CEO Financial News

Elon Musk said on Monday his artificial intelligence startup xAI would open-source its ChatGPT challenger "Grok" this week, days after he sued OpenAI for abandoning its original mission in favor of a for-profit model. The billionaire has warned on several occasions against the use of technology for profit by big technology companies such as Google.

07 March 2024: HSBC India has successfully concluded the annual HSBC India Business Case programme (HIBCP) aimed at empowering youth for career preparedness. In its 10th edition, the programme, which is designed specially for undergraduate students, witnessed participation from over 3,100 students from 72 undergraduate colleges across the country.

₹16,600 crore, as telecom firms are likely to bid for airwaves to bolster capacity in certain bands or circles, analysts said. They would also be keen on renewing spectrum where it's expiring, resulting in demand in the 800, 900, 1800 and 2300 MHz bands. Analysts expect Bharti Airtel to lead the spending with purchases worth $0.5-1.5 billion, with limited participation by Vodafone Idea, which has spectrum renewals in just two circles, and Reliance Jio, that may look to add spectrum in some bands.

In a note to clients Monday, analysts at Cantor Fitzgerald raised the NVIDIA (NVDA) price target to $1,200 from $900 per share. The firm maintains an Overweight rating on the stock.

MUMBAI : Hype, a Bengaluru-headquartered luxury travel aggregator, is looking to expand globally as it charts a path in the elite travel sector. Founded by Raaghav Belavadi, a former group CEO at Accenture, and his sister Vijaya Belavadi, Hype aims to rewrite the playbook on premium travel experiences for high net worth individuals (HNIs) and ultra HNIs. Rejecting the conventional asset-heavy model, the travel aggregator thrives on commission-based operations, a move that ensured profitability from the start of operations, Raaghav Belavadi told Mint.

By Lisa Richwine and Dawn Chmielewski

Gautam Adani is excited by United States-based chipmaker Qualcomm's plans for India, he said on social media platform X (formerly known as Twitter), on March 11. In his post, Adani said he met with Qualcomm CEO Cristiano R Amon and added that the company's vision and plan for artificial intelligence (AI), emerging technologies and semiconductors in India "inspired" him. "Great meeting with Qualcomm CEO @cristianoamon & his leaders! Inspiring to hear his vision for semiconductors, AI, mobility, edge appliances and much more across different markets.

According to the latest Parker Review, the number of ethnic minority CEOs in the blue-chip index has risen from seven in 2022 to 12 in 2023, as the number of ethnic minority chairs rose from six to seven.  The review, carried jointly with the Department for Business and Trade, found that people with ethnic minority backgrounds now hold 19% of all director positions in the FTSE 100, a rise of one percentage point from the previous year. The release also shows an increase in the number of companies with more than one ethnic minority director, from 49 in 2022 to 56 in 2023. Parker Rev...

Chip giant Qualcomm's vision and plans in the domains of semiconductors, AI and other emerging techs have caught the attention of Indian business magnate Gautam Adani. The Adani Group chief shared details of his meeting with Qualcomm CEO Cristiano R Amon on social media on March 11, saying that he is enthused by the chip giant's work.

By James Davey

Leena Nair. Reflecting on her journey, she said, «Over the past decade, residing in London, I've been increasingly exposed to luxury brands. My first exquisite Chanel bag remains one of my most cherished possessions. Now, my life has transformed, attending numerous fashion shows across the world.»

For those wondering why private sector capex is not visible, here's an answer — it has reached a critical stage from where it is beginning to flow — said, CEO at Crisil, the biggest rating company that has the pulse of the Indian corporate world. Recent regulatory actions may slow the growth rate, but there is no trouble in sight, Mehta told Bhaskar Dutta and MC Govardhana Rangan in an interview. Edited excerpts: The latest GDP growth numbers surprised everyone. There are divergent views on it and we aren't seeing private capex yet. What are the corporates telling you? There are a few parts to this. One is the PLI (production-linked incentive scheme). It's very targeted — 15 sectors — and it's going to happen. Then there is conventional capex, the point that you are talking about. We are looking at capacity utilisation across multiple segments right now. What we are seeing is that in the top eight key segments, the capacity today is higher than the decadal average capacity utilisation that we have seen across those segments whether you take cement, steel, oil and gas, etc. Cement and steel plants are already expanding, refining is talking about green capex investment. Capex investment in these companies is at 13-14% versus 7-8% earlier. We are talking 13-14% growth in fixed assets. They have now started investing at a higher pace than earlier. The next question is about the sustainability of this growth. Can this be repeated?

OpenAI is reinstating CEO Sam Altman to its board of directors and said it has “full confidence” in his leadership after the conclusion of an outside investigation into the company’s turmoil

Saudi oil giant Aramco says it made $121 billion profit last year, down from its 2022 record due to lower energy prices

pension funds in Canada and a leading global investor, has appointed former Deloitte chief executive N Venkatram as the country chair for CDPQ India. Venkatram, known as Venkat, will join the fund on April 1, 2024, and will also be a member of CDPQ's global management team, the company said. Venkat served as the CEO and managing partner of Deloitte South Asia from 2015 to 2023. He was also on the global executive of Deloitte Touche Tohmatsu, and Asia Pacific executive as well as a member of the South Asia board and the executive committee for 12 years.

MUMBAI : Mumbai: Reliance Industries Ltd-owned Viacom18 has brought its entertainment businesses under two top executives, in an overhaul ahead of its $8.5-billion merger with Disney’s India unit. As part of the new structure, Kiran Mani, who joined the company as chief executive of digital business (JioCinema) in November last year, will lead the digital and sports businesses, while the entire content business will be under Kevin Vaz, who joined as CEO - broadcast in July last year. Under the new structure, Vaz will oversee content clusters - general entertainment, English youth and music, kids and live events - for both linear TV and digital.

Nita Ambani, the Chairperson & Founder of The Reliance Foundation, took home a ‘Humanitarian Award’ from the Miss World Foundation at the 71st Miss Word Grand finale. The event was held at the Jio World Convention Center in Mumbai on Saturday. The entrepreneur was honoured with this award for her massive contributions to charity and philanthropy.

One evolving trend in the wealth management industry is the fast pace at which wealth is created in India. In today’s scenario, this wealth creation is happening in the case of new-age businesses, first-generation entrepreneurs, technology entrepreneurs, senior corporate heads, and professionals and is not restricted to traditional business houses. 

Saudi Aramco on Sunday reported a 24.7 percent decline in profits in 2023 compared to the previous year, the result of lower oil prices and production cuts. The oil giant said in a filing with the Saudi stock market that net income reached 454.7 billion Saudi riyals ($121.25 billion) in 2023, compared to 604.01 billion Saudi riyals ($161.07 billion) in 2022.

Toyota Motor. Not long ago, it looked as if Toyota had fallen dangerously behind in electric vehicles. Tesla, the electric car pioneer, has grown rapidly and become the world's most valuable automaker. Seeing Tesla's success, other companies, such as General Motors and Ford Motor, concluded that large numbers of consumers were poised to switch to battery-powered cars and trucks and began investing tens of billions of dollars to catch up. Toyota, however, was more deliberate — or lethargic, its critics would say. It has introduced just two fully electric models in the United States so far, betting that its gas-electric hybrids and plug-in hybrid vehicles, which it has become known for, would remain popular and were sufficient to address climate change for now.

Adhil Shetty, CEO & Co-Founder, BankBazaar.com, says that in any equity scheme which gives you the kind of return which an ELSS, or NPS in equity, giving, post tax, they are giving anything between 10% and 12%, I would say these are good returns. You are beating inflation irrespective of tax saving. Let us begin with the basics. NPS versus retirement mutual funds. How would you like to define both of these investment instruments where you get a tax benefit? Adhil Shetty: NPS has got a great regulator in the PFRDA. It is a very structured retirement savings scheme. So, typically, you are saving until you retire. At the age of 60, you get a lump sum and after that you start getting every year annual payout as an annuity. So, it is very structured.