CEO Financial News

Tier-1 cities led the growth in e-commerce volumes in fiscal 2023 as work from office resumed after two years of pandemic-led restrictions, e-commerce enablement SaaS platform Unicommerce said in its annual trends report released Wednesday. “As offices return to regular operations, there has been a notable shift of consumers shifting back to tier I and metropolitan cities for work, resulting in tier I cities exhibiting fast growth in order volumes relative to tier II and tier III cities.

Walt Disney Company to Apple. While the idea of an Apple-Disney merger has been circulating for years, particularly due to Steve Jobs' past involvement on the Disney board, it hasn't materialized thus far. Some executives view it as an improbable notion. Nevertheless, as tech giants continue to carve out their share of the entertainment industry to cater to streaming audiences, the concept gains traction. Disney CEO Bob Iger has left room for such a merger in recent statements, although he indicated it's not currently in his immediate plans. As the entertainment landscape evolves, the feasibility of an Apple-Disney merger seems to grow. Tech companies are actively seeking content for their streaming platforms, leading to a more logical synergy between the two giants. However, Iger's comments suggest that the notion is not an immediate priority. To facilitate such a merger, Disney could potentially streamline its operations by divesting certain assets. Disney's CEO hinted at the possible sale of linear television assets, including ABC and FX, which could make the company a leaner and more appealing prospect for acquisition by Apple. This strategic move could signal a step towards the realization of an Apple-Disney partnership. One of the key challenges involves determining an appropriate purchase price. Additionally, government regulations under the Biden administration could impact the deal's feasibility. Regulatory bodies like the Federal Trade Commission (FTC) and the Justice Department have increased scrutiny on significant corporate mergers, exemplified by their successful intervention in Paramount's proposed sale of Simon and Schuster to Penguin Random House.

Galaxy Digital's latest earning report shows a major reduction in losses to $46 million as the cryptocurrency market grows through the second quarter of the year. 

Crypto exchange giant Binance's CEO Changpeng Zhao (CZ) has flagged a warning regarding AI-enabled deepfake videos that pose significant risks to cryptos.

₹7,505.32 crore in July from ₹8,244.8 crore in the previous month, showed data from the Association of Mutual Funds in India (Amfi). This was marked by outflows worth ₹1,880 crore from large cap funds, continuing the trend seen in June that saw outflows of ₹2,049.61 crore, as investors booked profits amid a rally in the stock markets. However, mid- and small-cap funds remained the favourite of investors.

Mint in August, NPCI International CEO Ritesh Shukla stated that interoperability with the payments platforms of foreign partners will enable remittances as well as merchant payments. He also spoke of plans to double the number of countries where UPI is live.

₹1,141 crore as compared to ₹884 crore during the same period last year. The company attributed its performance to sustained business growth across all clusters, but profits from its coal companies have reduced. “We have been able to get orders of 1,200 MW in Q1.

NEW DELHI : The National Investment and Infrastructure Fund Ltd (NIIF) has mandated global leadership advisory firm Russell Reynolds Associates to find the next managing director (MD) and chief executive officer (CEO) of India’s quasi-sovereign wealth fund, two people familiar with the development said. After Sujoy Bose, who served as NIIF’s first MD & CEO for six years since 2016, quit in May, the company named Rajiv Dhar, the executive director and chief operating officer, the interim MD & CEO. In 2015, the then-department of economic affairs secretary Shaktikanta Das headed a search-cum-selection committee to select the CEO for the investment management company under NIIF.

The largest strike in the history of Canada’s largest private-sector union, Unifor, is currently underway, with 3,700 workers shutting down 27 Metro grocery stores in the Greater Toronto Area by refusing to work. The strike is supported by NDP Leader Jagmeet Singh, who in the same breath in which he rails against high prices at grocery stores demands grocery stores pay significantly higher prices for the labour that allows them to operate. It is not a political position calculated to demonstrate financial literacy, and is clear evidence the NDP cares nothing about actual food affordability: they just hate businesses earning profits.

Aptos says that, despite much hype, web3 adoption has been stymied by the time-consuming and complex nature of onboarding new users. The layer 1 blockchain developer is tapping the Microsoft Azure OpenAI service to develop an assistant which aims to offer a responsible, user-friendly and secure way to bridge web2 to web3 for the everyday internet user and organisation.

Meta Platforms' Threads app is adding new updates including the ability to share posts through Instagram messages, CEO Mark Zuckerberg said on Wednesday, as the company tries to retain users on its new app. Threads — which rivals X, the social media platform formerly known as Twitter — lost more than half of its users in the weeks following its buzzy launch.

Stocks that traded heavily or had substantial price changes on Tuesday: Eli Lilly, Fox rise; Beyond Meat, RingCentral fall

Electric bus, van and truck maker Proterra says it is seeking Chapter 11 bankruptcy protection from a federal court in Delaware

Campbell Soup is set to buy Sovos Brands, the maker of Rao’s pasta sauces

WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors

WeWork warned of a possible bankruptcy in a stunning reversal of fortune for the shared workspace provider that four years ago was one of the world's most prized startups with a valuation of $47 billion. The SoftBank-backed company, valued at just $446.8 million as of last close, has been in turmoil ever since it filed its IPO paperwork in 2019 as investors pointed out governance issues involving its then founder-CEO Adam Neumann. The company went public in 2021 through a SPAC merger after abandoning its IPO plans, but the struggles continued as investors doubted its business model and clients moved to hybrid work since the pandemic.

Redseer. Nearly 50% of investors in the survey, conducted in June 2023, were optimistic about a resurgence in funding within the next six to 12 months. Additionally, 17% of respondents believe this upswing could happen even sooner.

WeWork India on Wednesday said its business will have no impact from the development in US-based WeWork Global, which has said «substantial doubt» exists about the company's ability to continue as a going concern. In WeWork India, Bengaluru-based real estate firm Embassy Group hold a 73% stake, while WeWork Global has a 27% shareholding. In June 2021, WeWork Global, which is a leading provider of flexible workspace, invested $100 million (about Rs 750 crore) in WeWork India.

Sula Vineyards Limited, India’s largest wine producer, posted a 24.4% increase in net profit on sales which grew 21.6% during the June quarter. Net sales rose to Rs 118 crore compared to Rs 97 crore a year ago while net profit was Rs13.7 crore. A year ago, it had a profit of Rs 11 crore.

Leading crypto exchange Coinbase published a report on Tuesday highlighting the crypto adoption and innovation in the New York state. Coinbase conducted a survey, which noted that 19% or one-fifth of New York responders own crypto.

₹142 crore for the June ended quarter (Q1 FY24). Revenue from operations rose 14% YoY to stand at ₹896 crore. Earnings before interest, tax, depreciation, and amortisation (Ebitda) for the quarter stood at ₹243 crore, with a margin of 27.1%, an improvement of 290 bps.