President Financial News

Wipro on Thursday said that Aparna C Iyer will replace Jatin Pravinchandra Dalal as the company's chief financial officer (CFO). Iyer will report to chief executive officer and managing director Thierry Delaporte and will join the Wipro executive board, the company said in a regulatory filing.

₹263.65 on the BSE on Thursday. During the day, it fell 3.41 per cent to ₹260.25.. On the NSE, the stock fell 2.42% at ₹263.40.

Generative AI (GenAI) is expected to generate economic value worth $2.6-$4.4 trillion annually, of which around 75 per cent is expected to be concentrated in software engineering, customer operations, product and R&D, and sales and marketing, which are core service lines of many technology service providers in India, a new report showed on Thursday. Emerging GenAI use cases will drive productivity, growth for tech services players with reimagined service offerings over next 5 years, according to the report by Nasscom in association with McKinsey & Company.

IndiGo and British Airways have signed a codeshare agreement to further boost connections between India and the UK. The two airlines announced their codeshare agreement on Thursday. Through this partnership British Airways will add its code onto a couple of destinations across IndiGo’s network that would allow customers to enjoy improved connectivity between India and the UK for travel from October 12, the airline said. Abhijit Dasgupta, senior vice president – Network Planning and Revenue Management, IndiGo, said, “We are excited to announce our codeshare agreement with British Airways.

chaebol, family-run conglomerates that form the backbone of South Korea’s economy, and the government. On June 20th the World Bank’s arbitration forum ruled that South Korea’s government had left Elliott Investment Management, an American hedge fund, out of pocket by improperly meddling in a merger between two units of Samsung. The deal in 2015 between Samsung C&T and Cheil Industries was seen as an attempt to ensure a smooth succession between Mr Lee and his son, Lee Jae-yong.

India and Canada, ShiromAkali Dal President and MP Sukhbir Singh Badal on Thursday appealed to the Central Government to establish a good relationship with Canada soon to avoid 'increasing panic' among the citizens living there. Badal also met with Union Home Minister Amit Shah in New Delhi and requested him to 'find a solution' over the matter soon. «Keeping the whole situation in mind, I request the government of India and the government of Canada, especially the government of India that it needs to be settled as soon as possible because more delay means more tension and panic,» Badal said while talking to the reporters after meeting with Shah. He further said that a panic-like situation is developing among the people living in Canada due to the recent developments between both countries. «The current situation between India and Canada is now affecting the people of Indian origin living in Canada...A panic-like situation is developing among the people. The government of India should find a solution soon.

Tax incentives from central as well as state governments and flexible payment plans from builders will motivate prospective homebuyers to buy residential properties, according to a survey by Housing.com and Naredco. Proptech firm Housing.com and realtors' body Naredco on Thursday released their latest survey report titled "Residential Realty Consumer Sentiment Outlook H2 2023 — Trends and Insights".

US Federal Reserve also weighed on crude prices. Around 3 pm the November contract of Brent on the Intercontinental Exchange was trading at $92.60 a barrel, down 0.99% from its previous close. The November contract of West Texas Intermediate (WTI) fell to $88.79 a barrel, down 0.97% from its previous close.

ALSO READ: NEET PG 2023: Health ministry reduces cut-off to zero across all categories Opposing the government's decision, Stalin wrote on X, "By reducing the NEET PG cut-off to 'zero', they are accepting that 'eligibility' in National 'Eligibility' Cum Entrance Test is meaningless. It's just about coaching centers and paying for the exam.

Ukraine and Taiwan for headlines, but it could soon prove as dangerous as either. Its nuclear-weapons programme has put its regime in a position to dash for a bomb. Because full-blown negotiations are impossible, the threat could yet draw the Middle East into war—including through American strikes on Iranian nuclear facilities.

deny Russia a victory but avoid a direct war between it and NATO. Ukraine wants more, and applied to join the NATO alliance in September 2022. It will be denied for now.

Walmart Foundation, on Thursday, announced a grant of $2 million to Grameen Foundation for the launch of the latter's second phase of the Market Access eNabled by Digital Innovation in India (MANDI) project. MANDI-II will aim to address challenges faced by smallholder farmers, especially women, in Eastern Uttar Pradesh and West Bengal by building the capacities of Farmer Producer Organisations (FPOs).Julie Gehrki, Vice President, Chief Operating Officer, Walmart Foundation, said in a statement, “We are excited to collaborate with Grameen Foundation for the next phase of MANDI. “Through this project, we aim to provide farmers with the necessary tools, resources, and market access to improve their livelihoods and build sustainable futures for their communities.” During the first phase of the MANDI project, also supported by the Walmart Foundation, Grameen Foundation helped build the capacity of 40 FPOs in Eastern Uttar Pradesh by facilitating market linkages, providing access to finance, data and technology and notably increasing women shareholder participation. Over 8,300 women were added as new members to FPOs;18 out of 40 FPOs now have at least 40% women membership compared to the 12.5% at baseline.

Hindustan Times report. “With some diplomats having received threats on various social media platforms, Global Affairs Canada is assessing its staff complement in India. As a result, and out of an abundance of caution, we have decided to temporarily adjust staff presence in India," the spokesperson said as quoted by HT. Besides this, Canada has also demanded increased security for its embassies, consulates, and high commissions, including those in Mumbai, Chandigarh, Bengaluru, and New Delhi.

G20 summit in Delhi on September 9th and 10th—an unprecedented absence. But on September 16th and 17th Wang Yi, who succeeded Mr Qin as foreign minister in late July, met America’s national security adviser, Jake Sullivan, in Malta. According to Bloomberg, they discussed a possible meeting between Mr Xi and President Joe Biden at a gathering of Asia-Pacific leaders scheduled for November in San Francisco.

Ford, GM, and Stellantis last week. They stopped the car factories in Michigan, Ohio, and Missouri where they make cars like the Ford Bronco, Jeep Wrangler, and Chevrolet Colorado. Union representatives and company management continued their discussions on the sixth day of a planned strike.

Syrian President Bashar Assad arrived in China on Thursday on his first visit to the country since the start of Syria's 12-year conflict during which Beijing has been one of his main backers. China's foreign ministry said Assad would attend the opening ceremony of the Asian Games, an international sports event beginning Saturday in the eastern Chinese city of Hangzhou. Assad's office said earlier that the Syrian leader was invited by Chinese President Xi Jinping for a summit and would bring with him a high-ranking Syrian delegation. China has been expanding its reach in the Middle East after mediating a deal in March between Saudi Arabia and Iran, and it continues to support Assad in the Syrian conflict, which has killed half a million people and left large parts of the nation in ruins. China could play a major role in the future in Syria's reconstruction, which is expected to cost tens of billions of dollars.

Ukraine killed at least two people, started fires and wounded at least 21. The attack carried out on the International Day of Peace coincided with the United Nations General Assembly summit in New York, where Ukrainian President Volodymyr Zelensky delivered a speech and presented a Ukrainian “peace formula.” The missile attack was Russia’s largest since August 15 and came a day after reports of sabotage at a Russian military airfield in Chkalovsk near Moscow. In the southern city of Kherson, near the front lines, two people were killed in Thursday's attacks and at least five injured after a strike hit a residential building, said regional Governor Oleksand Prokudin. Seven people were injured in Kyiv, including a 9-year-old girl, reported Mayor Vitalii Klitschko, and some residential and commercial buildings were damaged. At least six strikes hit the Slobidskyi district of Kharkiv, damaging civilian infrastructure, said regional Governor Oleh Syniehubov.

Gold rate today: Despite rate pause decision in US Fed's meeting on Wednesday, gold price today is under sell off pressure. Gold future contract for October 2023 expiry on Multi Commodity Exchange (MCX), opened lower at ₹59,315 per 10 gm levels and went on to hit intraday low of ₹59,004 levels within few minutes of commodity market's opening bell today.

By Richard Cowan

Mayur Milak, Senior Vice President — Auto & Aviation, Asian Markets Securities, says Akasa Ait has cancelled about 600 flights in August and are looking at another 600 cancellations in September. That does not ooze confidence in customers. From IndiGo's point of view, it is good. But this is not great for the industry overall. It needs to be rationalised pretty well going forward.Explain to us what happened at Akasa Air? Why did it happen and what is the possible options available for Akasa Air to go forward from here on?So, from what we hear from reports and from the CEO's message, clearly it seems that there is a pilot issue and this is definitely a big issue. At a time when you are at a fleet of 20 plus and you are looking to expand, if you do not have the necessary crew in place, it obviously creates a lot of havoc and which I think they have clearly mentioned in their petition that they have cancelled about 600 flights in August and are looking at another 600 cancellations in September. That does not ooze confidence in customers.

coronavirus cases. HHS Secretary Xavier Becerra said, "Biden-Harris Administration, in partnership with domestic manufacturers, has made great strides in addressing vulnerabilities in the US supply chain by reducing our reliance on overseas manufacturing." This highlights President Joe Biden's endeavour to strike political balance.