CEO Financial News

Paytm plans to revamp its online wealth management services and hire more than 50,000 salespeople to get more merchants on its network, aiming to hit profitability sooner than targeted. Billionaire founder-CEO Vijay Shekhar Sharma is overhauling its suite of money management products to better tap growing wealth among younger users, who’re warmer to the idea of investing online. At the same time, it’s orchestrating a campaign to boost its salesforce more than 60% to try and sign up more merchants across smaller Indian cities and towns.

BEIJING — Tesla cut prices for its electric cars in China by more than BYD did for its flagship Han sedan, according to analysis Wednesday from U.S.-based firm JL Warren Capital.

BSE Sensex over a five-year period. Note the outperformance of the NASADAQ. Now, if I took a 10-year time frame the outperformance almost goes away.

With some saying a ‘confirmed’ bull-market as Bitcoin crossed over $40,000 for the first time since last year, trends like Socialfi seem to continue to keep growing. Although some startups have had it in their ecosystem long before it gained widespread popularity as a ‘trend.’

Yogi Adityanath-led govt on Tuesday approved the implementation of recommendations from the Amitabh Kant Committee report on real estate projects. Two major points of the committee’s recommendations that were considered are - homebuyers must get possession and registry immediately. "The cabinet has approved the implementation of the recommendations of a central committee headed by Ex CEO of Niti Ayog Amitabh Kant," UP cabinet minister Suresh Kumar Khanna said during a press briefing in Lucknow, PTI reported.

South Korea’s Supreme Court has jailed a crypto fraudster who amassed $153 million for 10 years, upholding a sentence handed out in February.

BEIJING — Alibaba Group CEO Eddie Wu is taking over the top role at the company's Taobao and Tmall e-commerce business, replacing Trudy Dai in the Chinese internet tech giant's latest management shakeup this year.

Alibaba Group CEO Eddie Wu will take over as chief executive of Taobao and Tmall Group, Alibaba's domestic e-commerce arm, effective immediately, the company said on Wednesday. Wu, who has been Group CEO since September, also took over from previous head Daniel Zhang as the company's cloud business CEO that month. The latest appointment means Wu now leads the overall group as well as its two most important business divisions — cloud and domestic e-commerce.

Exencial Wealth Advisors, an independent wealth management firm and fiduciary, has acquired Weinheimer Wealth Management, a boutique wealth management services firm based in Austin, Texas.

FedEx (NYSE:FDX) shares dropped more than 7% after-hours Tuesday following the company’s reported Q2 miss and full-year revenue guidance cut.

Accenture forecast second-quarter revenue below Wall Street targets on Tuesday, anticipating cautious spending by clients as macroeconomic uncertainty remains an overhang. Analysts expect IT services expenditure to remain muted in the near term as businesses typically decide their annual budgets only after February. Accenture itself has pointed to slower budget-related decision-making, especially in tech and media companies.

Embassy REIT Global private equity firm Blackstone Group plans to sell its entire stake in Embassy Office Parks REIT through a mega block deal on Wednesday, according to news reports Tech Mahindra Mohit Joshi assumed the office of Managing Director and CEO of the company effective December 20. Nippon AMC IndusInd Bank is likely to sell up to 2.86% equity in Nippon AMC through block deals on Wednesday, according to reports. Read more: Here's the trading setup for today's session Glenmark Life The Competition Commission of India has approved the acquisition of majority shareholding of Glenmark Life Sciences by Nirma. BPCL The Board has approved a proposal for setting up Polypropylene (PP) unit, for production of Polypropylene at Kochi refinery at gross project cost of Rs 5044 crore. Apollo Tyres Global private equity major Warburg Pincus on Tuesday sold a 4.5% stake in leading tyre manufacturer Apollo Tyres for Rs 1,281 crore through multiple block deals. Varun Beverages The company has signed a memorandum of understanding with the Jharkhand government for its proposed manufacturing plant in Patratu with a total capital outlay of Rs 450 crore.

Kraken Ventures, Fabric Ventures, Arca, and Inovo.vc joined the round as well as existing investors Speedinvest, Credo Ventures and Seedcamp. Fiat secured $3.5 million in financing in 2022.The startup offers a single API integration coupled with a single compliance touchpoint, providing crypto platforms with access traditional transaction banking services, cutting the time and cost of processing fiat currencies.The company is also building a coalition of crypto platforms to "transform the perception of cryptocurrencies in traditional financial circles and focusing them on seeking partnership rather than conflict".Meanwhile, Fiat has been granted a full electronic money institution licence by De Nederlandsche Bank, enabling it to provide regulated financial services across the European Economic Area.

The debate surrounding illicit financial activities within the cryptocurrency space has been a contentious issue, with critics often pointing to the potential for misuse. However, recent remarks by Binance CEO Richard Teng and analysis by Dr. Andrzej Gwizdalski, a lecturer at the University of Western Australia, offer a new perspective.

InvestmentNews is proud to present its first annual InvestmentNews Awards, which aims to shine a spotlight on standout finance professionals who have elevated their work, reputations, and the industry as a whole.

TBO Tek, which has filed its draft IPO papers with Sebi, told ET that it has signed a deal to acquire the online business of Jumbo Tours Group of Spain, through its wholly owned subsidiary Tek Travels DMCC. The company has acquired the business for a consideration of ₹25 million, as per the draft IPO papers.

Target and Amazon are all-in on the shipping wars, a move retail experts say will help them maintain a competitive edge against low-cost Chinese retailers Shein and Temu. For Walmart and Target, their investments are also aimed at narrowing the gap in delivery speed with Amazon, which has set the standard for fast shipping and remains the king of speed. Amazon packages have been arriving at the doors of Prime customers even faster this year under the company's new distribution model, which divides the country into eight regions and predominantly ships items from warehouses in those areas. The idea, according to Amazon, is to get shipments to travel shorter distances with fewer touchpoints, which helps the company not only speed up deliveries but also cuts down on costs.

The Public Provident Fund (PPF) stands as a long-term savings and tax-saving scheme backed by the government. It allows investors to trim annual taxes and amass a substantial corpus. Being exempt from taxes, including earned interest, PPF holds a prominent place among the top tax-saving investments under Section 80C of the Income Tax Act. Operating for a minimum of 15 years, it offers the facility of limited partial withdrawals.

In the fast-growing housing market of India, where affordable residences for the economically underprivileged and opulent homes for the affluent take centre stage, attention is increasingly drawn to a crucial yet sometimes overlooked segment—the mid-segment homes.

By Dietrich Knauth

Big investment firms that have shunned retail real estate for years are giving the sector a fresh look, the latest sign that this long beleaguered property type is on the mend. Institutional buyers are snapping up grocery stores, pharmacies and other recession-resilient stores.