CEO Financial News

Danish energy developer Orsted is scrapping two large offshore wind power projects off the coast of New Jersey, adding uncertainty to a nascent industry the Biden administration is counting on to help transition away from the burning of planet-warming ...

Westpac’s brand-new business banking boss Anthony Miller says the fate of many struggling small firms will hinge on the Christmas and new year trading period when consumers will absorb further potential tightening from the Reserve Bank next week.

Flexible workspace provider WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, in a stunning reversal of fortune for a company that was once privately valued at $47 billion. Shares of the company fell 30% in extended trading after the Wall Street Journal first reported the news. They have fallen roughly 96% this year.

Halloween, Meta CEO Mark Zuckerberg celebrated the holiday with his family and shared a photo on Instagram. In the post, Zuckerberg is dressed as Professor Dumbledore from the Harry Potter series, while his family also dons costumes representing various characters from the books. The celebration of Halloween marks the day before the Western Christian feast of All Saints and initiates the season of All Hallow Tide, which lasts three days and concludes with All Souls’ Day.

BHP chairman Ken MacKenzie plans to lead Australia’s biggest company until at least 2025, taking him to the brink of the nine-year limit he has championed within the miner’s boardroom.

One of Australia’s biggest retailers, Cotton On, backed by billionaire Nigel Austin, is advancing its international push after opening more than 100 overseas stores last year.

Saugata Gupta, MD & CEO, Marico, says “it was a combination of two things have happened, as far as margins are concerned. Yes, there is some raw material tailwind, there has been significant efforts which we continue to do to manage costs and obviously spend effectiveness and we have introduced a significant amount of analytics into our spend effectiveness dive. The other thing that has helped is that we have focused on two things; first is that in the food business, which we had scaled up from 2020. The other one which we worked on in a very focused manner was to improve or reduce the cash burn rate in digital brands.” The company has upped its margin guidance for FY24. What are the factors that are leading to this particular move? Where do you believe the margin improvement in FY24 could be 200 bps versus earlier guidance of 150 bps? Is that on the back of the softness in the RM cost and also how much are you confident about the sustainability of the margin levels going ahead? Our entire focus is to ensure that we maximize volume growth and market share subject to a threshold level of margins and in the past we have defined that threshold as anything between 19% and 20%. Some years, it has crossed 20% and this year we are going to deliver a number which could be one of the highest in our history.

International Franchise Association president and CEO argues franchise owners are better at identifying the needs of their employees.

Advisors who make one-off recommendations to 401(k) plans and participants may face a new reality under the latest fiduciary rule proposed by the Department of Labor: They will be fiduciaries, whether they like it or not.

As more financial advisors go independent, David Settanni will attest that making the switch to the RIA space was one of the best things he did for his career.

One ofTritium’s biggest shareholders, Brian Flannery, says the company has left it too late to reduce its ongoing costs and should have closed its Brisbane factory a year ago and moved all manufacturing to the United States.

WeWork raises doublt about its survival The company also signed a seven-days long forbearance agreement with its creditors on October 30 (Monday), it added. A company spokesperson told Bloomberg this agreement would provide “time to continue in the positive conversations with our key financial stakeholders and engage with them to implement our ongoing strategic efforts to enhance our capital structure." Forbearance is a lender's temporary approval to delay loan payments, given in place of compelling the borrower into foreclosure or default. The spokesperson added that WeWork has a “a clear, long-term vision for the future", but did not respond to other queries, as per Bloomberg.

Bajaj Finance, Sun Pharma, Tata Steel, Britannia, Hero Moto, Adani Wilmar, Ambuja Shares of Bajaj Finance, Sun Pharma, Tata Steel, Britannia, Hero Moto, Adani Wilmar, and Ambuja will be in focus as the companies will announce their second quarter results. L&T L&T reported consolidated net profit of Rs 3,223 crore in the September quarter, up 45% year-on-year. Patanjali Foods Patanjali Foods will be moved out from the additional surveillance measure (ASM) framework from November 1, according to an exchange circular. Read more: Here's the trade setup for today's session Airtel Telecom major Bharti Airtel Ltd saw its profit fall by 37% to Rs 1,341 crore for the quarter ended September. Tata Consumer Tata Consumer Products reported 3% growth in its consolidated net profit at Rs 338 crore in the July-September period. Adani Total Gas Adani Total Gas reported 8% year-on-year (YoY) growth in consolidated net profit for the quarter ended September to Rs 173 crore. Lupin Lupin said it has received an establishment inspection report (EIR) from USFDA for its Mandideep Unit-2 manufacturing facility. Navin Fluorine Navin Fluorine reported net profit of Rs 60 crore for the quarter ended September. Revenue from operations stood at Rs 472 crore. VIP Industries VIP Industries is said to be considering potential sale as PE firms show interest, according to an ET Now report. Amara Raja Batteries Amara Raja Batteries' net profit rose 6% to Rs 214 cr in the September quarter.

PharmEasy cofounder and chief executive Siddharth Shah will have a three-year lock-in on his remaining stake in the epharmacy startup, along with getting a board seat at the company that has just closed a Rs 3,500 crore rights issue. Interestingly, Ranjan Pai, chief of Bengaluru-based Manipal Group, will have three board seats at PharmEasy parent API Holdings as part of his investment in the company, people aware of the terms said. He is emerging as the largest shareholder with at least a 15% stake after the rights issue, they said.

Infosys continues to be plagued by the exodus of senior executives to rivals with Rajeev Ranjan being the latest to leave India’s second-largest software services exporter after a stint of more than 24 years. Ranjan, who was the executive vice president (EVP) and service offering head for manufacturing in India and Japan business units, left Infosys to join US-based engineering firm Ness Digital Engineering as its chief operating officer (COO).

The jury is set to deliberate shortly in the trial of FTX founder Sam Bankman-Fried, with closing arguments scheduled for first thing Wednesday morning.

Computer processor maker AMD (NASDAQ:AMD) reported Q3 FY2023 results beating Wall Street analysts' expectations, with revenue up 4.22% year on year to $5.8 billion. However, next quarter's revenue guidance of $6.1 billion was less impressive, coming in 4.53% below analysts' estimates. Turning to EPS, AMD made a non-GAAP profit of $0.70 per share, improving from its profit of $0.67 per share in the same quarter last year.

(Reuters) -Lithium producer Livent (NYSE:LTHM) Corp posted a lower-than-expected quarterly profit on Tuesday and cut its annual revenue and earnings forecast, citing expansion delays in Argentina.

(Reuters) -WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank (TYO:9984) Group-backed company struggles with a massive debt pile and hefty losses.

FTX founder Sam Bankman-Fried completed his grueling three-day testimony in Manhattan federal court on Tuesday.

Rugby Australia will investigate whether it spent too much money on the World Cup amid concerns that hundreds of thousands of dollars were used for executive accommodation and sponsorship events.