CEO Financial News

Former Macquarie MD Stephen Darke is on the move. Street Talk understands he’s set to helm ASX-listed asset manager Navigator Global, taking over from long-time chief executive Sean McGould.

And we know it’s a flood. You want to get in fast…and your aim is to get out before the tide turns…or perhaps just after it turns. On the other hand is the investor who is, for lack of a better word, a contrarian.

Ari Mervis will succeed Myer chairwoman JoAnne Stephenson, who will retire from the department store board at the annual general meeting after seven years as a director and many prickly battles with major shareholder Solomon Lew.

Fortescue Energy chief executive Mark Hutchinson has challenged companies to bring forward their net zero emissions targets and says those with 2040 or 2050 horizons are lazy and not acting urgently enough to rein in climate change.

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says he “would tend to be underweight on external oriented sectors. This includes metals, energy and even IT to that extent. We believe that the growth story of the world is at least a couple of years away in terms of the world booming back to growth. It is going to be an extended slowdown. False alarms will keep coming. We would rather stay cautious on the side lines.” What will happen to global sectors? Metal is a bet on China. IT is a bet on the US. Manufacturing is a bet on Europe. What happens there? Globally we are not very positive on what is happening in the US GDP data and all seems to keep surprising us. But if you look at the credit cycle that is happening there, people are revolving credit like there is no tomorrow. There is a slowdown in jobs. So, we believe that a slowdown is inevitable. Now, between a hard landing and soft landing, one could have probability factors but we do not think that there is a growth story in the world yet. We believe that the world is going to go through an extended period of slowdown. Europe will suffer a little more. So, we would tend to be underweight on external oriented sectors. This includes metals, energy and even IT to that extent. We believe that the growth story of the world is at least a couple of years away in terms of the world booming back to growth. It is going to be an extended slowdown. False alarms will keep coming. We would rather stay cautious on the side lines.

mutual funds such as gilt schemes which bet on long-term government securities. Fund managers believe the Reserve Bank of India's move to leave the repo rate unchanged at 6.5% with a focus of bringing inflation down presents an opportunity to long-term fixed-income investors. Investments in such funds with a two- to three-year view would help earn about 200 basis points above inflation, they believe. «The 10-year benchmark yield above 7% presents a good opportunity for long-term fixed-income investors to stagger their investments into long-tenure funds over the next four-six months» said Sandeep Bagla, chief executive at Trust Capital. Such a strategy would help investors beat inflation and also earn a capital appreciation when interest rates fall, according to him. Fund managers believe the near-term rates are likely to be volatile and could move a bit higher given the RBI indication of open market operations to manage liquidity. This move has already pushed up the 10-year benchmark by 13 basis points to 7.38%. In the last quarter, the 10-year benchmark bond yield had risen just 20 bps. A note by Franklin Templeton Mutual Fund says with the likelihood of core inflation staying sticky and likely moderation in growth, the easing rate cycle could only start in the fourth-quarter of calendar 2024, in the form of shallow cuts.

The nation’s energy market operator will urge developers to exploit all available government schemes to get projects into construction, and to work harder on getting the backing of local communities for transmission.

Fast food chain Guzman y Gomez will have two chief executives running the company as it prepares for an initial public offering which founder Steven Marks says could happen late next year.

The business has received the green light to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) regulations 2017. This means that Komainu can offer crypto-custody services in the UK, including collateral management services.

Gautam Adani saying the might of a nation's logistics not only lies in its ships and cargo but also in its ability to weave dreams and ambitions. Mundra port is one of the world's largest ports, with over 260 million tonnes capacity. It handled over 155 million tonnes in fiscal 2022-23, nearly 11 per cent of India's maritime cargo. As much as 33 per cent of India's container traffic flows through the port and it has contributed over Rs 2.25 lakh crore to the state and national exchequer since inception. «Since berthing its first ship, MT Alpha on October 7, 1998, the port has consistently demonstrated a visionary approach, unwavering ambition and impeccable execution, positioning itself as one of the premier and technologically advanced ports on the global map,» the company said in a statement. Emerging as a crucial trade gateway, Mundra Port has grown into a multimodal hub that drives trade and fortifies economic progression. «Mundra is also the EXIM gateway for container traffic.

NEW DELHI : Israel’s declaration of war on Hamas in response to attacks on its territory may cloud New Delhi’s ambitious plans to build an India-Middle East-Europe economic corridor (IMEEC), Indian exporters and trade experts said. The plan to develop shipping and railway links between the three regions was announced as part of the Delhi declaration of the G20 summit in India. Fears are growing in the Indian capital that the war could drive insurance premiums and shipping costs higher as was seen on the trade routes affected by the Russia-Ukraine war last year.

Busy, stressed-out humans aren’t always good at expressing empathy. Now computer scientists are training artificial intelligence to be empathetic for us. AI-driven large language models trained on massive amounts of voice, text and video conversations are now smart enough to detect and mimic emotions like empathy—at times, better than humans, some argue.

India's coal imports declined 12.08 per cent to 18.26 million tonnes (MT) in August this year over the corresponding month of the previous fiscal. The country's import of fossil fuel stood at 20.77 MT in August last year. Overall coal imports during April to August also declined by 10.3 per cent to 103.93 MT, over 115.93 MT in the year-ago period, according to data compiled by mjunction services ltd.

Key Takeaways

The chief executive of the Lindsay Fox-owned Avalon Airport Tony Brun says the government should give it the same generous support as that being pumped into Western Sydney, as well as co-invest in rail infrastructure needed to drive traffic.

News Corp has descended into finger-pointing and blame-shifting as senior executives reckon with how the media company burned through tens of millions of dollars on online bookmaker Betr.

₹50 crore for the campaign, they are prepared to double the stake, pouring up to ₹100 crore into promotions. For the ICC World Cup 2023 bonanza, magicpin has enlisted some of the nation's favourite food chains. Expect to see mouth-watering offers from outlets like Rebel Food brands (which boasts names such as Faasos, Oven Story and Behrouz Biryani), McDonald's, Pizza Hut, Barbeque Nation, Barista and WowMomo.

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says “we believe that the capital allocation from the markets has not gone towards discretionary consumption as much as it should have and consequently that, especially the premiumisation of consumption, which is very strong. As per capita income grows, we are already seeing the beginning of premiumisation in automotives, in housing. We are seeing high-end properties, high-end cars selling much faster. We believe that that is a segment which is fully not tapped yet.” Where are you spotting opportunities, either deep value or companies or businesses which are at a cusp of either market share gain or earnings recovery, like pharma and cement. Can you be more specific about where you are finding a combination of either value or growth or both in the next two or three years ? I think that because it's a relative feature. What has happened is that the market has diverted attention towards capital goods and infrastructure heavily over the last few months and hence discretionary consumption has tended to suffer. We believe that is the real cyclical story, because a), they are rate sensitive as EMIs are involved in the purchase of most discretionary consumption items but b)they are highly cyclical because it is mostly middle and small cap companies which borrow heavily and hence interest costs are very high and their plant and investment costs are also very high. So, they are highly leveraged.

Sam Bankman-Fried authorized the illegal use of FTX customers’ funds and assets to plug financial gaps at an affiliated hedge fund from the exchange’s earliest days, FTX’s co-founder Gary Wang told a New York jury on Friday, as prosecutors pressed thei...

Tokyo is constantly recreating itself

Georgia soon will become the first state in the nation to offer medical marijuana products at independent pharmacies