CEO Financial News

SocGen’s Q2 results are out. And while most reporting has focused on the feebleness of its retail performance or the moderate strength of its equities traders, one thing has mostly flown under the radar: the French bank may have dispensed with a senior executive whose division failed to make the cut.

₹334 crore in Q1 of FY25 from ₹268 crore at the end of the March quarter. Sumant Kathpalia, CEO of IndusInd Bank said during its Q1 earnings call that some stress will be seen in the card business in the next two quarters. “If you look at the 60-plus and 30-plus DPDs, the 30-plus looks 7% right now.

Mint, pegs the growth in leadership hiring in the first six months of this year at 15% year-on-year. In January-June, 474 top-deck recruitments happened compared to 411 in the same period last year. Business head and chief operating officer (COO) appointments increased by 13%, while chief executive officer (CEO) hiring increased by 8%.

The young people who get an undergraduate internship at Blackstone might consider that they’ve pretty much won the lottery.  There are very few of them – the “summer analyst” class is no more than 150, but that includes people from MBAs and law school.  The private equity firm's 0.3% acceptance rate is lower than Citadel’s 0.5%, and they get paid somewhere in the region of $20,000 for ten weeks of work.

CVS Health has chopped its 2024 forecast for a third time as the health care giant continues to struggle with high utilization in its health insurance business

Microsoft is joining cybersecurity firm CrowdStrike in fighting back against criticism from Delta Air Lines

JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a «soft landing» for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind.

Telecom Regulatory Authority of India (Trai) has started holding informal meetings with broadcasting industry stakeholders to discuss issues that would be part of a consultation paper that it plans to issue soon, said people familiar with the matter. The telecom and broadcast sector regulator, under its new chairman Anil Kumar Lahoti, is planning to come out with a consultation paper to take a comprehensive look at the broadcast tariff issue. On Wednesday, the regulator held a meeting with the CEOs of TV broadcasting companies. Prior to that, it held a meeting with the heads of TV distribution companies, the people.

Huffman also highlighted Reddit's robust search capabilities, noting that users conduct over 1 billion searches each month. Recent statistics show a substantial rise in user engagement, with the platform boasting 342.3 million weekly active users, marking a 57% increase from the previous year.Alongside the search summaries, Reddit has been enhancing its platform with various AI-driven tools.

Apollon Financial, a fee-based provider of advisory services affiliated with Apollon Wealth Management, has just expanded its reach in the Southeast with its latest acquisition.

Registered investment advisors using the Flourish Annuities platform will benefit from an expansion of the marketplace announced this week.

A «massive advertiser boycott» allegedly deprived X of billions of dollars.

Airbnb says its profit fell 15% in the second quarter from a year earlier, as higher income taxes cut into the short-term rental giant’s bottom line even as bookings and revenue rose

Big Tech is following a crafty playbook to hoover up AI talent: Instead of buying the hottest AI startups, the giants hire their leadership and license their intellectual property, essentially sucking the life out of them. So long as they leave behind the shell of a company, antitrust scrutiny can be avoided. Alphabet’s Google [which just had bad news in the form of a court ruling against it for its search market monopoly], is the latest to follow this template by hiring the co-founders of Character.ai, Noam Shazeer and Daniel De Freitas, along with a few other employees.

Setu, an application programming interface (API) infrastructure provider, introduced a Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank. The platform, named UPISetu, supports a wide range of UPI products, from basic QR code payments, UPI Autopay, equated monthly instalments (EMIs), and third-party validation service. It also features functionalities like brand and bank offers, advanced dispute resolution, instant cashback and refunds, all provided via APIs. “As ‘Credit on UPI’ gains momentum and there exists a pressing need to drive payment transaction success rates, UPISetu will be a game-changing launch for the ecosystem. We believe the world will increasingly be UPI-first thanks to the pioneering efforts of NPCI in India and overseas,” said B Amrish Rau, CEO of Pine Labs.

Amit Singh Negi has been appointed additional secretary in the PMO as part of a major top-level reshuffle effected by the Centre. A 1999-batch Indian Administrative Service (IAS) officer of the Uttarakhand cadre, Negi is currently joint secretary in the Department of Expenditure under the Union Ministry of Finance. He has been appointed as additional secretary in the Prime Minister's Office (PMO), according to an order issued by the personnel ministry. Samir Ashwin Vakil, a 1998-batch Indian Revenue Service (Income Tax) officer, has been appointed director in the Serious Fraud Investigation Office (SFIO) under the Union Ministry of Corporate Affairs for a tenure of five years, it said.

Groww experienced a technical glitch this morning, disrupting users' ability to place orders and access their Demat balances. The outage has caused widespread difficulties, leaving many users unable to use essential platform services. Taking to platform X (previously known as Twitter), one user wrote, “@_groww unable to use my Demat Balance, what's wrong?”

GST of 18% on life or health insurance policies pinches policyholders and discourages citizens from taking a new or higher insurance cover. The pain of policyholders gets amplified as insurance is a product where most beneficiaries will get the benefit only when they face an eventuality like death or hospitalisation. What this means is that in some cases, they would pay the premium and high tax but not get the benefit. While the insurance industry has been raising its voice against this, the issue of 18% goods and services tax (GST) on life and health insurance premiums has again come to the forefront now. The political parties of the INDIA bloc have recently protested the high tax outside the Parliament building and demanded that the central government withdraw this GST. At least one person in the government has also aired similar views. A few days ago, Union Minister of Road Transport and Highways Nitin Gadkari wrote to Finance Minister Nirmala Sitharaman urging her to roll back the 18% GST on such financial products. After Gadkari's letter, West Bengal Chief Minister Mamata Banerjee has also urged Sitharaman to remove GST on insurance premiums. So will the central government remove the 18% GST and bring down your life and health insurance premium? As the Centre looks into the issue, let us understand why everyone wants the government to remove GST from insurance premiums and how it can lower your insurance premiums.

quick commerce and aggressive demand for newer direct-to-consumer (D2C) brands aided by speedy deliveries on platforms like Blinkit, Zepto and Instamart are fuelling dealmaking in early-to-mid-stage D2C brands, several executives and investors told ET. New brands have scaled much faster than anticipated due to the quick-commerce channel and that is attracting investor interest. Kids gift brand Tuco Intelligent is in talks to raise new capital from Fireside Ventures, while Peak XV Partners is likely to pick a stake in healthy bread maker The Health Factory, sources said. Gourmet Garden, a specialised organic fresh supplies brand, has started talks to raise around $10 million from a mix of investors.

Visit Health has raised approximately Rs 250 crore in a combination of capital infusion and secondary purchase of shares from Docprime Technologies, a wholly owned subsidiary of PB Fintech, as well as other promoters and employees. The New Delhi-based company will use the funds to expand its business, including a new partnership with TatvaCare, a company specialising in the health and wellness space, Visit Health said in a statement on Tuesday, adding that the collaboration will leverage capabilities of both companies and maximise their reach in the healthcare sector. “The company’s primary capital requirement was not much because we have been Ebitda positive for the past few years. The remaining acquisition of shares can only happen through secondary transactions, involving existing entities such as Docprime, promoters, and we did a good chunk of Esop buyback as well,” said Vaibhav Singh, cofounder and managing director of Visit Health.