Red Sea and the Suez Canal, is vital for 30 per cent of global container traffic and India relies on the route to trade with parts of West Asia, Africa, and Europe.

Freight rates for Indian shipments headed to Europe and Africa could surge as much as 25-30 per cent if the ongoing security concern along the Red Sea trade route – the shortest trade route for ships moving from Asia to Europe – were to continue, according to Indian merchandise exporters.

The disruption assumes significance as Bab-el-Mandeb Strait, which connects the Mediterranean Sea to the Arabian Sea via the Red Sea and the Suez Canal, is vital for 30 per cent of global container traffic and India relies on the route to trade with parts of West Asia, Africa, and Europe. It also comes at a time when exports are already slowing due to sluggish global demand.

Source:https://indianexpress.com/article/business/freight-rates-could-surge-25-30-if-trouble-along-red-sea-route-continues-9075217/

The World Health Organization (WHO) on Tuesday classified the JN.1 coronavirus strain as a “variant of interest” and said current evidence shows risk to public health was low from the strain.

At least two experts told Reuters that while the strain can evade the immune system and transmit more easily than other currently circulating variants, it has not shown any signs of more severe disease.

While there might be more cases with the variant, JN.1 doesn’t pose a greater risk, said Andrew Pekosz, a virologist at the Johns Hopkins Bloomberg School of Public Health.

JN.1 was previously classified a variant of interest as part of its parent lineage BA.2.86, but WHO has now classified it as a separate variant of interest.

WHO said current vaccines will continue to protect against severe disease and death from JN.1 and other circulating variants of the COVID-19 virus.

The U.S. Centers for Disease Control and Prevention (CDC) said earlier this month the subvariant JN.1 makes up about an estimated 15% to 29% of cases in the United States as of Dec. 8, according to the agency’s latest projections.

Source: https://www.reuters.com/business/healthcare-pharmaceuticals/who-classifies-jn1-covid-19-variant-interest-2023-12-19/

In the inauguration ceremony of the Surat diamond bourse in Gujarat, Prime Minister Narendra Modi revealed plans for the creation of 150,000 new jobs, emphasising the bourse’s role as a “one-stop shop” for artisans and businessmen. Surat, Modi’s home state, is renowned for cutting and polishing 90% of the world’s rough diamonds, and the bourse is positioned to support the city’s aspirations to become the world’s diamond capital.

Surat Diamond Bourse features
Spanning an impressive 6.6 million square feet, the bourse is heralded as the world’s largest office building, surpassing even the Pentagon with its 6.5 million square feet. Modi expressed optimism that the facility, once fully operational with features like international banking, safe vaults, and a jewelry mall, would generate additional jobs.

SDB will witness the opening of approximately 27 retail jewelry outlets, accompanied by the installation of more than 4,000 CCTV cameras.

Comprising nine towers, each featuring ground plus 15 floors, the bourse will house a comprehensive range of diamond-related activities and infrastructure. This includes the sale of rough diamonds and polished diamonds, diamond manufacturing machinery, software used in diamond planning, diamond certificate firms, lab-grown diamonds, and more.

Surat’s diamond industry
The inauguration occurs amid challenges faced by Surat’s diamond industry, grappling with a slowdown in global demand for polished diamonds, leading to a 29% decline in India’s April-October polished diamond exports to $10 billion.

While acknowledging Surat’s leading position in diamond jewelry exports, Modi emphasised the potential for growth in silver cut diamonds and lab-grown diamonds. He highlighted that India’s current share in global gems-jewelry exports is only 3.5%, envisioning Surat’s pivotal role in increasing this share to “double-digits.”

Source: https://www.financialexpress.com/business/infrastructure-surat-diamond-bourse-to-create-150000-jobs-modi-is-confident-worlds-largest-office-building-will-be-a-boon-for-artisans-and-businessmen-3340806/

The ambitious redevelopment project aims to metamorphose the world’s largest slum into a modern urban centre while resettling its 1 million residents.

In the eye of a brewing storm over the Dharavi slum redevelopment project, Adani Group has stood its ground, vehemently defending the legitimacy of the bidding process that granted them the colossal undertaking. The controversy erupted as thousands took to the streets in dissent against the Rs 23,000 crore initiative, culminating in a march led by Uddhav Thackeray’s Shiv Sena from Dharavi to Adani’s Mumbai office.

Adani Group’s spokesperson from the Dharavi Redevelopment Project Pvt Ltd (DRPPL) issued a resolute statement, asserting that the project had been secured through a transparent, international bidding process during the tenure of the previous Congress-Shiv Sena coalition government, Maha Vikas Aghadi (MVA). “The Dharavi project was awarded to the Adani Group through a fair, open, internationally competitive bidding process,” the statement reiterated.

Addressing the uproar concerning alleged favouritism towards the conglomerate, the spokesperson clarified, “The tender conditions were finalised during the MVA government’s tenure and have remained unchanged post-awarding. Hence, it is inaccurate to claim any special privileges granted to the awardee.”

The ambitious redevelopment project aims to metamorphose the world’s largest slum into a modern urban centre while resettling its 1 million residents. Adani Group emphasised its commitment to providing all eligible tenement holders with a comprehensive solution, ensuring they transition seamlessly into their new homes within Dharavi itself.

Project Details Debunk Misinformation

Refuting circulated misinformation, the spokesperson highlighted project provisions. Even ineligible tenement holders will receive accommodation under the Rental Housing Policy, while eligible residential units will enjoy 17% more area than other projects in Mumbai under the Slum Rehabilitation Authority (SRA). Additionally, the statement emphasized the transparent handling of Transferable Development Rights (TDR) through a dedicated portal monitored by the Municipal Corporation of Greater Mumbai (MCGM) and the Maharashtra government.

Setting the record straight, the statement clarified the 99-year lease agreement with the Indian Railways and the subsequent subleasing strategy for housing societies aligns with standard government practices in Mumbai.

Source: https://www.businesstoday.in/latest/economy/story/adani-group-stands-firm-amid-dharavi-redevelopment-debate-says-project-awarded-by-previous-mva-govt-409766-2023-12-16

The GIFT Nifty is trading with a premium of more than 90 points from Nifty Futures’ Thursday close, indicating a gap-up start for the Indian market today. Analysts believe the strong uptrend in the Nifty and the Bank Nifty will likely continue through Friday and Monday, offering investors potential opportunities to take profits.

The world’s biggest assembler of iPhones plans to spend that amount on top of the $1.6 billion it earlier set aside for the 300-acre site close to Bengaluru’s airport

Source: https://www.deccanherald.com/business/companies/foxconn-adds-1-billion-to-investment-in-giant-apple-india-plant-2810506

ITC Ltd. was the top contributor to the index as it added 2,259 points during the period.

The S&P BSE Sensex surpassed the 70,000 milestone during early trade as positive market sentiment continued to drive the benchmark indices higher on Monday. The benchmark index gained as much as 0.33% during intra-day trade to 70,057.83.

It took 529 sessions for the index since hitting its previous milestone of 60,000 for the first time on Sept. 24, 2021.

The index underperformed the BSE’s MidCap and SmallCap indices, which rose 40.9% and 47.5% respectively over the same period that took Sensex to grow from 60,000 to 70,000.

ITC Ltd. was the top contributor to Sensex as it added 2,259 points during the period in which the index grew by 10,000. Larsen & Toubro Ltd. came in a close second by adding over 2,230 points.

In terms of percentage gain, NTPC Ltd. recorded the highest growth, rising to 2.3 times its initial value, while Tata Motors Ltd. rose 1.26 times its initial value as the second-largest gainer.

Source: https://www.ndtvprofit.com/markets/sensexs-journey-from-60000-to-70000-stocks-that-led-the-path

‘The portfolio has withstood the test of time and has a track record of tremendous growth inspite of macroeconomic and other challenges,’ says Adani Group’s CFO

Adani Group on Monday said its portfolio delivered highest ever EBITDA growth in H1FY24 and crossed Rs 43,000 crore-mark. The Gautam Adani-led conglomerate released its half yearly financial performance update on Monday.

“The integrated business portfolio, which focuses on fortifying India’s infrastructure development, has delivered a strong performance across all its businesses. The substantial cash flows from these businesses lay the foundation for sustained future growth,” said the Adani Group.

“The incubation continues to be a success story with Airports, Green Hydrogen and other incubating assets emerging strongly and now contributing near 8% of the portfolio EBITDA,” said Jugeshinder (Robbie) Singh, Group CFO. “The portfolio has withstood the test of time and has a track record of tremendous growth inspite of macroeconomic and other challenges.”

In the first half of fiscal year 2024, the Adani portfolio of companies demonstrated robust financial performance while further enhancing its strong credit profile, said the conglomerate.

The portfolio level EBITDA stood at Rs 43,688 crore ($5.3 billion), up 47% YoY. This growth outpaced the portfolio’s historical five-year Compound Annual Growth Rate (CAGR) trajectory of 26.3%, said Adani Group.

“It is noteworthy that H1 FY24 EBITDA surpassed the full-year EBITDA of FY22. Additionally, Trailing Twelve Month EBITDA is notably close to three times FY19 EBITDA,” it added.

Adani Group said the growth was driven by an impressive performance of the core infrastructure businesses, which grew by 52% YoY to Rs 37,379 crore ($4.5 Bn), contributing 86% of the total EBITDA. These businesses include the utility (Adani Green Energy, Adani Energy Solutions, Adani Power and Adani Total Gas), transport (Adani Ports & SEZ) and other infrastructure businesses (those being incubated by Adani Enterprises – green hydrogen integrated manufacturing, airports and roads). The expansion reflects the portfolio’s focused investment in infrastructure development, which is yielding significant results. “Adani Enterprises’ strategic initiatives to bolster its infrastructure portfolio are in line with the rising demand for sustainable and robust infrastructure in India and beyond,” said Adani Group.

Source: https://www.businesstoday.in/latest/corporate/story/adani-group-says-its-portfolio-saw-highest-ever-ebitda-growth-in-h1fy24-crosses-rs-43000-cr-408957-2023-12-11

Tata is all set to build one of India’s biggest Apple iPhone manufacturing plant in Tamil Nadu, creating employment for over 50,000 people.

In a move to boost the South Asian production and manufacturing of Apple products, Tata is all set to build India’s biggest iPhone assembly plant in Tamil Nadu. The plant will be built in Hosur, news agency Bloomberg reported.

The iPhone factory is expected to have over 20 assembly lines and would generate employment for over 50,000 workers within two years, sources told Bloomberg. The goal is that the site be operational within 12-18 months.

The plant would bolster Apple’s efforts to localise the supply chain to strengthen the partnership with Tata, which already has an iPhone factory acquired from Wistron in Karnataka. When the new Tamil Nadu plant is operational, it could majorly beat the Karnataka plant’s iPhone production rate.

As the Tamil Nadu iPhone assembly plant is expected to be active by late 2024, the cost of Apple smartphones could be brought down due to the boost in local production of the phones, further leading to more competition between Apple and Samsung.

Tata Electronics already has a major manufacturing plant in Hosur which has over 5,000 employees. The plant is tasked with manufacturing the outer cases of iPhones. It is reported that Tata Electronics has already started hiring for its Tamil Nadu plant, keeping in mind the potential bump in iPhone production in India.

Source: https://www.hindustantimes.com/business/sensex-hits-70-000-mark-for-first-time-nifty-soars-beyond-21-000-level-101702269087345.html

RBI MPC meeting highlights: RBI Governor Shaktikanta Das in the post MPC decision press conference said reaching 4% inflation should not be a one-off event. Earlier today, MPC decide to leave key interest rate unchanged for 5th straight time. It raised GDP growth forecast for FY24 to 7% from 6.5% and also hiked UPI limit for hospitals and educational institutions

RBI MPC meeting live updates: MPC voted unanimously to keep policy repo rate unchanged at 6.5%, its fifth pause on the trot. All members voted in favour of remaining focussed on withdrawal of accommodation stance, while five out of six members voted in favour of continuing stance.

–The benchmark lending rate or the repo rate will remain unchanged at 6.5 percent, Reserve Bank of India (RBI) Governor Shaktikanta Das announced on December 8, following the conclusion of the three-day meeting of the central bank’s Monetary Policy Committee (MPC).

–Other key announcements: Inflation projection for the ongoing fiscal has been retained at 5.4 percent, whereas, the GDP growth forecast has been upgraded from 6.5 percent to 7 percent.

Clearly, Das believes that the economy is firing on all engines and even if one of its engines (private investment) is yet to live up to expectations, it would soon get there. As for the other engine, private consumption has moderated, Das is positive that conditions are ripe for consumption to improve from here on. 

Source: https://www.moneycontrol.com/news/business/economy/rbi-mpc-meeting-live-updates-interest-rate-decision-india-inflation-growth-projection-liveblog-11871211.html

Replying to a debate in Rajya Sabha, the upper house of Parliament, Sitharaman said, ‘All sectors are growing significantly. Because of the Make-in-India programme and PM Modi’s schemes, the manufacturing sector is also significantly contributing to the economy.’

Policies of the central government like production-linked incentive (PLI) scheme and Make-in-India have helped develop India as the second most sought after manufacturing destination and the fastest growing economy in the world, Finance Minister Nirmala Sitharaman said on Thursday.

Replying to a debate in Rajya Sabha, the upper house of Parliament, Sitharaman said, “All sectors are growing significantly. Because of the Make-in-India programme and PM Modi’s schemes, the manufacturing sector is also significantly contributing to the economy.”

She noted that manufacturing sector growth surged to 13.9% in the second quarter of the current financial year.

Referring to S&P Global data, the finance minister said Purchasing Managers’ Index (PMI) in November stood at 56. “It is in the expansionary territory,” she added.

PMI for manufacturing rose to 56 in November from 55.5 recorded in the previous month, on the back of strengthening demands and low input costs, as per data released by S&P Global earlier this month. The PMI print above 50 indicates growth in the sector while below 50 shows contraction. Manufacturing PMI has been above 50 for 29 months in a row.

Source: https://www.deccanherald.com/business/economy/centre-s-policies-have-made-india-fastest-growing-economy-fm-2801825

Tata Power, one of India’s largest integrated power companies with operations across the entire value chain, has become the sixth stock from the Tata Group stable to hit a market capitalisation of ₹1 lakh crore on Thursday, December 7, when the stock price rose 7% to ₹315.

The stock has delivered returns of 51.7% in 2023 (stock closed at ₹207.7 on Dec 30, 2022) and 72.7% from the 52-week low of ₹182.45 in March 2023.
The stock has seen a stellar rally since the company’s recent analyst meeting where the management shared its targets for the coming years. In the meeting, Tata Power announced a capex of ₹60,000 crore by FY27; 45% of which would be deployed in the renewables sector. The company said it would be investing around ₹13,000 crore in two pumped hydro storage projects of 2.8GW, which will help Tata Power provide blended 24*7 renewable power to consumers.

McDonald’s is testing a new restaurant format with customizable drinks and treats designed to appeal to afternoon snackers — and grab sales from competitors like Starbucks and Dunkin’.

The company said Wednesday it will open 10 CosMc’s restaurants through the first half of next year. One will be near the company’s headquarters in Chicago and the rest will be in Texas. The company will study the results for at least a year before determining whether to expand.

The announcement was one of the most anticipated at McDonald’s day-long investor conference Wednesday. The company also said it expects to open nearly 10,000 McDonald’s restaurants worldwide over the next four years — to reach a total of 50,000 restaurants — a pace of growth that would be unprecedented even for the world’s largest burger chain.

It plans to open 900 new stores in the U.S. and 1,900 in international markets with company operated and franchised restaurants like Canada, Germany, the United Kingdom and Australia. McDonald’s plans another 7,000 stores in international markets that are operated by licensees. More than half of those stores would be in China.

But beyond that physical expansion, McDonald’s is also looking to CosMc’s to expand its menu and service times and keep up with other fast-growing chains like Starbucks. Starbucks said last month it plans to open 55,000 stores globally by 2030, up from 38,000 today.

McDonald’s President and CEO Chris Kempczinski said CosMc’s is designed to fill in a slump in sales that the company sees in the mid-afternoon. But the complexity of the drinks it will offer — like a churro frappe, a pear-flavored slush or a turmeric latte — make it impossible to fit into its existing restaurants. CosMc’s — named after a space alien character that McDonald’s introduced in the 1980s — will also serve snacks like pretzel bites and Egg McMuffins.

“This is a $100 billion category that’s growing faster than the rest of (casual dining) and with superior margins. And it’s a space that we believe we have the right to win,” Kempczinski said.

McDonald’s is also testing new systems at the small-format CosMc’s restaurants, including drive-thru lanes that manage traffic based on the complexity of orders.

McDonald’s said the explosive growth of delivery demand makes it critical to get restaurant locations even closer to customers so food can arrive faster and hotter. McDonald’s delivery made up $1 billion in global sales in 2017; that has grown to more than $16 billion.

Kempczinski said new restaurants will likely have dedicated pickup areas for delivery drivers to ease restaurant congestion. But he said it’s important to open actual restaurants and not just delivery-only kitchens.

“Not everybody wants delivery every single meal. Sometimes they want to go to the restaurant with their family,” Kempczinski told The Associated Press in an interview.

Kempczinski said he’s not concerned about cannibalizing sales from existing McDonald’s locations. In the U.S., he said, population shifts have left many parts of the country underserved. McDonald’s also wants to prevent competitors from snatching up good real estate, he said.

Manu Steijaert, McDonald’s chief customer officer, said it took 33 years for the company to open its first 10,000 restaurants; by comparison, it took 18 years to grow from 30,000 to 40,000.

Source: https://apnews.com/article/mcdonalds-restaurants-fast-food-617fb9859fc67e3a8ab4c1440f0ce434

Adani is now behind the Spanish billionaire Amancio Ortega ($83.6 billion) and is ahead of American billionaire Waltons– Jim ($70.90 billion, Rob ($69.7 billion) and Alice ($68.60 billion).

With a dream run in Adani group stocks underway, the Adani group founder Gautam Adani saw his wealth swell a whopping $12.3 billion in a single, as he inches closer to Mukesh Ambani in race of the richest Indian. At $82.50 billion, the Gujarat-based industrialist entered top 15 list of billionaires at last count and was $8.9 billion behind the richest India Mukesh Ambani ($91.4 billion), as per the publicly available Bloomberg Billionaire index.

His wealth might have swelled further, as the group stocks gained up to 19 per cent, taking their 3-day winning run to up to 59 per cent. Adani is now just behind the Spanish billionaire Amancio Ortega ($83.6 billion) and is ahead of American billionaire Waltons– Jim ($70.90 billion, Rob ($69.7) and Alice ($68.60 billion). At his peak, Adani commanded a fortune of $150 billion.

On Wednesday, the Adani group’s wealth jumped to Rs 15 lakh crore mark for the first time since the Hindenburg Research’s scathing report in January this year that triggered a $150 billion rout in Adani group shares. The Supreme Court recently reserved its order in the Adani-Hindenburg case after hearing multiple pleas in the matter while noting that the Hindenburg Research report should not be treated as a statement of truth. It suggested that the apex count cannot doubt Sebi’s probe into the case by relying merely on a few media reports.

Source: https://www.businesstoday.in/markets/top-story/story/gautam-adani-enters-top-15-billionaires-list-inches-closer-to-mukesh-ambani-408381-2023-12-06

Johnson & Johnson’s (JNJ.N) worldwide vice president for litigation said on Tuesday that the company has recently reached settlements with several law firms over their clients’ claims that J&J talc products caused cancer.

The settlements were reached “with a goal to facilitate our pursuit of a consensual prepackaged bankruptcy resolution,” Erik Haas said on an investor call. It was not clear whether the deals have been finalized.

J&J said in October that it was considering a new bankruptcy filing to resolve talc claims. Courts have rejected its two previous attempts to resolve talc litigation through bankruptcy, most recently a proposed $8.9 billion deal.

Haas said the recent settlements covered cases involving plaintiffs with mesothelioma, a type of cancer linked to asbestos, but did not provide any details about the dollar amounts involved or say how many people they covered.

He said the company had resolved all but one of the cases scheduled for trial in 2023, “significantly curtailed” trials in 2024 and did not require the company to record any new charges against earnings.

Bloomberg reported earlier on Tuesday that J&J had reached settlements covering about 100 people.

J&J faces more than 50,000 lawsuits over talc, most by women with ovarian cancer, with a minority of the cases involving people with mesothelioma. The company has said that its talc products are safe and do not contain asbestos.

Source: https://www.reuters.com/business/healthcare-pharmaceuticals/jj-says-it-has-settled-some-talc-claims-will-continue-bankruptcy-strategy-2023-12-05/

BCCI filed the plea before the NCLT at Bengaluru after Byju’s reportedly failed to pay the amount due to BCCI under a sponsorship contract for the Indian cricket team.

The Board of Control for Cricket in India (BCCI) has approached the National Company Law Tribunal (NCLT) at Bengaluru to initiate corporate insolvency proceedings against EdTech company, Byju’s for allegedly defaulting on the payment of ₹158 crores [BCCI v. M/s. Think & Learn Pvt. Ltd.]

On November 28, the coram of judicial member K Bishwal and technical member Manoj Kumar Dubey sought a response from Byju’s in the matter.

The NCLT was informed that Byju’s was sent a notice on January 6 this year over the payment of an amount of ₹158 crores excluding TDS (tax deducted at source) amounts.

The tribunal proceeded to issue notice to Byju’s and asked the company to file its reply within two weeks.

The matter is slated to be heard next on December 22.

As per reports, the dues cited by BCCI were payable in respect of a contract to sponsor the jerseys of the Indian cricket team.

The sponsorship contract was entered into between BCCI and Byju’s initially in 2019, when it took over sponsoring the cricket team’s jerseys from mobile phone manufacturer OPPO.

As per reports, this contract initially ended in 2022 but it was later extended for 2023.

Source: https://www.barandbench.com/news/bcci-files-insolvency-plea-against-byjus-before-nclt-default-payment-158-crore

Reserve Bank of India Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) is scheduled to begin its three-day deliberations on December 6

The Reserve Bank is likely to maintain the status quo on the short-term interest rate in its monetary policy review later this week, with inflation staying in comfort zone and economic growth moving at an accelerated pace, opined experts.

The RBI has left the benchmark policy rate (repo) unchanged in its past four bi-monthly monetary policies. The RBI had last increased the repo rate In February to 6.5 per cent, thus ending the interest rate hiking spree which began in May 2022 in the aftermath of Russia-Ukraine war and subsequent disruptions in the global supply chain resulting in high inflation in the country.

RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) is scheduled to begin its three-day deliberations on December 6. Das would unveil the decision of the six-member MPC on December 8 morning. The MPC meeting is scheduled for December 6-8, 2023.

India retained the tag of the world’s fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing.

On expectations from the RBI’s monetary policy, Madan Sabnavis, Chief Economist, Bank of Baroda, said the central bank is most likely to maintain the status quo on rates as well as stance this time.

“The high growth witnessed in Q2 in GDP will provide assurance that the economy is on track. The low core inflation numbers in the last few months will provide comfort that there is no need to increase rates even while headline inflation is likely to be volatile in the upward direction,” he said.

Some direction on liquidity will be useful to the market as the system is in deficit for quite some time, he said, and added there can be some upward revision in the GDP growth numbers though will not be very significant.

Aurodeep Nandi, India economist at Nomura, also expects the MPC to unanimously vote to pause at its December policy meeting.

“Of particular interest will be RBI’s commentary around OMO sales, which were announced in the previous policy meeting, but tight liquidity conditions have so far made the implementation difficult. Our baseline view is that the RBI will continue with the policy and stance pause for now,” Nandi said.

The government has mandated the central government to ensure that the retail inflation based on the Consumer Price Index (CPI) stays at 4 per cent, with a margin of 2 per cent on either side.

While anticipating the status quo on the key benchmark lending rate, R G Agarwal, Chairman of Dhanuka Group, said Indian agriculture must embrace technological advancements and implement farm mechanization to boost crop yields and improve farmers’ livelihoods.

“This necessitates both public and private sector investments, which hinge on access to affordable financing. While both the Reserve Bank of India and the government have taken prior measures to address this issue, additional incentives, such as monetary and fiscal benefits, are required to promote farm mechanization,” he added.

The retail inflation eased to a four-month low of 4.87 per cent in October, mainly due to cooling prices of food items. The Reserve Bank’s Monetary Policy Committee (MPC), in its October meeting, projected CPI inflation at 5.4 per cent for 2023-24, a moderation from 6.7 per cent in 2022-23.

Mohit Jain, Managing Director, Krisumi Corporation, opined that this successive pause in interest rate hikes reiterates RBI’s commitment to provide broad-based growth in the economy with financial stability.

“The policy decision will facilitate a stable ecosystem for economic activity. This will bring a sigh of relief for homeowners since they have been feeling the strain of increased interest rates on long-term loans. In the housing sector, a stable interest rate environment will not only foster confidence among potential buyers but also make housing loans more accessible and affordable,” he added.

Source: https://www.telegraphindia.com/business/reserve-bank-of-india-to-retain-6-5-per-cent-interest-rate-as-economic-growth-comfortable-inflation-in-check-experts/cid/1984266

The November 2023 collections are, however, lower than Rs 1.72 lakh crore mopped up in October — the second-highest collection ever since the GST rollout.

Source: https://www.deccanherald.com/business/gst-collections-jump-15-to-rs-168-lakh-cr-in-nov-2793196 

Last heard, shares of Tata Technologies were commanding a premium of Rs 425 per share in the grey market, suggesting a listing pop of 85 per cent for the investors.

Shares of Tata Technologies Ltd made a stellar debut at Dalal Street on Thursday as the Tata Group stock was listed at Rs 1,200, a premium of 140 per cent, over its issue price Rs 500 on the National Stock Exchange. The Tata Motors promoted entity was listed at a premium of 140 per cent at Rs 1199.95 against the same issue price on BSE.

Tata Technologies joined the likes of companies such as Latent View Analytics, Paras Defence and Space Technologies, Sigachi Industries, Happiest Minds and Mrs Bector Foods, which doubled investors wealth on debut. The company was commanding a total market capitalisation of Rs 48,678.20 crore at debut.

Last heard, shares of Tata Technologies were commanding a premium of Rs 425 per share in the grey market, suggesting a listing pop of 85 per cent for the investors. The premium in the unofficial market has remained firm since the closure of issue, holding more than Rs 400 per share.

Tata Technologies sold its primary offering in the fixed price range of Rs 475-500 apiece with a lot size of 30 equity shares. The issue was open for bidding between November 22 and November 24 to raise a total of Rs 3,042.51 crore. The issue was entirely an offer for sale by the promoter and other selling shareholders of the company.

The issue saw a huge demand across all the categories of investors and attached 73,58,222 bids worth more than Rs 1 lakh crore and commanding an overall subscription of 69.43 times. The portion for qualified institutional bidders was subscribed a stellar 203.41 times, while the portion reserved for retail investors and non-institutional investors was booked 16.50 times and 62.11 times, respectively.

It had separate reservations for eligible employees of the company and shareholders of Tata Motors Ltd and Tata Motors DVR Ltd. The allocation reserved for shareholders of Tata Motors and eligible employees was booked, 29.20 times and 3.70 times, respectively during the bidding process.

Source: https://www.businesstoday.in/markets/company-stock/story/tata-technologies-makes-bumper-d-st-debut-lists-at-140-premium-at-rs-1200-407676-2023-11-30

Earlier this month, Grover and his wife Madhuri Jain were reportedly stopped at the Delhi international airport due to a lookout circular issued against them in connection with the alleged fraud at the fintech firm.

The Delhi High Court on November 28 imposed a fine of Rs 2 lakh on Ashneer Grover, the former Managing Director and co-founder of Bharat Pe, for sharing inappropriate posts about Bharat Pe. The action, however, was taken despite Grover giving assurance to the court that he would refrain from doing so.

The court dismissed Bharat Pe’s plea to prohibit Grover from posting defamatory content. The decision appears to consider Grover’s commitment to abstain from sharing such content in the future and his apology for the previous behaviour.

Last week, Moneycontrol reported that BharatPe had filed a fresh case on November 23 and sought the court’s intervention to restrict Grover from publishing or disclosing confidential information about the company. The argument presented was that Grover continues to be bound by confidentiality obligations outlined in his employment agreement.

According to several media reports, Grover, who is under investigation for alleged financial irregularities at BharatPe, posted on social media platform X last week about the equity allocation and secondary components during the company’s Series E funding round. This funding round was led by Tiger Global and involved participation from the Dragoneer Investor group and other investors.

Earlier this month, Grover and his wife Madhuri Jain were reportedly stopped at the Delhi international airport due to a lookout circular issued against them in connection with the alleged fraud at the fintech firm.

Source: https://www.moneycontrol.com/news/business/delhi-hc-imposes-rs-2-lakh-fine-on-ex-bharat-pe-md-ashneer-grover-for-derogatory-posts-11820771.html

‘I remain resolute as CMD and fully committed towards the smooth functioning of the company and its business,’ says Singhania in an internal email

Raymond Ltd CMD Gautam Singhania has allayed fears among the firm’s board of directors and employees as his separation with wife Nawaz Modi could make a dent in his personal fortune.

“I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders,” he said in an email to board, staff, which was accessed by CNBC TV18.

The email comes amid concerns arising from Nawaz Modi making a claim to 75% of the industrialist’s estimated $1.4-billion wealth for their two daughters and herself as part of a family settlement.

“Media is rife with news about matters pertaining to my personal life. Writing to you to say that I have chosen not to comment on the same, maintaining dignity of my family is paramount to me. I remain resolute as CMD and fully committed towards the smooth functioning of the company and its business. Even in these difficult times for me, I assure you that at Raymond, it is business as usual. I am steadfast to create and deliver value to all our shareholders and ensure the interests of our employees, customers, and other stakeholders. We have made significant strides towards growing our businesses exponentially.

“Had our best quarter in history on top of a consistent upswing in performance over the last 9 quarters. Almost doubled our engineering business by entering sunrise sectors of aerospace, defense, electric vehicle components through Maini Precision Products Limited’s (MPPL) acquisition. We have been awarded two marquee real estate projects in our focus market of Mumbai Metropolitan Region,” said the Raymond CMD in the internal mail.

Earlier this month, Gautam Singhania publicly announced the separation from his wife after 24 years of marriage through a post on social media platform X. While the announcement did not delve into the reasons behind the separation, it mentioned the couple’s commitment to pursuing different paths.

Nawaz Modi Singhania, besides being involved in the fitness industry with her chain of fitness centers called Body Art, serves on the board of directors of Raymond Ltd.

Source: https://www.businesstoday.in/latest/corporate/story/its-business-as-usual-raymond-cmd-gautam-singhania-assures-board-employees-amid-split-with-nawaz-modi-407286-2023-11-27

One of the richest people in the world is learning how to be a Swiftie.

Mark Zuckerberg reportedly wears the same outfit and trains with MMA fighters several times per week as part of the Meta CEO’s stringent daily routine — which now includes learning Taylor Swift songs with his three young daughters.

The Facebook founder, 39, who is currently the world’s 6th richest person per Forbes, starts every morning with a bad habit millions are guilty of — checking their phone immediately, according to Business Insider, which compiled the billionaire’s average day based on his previous interviews.

Zuckerberg wakes up around 8 a.m. and checks Meta’s own Facebook, Messenger and WhatsApp platforms on his phone for several minutes or more, depending on current world events, the CEO said in a Facebook Live Q&A in 2016.

“It’s a pretty sad situation to be honest,” he admitted at the time. “I have contacts, and I can’t see very well. And before I put my contacts in I often look to see what is going on Facebook.”

It’s a habit he’s described on the Joe Rogan podcast as “not good.”

“It’s almost like you wake up and you’re punched in the stomach, so it’s, like, OK … now I need to go reset myself and be able to be productive and not be stressed out about this.”

After the social media guilt subsides, the mogul exercises. While he used to just jog, now he has been training in mixed martial arts ahead of a possible “cage match” bout with tech rival and X CEO Elon Musk.

Zuckerberg replaced running about three times a week with three or four jiu-jitsu and MMA sessions weekly, he told Lex Friedman on his podcast in June. He additionally does strength and conditioning work and mobility training.

He suffered a torn ACL while training earlier this month and is still recovering.

While he’s never revealed what he eats for breakfast, Zuckerberg claims he’s been eating 4,000 calories per day to keep up with the intensive training regimen.

Source: https://nypost.com/2023/11/26/business/inside-mark-zuckerbergs-daily-routine-same-outfit-mma-learning-taylor-swift-songs/

The Dubai-based Indian couple was accompanied by approximately 350 wedding attendees, including close friends, immediate family, and media representatives, at a Jetex private terminal located in Dubai South.

Dilip Popley, a prominent Indian businessman based in the UAE, hosted the wedding of his daughter, Vidhi Popley, and Hridesh Sainani in the expansive skies of Dubai aboard a private Jetex Boeing 747 aircraft on November 24, taking luxury to new heights. The couple exchanged vows at an altitude of 30,000 feet above ground level, marking a truly unique airborne celebration.

The Dubai-based Indian couple was accompanied by approximately 350 wedding attendees, including close friends, immediate family, and media representatives, at a Jetex private terminal located in Dubai South.

The Popley family, renowned for their jewellery and diamond businesses in the UAE and India, arranged an exceptional ‘sky-high wedding’ during a three-hour flight from Dubai to Oman.

The Popley family previously gained attention for their sky-high romantic gesture when Vidhi’s parents made headlines 28 years ago by getting married during a “wedding in the sky,” turning an Air India flight into a wedding venue.

Source: https://www.freepressjournal.in/business/uae-based-indian-bizman-dilip-popley-hosts-daughters-wedding-on-private-jet-in-dubais-skies-just-like-he-did-for-himself-28-years-ago

The underwater tunnel would hypothetically provide safer alternative travel through the Kerch Strait

Russian and Chinese business leaders have considered the construction of an underwater tunnel connecting Russia and Crimea, according to The Washington Post.

The tunnel — which is allegedly referenced in communications logs obtained by the Ukrainian military — would be an unprecedented collaboration by the Chinese, who have not previously recognized Russian sovereignty over Crimea.

Russia is reportedly exploring the option as an alternative to its 11-mile bridge across the Kerch Strait, which has been bombed multiple times since the invasion of Ukraine.

The Chinese Railway Construction Corporation (CRCC) wrote that workers were “ready to ensure the construction of railway and road construction projects of any complexity in the Crimean region,” according to the report.

The CRCC is a state enterprise owned and operated by the Chinese Communist Party.

The outlet cited another email from Russian business leader Vladimir Kalyuzhny in which he expressed CRCC’s interest in acting as a general contractor for a tunnel project.

Kalyuzhny called the reports “a lot of hot air” and has flatly denied cooperation between Russia and the CRCC, calling The Washington Post “enemy media.”

Further communications allegedly show that the Chinese Communist Party wishes to remain behind the scenes on the tunnel project under “strict provision of complete confidentiality.”

CRCC is also quoted in the report stating that their work on a hypothetical Kerch Strait project would be attributed to “another, unaffiliated legal entity” and that the corporation would “convert its dollar funds into rubles for their transfer to Crimea to fund [consortium] projects.”

Source: https://www.foxbusiness.com/business-leaders/russian-chinese-businessmen-considering-secret-undersea-tunnel-connecting-crimea-report

The transaction happened at an average price of Rs 877.2 per share. Earlier shares of Paytm tanked 3.23 percent to Rs 893.

Warren Buffett-led Berkshire Hathaway has exited One 97 Communications (Paytm), according to bulk deals data published by National Stock Exchange.

Berkshire sold its entire stake, which were bought by Ghisallo Master Fund and Copthall Mauritius Investment. They bought 42,75,000 and 75,75,529 shares, respectively.

The transaction happened at an average price of Rs 877.2 per share. Berkshire pocketed nearly Rs 1,371 crore from the deal.

Earlier in the day shares of Paytm tanked 3.23 percent to Rs 893.

According to the shareholding data as of September-end, Berkshire via BH International held 1,56,23,529 shares in the company. This amounted to 2.46 percent stake in the firm.

Source: https://www.moneycontrol.com/news/business/markets/warren-buffetts-berkshire-hathaway-exits-paytm-11808641.html

The ex-textile magnate handed over the company’s reigns to the latter in 2015.

Raymond Group founder Vijaypat Singhania on Thursday lamented making the ‘stupid’ mistake of giving ‘everything’ to son and current Chairman Gautam Singhania. His statement comes at a time when the family is seeing tumultuous times, as Gautam has separated from wife Nawaz Modi, who has demanded 75% of his fortune.

The former Raymond boss, meanwhile, further alleged that Gautam ‘backed out’ after promising to give him some parts of the company.

“Parents should think very carefully before they give away everything to their children,” Vijaypat Singhania, who handed over the reigns of Raymond Group to Gautam in 2015, told Business Today in an exclusive interview.

“I have no business. He (Gautam) had agreed to give me some parts of the company, but of course, he backed out. So, I have nothing. I gave him everything. By mistake, I was left with some money on which I am surviving today. Otherwise, I would have been on the road,” the ex-textile magnate added.

The Raymond boss would be ‘happy to see me on the road,’ he also stated. In 2017, the father had accused the son of ‘pushing’ him out of the JK House building, the family property in south Mumbai.

Source: https://www.hindustantimes.com/business/stupid-mistake-raymond-group-founder-vijaypat-singhania-laments-giving-everything-to-son-gautam-101700749097219.html

IREDA IPO| The offer a fresh comprise a fresh issue of 40.31 crore equity shares worth Rs 1,290.13 crore and an offer-for-sale of 26.87 crore shares worth Rs 860.08 crore by the government

The Indian Renewable Energy Development Agency’s IPO was subscribed 38.8 times on November 23, the final day of bidding. Investors sent bids for 1,827 crore equity shares against the offer size of 47.09 crore.

Qualified institutional buyers (QIBs) and high networth individuals (HNIs) bought 104.57 times and 24.16 times their allotted quota of shares. The public sector undertaking (PSU) has reserved 50 percent of the offer for QIBs and 15 percent for HNIs.

The remaining 35 percent of the net offer has been set aside for retail investors, who booked 7.73 times their allotted quota. Employees had bid 9.8 times for their reserved portion. The Mini-Ratna PSU has set aside 18.75 lakh shares for its employees.

Source: https://www.moneycontrol.com/news/business/ipo/ireda-ipo-issue-subscribed-15-times-retail-portion-booked-6-38-times-on-final-day-11798941.html

While a majority of the departing executives are going back into the ecosystem and starting a new business, a small portion of them have chosen to simply change their sectors. The remaining are going back to safety.

“From a senior vice president (SVP) to a CEO it has not been very easy…but not every time you will be offered everything on a platter. Flipkart was a great brand and I had that comfort but I’m ready to take the risk…,” said Anil Goteti, founder of Scapia, a fintech company started in January 2022.

Goteti isn’t the only one, a slew of senior executives are leaving top startups to start their own businesses and venture capitalists love it. What gives? Their experience in cutting teeth across divisions, the pedigree that comes from working at large brands, scaling operations from 0-1 and attracting talent makes several investors want them.

Over the past several months, Moneycontrol has reported that Karthik Gurumurthy and Dale Vaz, both from Swiggy, Utkrishta Kumar from Meesho and several others are venturing out on their own. For them, raising capital has not been difficult – Vaz has already brought in Accel as an investor while Gurumurthy is in the advanced stages of raising money from Matrix and others, as reported earlier.

Even Sharechat co-founders Farid Ahsan and Bhanu Singh parted ways with their company and started their own business. Earlier this month, the duo raised $3 million in seed funding from India Quotient, Elevation Capital and others for their robotics startup General Autonomy.

“It is much easier for a top executive from a large startup to raise VC money for their own venture. For one, they know how to build a business from scratch because they have done it for someone else previously. Also remember, it’s easy for them to attract the right talent because they have this halo effect around them,” Vinod Murali, Managing Partner, Alteria Capital, a venture debt provider, said.

Source: https://www.moneycontrol.com/news/business/technicals/halo-effect-why-investors-are-backing-top-startup-executives-who-are-departing-to-build-on-their-own-11801121.html

Bengal Global Business Summit 2023: Speaking at the event, RIL Chairman Mukesh Ambani said that the company will try its best to accelerate West Bengal’s growth and has plans to invest Rs 20,000 crore over the next three years

Reliance Industries Chairman Mukesh Ambani said that the group has invested around Rs 45,000 crore in West Bengal and the company plans to invest an additional Rs 20,000 crore in the state over the next three years. The Reliance Chairman disclosed the figures at the 7th edition of the Bengal Global Business Summit (BGBS) held on November 21 in Kolkata.

West Bengal CM Mamata Banerjee along with Reliance Industries Chairman Mukesh Ambani and other notable industrialists attended the opening ceremony of the summit, which is the West Bengal government’s major industrial event.

Speaking at the event, Ambani also said that Reliance will try its best to accelerate West Bengal’s growth and spoke about the company’s plans for future investments in the state. “Reliance Foundation has taken up an ambitious project to renovate and restore the Kalighat temple in Kolkata. We are in the process of repairing the entire temple complex, including the centuries-old heritage structures,” he added.

He also appreciated West Bengal CM Mamata Banerjee by calling her ‘Agnikanya,’ as the late (former Prime Minister) Atal Bihari Vajpayee described her. The ‘agni’ of struggle and sacrifice has made you and your golden character shine brighter and now you are making ‘Shonar Bangla’ shine brighter,” said Mukesh Ambani, at the Bengal Global Business Summit 2023.

Source : https://www.moneycontrol.com/news/business/bengal-global-business-summit-2023-reliance-invested-rs-45000-cr-in-state-says-mukesh-ambani-11783151.html

According to CAIT, over 4 lakh weddings are expected to be held this season in Delhi alone generating a business of about Rs 1.25 lakh crore.

After witnessing record-breaking sales in Diwali, India’s business community is all set to cater to the demands of the upcoming wedding season starting November 23.

According to the Confederation of All India Traders (CAIT), there might be business worth Rs 4.74 lakh crore in mainline retail consisting both goods and services with about 38 lakh weddings across India.

Last year around 32 lakh weddings took place in the same period and trade was estimated at Rs 3.75 lakh crore. The wedding season begins on November 23 on Dev Uthan Ekadashi. The wedding season will continue until December 15. In November, the auspicious dates are 23,24,27,28 and 29. In December, the wedding dates are 3,4,7,8,9 and 15.

After this period, weddings will again be held only from mid-January and continue till July 2024. The CAIT consulted prominent trade bodies of 30 various cities of different states which are known as distribution centres and different stakeholders both in goods and services. It is estimated that around 38 lakh weddings will be solemnised across the country. According to CAIT, the 38 lakh weddings are expected to infuse about Rs 4.74 lakh crore into the market, reflecting both wedding-related purchases and the procurement of various services. CAIT national president BC Bhartia and secretary general Praveen Khandelwal said in Delhi alone, over 4 lakh weddings are expected to be held in this season. These weddings are likely to generate a business of about Rs 1.25 lakh crore.

Source: https://www.moneycontrol.com/news/business/38-lakh-weddings-to-generate-rs-4-74-lakh-crore-starting-november-23-11782681.html

Investigation to cover 6.4 million vehicles at risk of fire

The National Highway Traffic Safety Administration (NHTSA) is investigating a series of recalls covering 6.4 million Hyundai and Kia vehicles related to brake fluid leaks that may lead to fires, the safety regulator announced Monday.

The audit query will cover 16 individual recalls since 2016 for antilock braking system and Hydraulic Electronic Control Unit (HECU) issues manufactured by the same parts supplier and fires.

NHTSA will evaluate the timeliness of the Korean automakers’ defect decision-making “and adherence with reporting requirements; and understand the varying defect descriptions and remedies between these recalls.”

The safety regulator can issue an audit query if the manufacturer’s recall has a low completion rate.

In September, Hyundai and Kia recalled a combined 3.37 million vehicles in the U.S. after the auto manufacturers said internal brake fluid leaks can cause electrical shorts in affected models and could lead to fires.

Hyundai’s recall covered 1.64 million Elantra, Genesis Coupe, Sonata Hybrid, Accent, Azera, Veloster, Santa Fe, Equus, Veracruz, Tucson, Tucson Fuel Cell and Santa Fe Sport vehicles from model years 2011 through 2015.

As of September, Hyundai said there have been 42 recall-related incidents since 2017, although no crashes, injuries or fatalities have been reported.

Meanwhile, Kia’s recall included 1.73 million Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento and Rondo vehicles and covers model years from 2010 through 2017.

Source: https://www.foxbusiness.com/markets/hyundai-kia-face-us-safety-probe-into-automakers-recall-completion

Rarely a month goes by without big tech companies getting fined for price fixing, squashing competitors or misusing data, but it can take years before they pay a penny.

Ireland’s data regulator confirmed to AFP that Meta has not paid any of the two billion euros ($2.2 billion) in fines issued since last September. TikTok also owes hundreds of millions.

Amazon is still appealing against a 746 million euro fine from 2021, Luxembourg’s data regulator told AFP.

Google is still disputing EU fines worth more than eight billion euros for abusing its market position between 2017 and 2019.

Apple has fought for years against a French antitrust fine of 1.1 billion euros and an order to pay 13 billion euros of tax to Ireland.

The problem is constant, global and involves tech companies of all sizes, not just the big four.

This week Australia confirmed that X (formerly Twitter) had not paid a fine imposed for failing to outline its plans to stamp out content depicting child sexual abuse — though X is now counter-suing.

Critics say fining tech companies does not stop their bad behaviour and it is time for more drastic action.

Margarida Silva, a researcher at Dutch NGO the Centre for Research on Multinationals, pointed out that tech firms have long revelled in their reputation for “disruption”.

“Not paying the fines fits in with the way we’ve seen big tech companies challenge pretty much any enforcement of rules against them,” said Silva.

“Even if the company ultimately loses, by that point they will have dragged the administration through years and years of expenditure.”

This sets tech apart from industries like finance, she argued, where there is still an incentive to pay to reassure the public and investors.

But Romain Rard, a lawyer at Gide Loyrette Nouel in Paris, said it was common sense that firms would look to appeal big penalties.

“It’s not as if companies can just ignore the fine, challenge decisions and hope for the best that they can get away without having to pay anything,” he told AFP.

And there have been notable successes for the companies — chip firms Intel and Qualcomm have both recently had billion-dollar EU antitrust fines overturned or dramatically reduced on appeal.

Europe’s system is different to jurisdictions like China or the United States, where fines often come at the end of a lengthy process and are announced as settlements.

In 2019, Facebook paid a record $5 billion fine to the Federal Trade Commission (FTC) over the Cambridge Analytica scandal.

And e-commerce giant Alibaba told investors in 2021 it immediately paid a record almost $3 billion fine to Chinese regulators in 2021.

Activists argue that these companies are simply too rich for financial penalties to have much impact.

Austrian lawyer Max Schrems, who has campaigned vigorously for data rights in Europe, said the issue was exacerbated by uneven application of the rules.

The Irish Data Protection Commission, he said, allowed the companies too much leeway with their appeals processes and issued fines that were far too small.

In an interview with AFP, Ireland’s deputy data protection commissioner Graham Doyle defended his office’s record and said fines were only one part of the story.

Source: https://www.barrons.com/news/how-big-tech-generated-billions-in-fines-then-didn-t-pay-them-ab5d0a77

The finance ministry and the National Statistical Office did not immediately comment on the viral social media post on India’s GDP crossing USD 4 trillion.

Billionaire Gautam Adani to two Union Ministers and Maharashtra Deputy Chief Minister Devendra Fadnavis among others on Sunday hailed India crossing $4 trillion mark though there was no official confirmation if the country has achieved the landmark.

The finance ministry and the National Statistical Office did not immediately comment on the viral social media post on India’s GDP crossing $4 trillion.

Highly placed sources said that the viral news was incorrect and India was still shy of that landmark.

An unverified screengrab from the live tracking GDP feed for all countries based on International Monetary Fund data has been widely shared on social media, including by many including senior BJP leaders.

It is very difficult to have live tracking of GDP numbers of all countries as numbers of various sectors of the economy are available with a lag.

“Congratulations, India. Another two years to go before India becomes the 3rd largest nation in terms of Global GDP by overtaking Japan at $4.4 trillion and Germany at $4.3 trillion. The Tricolour surge continues! Jai Hind,” Adani said on social media platform X.

Many political leaders, including Maharashtra Deputy CM Devendra Fadnavis hailed the achievement. “India’s moment of global glory as our GDP crosses $4 Trillion.The rise of #NewIndia under PM @narendramodi ji’s leadership is truly unparalleled,” Jal Shakti Minister Gajendra Singh Shekhawat said in a post on X.

Another Cabinet minister, G Kishan Reddy in a post said, “Congratulations As The GDP Touches $4 Trillion For The First Time and Marches Ahead. On the course towards $5 Trillion Economy – Modi Ki Guarantee,” Reddy is Union Minister for Culture, Tourism and Development of Northeast Region as well as Telangana BJP president.

Fadnavis also posted, “This is what dynamic, visionary leadership looks like ! That’s what our #NewIndia progressing beautifully looks like ! Congratulations to my fellow Indians as our Nation crosses the $ 4 trillion GDP milestone! More power to you, more respect to you Hon PM @narendramodi ji!.” D Purandeswari, BJP’s Andhra Pradesh president said, “Congratulations BHARAT on becoming a 4 Trillion Dollar Economy ! This phenomenal achievement has been made possible by the path breaking reforms introduced and implemented by Prime Minister Shri @narendramodi Ji Government in the last 9.5 years.” India recorded GDP growth of 7.8 per cent during the April-June period of 2023-24, the highest in the past four quarters, on the back of double-digit expansion in the services sector, retaining its position as the world’s fastest-growing major economy.

Source: https://indianexpress.com/article/business/economy/india-a-4-trillion-economy-adani-to-fadnavis-hail-but-no-official-word-9033615/

Ashneer Grover and his wife Madhuri Jain Grover were stopped at the Indira Gandhi International (IGI) Airport on Thursday evening by the Economic Offences Wing (EOW) of Delhi Police while they were travelling to New York for a vacation. Reacting to the reports, Ashneer Grover on Friday said he received EOW summons today morning only 7 hours after returning from airport.

Sharing details in a post on X on Friday, Grover said, “I found it strange as have travelled 4 times internationally since FIR filed in May – never been a problem and I had not even been summoned once.”

The development comes after allegations that Grover’s family siphoned off funds from BharatPe on the pretext of offering recruitment services, gave bank accounts numbers that were created after the dates when they were raised, as per the EOW’s preliminary report of an investigation.

As he was going to the US from 16-23 November, Grover in the post on X said, “At immigration they said LoC laga hua hai sir – EOW se check kar ke batate hai.”

“I had not received any communication or summon from EOW since FIR in May till 8 AM today 17 morning (7 hours after returning from airport),” she said in the post.

He further said flight left in meantime anyways — EOW folks directed Immigration to let us out so that we can return home. Today morning (Friday), EOW summon was home delivered – will cooperate as always.

“No drama. LOC hatane ka process hai – I am not a flight risk – easy to prove hai. Baaki aapko jo chhaapna hai chhaapo. Picture chal rahi hai free mein – maze lo! Baaki premature obituaries bahut baari log likh chuke hai – ‘Jatt mareya tad maniye jad terami howe’ ! Don’t pronounce me dead till 13 days after you’ve burned me at the pyre!,” he said.

Source: https://www.news18.com/business/ashneer-grover-wife-madhuri-stopped-at-delhi-airport-from-leaving-for-us-ashneer-explains-what-happened-8665901.html

Britain has authorised a gene therapy that aims to cure sickle-cell disease and another type of inherited blood disorder for patients aged 12 and over, the country’s medical regulator said on Thursday, becoming the first in the world to do so.

Casgevy is the first medicine to be licensed that uses the gene-editing tool CRISPR, which won its inventors the Nobel Prize in 2020, Britain’s Medicines and Healthcare products Regulatory Agency (MHRA) said.

Sickle cell disease and β-thalassemia are genetic conditions caused by errors in the genes for haemoglobin, which is used by red blood cells to carry oxygen around the body.

“Both sickle cell disease and β-thalassemia are painful, life-long conditions that in some cases can be fatal,” MHRA Interim Director Julian Beach said in the statement.

In clinical trials Casgevy has been found to restore healthy haemoglobin production in the majority of participants with sickle-cell disease and transfusion-dependent β -thalassaemia, relieving the symptoms of disease, Beach added.

Source: https://www.reuters.com/business/healthcare-pharmaceuticals/uk-authorises-gene-therapy-blood-disorders-world-first-2023-11-16/

It was inevitable. Amazon, which got its start selling books, is getting into the car business.

The e-commerce giant along with new partner Hyundai announced Thursday at the 2023 LA Auto Show that it will start selling vehicles on its website in the second half of 2024. Hyundai vehicles will be the first vehicles sold on Amazon.com’s U.S. store with other brands following later in the year.

The Amazon car sales section will allow customers to shop for vehicles in their area based on a range of preferences, including model, trim, color, and features, choose their preferred car, and then check out online with their chosen payment and financing options. Customers will be able to buy a vehicle online and then pick it up or have it delivered by their local dealership, according to Amazon.

Amazon already sells car accessories and operates an “Amazon Vehicle Showrooms” site that allows manufacturers to advertise. But until now, customers couldn’t actually buy that car, truck or SUV they were researching.

Amazon says this shopping experience “will create another way for dealers to build awareness of their selection and offer convenience to their customers,” language that suggests dealerships are on board with this move. The structure still rewards dealerships, unlike the direct sales models that completely sidestep the business model. When vehicles go on sale at Amazon, the local Hyundai dealer will be the seller of record.

Mike Sullivan, the president and owner of several LA-area dealerships, including the Hyundai Santa Monica location, publicly supported the news while on stage at the LA Auto Show.

Source: https://techcrunch.com/2023/11/16/amazon-to-sell-cars-online-starting-with-hyundai/amp/

Delhivery’s Q2 performance in surface express was robust. Regaining lost wallet share during Spoton’s integration along with yield improvement in the PTL business underpins the management’s focus on improving profitability, analysts said.

SoftBank is reportedly looking to offload part stake in Delhivery, a logistics service provider, for around $150 million on Friday, a media report quoting multiple industry sources suggested. As per the Moneycontrol report, SoftBank was seeking to sell about 4 per cent stake in Delhivery via the block deal route with the deal size of around $150 million. Kotak Mahindra Capital was said to be the advisor to the proposed transaction. The Japanese firm had in October sold over Rs 1,000 crore worth shares of Zomato Ltd.

Analysts noted that despite seasonality, Delhivery’s Q2 performance in surface express was robust. Regaining lost wallet share during Spoton’s integration along with yield improvement in the PTL business underpins the management’s focus on improving profitability together with gaining market share, Emkay Global said in a November 5 note.

“With a bulk of the network expansion investment for FY24 completed and pickup in demand imminent in Q3 (B2C monthly volume run rate up over 15% vs. Q2 average), H2 should see decent operating leverage for the company to turn EBITDA positive. Strong cash position lends support to future expansion plans while keeping any aggressive competition at bay,” it said. The brokerage has a BUY rating on the stock with a target of Rs 490.

Source: https://www.businesstoday.in/markets/company-stock/story/block-deal-softbank-may-sell-delhivery-shares-worth-150-million-today-says-report-406022-2023-11-17

Nawaz Modi Singhania, the wife of Raymond Ltd Chairman and Managing Director Gautam Singhania, shared a video on social media of her participating in a Diwali puja with her in-laws at their apartment

Nawaz Modi Singhania, the wife of Raymond Ltd Chairman and Managing Director Gautam Singhania, has shared a video on social media of her participating in a Diwali puja with her in-laws at their apartment. The video was shared around the same time when Gautam Singhania had announced separation from her.

“Ever blessed to have my in-laws’ unstinted support, love, kindness and help, at these and all times. Here on Diwali doing Pujas followed by dinner with them at their apartment, on this highly auspicious, powerful God-sent time of year,” she wrote on Instagram.

Gautam Singhania took to X (formerly Twitter) on Monday and announced that he and his wife are parting ways after 32 years of being together as a couple.

“This Diwali is not going to be the same as many in the past. 32 years of being together as a couple, growing as parents and always being a source of strength to each other… we traversed with commitment, resolve, faith as along came the two most beautiful additions of our lives,” he said in a note.

“As I reflect over the unfortunate developments in the recent past, there has been a lot of unsubstantiated rumour mongering, and gossip surrounding our lives fanned by “not so well wishers”,” the 58-year-old industrialist wrote.

Source: https://www.businesstoday.in/latest/trends/story/blessed-to-have-my-in-laws-support-says-wife-of-raymonds-gautam-singhania-amid-separation-after-24-year-marriage-405670-2023-11-14

The Indian government is working on an electric vehicle policy that would allow international car manufacturers to import battery-powered vehicles on concessional duty rates if they commit to eventually building them in India, people familiar with the matter said.

India is considering tax cuts on the imports of completely-built units of electric vehicles, for a period of up to five years, as it tries to entice the likes of Tesla Inc. to sell and eventually make its cars in the country.

The Indian government is working on an electric vehicle policy that would allow international car manufacturers to import battery-powered vehicles on concessional duty rates if they commit to eventually building them in India, people familiar with the matter said.

A final decision is yet to be taken on the policy’s contours, the people said, asking not to be identified as the discussions are private. Spokespeople from India’s heavy industries and commerce ministries did not immediately respond to emails seeking comment.

In 2021, the Austin-based EV manufacturer had sought duty cuts on import of electric vehicles. It was hoping to have the rates reduced to 40% from the current range of 70%-100% for its vehicles, depending on their import value.

Tesla’s Chief Executive Officer Elon Musk is likely to meet Indian Trade Minister Piyush Goyal later this week to discuss the company’s plans to set up a factory in the South Asian nation. Goyal is in San Francisco to attend the ministerial engagements of Indo-Pacific Economic Framework and the Asia-Pacific Economic Cooperation.

Tesla is seeking to break into one of the world’s most promising auto markets where the demand for electric vehicles is rising among the country’s burgeoning middle class. For India, Tesla’s investment would aid the government’s push to increase the share of manufacturing in the nation’s GDP while also creating jobs.

Source: https://www.moneycontrol.com/news/business/india-weighs-five-year-tax-cuts-on-ev-imports-to-woo-tesla-11737571.html

Prithvi Raj Singh Oberoi held the position of Executive Chairman at EIH Limited, the flagship company of The Oberoi Group, and served as the Chairman of Oberoi Hotels Private Limited.

Mumbai: Prithvi Raj Singh Oberoi, known as the doyen of Indian hospitality and Chairman Emeritus of the Oberoi Group, passed away on the morning of Tuesday, November 14 at the age of 94.

Fondly, referred to as ‘Biki,’ Oberoi was a distinguished figure in the hospitality sector, recognized as a trailblazer in reshaping the industry.

He held the position of Executive Chairman at EIH Limited, the flagship company of The Oberoi Group, and served as the Chairman of Oberoi Hotels Private Limited, the primary shareholder of EIH Limited.

He is survived by his son Vikram, CEO and managing director of EIH, and two daughters.

Cremation Ceremony

The cremation ceremony is scheduled to take place today at 4:00 pm at the Bhagwanti Oberoi Charitable Trust, Oberoi Farm, Kapashera. Furthermore, prayers will be conducted for him at our hotels and the Corporate Office today, as stated in a press note released by the Oberoi Group.

The names of Dabur Group Chairman Mohit Burman and Director Gaurav Burman are among the 31 people named as accused in an FIR filed by the Mumbai Police in the Mahadev betting app case, India Today reported

Dabur Group Chairman Mohit Burman and Director Gaurav Burman are among the 31 people named as accused in an FIR filed by the Mumbai Police in the Mahadev betting app case, India Today reported.

The FIR copy was accessed by India Today. It found out that industrialists Mohit Burman and Gaurav Burman are among the accused named in it.

The FIR was registered on November 7 based on a complaint by a Matunga resident social activist, Prakash Bankar. It revolves around Khiladi App, a subsidiary unit of the Mahadev app.

The app is run and promoted by Sourabh Chandrakar and Ravi Uppal, alongwith several other associates and partners.

Enforcement Directorate (ED) is investigating the Mahadev betting app case.

Earlier, they had claimed that a forensic analysis and a statement made by a ‘cash courier’ had led to “startling allegations” that Mahadev betting app promoters have paid about Rs 508 crore to the Chhattisgarh chief minister Bhupesh Baghel so far, and that “these are subject matter of investigation”.

The BJP attacked Baghel over the Mahadev betting app case, alleging that he was the scam’s “kingpin” and during his term, looted the state to fill the Gandhi family’s coffers.

On November 5, the Centre issued blocking orders against 22 illegal betting platforms, including the Mahadev app and Reddyannaprestopro’, on ED’s request, an official statement said.

The action of banning the 22 illegal betting platforms follows investigations conducted by the ED against an illegal betting app syndicate and subsequent raids in connection with the Mahadev app in Chhattisgarh.

Mahadev betting app case:

The ED investigation has shown that Mahadev Online Book App is run from a central head office in the UAE, officials said, as per PTI. It operates by franchising “Panel/Branches” to their known associates on 70-30 per cent profit ratio, it had said.

Large scale hawala operations are done to siphon off the proceeds of betting to off-shore accounts, it had said.

Source: https://www.businesstoday.in/latest/corporate/story/mahadev-betting-app-case-dabur-group-chairman-mohit-burman-director-gaurav-burman-named-among-accused-in-fir-405614-2023-11-14

Indian designers are making a splash on the world stage, while the biggest of global brands are wooing India’s growing affluent class like never before

It’s the first week of November and Diwali is just a few days away. Shifali Shah, a 37-year-old marketing executive at a leading multinational pharma company in Mumbai, has her shopping list ready. Her destination: Jio World Plaza, Mumbai’s latest luxury shopping mall that opened its doors on November 1. Spanning four levels and 750,000 sq. ft, the Plaza at BKC hosts 66 luxury brands. Shah is particularly keen on exploring brands that have finally entered India—Balenciaga, Valentino, Tory Burch and YSL, among others.

The mall also has stores by leading Indian fashion designers such as Manish Malhotra, Abu Jani Sandeep Khosla, Rahul Mishra, Ri by Ritu Kumar, etc. Incidentally, they are all brands that Reliance Brands Ltd has invested in. “Our envisioning of the Jio World Plaza is aimed at bringing the best global brands to India as well as highlighting the prowess and craftsmanship of top Indian brands,” Isha Ambani, Director of Reliance Industries Ltd, said in a statement during the mall’s launch. Her statement encapsulates the two-way street that is currently the Indian luxury market. While top Indian luxury fashion designers are making a splash on foreign shores, global luxury brands are wooing Indian customers more aggressively.

It’s Raining Brand Ambassadors

Let’s start with the global luxury brands. Some of the biggest names have snapped up Indian actors as brand ambassadors. In May 2022, Louis Vuitton appointed Deepika Padukone as its latest global brand ambassador, the first Indian to hold the post. Then in October, she became the ambassador for French heritage luxury jewellery brand Cartier. Earlier, in 2021, Priyanka Chopra Jonas was appointed the global brand ambassador for Italian luxury jewellery brand Bulgari.

Following in their footsteps is Alia Bhatt, who earlier this year became Gucci’s first global brand ambassador from India. And in October, Ananya Panday debuted as Jimmy Choo’s brand ambassador in their Diwali capsule campaign. At the end of October, Katrina Kaif was signed up as brand ambassador for Swiss watchmaker Rado.

“India’s remarkable economic growth and its vibrant consumer landscape have thrust it into the global spotlight as a rapidly expanding market,” says Pushpa Bector, Senior Executive Director at DLF Retail. Indian actors, who enjoy significant cultural clout and widespread popularity, play a pivotal role in connecting global luxury brands with local customers, she adds. “Their substantial digital presence further enhances their ability to engage with a broader and more global audience.”

Luxury brands are also expanding their footprint in India. Gucci opened its fifth store at Jio World Plaza and Louis Vuitton its fourth. Bulgari, too, has opened its second store at the mall after the one in Delhi. Waiting in the wings is the 125-year-old, Paris-based Galeries Lafayette. It will be the first European department store of its kind to enter India; it will open a branch in Mumbai next year, and then one in Delhi. Showcasing more than 200 international and local brands across fashion, lifestyle and food, the new venture is in partnership with Aditya Birla Fashion and Retail Ltd (ABFRL).

Source : https://www.businesstoday.in/interactive/photo-essay/from-celebrity-brand-ambassadors-to-designers-taking-couture-by-storm-indian-luxury-market-is-coming-of-age-123-10-11-2023

Oil prices were little changed on Friday after rising in the previous session but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed allowing demand worries to reassert themselves.

Brent crude futures for January were flat at $80.01 a barrel at 0157 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $75.67, down 7 cents.

Brent futures are down 5.7 per cent this week while WTI has declined 5.9 per cent since last week. The three weeks of declines are the longest weekly losing streak for both contracts since a four-week drop from mid-April to early May.

“The threat of disruptions to supplies from the Middle East continues to fall,” ANZ Research said in a note on Friday.

“The conflict remains well contained within Gaza, despite concerns it would escalate as neighbouring Arab nations show their displeasure.”

The White House said on Thursday that Israel had agreed to pause military operations in parts of north Gaza for four hours a day, though there was no sign of a complete let-up.

The sense supply disruptions from the Israel-Hamas conflict are easing is occurring as concerns around demand, especially from China, the world’s largest oil importer, are rising.

Weak Chinese economic data this week increased worries of faltering demand. Additionally, refiners in China, the largest buyer of crude oil from the world’s largest exporter Saudi Arabia, asked for less supply from Saudi Arabia for December.

Source: https://www.channelnewsasia.com/business/oil-set-third-weekly-decline-middle-east-conflict-concerns-ebb-3911591

Amfi Data shows that small-cap funds saw net inflows of Rs 4,495.13 crore in October—the highest among all categories on equity-oriented schemes

The BSE SmallCap index, which is looked upon as the barometer of the performance of the small-cap universe, is up more than 32 per cent in the current calendar year. This is significantly higher than the rise of the benchmark Sensex that is up less than 7 per cent in 2023 till date.

The surge in the small-cap arena made a large section of market participants, especially mutual funds, wary of putting in more money in the segment with a few fund houses temporarily halting taking in lump sum investments in small-cap schemes.

While it led to a temporary blip in the inflows in the small-cap schemes last month, the latest data shows that investors have once again started betting big on the small-cap segment.

Data from the Association of Mutual Funds in India (AMFI) shows that small-cap funds saw net flows of Rs 4,495 crore in October, much higher than the previous month’s net flows of Rs 2,678.47 crore—small-cap funds had registered strong inflows of nearly Rs 4,265 crore in August.

Incidentally, small cap funds accounted for the largest share of inflows within the category of equity-oriented schemes in October.

More importantly, small cap funds have been attracting a lot of investor attention in the last few months. For instance, AMFI data shows that the net inflow in small cap funds was pegged at a record Rs 5,472 crore in June.

AMFI Chief Executive N.S. Venkatesh attributes the trend to investors believing that there is still upside left in the segment even though he said that investors should be cautious in their investment approach.

“Essentially, we are seeing flows in small cap funds because investors still believe that there is ability to make gains because the valuations have corrected substantially and is now again going up. Some retail investors believe there is enough juice left and hence the money is coming in,” said Venkatesh.

Source: https://www.businesstoday.in/markets/market-commentary/story/small-cap-funds-again-in-the-limelight-after-a-brief-blip-405226-2023-11-09

Commerce minister  Piyush Goyal is all set to meet billionaire Elon Musk in the United States next week as the two sides look to advance Tesla’s plan to enter the Indian market, Reuters reported quoting sources familiar with the plans.

The meeting between Goyal and Musk will be the most high-profile one since the Tesla boss met Prime Minister Narendra Modi in June and later said he was keen to make significant investments in the country.

Earlier, reports said that the Modi government is actively working to streamline approvals for Musk’s Tesla for the US maker’s potential entry into India.

It aims to have all necessary clearances in place by as early as January 2024.

According to Reuters, the talks between the Musk and Goyal in US will centre around Tesla’s plans to setup an Indian factory, manufacturing a $24,000 car there, sourcing more components and establishing charging infrastructure across the nation.

They will also likely discuss India’s new proposed policy which will allow automakers to import fully built EVs into the country at a reduced tax rate of 15%, down from as much as 100% now, if they commit to some local manufacturing.

This meeting is to ensure that talks between India and Tesla “are moving in the right direction,” sources said.

Source: https://timesofindia.indiatimes.com/business/india-business/elon-musks-tesla-to-enter-india-soon-all-eyes-on-high-level-meeting-next-week/articleshow/105072304.cms?from=mdr

The first reports of WeWork’s financial decision made rounds in August when it said there were “substantial doubts” about continuing operations

On Tuesday, Softbank Group-backed startup WeWork filed for bankruptcy in the US and Canada. The first reports of the financial decision made rounds in August when it said there were “substantial doubts” about continuing operations.

“WeWork Inc. and certain of its entities filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and intend to file recognition proceedings in Canada under Part IV of the Companies’ Creditors Arrangement Act (the “CCAA Recognition Proceedings”),” read the company’s official statement.

The move comes as WeWork begins a comprehensive reorganization to improve its capital structure and financial performance.

Once cited as one of the most valued startups in US, WeWork was founded as a co-working space provider, including physical and virtual shared spaces by Adam Neumann, Rebekah Keith, and Miguel McKelvey in 2010.

“We defined a new category of working, and these steps will enable us to remain the global leader in flexible work. I am deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and expedite this process through the Restructuring Support Agreement,” said David Tolley, CEO, WeWork.

Valued at USD 47 billion in 2019, the startup was backed up 26 investors according to Crunchbase. The startup was aiming for an IPO in the same year but postponed it in September when it was devalued at USD 10 billion. The IPO filing revealed it had suffered a loss of USD 1.9 billion in the previous year and was expected to run through the remaining cash available.

Pandemic to be blamed?

The year changed things for the worse for the co-working space provider. One of its co-founders, Adam Neumann, resigned as CEO and gave up majority voting control in WeWork.

The same year saw SoftBank taking an 80 per cent controlling stake with an investment of USD 5 billion in new financing with an additional USD 3 billion for existing shareholders. This financial deal took place right before the pandemic struck in December and WeWork’s valuation dropped to USD7.3 billion.

With government-imposed social distancing and restrictions on leaving houses, WeWork suffered a loss of USD 3.2 billion in 2020. It saw a 50 per cent drop in footfall in March 2020. The startup was reported to have vacated 66 locations and re-negotiated rents, deferrals and lease changes in other 150 locations.

Source: https://www.entrepreneur.com/en-in/news-and-trends/what-led-to-the-fall-of-the-uss-once-most-valued-startup/464998

There are, however, headwinds for the metal like a potential hard landing, further rate hikes, geopolitical tensions and higher real rates

Gold and silver prices have swung sharply this year due to fundamental changes like central bank policies, geopolitical uncertainties, debate between hard and soft landing, higher buying interest in riskier assets and volatility in the Dollar Index and bond yields. Of the above, geopolitics and the central banks’ policy position have taken centre stage. The volatility until now has been fierce as gold marked a near all-time high of $2,070 at the start of this year and then reversed from lows of $1,800 to $2,000, according to a Motilal Oswal Financial Services report.

Demand for bullion typically rises during festive periods. However, recent trends show people now invest when there is a good opportunity rather than waiting for a particular reason. Numerous factors contribute to the bullish trend seen in the gold market, and these reasons often change.

Major central banks around the world have been steadily increasing their gold reserves, which has boosted sentiment for gold. We have only seen two months this year where central banks were net sellers; the pace of buying so far this year suggests that central bankers are on track for yet another strong annual addition. Strong buying from China, Poland, Turkey, Kazakhstan, and a few other countries has resulted in a net total of around 800 tonnes in this year, per the report.

Major central banks have made aggressive moves in monetary policy, with the Fed leading the charge by raising rates 525 bps since last year, curbing inflation. Nevertheless, rising wages, energy, and food prices pose significant concerns to central bankers, pushing them to maintain a hawkish stance. Economic resilience is evident in strong GDP, retail sales and job data. The increased interest rate environment puts pressure on non-yielding asset gold; hence, a shift from the current policy is crucial for gold prices to continue their upward trajectory. US central bank Governor Powell offered mixed signals at the recent Fed meeting, discussing both future measures to reach the 2% inflation target rate and concerns about the economy’s financial health. The fluctuating probability of further rate hikes this year and cuts next year have caused considerable volatility in safe haven assets.

Keeping an eye on geopolitical situation now also becomes quite critical, as gold is also recognized as a crisis hedge. Any uncertainty in the market has always benefitted bullions; last year we had the Russia-Ukraine war and currently Israel and Hamas dispute, which has improved enthusiasm for gold, despite a rate hike scenario. Hamas faction took Israel by surprise and launched multiple rockets, attacking a few public gatherings and events in Israel; within a day, the latter retaliated aggressively with air strikes and bombarded Gaza. Initially, market participants were expecting that this decade long dispute will ease off soon, but with alleged interference from neighbouring nations such as Jordan, Syria, Egypt, and Iran, the dispute has taken an aggressive turn, as per the report.

Following an uneven monsoon, demand for work under the national rural jobs scheme has increased, while crop losses and export curbs have reduced farm revenues. A strong rural economy is prerequisite for faster economic growth as it fuels consumption, an important engine for growth. The southwest monsoon, a lifeline for rural India recorded a deficit of 6% compared to the 50-year average. Several states experienced drought, while others experienced floods and heavy rains however, extent of crop damage can be gauged once the kharif harvest hits the markets this winter. Large portion of demand for gold comes from rural India, and hence this along with higher prices could put a dent on gold’s demand in the near term, per the report.

Source: https://www.businesstoday.in/personal-finance/top-story/story/gold-prices-expected-to-reach-rs-63000-during-diwali-mofsl-report-404991-2023-11-08

Bansal, who co-founded online retailer Flipkart and sold it to Walmart Inc., has hired 15 experts for the venture — mostly artificial intelligence scientists — and plans to quickly add more, according to people familiar with the matter.

Billionaire Binny Bansal is launching an AI-as-a-service startup that will target global customers, expanding to the fast-growing segment after making a fortune in Indian e-commerce.

Bansal, who co-founded online retailer Flipkart and sold it to Walmart Inc., has hired 15 experts for the venture — mostly artificial intelligence scientists — and plans to quickly add more, according to people familiar with the matter. He wants to offer AI talent, products and services to corporate customers, emulating the business model of outsourcing providers like Tata Consultancy Services Ltd and Infosys Ltd, the people said, asking to not be named as the effort isn’t yet public.

The startup’s main operations will be in Bengaluru, and it’s headquartered in Singapore, where it’s in stealth mode for now and will launch its offerings within months, the people said. It also plans to expand to the US, one of the people said.

Companies the world over are looking to harness AI, encouraged by new tools such as the ChatGPT chatbot from Microsoft Corp.-backed OpenAI Inc. That’s resulted in huge demand for AI specialists, and Bansal is looking to tap India’s vast English-speaking, youthful population to train more experts for new types of AI services.

Source : https://www.deccanherald.com/business/billionaire-flipkart-founder-ready-to-launch-stealth-ai-startup-2759768

An Italian judge has ordered the seizure of €779.5m ($835.5m; £676.8m) from short-term rental giant Airbnb, over alleged tax evasion.

Prosecutors say the firm failed to collect a tax from landlords on around €3.7bn of rental income.

Landlords in Italy are required to pay a 21% tax on their earnings.

Airbnb told the BBC that it was “surprised and disappointed at the action announced by the Italian public prosecutor”.

Airbnb spokesperson Christopher Nutly said the firm’s European headquarters had been working to resolve the matter with the Italian tax agency since June.

Mr Nutly added “We are confident that we have acted in full compliance with the law and intend to exercise our rights with respect to this issue.”

Three people who held managerial roles at Airbnb from 2017 to 2021 were also under investigation, Milan Tribunal prosecutors said in a statement.

In 2022, Airbnb challenged the Italian law requiring the company and other short-term rental providers to withhold 21% of the rental income from landlords and pay it to tax authorities.

The firm argued that Italy’s requirements on taxation contravened the European Union’s principle of freedom to provide services across the 27-country bloc.

The EU’s top court later ruled that Airbnb should abide by the requirements.

In recent years, Italian authorities have increased scrutiny of the tax practices of major companies like Airbnb, which has been operating in the country since 2008.

Italian prosecutors have launched tax-related inquiries against Netflix and Meta, according to media reports.

Source : https://www.bbc.com/news/business-67341051

A long-term Parkinson’s disease patient, Marc Gauthier had essentially been confined to his home until he became the first person to receive a new Swiss-designed implant that dramatically improved his ability to walk.

Gauthier, 63, received a neuroprosthetic at Lausanne University Hospital (CHUV), comprising an electrode field placed against his spinal cord. Combined with an electrical impulse generator under the skin of his abdomen, the device stimulates his spinal cord to activate his leg muscles.

“It changed my life because I’m now independent,” said Gauthier, a native of the French city of Bordeaux, as he sat with his doctors at CHUV. “I can leave my home, run errands. I even go on foot.”

Parkinson’s is a degenerative neurological disease characterized by symptoms such as tremors, stiffness, and difficulty with balance and coordination.

The incidence of this disease has doubled over the past 25 years, according to the World Health Organization. Global estimates showed that more than 8.5 million people suffered from the disease in 2019.

“We strongly believe that many individuals could benefit from this therapy,” said Courtine, a professor of neuroscience at the Swiss Federal Institute of Technology Lausanne (EPFL), the University of Lausanne and CHUV.

Published in the Nature Medicine journal on Monday, the findings by Courtine team’s at the NeuroRestore research centre suggest the technology could be used more widely in patients with advanced Parkinson’s, most of whom suffer from debilitating mobility issues.

Source : https://www.reuters.com/business/healthcare-pharmaceuticals/swiss-designed-technology-helps-parkinsons-patient-walk-again-2023-11-06

In a recent interview with Moneycontrol, Morgan Stanley stated that they’ve been predicting that the Fed won’t implement further rate hikes, which aligns with their expectations

The rupee opened marginally lower against the dollar tracking losses in its Asian peers on November 7.

At 9.10am, the home currency was trading at 83.24 to a dollar, down 0.03 percent from its previous close of 83.22.

In a recent interview with Moneycontrol, Morgan Stanley stated that they’ve been predicting that the Fed won’t implement further rate hikes, which aligns with their expectations. The market viewed it as a more dovish outcome than anticipated. It believes the first rate cut may occur in about six months, with the Fed closely monitoring the unemployment rate and monthly job additions. Currently, the inflation outlook aligns with the Fed’s desired levels.

The government has recently extended the free food programme for five years, which was initially set to end in December 2023. Analysts had expected a six-month extension. This highlights the challenge of withdrawing populist policies, especially before the elections, with limited short-term macro implications. The programme costs Rs2 trillion or 0.7 percent of the GDP annually. However, increased spending on rural employment guarantees may affect the FY24 fiscal deficit target of 5.9 percent of the GDP, according to analysts.

Over the medium term, the government may lose revenue from subsidised food sales (0.05 percent of the GDP annually), and as procurement costs rise, the food subsidy bill will also inflate. While there’s a genuine need for subsidised grains for lower-income households, there are risks associated with competitive populism through free schemes, analysts said.

Source: https://www.moneycontrol.com/news/business/markets/rupee-trades-flat-at-83-24-to-dollar-as-most-asian-currencies-decline-11681881.html

The action follows investigations conducted by the Enforcement Directorate (ED) against illegal betting app syndicate and subsequent raids on Mahadev Book in Chhattisgarh, revealing the app’s unlawful operations.

Source: https://www.deccanherald.com/business/centre-issues-blocking-order-against-mahadev-book-online-amid-ed-probe-2757805

Billionaire’s xAI start up unveils generative AI model in challenge to Microsoft-backed OpenAI and Google

Elon Musk’s artificial intelligence start-up xAI has released its first AI model, as the tech billionaire looks to take on OpenAI, Google and Meta with a sassy chatbot that is tightly integrated with X, formerly Twitter.

Grok, the new AI system, has “real time access” to information from X, the social media platform Musk bought for $44 billion (€41 billion) a year ago, he said in a post on Saturday night, giving it a “massive advantage over other models” that have largely relied on older archives of internet data.

The chatbot “loves sarcasm” and responds with “a little humour”, Musk added, hoping that giving Grok more personality will allow it to stand out in an increasingly crowded market.

“It will also answer spicy questions that are rejected by most other AI systems,” xAI said as it announced a “very early” testing version of Grok.

So-called generative AI companies – whose technology can create humanlike text, code and imagery in seconds – have raised billions of dollars this year as investor pile in to an industry that proponents say could be as transformative as the internet. Others, however, fear a new tech bubble is inflating, as commercialisation of the technology remains at an early stage.

XAI’s ability to release a capable model with what it says was just two months of training shows how new entrants are beginning to eat away at the huge lead established by OpenAI, which released its breakthrough chatbot ChatGPT almost a year ago.

Musk, who said last week that eventually “AI will be able to do everything” and render human work obsolete, formed xAI earlier this year. His team of engineers, who formerly worked at Google DeepMind and Microsoft, has been racing to catch up with more established rivals such as OpenAI, which Musk cofounded in 2015 but left three years later.

Despite being created in just a few months, Musk claims that Grok’s capabilities rival the latest models from Meta, which released its LLaMA 2 model in July, and Inflection, the AI start-up led by former DeepMind co-founder Mustafa Suleyman, according to benchmark tests.

xAI said Grok’s ability to respond to mathematical queries or demonstrate reasoning is similar to OpenAI’s GPT-3.5, the model that powered the initial version of ChatGPT when it launched last November. The start-up added that Grok passed a Hungarian high school final maths exam with a grade C, matching Anthropic’s Claude model.

Source: https://www.irishtimes.com/business/2023/11/05/elon-musk-releases-new-ai-chatbot-grok-in-bid-to-take-on-chatgpt/

Edtech firm Think and Learn Private Ltd, which operates under the brand name of Byju’s, on Saturday reported audited results for 2022, but only for its core business, not including its multi-billion dollar acquisitions, after a year-long delay due to governance issues and its auditor resigning.

Byju’s parent Think & Learn’s operating losses fell 6 per cent to Rs 2,400 crore ($288.67 million) for its core online education business in 2021-22. Its core business revenue grew 2.3 times to Rs 3,569 crore in FY22 from Rs 1,552 crore in the previous year.

The core business of the company comprises its K12 offering, application and tuition centres.

“The core business has demonstrated good growth, underlining the potential of edtech in India, the fastest-growing major economy. I am also humbled by the lessons learnt in the post-pandemic world of readjustments,” BYJU’S founder and group CEO Byju Raveendran said in a statement.

“BYJU’S will continue on the path of sustainable and profitable growth in the coming years,” he said. The financial numbers released by the company excludes the financial performance of all acquisitions made by the company.

Byju’s, controlled by billionaire Byju Raveendran was one of India’s hottest startups, valued at $22 billion in 2022, but has faced a series of business crises including its auditor Deloitte and board members resigning and a U.S lawsuit disputing terms and payment of a billion dollar loan.

“The takeaways from a uniquely belligerent year, which included nine acquisitions, are life-long learnings,” Raveendran said in a statement.

Backed by investors such as General Atlantic, Prosus and Blackrock, Byju’s has over the past year laid off thousands of employees, seen its investors cut its valuation and seen its results delayed for the second consecutive year.

Source: https://www.news18.com/business/byjus-fy22-results-operating-losses-fall-6-to-rs-2400-crore-revenue-grow-2-3-times-8648372.html

Modi and his Bangladesh counterpart virtually inaugurated the Akhaura-Agartala Cross-Border Rail Link rail link and Khulna-Mongla Port rail line. Both will boost movement of passengers and goods transport between India and its neighbouring countries.

The highly-anticipated Khulna-Mongla Port rail line and the Akhaura-Agartala railway link were virtually inaugurated by Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina on November 1.

“It is a matter of happiness that we have come together to celebrate the success of India-Bangladesh cooperation. Our relations are touching new heights,” said PM Modi on the occasion. According to him, three new rail services were started in the last few years. “Since 2020, container and partial trains have been running between India and Bangladesh. In the last nine years, inland waterways have been developed for transport of passengers and goods,” said the prime minister.

The 7.9-km rail line from Akhaura to Agartala and a new 64-km Khulna–Mongla Port rail line both aim for acceleration of passengers and goods transport with India and its neighbouring countries.

The Akhaura-Agartala Cross-Border Rail Link, spanning a total length of 12.24 km, was executed with an Indian grant of Rs 392.52 crore to Bangladesh. This project features a 6.78 km dual gauge rail line in Bangladesh and 5.46 km in Tripura.

At present, the rail route from Agartala to Kolkata is around 1,600 kilometres and takes 38 hours. Now those commuting from Kolkata to Agartala can cover the distance in only 10 hours via Dhaka.

Sunindra Chaudhury, an executive engineer of the Indian Railways, has been cited in The Indian Express, “For goods trains, the line will be opened very soon but for passenger trains, there are some formalities that need to be observed by the Indian Railways and the Bangladesh Railway Board.”

Source: https://www.moneycontrol.com/news/business/modi-and-hasina-inaugurate-khulna-mongla-port-akhaura-agartala-rail-line-11642271.html

WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.

Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. They have fallen roughly 96% this year.

New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.

WeWork declined to comment.

Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.

The company had net long-term debt of $2.9 billion as of June end and more than $13 billion in long-term leases, at a time when rising borrowing costs are hurting the commercial real estate sector.

WeWork’s filing for bankruptcy would mark a stunning reversal of fortune for the company that was privately valued at $47 billion in 2019 and a black spot for investor SoftBank that sunk billions.

The company has been in turmoil ever since its plans to go public in 2019 imploded following investors’ skepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.

Source : https://www.reuters.com/markets/deals/wework-plans-file-bankruptcy-early-next-week-wsj-2023-10-31

The number of people dead and missing due to Hurricane Otis, a Category 5 storm which hammered the Mexican Pacific resort city of Acapulco last week, has risen to nearly 100, authorities in the state of Guerrero said on Monday.

Otis battered Acapulco with winds of 165 miles per hour (266 km per hour) on Wednesday, flooding the city, tearing roofs from homes, hotels and other businesses, submerging vehicles, and severing communications as well as road and air connections.

Looting broke out as the city’s population of nearly 900,000 became increasingly desperate for food and water.

Evelyn Salgado, governor of Acapulco’s home state of Guerrero, said 45 people were dead and 47 others were missing.

On Sunday, Mexico’s federal civil protection authorities said there were 48 dead, comprising 43 in Acapulco and five in nearby Coyuca de Benitez. Among the dead are a U.S. citizen, a Briton and a Canadian, according to Guerrero’s government.

Many residents of Acapulco were still struggling to pick up the pieces of their shattered lives on Monday afternoon.

Sixty-two-year-old Rumualda Hernandez from the Renacimiento neighborhood a few miles back from the shore, urged the government to send help after walking 10 blocks from her wrecked home to get water from a cistern to wash clothes caked in mud.

“I was trembling with fear,” Hernandez said, recalling how the floodwaters at her house surged above head height as the storm raged. “I thought I was going to die.”

Fishermen and workers on tourism yachts gathered at Acapulco’s Playa Honda on Sunday afternoon to look for missing colleagues and friends, worried officials were not doing enough.

Luis Alberto Medina, a fisherman, said he was searching for six people who worked in the harbor.

“It was really horrible,” Medina said. “We’ve already found the bodies of others.”

FEAR OF ASSAULT

Governor Salgado provided updated figures on the phone with President Andres Manuel Lopez Obrador, who during a regular government press conference urged local authorities to ensure that basic goods were being delivered to Acapulco’s population.

The cost of damage from the hurricane could climb as high as $15 billion according to estimates, and Mexico has sent some 17,000 members of the armed forces to keep order and help distribute tons of food and supplies in Acapulco.

ATM machines have also been hit in the city.

Two service points will be set up in branches of an armed forces development bank in Acapulco to enable people to withdraw cash, the finance ministry said on Monday.

Access to food and water remains challenging, and retail group ANTAD on Monday urged the government to step up efforts to prevent looting at stores run by its members. Members include Soriana (SORIANAB.MX) and Chedraui (CHDRAUIB.MX).

“We condemn acts of robbery by the population,” ANTAD said in a statement. “There is no justification for it.”

A line of some 150 people waiting for water provided by a local authority snaked down muddy streets in the La Frontera neighborhood on Sunday afternoon, as residents holding empty water containers bemoaned the hours-long wait.

“Look how many of us there are,” said one of them, Emilia Rojas, looking around her in despair. “We’re so many. This water isn’t going to be enough.”

On a nearby street, Perla Rubi said the long wait was uncomfortable, given how desperate people were.

Source: https://www.reuters.com/business/environment/nearly-100-dead-missing-mexico-hurricane-state-governor-2023-10-30/

Hyderabad luxury housing sales rose by 260% between January and September in 2023. MMR luxury housing sales increased by 74% annually.

India’s luxury housing units have witnessed a robust demand in the first nine months of the c

urrent fiscal year. According to a report by the Anarock Property Consultant, approximately 84,400 luxury units (priced over ₹1.5 crore) were sold between January and September in seven metropolitan cities in the country in 2023, against 39,300 (Approx) units sold in the same period in 2022.

According to the data, out of the approximately 3.49 lakh units sold in eight cities (Delhi-NCR, Mumbai region, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata) in the first nine months of 2023, about 24% or roughly 84,400 units were luxury homes priced above ₹1.5 crore.

Among the eight Indian cities, luxury housing sales rose by 260% in Hyderabad between January-September in FY 2024. Anarock data showed that 13,630 units were sold during this period as against 3,790 units sold in nine months in 2023.

A total of 44,220 homes across all budget categories were sold in Telangana’s capital between January and September with luxury share at 31%.

The Mumbai Metropolitan Region (MMR) saw luxury housing sales increase by 74% annually from 20,820 units (approx) in the first nine-month to 36,130 units in the same period this year. The city saw around 1,11,280 units sold across all budget categories until September 2023 of which the luxury share was 32%.

In NCR, 49,480 units were sold between January and March of which luxury accounted for 28%.

“MMR, NCR, and Hyderabad outperformed the other cities in luxury housing sales in 9M 2023, with these three cities together accounting for approx. 63,390 units sold. In the same period in 2022, just 30,820 luxury homes – less than half of the current year’s 9-month tally – were sold in these three cities. Interestingly, none of the top 7 cities saw any deceleration in luxury housing sales. In fact, they all went into overdrive,” Anuj Puri, Chairman – ANAROCK Group said.

Bengaluru saw a 142% annual jump in luxury units sold – from approx. 3,810 units sold in 9M 2022 to 9,220 units (Approx) sold in 9M 2023. The city saw approx. 47,100 units sold across all budget categories in 2023 (Jan-Sept), of which the share of luxury stood at 20%.

Source: https://www.livemint.com/industry/demand-for-luxury-homes-worth-over-rs-1-5-crore-goes-up-around-84-400-houses-sold-between-jan-sept-this-year-11698565099687.html

Narayana Murthy called for more discipline and improvement in work productivity. ‘Our culture has to change to that of highly determined, extremely disciplined and extremely hard-working people,’ he said.

Infosys founder NR Narayana Murthy has said that youngsters should work 70 hours a week if India wants to compete with economies that have made tremendous progress in the last two to three decades. Murthy appeared on the the first episode of 3one4 Capital’s podcast ‘The Record’, which was released on YouTube today, and spoke about nation building, technology, his company Infosys and several other topics – including his opinion on today’s youth.

Narayana Murthy, in conversation with former Infosys CFO Mohandas Pai, said that India’s work productivity is among the lowest in the world. In order to compete with countries like China, India’s youngsters must put in extra hours of work – like Japan and Germany did after World War 2.

He also blamed other issues like corruption in the government and bureaucratic delays, saying: “India’s work productivity is one of the lowest in the world. Unless we improve our work productivity, unless we reduce corruption in the government at some level, because we have been reading I don’t know the truth of it, unless we reduce the delays in our bureaucracy in taking this decision, we will not be able to compete with those countries that have made tremendous progress.”

Murthy, 77, added his request to the youngsters of today. “So therefore, my request is that our youngsters must say, ‘This is my country. I’d like to work 70 hours a week.’”

“You know, this is exactly what the Germans and Japanese did after the Second World War… they made sure that every German worked extra hours for a certain number of years.”

Source: https://www.moneycontrol.com/news/trends/infosys-founder-narayana-murthy-says-youngsters-should-work-70-hours-a-week-11602731.html

The rise in bitcoin sent shares of cryptocurrency and blockchain-related companies such as Coinbase Global and Marathon Digital Holdings up 6.5 per cent and 11.9 per cent respectively. Bitcoin is up 17.5 per cent from the year’s low of $26,533 on October 11.

Bitcoin, the world’s largest cryptocurrency, hit a three-month high on Monday, rising 3.62 per cent to $31,087 amid investor enthusiasm about the possibility of a spot bitcoin exchange-traded fund.

The rise in bitcoin sent shares of cryptocurrency and blockchain-related companies such as Coinbase Global and Marathon Digital Holdings up 6.5 per cent and 11.9 per cent respectively. Bitcoin is up 17.5 per cent from the year’s low of $26,533 on October 11.

The move also comes as concern ripples through the broader markets about the risk of Israel’s war with the Islamist group Hamas becoming a wider regional conflict.

On Monday, the yield on 10-year US Treasuries reached as high as 5.021 per cent, the latest stage of a relentless sell-off in government bond markets.

Bitcoin briefly soared on October 16 following an erroneous news report about asset manager BlackRock’s high-profile application for a spot bitcoin ETF, which would track the underlying price of the token. The US Securities and Exchange Commission is still reviewing the proposal, and is expected to deliver a decision by next year at the latest.

Source : https://www.deccanherald.com/business/cryptocurrency/bitcoin-hits-three-month-high-buoying-crypto-stocks-2738761

When a user urged Wikipedia to go ahead with the name change, Mr Musk set another condition. “@Wikipedia, Do it! You can always change it back after you collect,” the user said. To which, the billionaire replied, “One year minimum. I mean, I’m a not fool lol.”

Billionaire Elon Musk has been in the news ever since his takeover of Twitter, which was later changed to X. The Founder of SpaceX and Tesla posts on the microblogging platform regularly, often intriguing users across the globe. Recently, the billionaire said that he would pay Wikipedia $1 billion if they changed their name. “I will give them a billion dollars if they change their name to Dickipedia,” he said, adding that he would do so “in the interests of accuracy.”
When a user urged Wikipedia to go ahead with the name change, Mr Musk set another condition. “@Wikipedia, Do it! You can always change it back after you collect,” the user said. To which, the billionaire replied, “One year minimum. I mean, I’m a not fool lol.”

In another post, he shared a screenshot of Wikipedia’s homepage which mentioned “Wikipedia is not for sale” and “a personal appeal from Jimmy Wales”. Mr Musk added, “Have you ever wondered why the Wikimedia Foundation wants so much money? It certainly isn’t needed to operate Wikipedia. You can literally fit a copy of the entire text on your phone! So, what’s the money for? Inquiring minds want to know …”

Mr Musk, in a follow-up post, also asked if a cow and a poop emoji could be added to his Wikipedia page.

Since being shared, his post has amassed 9.9 million views and over a lakh likes.

“They’re always asking for donations, so be careful. They might come to collect,” said a user.

“Sounds like that cage match challenge,” commented a person.

A third person commented, “Buy it and put AI in charge of updating it autonomously.”

“Typical rich guy… Only willing to donate if the institution names itself after him!” remarked a user.

Another person added, “Looking at the replies I just can’t imagine these people are waking the same earth as me lmao.”

In May this year, Wikipedia founder Jimmy Wales took a dig at Mr Musk for censoring critics of Turkish president Recep Tayyip Erdogan in Turkey, a day before the country’s highly contested presidential election. In a post, Mr Wales called out the billionaire for not supporting free speech when he caved to Turkey’s demands to restrict content. In his post, Mr Wales mentioned that when he faced a similar situation, Wikipedia pushed back.

Source: https://www.ndtv.com/world-news/elon-musk-willing-to-offer-1-billion-to-wikipedia-if-it-changes-name-to-4505917#pfrom=home-ndtv_topstories

Kotak Bank: In the case of Vaswani’s appointment, the Street was expecting the only two contenders for the bank’s CEO post were Kotak Mahindra Bank’s two existing Executive Directors.

Kotak Mahindra Bank Ltd reported an in-line September quarter results, with a 24 per cent growth in profit on a 23.5 per cent rise in net interest income. Analysts said a soft net interest magtin (NIM) was already in the price but the appointment of a new external MD & CEO Ashok Vaswani and a likely acquisition of IDBI Bank could serve as overhangs in the near term.

In the case of Vaswani’s appointment, the Street was earlier expecting the two contenders for the bank’s CEO post were Kotak Mahindra Bank’s existing Executive Directors. “So far, Kotak has been run largely by a core team headed by a promoter-CEO that has not changed since inception. While the new CEO brings with him rich experience in digital and consumer banking, going by the experiences at other banks, we believe it would take the new CEO at least 18–24 months to implement his perspectives. So his appointment would likely be a near-term overhang on the stock,” Nuvama said in a note.

Shares of Kotak Mahindra Bank underperformed Nifty Bank by 4 per cent year-to-date. Nuvama sees the likely acquisition of IDBI Bank, which Kotak has not denied, as an overhang, given the vast difference between private and PSU cultures.

Motilal Oswal Securities said Kotak Mahindra Bank delivered a mixed quarter, with a beat in earnings and a 35 bps sequential contraction in NIM. The earnings, the domestic brokerage said, was driven by higher other income and controlled opex. Asset quality improved slightly, aided by healthy recoveries, even as slippages increased sequentially.

Source: https://www.businesstoday.in/markets/company-stock/story/kotak-mahindra-bank-shares-new-external-ceo-likely-acquisition-are-overhangs-say-analysts-402934-2023-10-23

China has launched an investigation into Taiwan-based iPhone-maker Foxconn, Chinese state media reported on Sunday.

The Global Times, citing anonymous sources, says officials conducted tax inspections at Foxconn businesses in two Chinese provinces.

Foxconn says it will co-operate with the investigation.

The firm, formally known as Hon Hai Precision Industry Co Ltd, is the biggest maker of iPhones and is one of the largest employers in the world.

The Global Times also said China’s natural resources department made on-site investigations into land use by key Foxconn businesses in the provinces of Henan and Hubei.

“Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn),” the company said in a statement.

“We will actively cooperate with the relevant units on the related work and operations,” it added.

Foxconn’s founder Terry Gou is running as an independent candidate in Taiwan’s presidential election that is due to take place in January.

The election is expected to have a significant influence on Taiwan’s relationship with China given tensions between them have ratcheted up in the past year. As Beijing’s claims over the self-governed island have grown more assertive, presidential candidates have pitched their differing visions on how to respond.

Mr Gou has positioned himself, based on his years of experience working in China, as an alternative to the incumbent Democratic Progressive Party (DPP), which is seen as hostile to Beijing.

But he said he was not scared of China when he announced his candidacy: “If the Chinese Communist party regime were to say ‘If you don’t listen to me, I’ll confiscate your assets from Foxconn,’ I would say ‘Yes, please, do it!’

He resigned his seat on Foxconn’s board in September after announcing that he was entering the presidential race. He handed over the management of the company in 2019 when he announced his first run for the presidency but retains a 12.5% stake in Foxconn.

At that time he was a member of the Kuomintang (KMT), a major political party in Taiwan which is seen as Beijing-friendly.

Source: https://www.bbc.com/news/business-67186745

The Washington Post reported Friday that Reddit might cut off Google and force users to log in to Reddit itself to read anything, if it can’t reach deals with generative AI companies to pay for its data. Initially, Reddit seemed to deny the report. “Nothing is changing,” Reddit spokesperson Courtney Geesey-Dorr told The Verge, adding that the Post would soon be correcting its story.

But after the Post corrected that story, only one major detail had changed — the Post no longer suggests Reddit users would need to log in. The publication now writes that if Reddit can’t get AI to play ball, the company may block Google and Bing’s search crawlers, which means Reddit posts wouldn’t show up in search results.

“Reddit can survive without search,” said the Post’s anonymous source.

Reddit isn’t denying that it might block crawlers. “In terms of crawlers, we don’t have anything to share on that topic at the moment,” Reddit spokesperson Tim Rathschmidt tells The Verge, clarifying that the company’s earlier “nothing is changing” comment only applied to logins.

We got a taste of what Google without Reddit might look like when many subreddits went dark to protest the company’s API pricing changes — at that time, many Reddit results took you to private communities, which was a pain. Appending “site:reddit.com” to a Google search has become a popular trick for weeding SEO farms and other attention-seeking websites out of Google results, but if this change goes through, you might not be able to access Reddit from search at all.

While the Reddit protests were largely about how the API pricing changes would force some third-party app developers to shut down their apps, Reddit’s original announcement about the pricing changes positioned them as a way to get AI companies to pay for hoovering up Reddit’s data to train large language models. It wasn’t until later that the impact on app developers became clear. (In my June interview with Reddit CEO Steve Huffman, he said that “we’re in talks” with AI companies about the pricing changes. When I asked for more details, he didn’t elaborate further.)

Source: https://www.theverge.com/2023/10/20/23925504/reddit-deny-force-log-in-see-posts-ai-companies-deals

The FMCG major announced a second interim dividend of Rs 140 for the financial year while announcing sub-division or split of shares of face value of Rs 10 each fully paid-up into 10 equity shares of face value of Re 1.

Nestle India Ltd on Thursday reported a 37.28 per cent year-on-year (YoY) rise in profit after tax at Rs 908.08 crore for the September quarter compared with Rs 661.46 crore in the corresponding quarter last year. Revenue from operations grew 9.45 per cent YoY at Rs 5,036.82 crore for the quarter compared with Rs 4,601.84 crore in the same quarter last year. Nestle India said domestic sales for the quarter increased 10.3 per cent and was broad based, with prudent pricing supported by mix and volume.

The Maggi maker said its e-commerce channel contributed to 6.1 per centof the quarterly sales with continued growth across product groups driven by Quick Commerce. Organized Trade, it said continued to deliver strong double-digit growth. The Out of Home (OOH) channel registered strong double-digit volume led growth. Product transformation led to consistent performance, Nestle India said.

The FMCG major said the uneven rain and rain deficit is expected to impact production of maize, sugar, oilseeds and spices that may have an adverse impact on pricing going ahead. It said coffee prices stayed volatile due to global supply deficit. The weather during the harvest of Indian Robusta crop may impact production. “Upcoming winter weather may impact wheat
production. Healthy milk flush is expected in winter which is expected to keep prices stable,” it said.

Nestle India 2nd interim dividend, stock split

Netflix is getting another price increase. As part of the streamer’s third quarter earnings results, Netflix announced that starting today, users on its $9.99 per month Basic plan will now have to pay $11.99, and those paying $19.99 per month for Premium will have to pay $22.99. Netflix’s $6.99 ad-supported plan and $15.49 Standard tier will stay the same price.

Netflix last raised its prices in January 2022 and stopped offering its $9.99 Basic ad-free plan to new and relapsed users in July, forcing them to fork out more to avoid ads. Prices for the Basic and Premium plans in the UK and France are going up as well, with the ad-supported and Standard plans remaining unchanged. In the UK, the Basic and Premium plans will cost £7.99 and £17.99, respectively, while customers in France will see the Basic plan move up to 10.99€ and the Premium plan cost 19.99€.

“As we deliver more value to our members, we occasionally ask them to pay a bit more,” Netflix writes in its letter to shareholders. “Our starting price is extremely competitive with other streamers and at $6.99 per month in the US, for example, it’s much less than the average price of a single movie ticket.”

Earlier this month, The Wall Street Journal reported the streamer would raise the cost of its subscription a “few months” after the Hollywood actors strike ends, and now it’s happened even though the actors are still striking. Last month, the Writers Guild of America ended its strike after reaching a deal with services like Netflix to provide streaming data, higher minimum pay, and better residuals.

Over the past few months, Netflix says it added 8.76 million new subscribers, bringing the streamer’s global total to 247.15 million. In addition to its password-sharing crackdown “exceeding” expectations, Netflix also saw significant gains to its ad-supported plan, with membership increasing almost 70 percent quarter over quarter. Netflix says accounts on the cheapest tier now account for about 30 percent of all new sign-ups in the 12 countries where it’s offered.

Source: https://www.theverge.com/2023/10/18/23922319/netflix-q3-earnings-2023-price-hike-increase-basic-premium

The new GST rules for all foreign subscription-based service providers to Indian consumers, effective from October 1, require them to undergo a simplified registration process under the GST law, either directly or through representatives in India, to ensure tax compliance.

The Goods and Services Tax (GST) authorities have sent notices to around 70 digital companies, including advertising firms, edtech, and online gaming firms, in line with the requirements for 18 per cent Integrated GST (IGST), including foreign companies such as Facebook, Google, Netflix, and Spotify, to ensure compliance with new GST regulations.

New GST rules

The new GST rules for all foreign subscription-based service providers to Indian consumers, effective from October 1, require them to undergo a simplified registration process under the GST law, either directly or through representatives in India, to ensure tax compliance. Overseas Online Information Database Access and Retrieval (OIDAR) service providers outside of Indian jurisdiction have to pay an 18 percent IGST on a forward charge basis. In this case, the service provider is responsible for collecting tax from the recipient and remitting it to the government.

OIDAR services include advertising, cloud services, e-books, movies, music, software, data and information retrieval services, data storage, and online gaming services delivered online and on internet platforms.

“Foreign OIDAR service providers, including over-the-top platforms and social media companies, derive significant revenue from Indian subscribers. Online education services, gaming, and advertising, which were earlier outside the scope of OIDAR services, now fall under the amended definition for GST,” said a senior tax official.

GST officials suspect that many online gaming and advertising firms, along with smaller subscription-based players, are among the significant defaulters.

Source: https://www.freepressjournal.in/business/gst-authorities-crack-down-on-70-digital-companies-including-tech-giants-facebook-google-for-tax-compliance

Rolls-Royce Holdings (RR.L) is set to axe about 2,500 staff as soon as Tuesday as part of a cost-cutting drive by its new chief executive, Sky News reported on Monday.

The job cuts will be distributed across the engine maker’s global operations and are likely to affect hundreds of UK staff, the report said citing people familiar with the matter.

Rolls-Royce did not immediately respond to a request for comment.

Source: https://www.reuters.com/business/aerospace-defense/rolls-royce-cut-2500-jobs-cost-cutting-drive-sky-news-2023-10-16/

BJP MP Nishikant Dubey wrote a letter to the Lok Sabha Speaker Om Birla making “cash for query” allegations against Trinamool Congress MP Mahua Moitra

The Adani Group has reacted to the alleged ‘cash for question’ in the Parliament about the Group raised by a BJP parliamentarian against TMC MP Mahua Moitra, saying this development corroborates the conglomerate’s recent statement where it said that “some groups and individuals have been working overtime to harm our name, goodwill and market standing.”

Bharatiya Janata Party (BJP) MP Nishikant Dubey on Sunday wrote a letter to the Lok Sabha Speaker Om Birla and another letter on Monday to Union Minister for Communications Ashwini Vaishnaw and Union Minister of State (MoS) IT Rajeev Chandrashekhar making “cash for query” allegations against Trinamool Congress MP Mahua Moitra and demanding an inquiry committee against her. Mr. Dubey alleged Ms. Moitra took bribes to ask questions on the Adani Group in the Parliament.

Mr. Dubey, through his letter, claimed that a lawyer had provided him proof of alleged bribe exchanges between the TMC MP and businessman Darshan Hiranandani of the Hiranandani Group. Mr. Dubey wrote that these allegations must be looked into with the utmost seriousness and an investigation must be initiated to ascertain the IP address of all login credentials of Mahua Moitra’s Lok Sabha account and to determine whether there are any instances in which her Lok Sabha account was accessed at a location where she was not present.

In its statement the Adani Group said these charges reveal an arrangement to hurt the groups reputation. “This development corroborates our statement of 9 Oct 2023 that some groups and individuals have been working overtime to harm our name, goodwill and market standing. In this particular case, the lawyer’s complaint reveals that this arrangement to besmirch the reputation and interests of the Adani Group and our Chairman Mr. Gautam Adani has been in place since 2018,” an Adani Group spokesperson said Monday.

Source: https://www.thehindu.com/business/Industry/some-groups-and-individuals-working-overtime-to-harm-our-name-adani-group-amid-allegations-against-mahua-moitra/article67426852.ece

IKEA has delivered on its promise of investing over Rs 10,500 crore in India, says deputy CEO & CFO of IKEA. In an exclusive conversation, Juvencio Maeztu tells CNBC-TV18’s Shereen Bhan that they will reveal the next investment number soon and it will be a big one and discusses the company’s strategy for expanding rapidly and deeply into the Indian markets.

IKEA has delivered on its promise of investing over Rs 10,500 crore in India, says deputy CEO & CFO of IKEA. In an exclusive conversation, Juvencio Maeztu tells CNBC-TV18’s Shereen Bhan that they will reveal the next investment number soon and it will be a big one and discusses the company’s strategy for expanding rapidly and deeply into the Indian markets.

Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.

These include electric carmaker Tesla (TSLA.O), which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.

Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.

Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.

“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”

Source: https://www.reuters.com/business/autos-transportation/ferrari-accept-crypto-payment-its-cars-us-2023-10-14/

Terrorism anywhere in the world and any form is against humanity, and it was saddening that consensus has not been achieved on the definition of terrorism, Prime Minister Narendra Modi said on Friday, amid the ongoing Israel-Hamas war, and asserted that “this is time for peace and brotherhood” as a divided world cannot provide solutions to big global challenges.
Addressing the inaugural session of the ninth G20 Parliamentary Speakers’ Summit (P20) here, Modi called for ending the crisis in global trust and moving forward with a human-centric approach.
“Everyone is aware of what is happening in various parts of the world. The world is grappling with conflicts and confrontations, such a world full of conflicts and confrontations is not in anyone’s interest. A divided world cannot provide solutions to the big challenges before humanity,” the Prime Minister said.“This is the time for peace, brotherhood, this is the time for moving forward together, this is the time for everyone’s development and welfare. We have to end the crisis over global trust and move forward with a human-centric approach,” he said.
While the Prime Minister did not mention any specific conflict or issue, his remarks come amid a raging war between Israel and Hamas which has already seen a large number of casualties.
Modi also called for taking a tough approach in dealing with terrorism.
“As you know India has been facing the issue of cross-border terrorism for decades. Terrorists have killed thousands of innocents in India. Near the new Parliament building, you will find the old Parliament building. About 20 years ago, terrorists had targeted our Parliament. You will be startled to know that Parliament was in session at that time,” he said.

“Terrorists wanted to take hostage, kill MPs. India has dealt with numerous such terror incidents,” he noted. Now the world is also realising how big a challenge terrorism is for the world, Modi said.
“Terrorism, wherever it may be, for whatever reason, in whatever form, is against humanity. In such a scenario, we will have to adopt a tough approach in dealing with terrorism,” he said.
Modi said it was saddening that consensus has not been achieved on the definition of terrorism.
“Today also, in the UN, the international convention on combating terrorism is waiting for consensus,” he said and added that “enemies of humanity” are taking advantage of this approach of the world.

Prime Minister Modi’s remarks come amid the escalating violence in the West Asia after multi-pronged attacks against Israel by Hamas militants from Gaza and the subsequent Israeli retaliation that has left around 2,600 people dead. Israel has launched a massive counter-offensive in Gaza to avenge the attacks by Hamas.
The sudden escalation in hostilities between Israel and Hamas has triggered global concerns. Leading powers like Germany, the US, France and the UK emphasised the importance of preventing the situation from further escalation.
In his address, Modi said Parliaments and representatives across the globe will have to think about how they can work together in this fight against terrorism.

Source: https://www.business-standard.com/india-news/it-s-time-for-peace-brotherhood-it-s-time-to-walk-together-pm-modi-123101300361_1.html

The ‘funding winter’ and its ripple effects led to startup founders experiencing a collective wealth dip of Rs 85,000 crore, according to the report

Hurun India and 360 ONE Wealth today released the 360 ONE Wealth Hurun India Rich List 2023 on Tuesday. A notable addition to this year’s 360 Wealth Hurun India Rich List is Manish Kejriwal of Kedaara Capital, the first Indian private equity fund manager to enter the list. The youngest on the list is 20-year-old Kaivalya Vohra, who founded Zepto.

With a net worth of Rs 3,000 crore, Manish Kejriwal, the founder and managing partner of Kedaara Capital, has achieved the distinction of being the first India-based fund manager to be included in the 360 ONE Wealth Hurun India Rich List.

In the 360 ONE Wealth Hurun India Rich List 2023, the Industrial Products sector emerged as the top performer, welcoming 33 new entrepreneurs and witnessing a staggering 87 per cent increase in cumulative wealth compared to the previous year.

However, the ‘funding winter’ and its ripple effects led to startup founders on the 360 ONE Wealth Hurun India Rich List experiencing a collective wealth dip of Rs 85,000 crore, according to the report.

Among the IPO stars, Ramesh Kunhikannan entered the 360 ONE Wealth Hurun India Rich List 2023 with Rs 8,200 crore, driven by Kaynes Technology’s strong stock market debut. The Mysore-based company surged with a 32.5 per cent premium, excelling in integrated electronics manufacturing and ESDM with end-to-end and IoT solutions

Source: https://www.businesstoday.in/entrepreneurship/start-up/story/from-zeptos-kaivalya-vohra-to-kedaara-capitals-manish-kejriwal-key-highlights-from-hurun-india-rich-list-2023-401458-2023-10-10#lnldwaplou78z453qc

Space regulator Indian Space Promotion and Authorisation Centre also estimates $22 billion investments in the Indian space sector by 2033 and $11 billion exports

In what could be a shot in the arm for prospective investors and private players in India’s space tech ecosystem, the Indian Space Promotion and Authorisation Centre (IN-SPACe), the country’s space regulator, estimates the size of the Indian space economy to be around $44 billion, including $11 billion of exports over the next 10 years.

India’s space economy as of now makes up 2 percent when compared to the global space market size. However, by 2023, IN-SPACe estimates the $44 billion market size to make up for 8 percent of the global market.

The regulator also estimates $22 bn of investments in the sector over the next 10 years.

Till now, India’s space tech startups, which have been raising ample funds since last year, often have had to face enquiries from investors regarding the market size of India’s space ecosystem. These figures by India’s national space regulator represent the potential of the space tech ecosystem, and should help investors in getting an estimate of the market size.

In the presentation, IN-SPACe showed that it arrived at the $44bn-market-size figure by estimating investments in the earth observation (EO) sector for $8bn; navigation applications for $9.3 billion; SATCOM applications for $14.8 billion; ground network for $2.5 billion; satellite hubs for $4.6 billion; manufacturing of launch vehicles for $3.5 bn; space situational awareness applications for $1.3 billion.

As mentioned earlier, the $44 billion estimate also includes $11 billion of space exports from India.

On October 10, IN-SPACe chairman Pawan K Goenka released these figures in Bengaluru.

“As we unveil the decadal vision for the Indian Space Economy, we emphasize that the future of the Indian space sector is a shared endeavour… The decadal vision addresses creation of demand, local manufacturing capabilities, infrastructure and provides a clear and comprehensive regulatory framework that will encourage and facilitate NGE (non-governmental entities) participation in the growth of the space sector,” Goenka said.

“At present, the Indian space economy is valued at around $8 billion with a 2 percent share in the global space economy. India’s space economy has the potential to reach $44 billion by 2033 with about 8 percent of the global share,” Goenka added.

S Somanath, Secretary, Department of Space and Chairman, ISRO said, “The decadal vision defines a roadmap on how the Department of Space along with IN-SPACe and ISRO will drive the emergence of private players. We are already witnessing the early signs of success of this endeavour.”

What the report says

The report says that the space ecosystem is broadly divided into three groups – Space-for-Earth, access-to-space and space-for-space. The $44 billion vision for the Indian Space Economy can be achieved through 10 key strategic and enabling capabilities —

Demand generation

Earth observation (EO) platform

Communication platform

Navigation platform

Research and development

Ecosystem

Creation of a talent pool

Access to finance

International synergy and collaboration

Policy and regulation

What can be exported?
IN-SPACe estimates that in the Indian Ocean region, companies can leverage earth observation and communication platforms; offer satellite and ground segment as a service and launch segment as a service.

In the global arena, for developing space-aspiring countries, companies can manufacture small satellites, small launch vehicles, export ground segment and so on.

For other matured space-faring countries, India can become a global hub for small satellite and launch vehicle manufacturing and provide launch segment as a service.

Source: https://www.moneycontrol.com/news/business/indias-space-economy-to-touch-44-billion-by-2033-in-space-11509631.html#lnlckbeqdq9efnuulhc

Mukesh Ambani has raced ahead of Gautam Adani to become the richest Indian on a list of wealthiest people in the country. A total of 1,319 individuals from 138 cities feature on the list which uses August 30 as the base date to assess fortunes.

Ambani, the 66-year-old chairman of the diversified Reliance Industries saw his wealth growing by 2 per cent to Rs 8.08 lakh crore, while Adani’s fortune plummeted by 57 per cent to Rs 4.74 lakh crore, as per the 360 ONE Wealth Hurun India Rich List 2023.

Anas Rahman Junaid, managing director and chief researcher at Hurun, attributed the decline in Adani’s wealth to the Hindenburg report published in January.

Pune-based Cyrus Poonawalla of vaccine maker Serum Institute of India has retained the position as the third wealthiest Indian, with a 36 per cent jump in the fortune at Rs 2.78 lakh crore, while Shiv Nadar of HCL Technologies has retained his position as the fourth richest with a 23 per cent increase to Rs 2.28 lakh crore.

A majority of individuals among the top-10 climbed up on the rankings, including Gopichand Hinduja who is ranked fifth now, Dilip Shanghvi (sixth), L N Mittal (seventh), Kumar Mangalam (ninth) and Niraj Bajaj (tenth).

However, D-Mart’s Radhakishan Damani witnessed an 18 per cent decline in his net worth to Rs 1.43 lakh crore, which resulted in him slipping three ranks to become the eighth richest Indian.

Radha Vembu of Zoho has overtaken Falguni Nayar to become the richest self-made Indian woman, while Zepto’s Kaivalya Vohra is the youngest on the list.

At the age of 94, Mahendra Ratilal Mehta of Precision Wires India company debuted on the list.

India added two new billionaires every three weeks in the past year and now boasts of 259 billionaires, which is a 4.4-fold increase in 12 years, Hurun said.

Source: https://www.news18.com/business/mukesh-ambani-hurun-india-rich-list-2023-8611325.html#lnlbw61l0mj0y2muuyr

The government’s fiscal deficit for only August, was Rs 37,233 crore, down 81 percent from the same month of the previous year, as tax collections surged

The government’s fiscal deficit widened to Rs 6.43 lakh crore in April-August from Rs 6.06 lakh crore in April-July period, data released by the Controller General of Accounts on September 29 showed.

At Rs 6.43 lakh crore, the fiscal deficit for the first five months of the current financial year accounts for 36.0 percent of the full-year target of Rs 17.87 lakh crore.

The fiscal deficit for April-August 2022 was 32.6 percent of the target for 2022-23.

In August, the Centre’s fiscal deficit was only Rs 37,233 crore, down 81 percent from the same month of the previous year, as total receipts posted a four-fold increase to Rs 2.54 lakh crore on the back of net tax revenues jumping by more than six-and-a-half times to Rs 2.21 lakh crore.

The massive year-on-year increase in net tax revenues in August was aided by both, higher tax collections as well as lower tax devolution to states.

On the revenue front, corporate tax collections finally shrugged off the rut they were in, rising more than five times from August 2022 to Rs 62,817 crore — the second-highest monthly mop-up, so far, in 2023-24.

At the same time, income tax collections more than quadrupled to Rs 1.03 lakh crore. On the whole, at Rs 2.95 lakh crore, gross tax collections in August were nearly twice as high as in the corresponding month last year.

Even as tax mop-up jumped, the fiscal deficit in August was kept in check by a smaller tax devolution to states of Rs 72,961 crore.

In August 2022, the Centre had transferred Rs 1.17 lakh crore. However, the amount transferred to states, so far, in the current financial year is higher at Rs 3.82 lakh crore.

Transfers to states reduce the Centre’s net tax collections.

Source: https://www.moneycontrol.com/news/business/economy/indias-fiscal-deficit-rises-to-rs-6-43-lakh-crore-in-april-august-36-of-fy24-target-11451191.html

Ashwin Dani, the co-founder and non-executive director of Asian Paints, died at the age of 81 on Thursday, September 28, 2023. The doyen of India’s paint industry, Dani’s life and legacy are an embodiment of hard work, dedication, and a deep commitment to excellence.

Born in Mumbai on October 24, 1942, Dani earned a Bachelor of Science degree in Chemistry from the University of Mumbai in 1966. Dani’s pursuit of higher knowledge and expertise took him to the United States, where he obtained a Master’s degree in Chemical Engineering from the University of Akron. His educational background laid the foundation for his illustrious career in the paint industry.
After his return to India, Dani joined his father’s family business, Asian Paints, in 1968 as a senior executive embarking on an extraordinary journey that would lead to the transformation of Asian Paints into a global powerhouse. Dani’s leadership skills became increasingly evident as he rose steadily through the ranks over the years. He was among the first to understand the power of computing and install computers at Asian Paints, pioneering computerised colour matching in India.

Talk show producers started planning new episodes on Monday, the first steps to put Hollywood back to work after writers reached a tentative deal to end their nearly five-month strike.

The Writers Guild of America (WGA), which represents roughly 11,500 film and television writers, reached a preliminary three-year deal with major studios on Sunday. The agreement still must be approved by the union’s leadership and members.

While actors remain on strike, late-night and daytime talk shows may resume production once their writers receive the Guild’s greenlight to return to work in the coming days or weeks.

“The Drew Barrymore Show” is aiming to go back on the air in October, a source with knowledge of the plans said. Barrymore had sparked a backlash by announcing she was going to bring the show back in mid-September, a decision she reversed.

Representatives for late-night shows such as “Saturday Night Live” and “The Tonight Show with Jimmy Fallon” had no comment on when they would air fresh episodes.

Scripted series will not be able to resume filming until the SAG-AFTRA actors union reaches an agreement with studios. The actors walked off the job in July, demanding higher wages and limits to the use of artificial intelligence on screen.

Film and television producer Todd Garner said he expects that once actors reach a deal, scores of productions will race to restart at once.

“Remember during the pandemic, when Long Beach had all of those ships waiting?” said Garner, referring to the logjam of cargo ships stranded in the southern California port. “That’s our business right now. I’m guessing there are 250 ships in the harbor right now.”

Major television shows and movies are contractually in first position with actors, Garner said. Work on uncompleted projects such his own movie, “Mortal Kombat 2,” will need to be finished first, before other projects can get under way.

“Until we get all these big ships out of the harbor, nothing new is going to be started, unless it’s with actors who previously weren’t committed to something else,” Garner said.

Shares of big media companies gave up early gains on Monday.

Warner Bros Discovery (WBD.O) closed down nearly 4%, Comcast (CMCSA.O) fell almost 1% and Walt Disney (DIS.N) dropped 0.3%.

Investors of the media companies have been concerned about the financial fallout from the strikes that had initially boosted cash flows due to lower spending, but has started eating into earnings.

The deal with writers “will also mean the studios and streaming services will now focus fully on actors’ demands,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

“Already it’s likely that the big studios will face a significant hit in 12-18 months time, with so little in the pipeline and bosses are now desperate for new content to attract eyes to big and small screens.”

Warner Bros Discovery had earlier warned that the company’s full-year adjusted core profit would take a hit of up to $500 million due to project delays from disruptions.

Source: https://www.reuters.com/business/media-telecom/hollywood-prepares-partial-return-work-after-writers-deal-2023-09-25/

DGGI to launch probes into these companies; sources indicate that the total money involved could be over Rs 33,000 crore.

The tax authorities are set to spread their net wider against online gaming companies. According to sources, the Directorate General of GST Intelligence is set to launch investigations against 100 more firms in the coming months to ascertain if there has been any evasion of goods and services tax.

The move comes after the Supreme Court stayed a Karnataka High Court ruling that quashed a Rs 21,000 crore GST demand notice on online gaming company Gameskraft.

“There are over 100 companies registered domestically with online gaming federations. We will start looking into the activities of these companies to check whether there has been any evasion of GST,” said a senior official, adding that only those firms that have a money component involved in gaming activities will be checked.

“Out of these 100 companies not all will be involved in real money online gaming. Only those that have such games will be taken up for investigations,” said the official.

The DGGI is already investigating 35 to 40 online gaming firms for any GST evasion and is set to issue notices in many of these cases. Sources said the total money involved would be over Rs 33,000 crore.

Source: https://www.businesstoday.in/latest/corporate/story/over-100-more-online-gaming-firms-to-be-investigated-for-gst-evasion-399567-2023-09-25

The tax liability is for a period from July 2017 to March 2022. If they fail to do so, the company will be served with a show-cause notice, Delta Corp said in the regulatory filing.

Casino chain Delta Corp on September 22 informed the stock exchanges that it has received intimations from the Directorate General of GST Intelligence, Hyderabad for payment of shortfall tax under GST along with interest and penalty for the period from July 2017 to March 2022.

The first notice, for Rs 11,140 crore has been raised directly against Delta Corp. The other notice, for Rs 5,682 crore has been raised against three of its subsidiaries — Casino Deltin Denzong, Highstreet Cruises and Delta Pleasure Cruises, taking the total liability to Rs 16,822 crore.

“The DG Notice advises the Company to pay an alleged tax liability of INR 1,11,39,61,03,423 along with interest and penalty for the period
from July 2017 to March 2022,” Delta Corp said in a regulatory filing.

If they fail to do so, the company will be served with a show-cause notice, Delta Corp said in the regulatory filing.

“The amount claimed in the DG Notice is inter alia based on the gross bet value of all games played at the casinos during the relevant period. Demand of GST on gross bet value, rather than gross gaming revenue, has been an industry issue and various representations have already been made to the Government at an industry level in relation to this issue,” the company said.

Delta Corp also mentioned that it has been legally advised that the DG Notice and the tax demand are arbitrary and contrary to law, and the company will pursue all legal remedies available to it to challenge such tax demand and related proceedings.

Meanwhile, shares of Delta Corp on September 22 ended 0.029 percent lower at Rs 175.25 a piece on BSE.

Considered India’s largest casino company, Delta Corp earlier put the plans of taking its online gaming unit public on hold due to the uncertainties pertaining to the GST rate increase on the sector.

Source: https://www.moneycontrol.com/news/business/companies/delta-corp-gets-intimation-for-payment-of-alleged-tax-liability-of-rs-11139-crore-gst-11412551.html

Akasa Air pilots resign: The sudden resignation of the pilots has forced the carrier to cancel 24 flights per day in September.

The newly launched Akasa Air is in a state of crisis and might have to shut down, following the resignations of 43 pilots, the airline told Delhi High Court on Tuesday. The sudden resignation of the pilots has forced the carrier to cancel 24 flights per day in September. Akasa Air, later in a statement, added that they are prepared for “unforeseen circumstances and have contingency management strategies”. They also said that they have a strong financial profile.

According to a report in Business Standard, since the pilots did not serve their mandatory notice period of 6 months (for first officers) or 1 year (for captains), Akasa Air was forced to cancel scores of flights each day, the airline’s counsel told Justice Manmeet Pritam Singh Arora.

The pilots have reportedly joined Akasa Air’s rival airlines. The report, citing sources, stated that a top executive wrote a letter to a rival group expressing the airline’s concerns over the pilots’ exit and called it unethical.

As it stands, Akasa Air, that operates 120 flights a day, is expecting to cancel 600-700 flights this month alone if the resignations continue. It had cancelled 700 flights in August. The airline has requested the court to empower Directorate General of Civil Aviation (DGCA) to enforce the mandatory notice period rules.

Source: https://www.businesstoday.in/industry/aviation/story/may-shut-down-akasa-air-in-a-state-of-crisis-after-43-pilots-resign-expects-to-cancel-700-flights-399010-2023-09-20

Mohan joins the edtech major at a time when it is engaging with potential suitors to sell two of its key assets, even as it awaits the long-elusive fresh equity funding to pay off debts

Arjun Mohan, who rejoined Byju’s in July to lead its international business, has now been appointed as CEO of India operations. As per the company, Mrinal Mohit, who has been with the company since day one, is “pursuing personal aspirations”. However, the development follows months of speculation regarding Mohit’s possible departure, coinciding with mounting governance issues and a significant funding shortage faced by the company.

Notably, the company is currently in the middle of a business restructuring, resulting in the recent resignations of several high-ranking executives, including Chief Business Officer Prathyusha Agarwal, WhiteHat Jr’s CEO Ananya Tripathi, and the head of international business, Cherian Thomas.

“If Byju’s has reached the remarkable heights it stands at today, it is due to the extraordinary efforts of our founding team. Mrinal’s contributions have left an indelible mark on our organisation, and we bid him a bittersweet farewell. I am immensely proud of what we have achieved together,” Raveendran said.

Mohan was part of the founding team of Byju’s and last served as its Chief Business Officer before joining upGrad as CEO in 2020. The company said in a statement that he spent the last three months working closely with the founder and Group CEO Byju Raveendran.

“Arjun’s return is a testament to his belief in our mission and the unparalleled opportunities that lie ahead. His expertise will undoubtedly help our turnaround efforts and strengthen our position in the global edtech landscape,” Raveendran added.

“It was no surprise that I joined him to revolutionise education more than a decade ago. And it is no surprise either that I return to Byju’s today, when technology is poised to play an even more important role in making education truly personalised. While challenges are aplenty, I am ready to play my role in helping Byju’s empower our current and future generations to thrive in a rapidly changing world,” Mohan said.

Mohan joins the edtech major at a time when the Bengaluru-based company is engaging with potential suitors to sell two of its key assets, even as it awaits the long-elusive fresh equity funding to pay off debts. The company has put two of its group firms — higher education platform Great Learning and kids-focused digital reading platform Epic – on sale to raise immediate funds to meet the repayment obligations towards the $1.2 billion of Term Loan B it availed from a consortium of US-based creditors.

The Bengaluru-based company has been reeling under intense pressure as a series of controversies continue to plague the company, including the resignation of its statutory auditor, Deloitte Haskins & Sells, the departure of board members, and an ongoing legal battle concerning the TLB.

Source: https://www.businesstoday.in/entrepreneurship/start-up/story/former-upgrad-ceo-arjun-mohan-becomes-byjus-india-ceo-replacing-mrinal-mohit-399076-2023-09-20