FUTURE GROUP
Family Businesses should be run like trustees for the next generation: DCM Shriram Group
Addressing the session on " Purpose-driven and responsible," Ajay S Shriram, Chairman and Senior Managing Director, DCM Shriram Limited, opened up about family businesses and emphasised that the enterprise needs to balance its approach like trustees for the next generation.
"If we work together, India can achieve all SDGs by 2030" says Ajay Piramal at CII Annual Business Summit 2024
Underscoring the rapid progress expected over the next two decades, he said, "Let's say in 2047, we'll have - we'll be the third-largest economy, maybe a USD 40 billion economy. Even now, in the next - I think by 2029, we'll be the third-largest economy. So only the U.S. and China will be ahead of us. So that's a big progress the country is making."
India to be power house for future airline growth on travel eagerness, growing population: Report
India is expected to be a power house for future airline growth driven by the eagerness of people to travel and growing population, according to a report. In a report, the Netherlands-based ING Bank NV said India is set to deliver strong structural growth figures, and airlines are preparing for this with historically large orders for new aircraft from carriers Indigo and Air India.
Singapore slings into a Wong future
Lawrence Wong, Singapore's new prime minister, faces challenges from China-US decoupling, navigating inherited strengths and emerging issues. Managing the island nation's growth amidst geopolitical shifts and economic pressures requires strategic decisions and adaptation to maintain Singapore's competitive edge.
Acer group forays into consumer electronics; eyes $100 million in sales
Harish Kohli, president and managing director of Acer India said that the company hopes to achieve the $100 million in business milestone as soon as possible.
Mahindra Group to invest Rs 37,000 crore in auto sector, plans to launch 23 new vehicles by 2030
Mahindra Group announces plans to invest Rs 37,000 crore in the auto sector over the next three years, with a focus on launching 23 new vehicles by 2030. The investment includes new ICE SUVs, BEVs, and light commercial vehicles. The company emphasizes the importance of ICE models in the short term while investing significantly in the EV segment. The expansion plans also include enhancing manufacturing capacity and remaining open to future mobility trends, including hybrid vehicles. The company welcomes India's new EV policy and emphasizes its commitment to the 'Make in India' initiative.
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Oil prices rise on moderate US inflation data, strong demand
U.S. consumer prices rose less than expected in April in a boost to financial market expectations for a September rate cut by the Federal Reserve, which could temper dollar strength and make oil more affordable for holders of other currencies.
The last old-style election? Another future likely soon for how India votes
Digitalisation of society and of political communication would also suggest another future. One suspects 2024 is seeing the last of India's old-style campaigns. When he prepares for re-election in 2029, Modi must almost certainly have a new campaign approach.
Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year.
Oil prices tick up on tighter supply outlook
The market is watching wildfires in remote western Canada that could disrupt the country's oil supply, Tony Sycamore, market analyst with IG, said in a note.
Brent hovers above $83 as inflation data takes centre stage
Though prices were supported by a few factors last week, including a lack of progress in the latest round of negotiations to halt hostilities in Gaza, economic factors are back in the spotlight.
US Fed vice chair says interest rates should remain on pause
The US Federal Reserve has hiked interest rates -- and held them -- at a 23-year high as it looks to bring inflation down to its long-term target of two percent.
Oil extends decline on signs of weak fuel demand, strong dollar
Brent crude futures slid 26 cents, or 0.3%, to $82.53 a barrel by 0025 GMT while U.S. West Texas Intermediate crude futures was at $78.03 a barrel, down 23 cents, or 0.3%.
Top orange juice supplier seen having worst crop in 36 years
Brazil, the leading orange juice exporter, anticipates the worst harvest in 36 years due to a heat wave. The global orange juice supply is impacted by reduced production in Brazil and Florida.
Australia unveils plans to keep burning gas beyond 2050
Australia plans to continue using natural gas beyond 2050 while aiming for net zero emissions. The strategy faces criticism from environmental groups, citing it as a 'climate disaster' and 'fossil fuel disaster' impacting the environment negatively.
Oil edges up after Israel strikes Gaza, while truce talks continue
Brent crude futures were up 46 cents, or 0.55%, at $83.79 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.59%, to $78.94 a barrel.
Kishore Biyani settles lenders’ dues by selling SOBO mall to K Raheja Corp
The settlement was backed by realty developer K Raheja Corp., which acquired SOBO Central Mall. Earlier known as Crossroads, SOBO Central is the country’s first mall, having opened in late 1990s in south Mumbai's Haji Ali locality.
Why is Godfrey Phillips exiting from 24Seven? Here's what may happen to the round-the-clock retail chain
24Seven, a popular late-night convenience store in India, may face closure or seek new investors after its parent company, Godfrey Phillips India, announced its exit from the retail business division. The company's negative net worth as of March 31, 2023, stems from accumulated losses. The retail business generated Rs 396 crore in FY23, accounting for 9.3% of the total revenue for the Modi Enterprises-led company and the retail division.
Oil benchmark Brent nears $86 on heightened supply concerns
Brent near $86 due to Russia-Ukraine tension. U.S. crude at $81.09. Both benchmarks up 11% and 12.5%. OPEC+ extends supply curbs. Global concerns intensify with recent attacks on oil facilities.
Electoral bonds: A look at top buyers, other key numbers
Here’s a look at the top electoral bond buyers along with an examination of some of the other key numbers that have emerged from the initial data dump.
Kishore Biyani offers Rs 476 cr for a Mumbai mall after Runwal's win
The Biyani offer comes just days after creditors had approved a Rs 475-crore bid from Runwal Group for the asset through an auction process, multiple people familiar with the development said.
Kishore Biyani's daughters Ashni and Avni to re-enter retail space
Foodstories will be an 8000-sq ft retail format dining café that will also sell a wholly organic estate-to-cup coffee program, a single-origin chocolate experience, bespoke cheese, single-origin spices and dry fruits, farm-sourced fruits and vegetables. Avni Biyani said, “We’re building a community and platform for the dedicated entrepreneurs, growers, farmers, artisans, and food lovers.”
Oil steadies after expected OPEC+ cut extension
Oil prices remain stable as OPEC+ extends output cuts. Brent futures reach $83.74 a barrel, while WTI rises to $80.03. Brent spreads widen due to tightening low-sulphur crude markets. Russia's surprise additional cut correlates with a drop in refinery runs. Geopolitical tensions and economic concerns support prices, Yemen's Houthis target British ships.
Future Generali India Life Insurance appoints Alok Rungta as managing director & CEO
Rungta, currently serving as the Deputy CEO and CFO, will succeed Bruce De Broize, who is the MD & CEO until March 31, 2024.
Jindal's Rs 301 crore Future bid shocks lenders
In a financial maneuver that has raised eyebrows, Jindal (India) has submitted a bid of ₹301 crore for the debt-laden Future Enterprises (FEL), a sum that amounts to less than 3% of the staggering ₹12,265-crore loan exposure, rendering it almost inconsequential to the lenders, according to individuals familiar with the bidding process.
Why Ambani and Jindal see future in debt-laden Future Group
Kishore Biyani, founder & CEO of Future Group, faces the decline of his business empire. Heavy debts, a series of acquisitions, and diversification into non-core ventures contributed to the downfall. Now, Reliance Retail and Naveen Jindal's Jindal (India) are vying to acquire the remnants. Reliance Industries, in particular, stands to enhance its retail footprint and capitalize on India's growing organized retail sector.
NCLT admits personal insolvency application against Kishore Biyani
The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them.
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