Deloitte Financial News

Generative AI is poised to reshape the landscape of financial advice for retail investors, with more GenAI tools emerging as a prominent source of advice, according to a new report from Deloitte.

Creditors have been able to recover nearly half their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution has been completed within the 330-day deadline but delays lowered the proportion of money they got back. Creditors recovered as much as 49% of claims when the IBC process was finished on time but this dropped to 26% when it took 600 days or more, according to Insolvency and Bankruptcy Board of India (IBBI) data. The IBC was introduced eight years ago, in May 2016. The latest data by the bankruptcy regulator establishes the cost of delays in insolvency resolution, going beyond anecdotal evidence. Insolvency resolution holdups, caused mainly by litigation, have been the IBC's gravest challenge, experts said. They called on the government to address this in amendments to the IBC--introduced in May 2016--that are expected to be made once the next government is in place. The IBC by itself isn't a recovery tool but a law that facilitates the market-driven resolution of stressed firms. However, recoveries through this route have often been flagged to gauge its efficacy. The resolution of 947 stressed companies under the IBC over these years has fetched creditors ₹3.36 lakh crore, or 32.1% of claims. A company's insolvency resolution takes an average 679 days, pointing to the scourge of delays.

Sriraman Parthasarathy, Partner, Deloitte India, says, “The role of CTrO involves overseeing trust-building initiatives by continuously assessing the trust levels within and outside the organisation. The trust framework chosen by the organisation would typically include several domains covering interalia corporate culture, employee satisfaction, compliance, digital, customer experience, etc. While trust building is a collective responsibility within the company, having a CTrO often makes one person directly accountable to the board, due to the critical and overarching nature of the role.” Shantanu Rooj, Founder and CEO, TeamLease Edtech, explains that the underlying reasoning for this designation is the rising importance of trust in today’s world. The pace of digital transformation, increasing polarisation of media, geopolitical uncertainty and increasing expectations of stakeholders make trust a top-of-mind issue for executives. As more business functions seek to demonstrate trust, the chief trust officer has emerged as a strategic leader to help build trust across the organisation and the surrounding ecosystems.

FitzPatrick, is joined by Northern Trust Asset Management's John McCareins and State Street Global Advisors' Ann Prendergast, who replace former CEO of JO Hambro Capital Management UK Alexandra Altinger, head of EMEA at BlackRock Stephen Cohen and HSBC AM CEO Nicolas Moreau, whose three-year terms come to an end. The IA thanked the three outgoing directors for their «involvement and dedication.» Prior to his stint at the top of SJP, FitzPatrick worked with Deloitte for 26 years until 2017, focusing on financial services in the UK, Europe and South Africa. In July 2017, FitzPatrick joined...

The work from home issue has been rumbling on for many years but was paused to a large degree during the Covid pandemic. But some brokerage firms are mandating return to the office, with some citing regulatory requirements.

Family offices are facing a cocktail of challenges, but also plenty of opportunity in the years ahead, according to a new report from Deloitte.

Attrition rate among MBA graduates hired directly from campus was the highest across disciplines in 2023, reporting the highest one-year (40 per cent) and two-year (38 per cent) attrition rates, showed a survey by Deloitte. Infant attrition was the highest among Graduate in Management (BBA /BCom /others) degree holders with 33% of fresh hires leaving organisations in less than a year of joining, showed data shared exclusively with ET from Deloitte’s Campus Workforce Trends 2024 survey.

It is not too difficult to do this nowadays if the employer maintains EPF accounts either with the Employees' Provident Fund Organisation (EPFO) or in an exempted trust. Transfer requests can be submitted online on the Member e-Sewa portal — irrespective of whether the transfer is happening within EPFO or from EPFO to an exempted trust or vice versa. Also Read: You could lose Section 80C benefit on EPF contribution due to this

MUMBAI , BENGALURU : Rajnish Kumar and T.V. Mohandas Pai do not intend to continue on the advisory panel of Byju’s parent company, Think & Learn Pvt. Ltd, after their one-year tenure ends on 30 June, presenting the latest setback to the embattled online tutor.

A new survey by Deloitte sheds light on the contrasting views between current and next-generation members of family businesses in the US, particularly regarding succession planning and risk management.

The ONDC (Open Network for Digital Commerce) platform by the government now has more than 5 lakh sellers, of which over 70 per cent are small or medium-sized sellers, said the Commerce Ministry in a statement. ONDC on Friday organised Startup Mahotsav to encourage India’s growing startups to join the platform. The ministry informed that in April 2024, ONDC facilitated around 7.22 million transactions.

Gauri Shankar Nagabhushanam is the Chief Executive Officer, designate CapitaLand India Trust (CLINT), with effect from 16 May 2024. He will assume the position of the Chief Executive Officer of CLINT around August 2024. Gauri is responsible for driving the growth of CLINT, Asia’s first India-focused property trust listed in Singapore. Prior to this appointment, Gauri was Chief Executive Officer, India Business Park at CapitaLand Investment, where he was responsible for growing the company’s business parks portfolio in India. This includes investments, development, operations, asset management, and strategic planning for business parks in the country.

Swedish financial technology company Klarna said Tuesday that nearly 9 out of 10 employees in its 5,000-strong workforce are now using generative artificial intelligence tools in their daily work.

25% increase in their bills after the general election as telecom companies prepare for the fourth round of tariff hikes in recent years, a move which would give a boost to their average revenue per user (ARPU). «We expect a meaningful hike of around 25% by the operators in the near term on the back of a stable competitive environment, their need to improve profitability following heavy 5G investment, and continued government support,» said a report by brokerage Axis Capital. The report said while the quantum of hike may appear large, it should be manageable for both urban and rural users, especially as data usage is sticky. For urban households, subscribers' spending on telecom would go up to 3.6% of total expenditure from 3.2%, it said, while for rural subscribers spending would increase to 5.9% from 5.2%.

Earth observation data can generate over USD 3 trillion in economic benefits globally and help eliminate two gigatonnes of greenhouse gas emissions annually by 2030, according to a new report by the World Economic Forum. Earth observation data refers to the collection, analysis, and presentation of information about the Earth's physical, chemical, and biological systems using remote sensing technologies.

space sector will help attract foreign players as well as startups and will boost demand for high-tech jobs, experts say. The government has eased FDI norms in the sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. The provisions were notified last month.

In recent Institute of Chartered Accountants of India (ICAI) investigations into the affiliates of multinational professional services firms EY, Deloitte, PwC, and KPMG, the firms have managed to get court stays against disciplinary proceedings by ICAI's disciplinary committee after years of investigation, their domestic rivals said. In a case against EY affiliate firms SV Ghatalia and SR Batliboi, which began in 2013, the ICAI disciplinary committee issued an order on April 26 that barred and fined the two partners and directed them to sever all associations with the global entity, EY Global. The partners in question had retired a few years prior.

investment (FDI) in the space sector will help attract foreign players as well as startups and will boost demand for high-tech jobs, experts say. The government has eased FDI norms in the sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. The provisions were notified last month. Sreeram Ananthasayanam, Partner, Deloitte India, said that the recent amendment of higher FDI limits in the space sector is a significant step towards transforming India's space program, in terms of infrastructure development.

Adani Ports & Special Economic Zone with a target price of Rs 1,550. The current market price of Adani Ports & Special Economic Zone is Rs 1319.75. Adani Ports & Special Economic Zone, incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 289242.60 crore) operating in Shipping sector.

Mint in the week gone by. The Godrej group, which began its journey as lock-maker 127 years ago, is now dividing its assets as the descendants have decided to go their separate ways. Meanwhile, Wipro’s new chief executive officer Srinivas Pallia, who took over for five years on 7 April, stands to earn up to $7 million ( ₹58.5 crore) in remuneration in his first year.

He will join the FTSE 100 wealth manager in October 2024 from Aviva Wealth, where he is currently director of investment looking after strategy, proposition, governance and asset transitions. Prior to that, Oak held various roles at Aviva Investors, including head of product strategy and solutions. Before his 15-year stint at Aviva, he started his career at Deloitte as a strategy consultant, a role he held for four years. Net inflows to St James's Place more than halve as business review outcomes loom Tom Beal, group investment director at St James's Place, said Oak has a «strong t...