CEO Financial News

REA Group, owner of Housing.com, PropTiger.com, and Makaan.com, reported a 31% rise in its revenue from India in the financial year ended June 2024, down from 46% a year ago. The company has reported 103 million AUD (Rs 563 crore) in FY 24 against $79 million for the Australian FY23 ended June and $54 million in FY 22. «Our new products and innovations, both for customers and home seekers, have gained great popularity among the target groups and boosted sales, contributing to a 30% revenue growth,” said Dhruv Agarwala, CEO, Housing.com & PropTiger.com.

This means that the median FTSE 100 CEO received 120 times the average salary of a full-time worker in the UK, a slight decrease from the 124:1 ratio returned in 2022, according to the latest research from the High Pay Centre.  AstraZeneca's Pascal Soriot topped the salary rankings, having pulled in just shy of £16.9m last year.  FTSE 100 CEO pay grows 12% in 2022 Chief executives from Rolls Royce, Diageo and Prudential also made the top ten list, with HSBC's Noel Quinn raking in over £10.6m in 2023. Of the 100 companies surveyed, 11 had a female CEO serve for part of the year, ...

The South Korean CEO of a tech firm has been arrested for allegedly masterminding an Ethereum (ETH) -themed crypto-powered fraud scheme that sucked in around 500 victims.

tax on stocks and mutual funds stays. It has been seven years since this tax was introduced and the only change has been the rate increase from 10% to 12.5% this year. This is now the uniform rate not just for stocks and equity funds, but for many other types of investments. However, this is where the similarity ends. For investors who want to earn long-term returns and build real wealth through equity-based assets, the tax structure means that significant attention needs to be paid to where they invest and when they buy and sell those investments. The single most important point to be noted is that it’s far more beneficial, from a tax point of view, to invest in mutual funds than stocks. While this has been true since February 2018, the hike in long-term capital gains tax in this year’s Budget has made it that much more important. In any case, even earlier, many investors did not appreciate this about taxation. I’ll recap the underlying principle. All equity portfolios need some buying or selling as individual stocks become more or less desirable. This is true even if you are good at choosing stocks and holding most of these for several years. Time goes by, circumstances change, companies and markets evolve, and the formerly good stocks have to be sold and something better bought. If you are investing in stocks yourself, these transactions will translate into tax liability.

While Joshi started early, the vehicle he chose to reach his destination was not quite appropriate. He bought a traditional life insurance policy to save for his son’s education. For an annual premium of Rs.80,000, the policy covers him for Rs. 8 lakh and will start annual payouts when Swaraj turns 16. The returns work out to less than 6%. “Traditional insurance policies are not the best investment. They usually offer very low returns,” says Rohit Shah, Founder and CEO of GYR Financial Planners. Choosing the wrong investment is a common problem. It becomes even more acute while saving for critical long-term financial goals such as children’s education and weddings. Going for the wrong investment option could leave you with a shortfall in the target amount and jeopardise your planning. A study by financial planning firm, Finsafe India, shows that one out of three investors do not know where to invest. “This indicates a strong need for better financial education and investment guidance,” says Mrin Agarwal, Founder and CEO, Finsafe India.

World Leaders Forum (WLF) on August 31 in New Delhi. ET is bringing together the world's brightest minds at a time when India is emerging as a beacon of hope in the global economy, establishing itself as a growing superpower on the international stage amid global conflicts, economic stagnation and shifting power dynamics. Top consultants, including Rich Lesser, chairman of BCG, and Mohamed Kande, chairman of PwC, will provide insights into the global economy and corporate trends, exploring how India can strategically position itself to succeed in this evolving landscape.

Fabricio Bloisi, the newly appointed CEO of Dutch technology investment firm Prosus and its parent Naspers, said he will continue to back early-to-late stage companies in India despite the $500 million write-off incurred due to the collapse of its once high-flying portfolio firm, Byju’s. He added that the valuation reset in the technology world is typical of the funding cycles for the sector and doesn't deter long-term investors from taking bets on India. Prosus doesn’t “live by cycles,” he said in an interview on his first India visit since taking over the chief executive role from interim CEO Ervin Tu. “I founded a startup 20 years ago… I don't get nervous about valuations… it’s part of life,” Bloisi told ET. “In 2001, 2008, everyone thought it was the worst time… Prosus is not a company that lives by these waves,” he said.

climate change requires a focus on Asia, which is home to 60% of the world's population and contributes over half of global emissions, with temperatures in some areas rising twice as fast as the global average, and given India's size, scale, and influence, it plays a vital role in the global solution, said Desmond Kuek, executive director and CEO of Temasek Trust. «Addressing these issues in Asia is essential for global progress, and India plays a pivotal role in driving positive impact across Asia and beyond,» Kuek told ET in an exclusive interaction. «We are just at the start of this multi-year journey and aim to bring together diverse partners and stakeholders, including from India, to collectively tackle these challenges.» Since 2003, the Singaporean investment company has been setting aside a portion of its net positive returns above its risk-adjusted cost of capital for community gifts to foster a more inclusive world with focus on sustainable development. Temasek Trust, as the primary beneficiary of Temasek's gifts, disburses grants for programmes to be developed and delivered by its non-profit ecosystem including Temasek Foundation, Temasek Life Sciences Laboratory, and Mandai Nature.

BEML Ltd expects the rail and metro segment, along with defence, to be the biggest contributor to its revenue in the near future as it looks to bag export orders for Vande Bharat and metro trains in a few years. «The priority is to roll out the indigenous Vande Bharat trains first. But next year, we will try and should expect something on the export front,» BEML (formerly Bharat Earth Movers Ltd) chairman Shantanu Roy told ET. The company, which reorganised operations this fiscal, is keen to accelerate the make in India initiative. It is working on a few opportunities in the Middle East, South America, and the Asean region for rail and metro exports, Roy said. «The ultimate aim is to have exports around 10% of our top line from the present nearly 4%.»

Federal health officials have declined to approve the psychedelic drug MDMA as a therapy for PTSD

Stellantis is warning that it could lay off as many as 2,450 of the 3,700 union workers employed at a truck plant just outside of Detroit

A small brand safety initiative is ceasing operations — days after being targeted by social media platform X in a lawsuit alleging the group helped coordinate a “massive advertiser boycott” after billionaire Elon Musk bought the company in 2022

The union that represents train engineers says Union Pacific is holding back on its promises to make their schedules more predictable

Susan Wojcicki, the former YouTube chief executive officer and longtime Google executive, has died

Godrej Agrovet Limited (GAVL) has announced that its Oil Palm Plantation business (OPP) will set up an Oil Palm Processing Milling unit in Tripura. To be set up in the Dhalai district of the state, where the company currently operates a nursery with a capacity of 3 lakh per year and plans to increase it to 5 Lacs per year, the company will also be setting up an advanced Research & Development centre for oil palm in the vicinity in addition to opening up of Samadhan centre, a one-stop solution centre providing comprehensive support to oil palm farmers. Following the introduction of the National Mission on Edible Oil — Oil Palm (NMEO-OP) in August 2021, the government of Tripura has embarked on a plan to bring at least 7,000 hectares of land under palm cultivation.

India's coal import rose by 5.7 per cent to 75.26 million tonnes (MT) in the first quarter of the current fiscal compared to 71.16 MT of coal in the same period of the previous fiscal. Coal imports in June were also higher by 6.59 per cent at 22.97 MT compared to 21.55 MT in the same month of the previous fiscal, according to data compiled by mjunction services ltd, a B2B e-commerce platform from a joint venture between Tata Steel and SAIL. mjunction MD and CEO Vinaya Varma said that given the surplus coal available in the system and the slowdown in industrial activity during monsoon, import demand is likely to remain subdued in the coming month. Of the total imports in June 2024, non-coking coal imports stood at 14.19 MT, higher than 13.29 MT imported in June last year. Coking coal imports were at 5.45 MT, against 5.33 MT imported in June 2023.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Opel Astra? It was India’s first tryst with German technology on the roads. With automatic transmission — a rarity in those days — ventilated disc brakes and a CFC-free air-conditioning system, Astra quickly became the car to dream for. It single-handedly launched the premium luxury sedan segment in India. Opel, then owned by Detroit, US-based auto major General Motors, doubled down, launching Corsa with an ad campaign that auto enthusiasts still remember—“Achtung Baby”—flaunting its German origins. The Opel cars scored high on product satisfaction, but the sheen wore off quickly, thanks to expensive maintenance and sub-par after-sales experience, all of which affected the resale value. Opel exited India in 2006, 10 years after its entry. French manufacturer Peugeot was another early mover in the 1990s and launched the 309 —a boxy sedan with 80s design language—in India. Not even the choice of the TUD5 engine, a legendary motor, could save the Parisian car maker. You would think that after initial hiccups, things would have become different in the new millennium and the Europeans would have made the most of their early-mover advantage. But that was not to be.

tech industry took to social media to mourn the loss of former YouTube chief executive Susan Wojcicki, who died on Saturday after fighting cancer for two years. “Her loss is devastating for all of us who know and love her, for the thousands of Googlers she led over the years, and for millions of people all over the world who looked up to her, benefited from her advocacy and leadership, and felt the impact of the incredible things she created at Google, YouTube, and beyond,” Google and Alphabet CEO Sundar Pichai said in a note to employees. Wojcicki played a key role in Google’s creation and served nine years as YouTube's CEO, stepping down last year to focus on her «family, health, and personal projects I’m passionate about,” she said at the time. Apple CEO Tim Cook took to X and said, „Saddened to hear of the passing of Susan Wojcicki. She was one of Silicon Valley’s visionaries and she will be missed by so many. May she rest in peace.“

Mobile phones priced in the range of Rs 10,000-20,000 dominate the country's smartphone industry, constituting over 40 per cent of the total market size, according to Infinix India CEO Anish Kapoor. Kapoor said the demand for 5G-enabled handset has increased in the recent past and devices priced between Rs 10,000 and Rs 20,000 see higher demand as compared to those priced below Rs 10,000 that used to dominate the market earlier. The stagnancy, which was in the market for the past two years, has changed, and the market has once again started to grow back, said Kapoor who was in Lucknow on Thursday for the launch of the company's latest smartphone Note 40X 5G. "...earlier the phones which were priced under Rs 10,000 used to dominate the market in India, and it was around 35 per cent to 40 per cent. Now, the major market has gone to the mobile phones priced in the range Rs 10,000 to Rs 20,000 now, which is close to 43 per cent," Kapoor told PTI.

DevRev has raised $100.8 million in series A funding round from Khosla Ventures and others, as interest in firms utilizing artificial intelligence continues to grow. The latest funding round has brought the Palo Alto-based company's valuation to $1.15 billion, marking its entry into the unicorn club. The AI boom has reinvigorated venture capital funding, with investors making significant bets on AI startups in hopes of substantial returns from widespread AI adoption.