CEO Financial News

An illegal XRP exchange operator has been sentenced to jail for eight years in South Korea after duping investors out of almost $3.4 million.

remuneration of Tata Consultancy Services (TCS) CEO and MD K Krithivasan in FY24 was Rs 25.2 crore, slightly less than former CEO Rajesh Gopinathan’s at Rs 29.16 crore in FY23. However, it is to be stated that Krithivasan’s remuneration “includes compensation for the full year, i.e. as Global Head of Banking, Financial Services and Insurance (BFSI) for April 1, 2023 to May 31, 2023 and as CEO and MD from June 1, 2023 to March 31, 2024”, reads the annual report of TCS that the company filed with the BSE on Thursday.

MUMBAI Canara Bank, India’s fourth largest public sector bank by assets, reported an 18% increase in profit year on year led by growth in retail loans, other income and a sharp fall in provisions. Net profit increased to 3,757 crore in the quarter ended March, from 3,175 crore a year ago. Total advances increased 11% to 9.60 lakh crore, led by a 12% growth in retail loans and a 19% expansion in the financing of agricultural and allied activities. CEO K Satyanarayana Raju said the bank expects to deliver 11-12% loan growth in the current fiscal year despite conscious efforts to shed low-yielding corporate loans.

MUMBAI: Piramal Enterprises (PEL), the non-banking finance company of the real estate and pharma group swung to a profit in the March quarter helped by a large tax write-back even as higher funding costs and continued paring of its wholesale loan book pressured earnings. The consolidated net profit was 137 crore from a loss of 196 crore a year earlier helped by a 1,203 crore tax write-back including the carrying forward of a loss of 10,627 crore, arising from the acquisition of the insolvent DHFL two years ago. The write-back also included tax gains from investments in alternative investment funds and other reversals, CEO Jairam Sridharan said. On an annual basis, PEL swung to a loss of 1,684 crore from a profit of 9,969 crore, due to the impact of AIF provisions during the fiscal.

Indian outsourcing leaders will likely have to wait longer, perhaps until the start of FY26, for a revival in business as the US Federal Reserve could keep interest rates elevated in the world’s largest economy to ensure a lasting victory over politically uncomfortable inflation. High real rates could elevate hurdle rates for companies, potentially crimping growth in discretionary technology spends. “The Fed's hawkish approach is a double-edged sword. Higher interest rates could lead US clients to curtail discretionary IT spending, impacting revenue growth for Indian firms,” said Hansa Iyengar, senior lead analyst for UK-based IT research firm Omdia.

A deadline is looming for millions of businesses who may be entitled to a payout in a $5.5 billion antitrust settlement with Visa and Mastercard

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded, and some will get more than that

The Prada Group is expanding its production footprint in Italy, including dozens of new jobs at its knitwear factory in Umbria, leaning into “Made in Italy” as integral to the brand’s ethos

Anheuser-Busch InBev reported higher-than-expected revenue in the first quarter despite lower sales in the U.S. and China

FTX, once among the largest cryptocurrency exchanges in the world, said this week that nearly all of its customers will receive the money back that they are owed, two years after its monumental collapse

Air India Express on Wednesday cancelled more than 80 flights after nearly 100 cabin crew members reported sick, protesting human resource practices of the airline. CEO Aloke Singh said in a message to employees that he is open to discussion with the cabin crew and that the airline will curtail flights for the next few days to mitigate the disruption. The airline operates around 360 flights per day. The civil aviation ministry sought a report from the airline, while Delhi's regional labour commissioner Ashok Perumalla pushed the company to settle the issues raised by the protesting staff.

In a letter to shareholders on Monday (6 May), Graham Tuckwell, chair of ETFS Capital, which holds around an 18% stake in WisdomTree, asked investors to vote against the re-election of Steinberg and two other board members at the firm's annual meeting on 12 June.  Laying out its own letter in response, WisdomTree asked shareholders to ignore the activist's callout, calling Tuckwell's latest move «against three of WisdomTree's directors – his third attempt against the board in the past three years – that is a waste of time and resources and not in the best interests of the company and all...

An $809 million registered investment advisor headquartered in San Diego, California, is the latest firm to join Wealth Enhancement Group.

In  an announcement on Tuesday , the U.S. Attorney’s Office for the Southern District of Florida said Todd pleaded guilty to “willfully causing” Digitex to violate the Bank Secrecy Act. Notably, authorities indicted the former CEO in February.

ALSO READ: 'Flight to nowhere': How a 13-hour flight was forced to take mid-air U-turn due to Israel-Hamas conflict Recently, a traveller took to X and shared his flight experience with Ryanair, where he registered his complaint regarding ‘not enough’ legroom space as his feet touched the front seat. Going by the name, 'The Last King', he wrote, "Ryanair, I'll come with my own legroom next time." Now, known for making witty responses, Ryanair responded didn't disappoint and wrote, "Come with your own plane next time." It also ended the tweet with its signature cheekiness.

₹9,519 crore, slightly above Bloomberg’s estimate of ₹9,401 crore, with a net income of ₹1,016 crore against forecasts of ₹1,048 crore, and an Ebitda of ₹1,359 crore, surpassing expectations of ₹1,323 crore. Ebitda refers to earnings before interest, tax, depreciation and amortization. TVS Motor Company, on the other hand, reported revenues of ₹8,169 crore for the quarter ended 31 March, exceeding the anticipated ₹7,975 crore, even though its net income of ₹485 crore fell below the expected ₹530 crore because of a fair valuation loss on some of its investments.

Mumbai: Tata Power Company, India's largest private integrated utility reported an 11.3% increase in net profit for the quarter ended March 31, 2024, on the back of higher revenues. During the quarter, net profit came in at Rs 1045.5 crore against Rs 938.8 crore reported in the fourth quarter of the last fiscal year.

Mint was the first to report the launch of a dedicated portal for the CCPA. The launch aimed to clamp down on persistent violations of advertising guidelines and serve as a platform to "name and shame" violators. Queries emailed to the consumer affairs ministry remained unanswered till press time.

Motilal Oswal Mutual Fund boasts of some top-performing funds. Its mid-cap fund has consistently delivered impressive returns over the past 10 years. But the fund house itself has been floundering for the last many years, with its growth style of investing taking a brutal beating.

CarTrade Tech acquired OLX India operations last year. With the addition of OLX, CarTrade Tech’s user base has grown exponentially to more than 70 million active users, according to Amit Kumar, Managing Director and CEO of OLX India. In an email interview with LiveMint, Kumar said that out of CarTrade Tech’s 70 million active users, OLX as a platform contributes more than 35 million unique users.

The UK's financial regulator also fined Lewis with £120,300. The fine was reduced from £171,900 after Lewis agreed to cooperate during the investigation, and therefore qualified for a 30% reduction of the penalty. In the first instance, Lewis told auditors that between 2015 and 2017, Shard Capital, which he founded in 2010, held hundreds of millions in cash for a particular client. FCA's Sacha Sadan: SDR will help bring 'trust and integrity' back to the sector However in reality, the sum represented debt owed by one of the client's connected companies to the other. In the second...