President Financial News

HCLTech, India’s third largest IT services company, is set to start its wage-hike process, excluding the middle- and senior-level employees of the current cycle to reflect the growth constraints faced by the $250-billion industry. “We will move forward with compensation reviews for employees in E0 to E3 bands. The effective date for increases will be retroactive to Oct 1, 2023 for E0 – E2 and effective Jan 1, 2024 for E3," the company’s chief people officer Ramachandran Surdararajan said in a communication to all employees. The formal communication email has been reviewed by ET.

It’s been 17 days since Hamas launched its horrific attack against Israel, killing over 1,400 Israeli citizens, including defenseless women, children and the elderly. In the aftermath of such unspeakable brutality, the U.S. government and the American people have shared in the grief of families, prayed for the return of loved ones, and rightly declared solidarity with the Israeli people. As I stated in an earlier post, Israel has a right to defend its citizens against such wanton violence, and I fully support President Biden’s call for the United States to support our long-time ally in going after Hamas, dismantling its military capabilities, and facilitating the safe return of hundreds of hostages to their families. But even as we support Israel, we should also be clear that how Israel prosecutes this fight against Hamas matters. In particular, it matters — as President Biden has repeatedly emphasized — that Israel’s military strategy abides by international law, including those laws that seek to avoid, to every extent possible, the death or suffering of civilian populations. Upholding these values is important for its own sake — because it is morally just and reflects our belief in the inherent value of every human life. Upholding these values is also vital for building alliances and shaping international opinion — all of which are critical for Israel’s long-term security. This is an enormously difficult task. War is always tragic, and even the most carefully planned military operations often put civilians at risk. As President Biden noted during his recent visit to Israel, America itself has at times fallen short of our higher values when engaged in war, and in the aftermath of 9/11, the U.S. government wasn’t

By David Morgan and Katharine Jackson

Rudy Adolf, founder and CEO of Focus Financial Partners, will be retiring at the end of the year, the firm announced Monday.

Investing.com — The “no free lunch” metaphor is becoming clearer for the long-oil community that had doubled down on the crisis in Gaza to send the market higher than probably warranted. 

By Jorge Otaola

Women appear to be making some advance in the broad financial advice industry, with an increase in the numbers of women getting the certified financial planning designation last year just one example of that.   

Track the latest updates on Israel-Hamas war Syria, under Bashar al-Assad's rule since 2000, has held differing views on Hezbollah. While the Syrian leadership adheres to the Alewite sect, Hezbollah adheres to hardline Shia school of thought, and envisages a theocratic state on the lines of post-1979 Iran. The Assad-Hezbollah relations, however, turned strong in the aftermath of the Syrian civil war in 2011, as the militant group sided with Iran and Russia to back the embattled Syrian president.

NEW DELHI : India-backed Global Biofuels Alliance (GBA) is looking for more countries to join it from South-east Asia and Africa after the Philippines and Tanzania became the latest entrants. The move is strategically significant as it is expected to give India an upper hand over China which has interests in both South East Asian and Africa and has been opposed to joining the alliance. The alliance launched on 9 September on the sidelines of the G20 Leadership Summit was initially conceptualized with a view to getting all G20 members on board.

1 per cent week-on-week gains for the last two weeks, on the possibility of supply disruption in the Middle East — the world's biggest oil-supplying region — if the conflict were to spread. Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a November 17 expiry, were last trading 2.08 per cent lower at ₹7,213 per bbl, having swung between ₹7,213 and ₹7,343 per bbl during the session so far, against a previous close of ₹7,366 per barrel. Also Read: Domestic crude oil production at 2.4 MMT in September, imports rise 6.1% YoY: PPAC -The intensification of diplomatic efforts to prevent the Israel-Hamas conflict from further escalation could have calmed oil prices on Monday.

K Annamalai on Monday demanded an apology from the DMK party over the insulting of Tricolour outside Chepauk Stadium. Citing a media report, Annamalai alleged that police deployed outside the cricket stadium were restricting fans from carrying Indian flags inside the stadium. In a post on X, K Annamalai said, «Udhay Stalin had problems with the Jai Shri Ram chant during the Cricket match against Pakistan, having forgotten the treatment meted out to our players in Pakistan in the past.

European Union Herve Delphin on Monday said making the EU-India strategic partnership a defining force for the world of today and tomorrow will be his key focus. Delphin said the EU's partnership with India is one of the most significant relationships developed by the grouping on the global stage. The EU ambassador to India made the remarks after presenting his credentials to President Droupadi Murmu at an official ceremony at the Rashtrapati Bhavan.

Congress veteran Digvijaya Singh on Monday asserted his party colleague Kamal Nath wanted to have an alliance with the Samajwadi Party (SP) for the next month's Madhya Pradesh assembly polls «with full honesty», but maintained he does not know how the talks for a tie-up between the two INDIA bloc members got derailed. Digvijaya Singh praised SP president Akhilesh Yadav for his leadership qualities, but disagreed with Nath, the Madhya Pradesh Congress head, over his choice of words while dismissing his (Yadav's) criticism for not leaving any seat in MP for the Uttar Pradesh-based party for the November 17 polls.

Recep Tayyip Erdogan has submitted a protocol for Sweden's admission into NATO to Turkey's parliament for ratification, his office said Monday. Erdogan had been delaying ratification of Sweden's membership, accusing Stockholm of being too soft on Kurdish militants and other groups he considers to be security threats. Turkey also was angered by a series of Quran-burning protests in Sweden.

(Reuters) — Shares of U.S. automakers Ford Motor (NYSE:F) and General Motors (NYSE:GM) slipped about 1% each in morning trade on Monday after the United Auto Workers (UAW) union warned of more walkouts unless a new labor deal is reached.

Bedi just knew how to touch people's lives with various facets of his character — being an artist, a straight-talker and a mentor to many as and when the need be. Arguably the greatest slow left-arm bowler that the world has ever seen, Bedi travelled to the other side after three years of illness but left an indelible impression in minds of many with a character to die for. Honest, upright, someone who played the 'Gentleman's Game' for the right reasons.

Microsoft said it will spend A$5 billion ($3.2 billion) expanding its artificial intelligence (AI) and cloud computing abilities in Australia over two years as part of a wide-ranging effort that includes skills training and cyber security. The U.S. tech giant said it would raise its computing capacity in Australia by 250%, enabling the world's No. 13 economy to meet demand for cloud computing — the practice of storing data on a separate network — which was expected to double from 2022 to 2026 as AI became more prevalent.

Kotak Mahindra Bank has announced a new partnership with National E-Governance Services Limited (NeSL) to issue its inaugural electronic Bank Guarantee (e-BG) through its platform. This collaboration is poised to usher in the era of digital trade, effectively eliminating the traditional paper-based issuance of Bank Guarantees.

Atul Save is planning to soon convene a meeting with key stakeholders from the state’s Finance Ministry, Urban Development (UD), and Revenue Departments to review these charges. Realty developers have been urging the state government to consider a 50% reduction in these premiums to make the city more affordable for homebuyers and businesses. Representatives of realtors’ body CREDAI-MCHI had recently met the state’s Revenue Minister Radhakrishna Vikhe Patil to highlight the issues leading to Mumbai's waning allure as the country's financial capital, primarily due to its exorbitant real estate prices. “I will soon convene a meeting with developers along with UD, FM, and Revenue department to understand their concerns and consider reducing the premiums and permission fees.

Edelweiss Financial Services Ltd, said on Monday it has wrapped up fundraising for its third special-situations fund. The alternative investment firm has raised $1 billion (about ₹8,000 crore) and has so far invested over 40% of this across 40 deals. Special situations funds are not designed for long-term investment but are instead a way for businesses to access working capital relatively quickly and easily.

A team of eight wealth management professionals has joined D.A. Davidson & Co. in North Carolina.