Dubai-based Jumeirah Group is considering having hotels in India, one of the key source markets for its current portfolio of 27 luxury properties globally. Their brand recall can be gauged from the fact that almost no Indian familys holiday in Dubai is complete without their picture at Burj Al Arab, which is a Jumeirah property, and Burj Khalifa.
Anirban Mukherjee, the CEO of PayU India, has been promoted to the position of global CEO as part of the company's shift towards an India-focused strategy. In his new role, Mukherjee will report directly to the interim CEO of Prosus and Naspers. Laurent Le Moal, the previous global CEO of PayU, will step back from operational management but remain with Prosus and PayU in an advisory role.
Uganda Airlines has announced the launch of a new direct service between Mumbai and Entebbe, Uganda, starting from October 7. The service will operate three times a week on an Airbus A330-800 neo aircraft, offering a three-class configuration. This will be the first non-stop air service connecting India and Uganda in over 50 years.
Shares of Vedanta Ltd, owned by Anil Agarwal, rose after the Indian tycoon announced a restructuring plan for his metals-to-oil empire. The stock climbed as much as 5.1% in Mumbai, and several brokers have upgraded their recommendation on Vedanta. However, concerns remain over the group's multibillion-dollar debt burden and looming debt repayments.
Indian shares closed lower on Tuesday due to mixed auto sales data in September and concerns over elevated interest rates. The Nifty 50 index fell 0.56% and the Sensex fell 0.48%. Auto stocks dropped 1.20%, with Eicher Motors and Escorts Kubota among the biggest losers. State-run oil producer ONGC also saw a decline in its stock, dragging the energy index lower.
Sam Bankman-Fried, the former billionaire and founder of FTX cryptocurrency exchange, is set to go on trial for allegedly stealing billions of dollars from customers. He has pleaded not guilty to charges of fraud and conspiracy, but acknowledges inadequate risk management. His is the highest profile case US prosecutors have so far brought against a former cryptocurrency executive.
Airbnb CEO Brian Chesky acknowledges that the company needs to improve its core service, including affordability, reliability, and customer support. Chesky aims to make prices more competitive and encourage hosts to lower their margins to attract more bookings. AI is being used to verify listings and detect fake ones, as well as to identify potential parties and rule violations.
Meta Platforms is reportedly considering a plan to offer ad-free versions of Instagram and Facebook to users in the European Union for a monthly fee of around 10 euros ($10.46) on desktop and 13 euros on mobile. This comes after the social media company was fined 390 million euros for data privacy violations. Meta has informed European regulators that it hopes to launch the subscription no ads (SNA) plan in the coming months.
India's economy is predicted to grow at 6.3% in the current financial year, supported by investment and domestic demand, according to a World Bank report. The report states that India has shown resilience in the face of a challenging global environment. India's growth is expected to outpace other emerging markets and reach 6.3% in FY2023-24.
The World Bank has retained India's GDP growth forecast for the financial year 2023-24 at 6.3 per cent, but noted that the country continued to show resilience against the backdrop of a challenging global environment.
The Russian ruble has depreciated to nearly 100 per dollar, a significant milestone for both consumers and the government. Efforts by policymakers to stabilize the currency have been unsuccessful, leading to discussions about implementing capital control measures. The central bank has raised interest rates in the past to support the ruble, but Bank of Russia Governor Elvira Nabiullina has warned against using administrative measures.
India's factory activity expanded at a slower pace in September, but remained strong due to strong demand. The Manufacturing Purchasing Managers' Index fell to 57.5 from 58.6 in August, marking the 27th consecutive month of expansion. Despite a softer increase in new orders, both domestic and international demand drove new orders and output. Business confidence reached a nine-month high, leading to increased employment.
Shares of JSW Infrastructure, India's second-largest commercial port operator, surged 20.17% in pre-open trade, valuing the company at $3.61 billion. This successful debut follows a string of other recent successful IPOs in India, driven by strong investor appetite. JSW Infra plans to use the IPO proceeds to fund expansion projects and repay debt.
The GST-Authority for Advance Rulings (AAR) in Karnataka has ruled that Juspay Technologies, the provider of the ride-hailing app 'Namma Yatri', is considered an e-commerce operator under GST laws. However, the company is not required to collect and pay GST on transportation fare as the supply of passenger transportation is not made through it.
The Calcutta High Court has declared Hindustan Unilever
ot guilty in a case relating to the alleged misbranding of its Red Label Natural Care Tea. The court also acquitted the officials charged with violating the Prevention of Food Adulteration Act. The case, dating back to 2014, saw a food inspector claiming that the label implied medical recommendations. The judge initially convicted the company, but the conviction was later set aside.
Capital markets regulator Sebi has extended the deadline for mandatory confirmation or denial of market rumours by listed companies. The deadline has been extended from October 1 this year to February 1, 2024 for the top 100 listed companies by market capitalisation. The rule is aimed at strengthening the corporate governance of listed entities.
Accenture is training more than 250,000 people in AI. It recently said it's investing $3 billion over three years in its data and AI practice to help clients across all industries. The data & AI practice will double its AI talent to 80,000 professionals through a mix of hiring, acquisitions, and training.
India's diesel consumption decreased by 3% in September compared to the previous year due to the fading monsoon, which affected demand from the construction and agriculture sectors. However, petrol sales increased by 5.4% due to record car sales. Sequentially, diesel sales grew by 2.5% and petrol sales by 5.6% from August. Jet fuel sales rose by 9.5% and LPG consumption increased by 6% compared to the same period last year.
BigBasket, owned by Tata Group, aims to achieve profitability in six to nine months, according to co-founder Vipul Parekh. The company's slotted grocery delivery business is already profitable, while its quick commerce business is expected to become profitable in the next six to nine months. BigBasket's losses for its business to consumer arm increased to Rs 1,535 crore in FY23. The company is also considering expanding its offline presence and may prepare for an IPO in 2025.
Abu Dhabi's IHC has increased its stake in Adani Enterprises while selling its interest in the company's green energy and power transmission subsidiaries. IHC now holds a 4.6% stake in Adani Enterprises, which includes businesses such as airports and data centers. The buyer of IHC's investments in Adani Green and Adani Transmission has not been disclosed.
The Reserve Bank of India (RBI) has increased its interaction with government agencies, particularly the department of consumer affairs, in order to gain better control over food prices, which are a major driver of inflation. The RBI has held meetings with the department at both its Mumbai and Delhi offices, indicating a higher level of engagement.
Dixon Technologies, India's largest contract manufacturer for electronics, has secured a major deal with Xiaomi to manufacture smartphones for the company. Dixon's unit, Padget, will become a key supplier for Xiaomi, which currently sources its smartphones from Foxconn India and DBG. Dixon will invest Rs 400 crore to set up a new factory in Noida to fulfill the order.
The International Monetary Fund (IMF) has stated that emerging market economies will need a five-fold increase in climate mitigation investment to $2 trillion by 2030 in order to achieve net-zero emissions by 2050. The IMF emphasized that the private sector will need to supply about 80% of the required investment, rising to 90% when excluding China.
The Reserve Bank of India's rate-setting committee is expected to maintain interest rates at their current level, despite inflation being above the target range, rising crude oil prices, and a weakening rupee. The committee has kept rates unchanged since February 2023. Economists predict that inflation will decrease in the coming months, but caution that the central bank should be watchful of rising oil prices and bond yields.
India's diesel consumption decreased by 3% in September compared to the previous year, due to the fading monsoon, while petrol sales increased by 5.4% due to record car sales. However, both diesel and petrol sales saw growth compared to August, indicating a potential rebound in demand. Jet fuel sales increased by 9.5% from the previous year, while LPG consumption rose by 6%. Oil company executives expect a sharp increase in demand as construction activities resume and the festive season begins.
Rohit Chopra, the director of the Consumer Financial Protection Bureau (CFPB), is facing a potential threat to his agency's power as the Supreme Court considers a case that could upend the bureau and its funding structure. Chopra's aggressive approach to regulating the financial industry has made him a hero to consumer advocates and a scourge to banks and lenders. However, critics argue that the CFPB has become politicized and gone rogue.
Microsoft CEO Satya Nadella will testify in the US Justice Department's antitrust case against Google. The government is expected to question Nadella about the challenges Microsoft faced due to Google's dominance in the browser and search engine market. The government alleges that Google illegally paid billions of dollars annually to smartphone makers and wireless carriers to be their default search engine.
Tesla's third-quarter deliveries fell short of market estimates due to production constraints caused by planned factory shutdowns. The automaker delivered 435,059 vehicles in the quarter, down nearly 7% from the previous quarter. Despite the miss, Tesla maintains its target of delivering 1.8 million vehicles this year.
Australia's resources and energy exports are expected to decline in the next two years due to weakening global demand, especially from China. The country's commodity export earnings are forecasted to fall to A$400 billion in 2023/24 and A$352 billion by 2024/25. Slower growth in China's property sector will lower demand for steel, impacting iron ore exports.
Digital World Acquisition and Trump Media have included a provision in their merger agreement that allows them to terminate the deal between October 31 and November 21. This comes after Digital World investors voted to extend the completion deadline for the deal. The amendment also states that either company can terminate the agreement if their boards no longer believe the merger will benefit shareholders.
Oil prices rose by $1 on Monday, rebounding from losses at the end of last week. The increase was driven by investors' focus on the tight global supply outlook and a last-minute deal that avoided a US government shutdown. Both Brent and US West Texas Intermediate crude futures saw gains, with Brent rising to $93.24 a barrel and US West Texas Intermediate reaching $91.75 a barrel.
The overall joblessness rate slid to 7.09% last month, from 8.10% in August, data from private research firm Centre for Monitoring Indian Economy showed. Thats the lowest reading since September last year. Rural unemployment dropped to 6.20%, from 7.11% in August, while urban unemployment rate fell to 8.94% from 10.09% in the same period.
On-demand delivery platform Dunzo has announced that co-founder Dalvir Suri will be leaving the company, and that it will undergo a restructuring. The startup, which is backed by Reliance Industries, has been struggling to secure funding and has implemented several cost-cutting measures, including layoffs and reduced salaries.
India has begun mapping tasks to increase the capacity of ports on its western coast as part of its efforts to develop the India-Middle East-Europe Economic Corridor (IMEEC). The construction of the Vadhavan port, the country's largest upcoming greenfield port, is set to begin in December. The port will have a natural draft of 20 metres, allowing it to handle larger vessels and container ships. The IMEEC will connect ports on India's west coast with Fujairah in the UAE. Additionally, a container
The price of commercial LPG refills has been increased by Rs 209 due to rising benchmark rates. However, the rates for household cylinders remain unchanged. This increase may affect the fuel costs for small eateries, sweet shops, caterers, and canteens during the upcoming festive and marriage seasons. The price of commercial refills will now range from Rs 1,684 to Rs 1,898 in different cities. The prices were last reduced in August and September. On the other hand, the price of domestic cylinder
Vande Bharat Express 14 minute miracle: Inspired from Japanese bullet trains 7-minute miracle, Indian Railways has launched a new 14 minute miracle initiative for Vande Bharat Express trains. Now the premium semi-high speed train will be made ready for its next trip in a record 14 minutes with efficient cleaning by staff. Watch the video above to know what the 14 minute miracle for Vande Bharat trains is about and see how the staff coordinate to complete the process in such a short period of tim
Pershing Square SPARC Holdings plans to pursue partnerships with privately-held companies after receiving regulatory approval. The affiliate of Bill Ackman's Pershing Square Tontine Holdings is targeting firms seeking to raise at least $1.5 billion. In an interview, Ackman expressed interest in a potential deal with Elon Musk's company X, formerly known as Twitter, but acknowledged that the feasibility of such a transaction is uncertain. Musk had previously offered stock grants to X employees at
A passenger's comment about having a bomb caused a security scare and delayed an Akasa flight from Varanasi to Mumbai. The comment was made in frustration due to strict pre-boarding checks. Passengers were asked to deplane and undergo thorough checks before the flight was cleared to take off. This incident follows a hoax bomb threat received by Akasa's Mumbai-Varanasi flight two days prior. Authorities emphasize the importance of not making casual comments that can cause security concerns.
Honda Cars India Ltd reported a 13% year-on-year rise in domestic sales to 9,861 units in September 2023 on Sunday. Honda Cars India said in a statement that the newly launched mid-size SUV Elevate received a positive reaction in the market and that deliveries began last month.
Experts predict that the Reserve Bank of India (RBI) will maintain the benchmark interest rate at 6.5% in its upcoming monetary policy review. Factors such as elevated inflation and global uncertainties are expected to influence the decision. The RBI has kept the rate unchanged in the past three reviews and is likely to continue with the existing rate structure.
Air India plans to establish a daily non-stop flight between Kochi, the economic center of Kerala, and Doha, the capital of Qatar, starting on October 23, according to airline representatives. This upcoming flight will address the demand for a convenient and comfortable direct link between these two cities.