Target Financial News

BENGALURU : Tech Mahindra Ltd’s managing director and chief executive officer (CEO) designate Mohit Joshi has been offered a ₹7 crore joining bonus and stands to earn as much as ₹46.8 crore in his first year, making him one of the highest-paid professional CEOs in the country. The current CEO, C.P. Gurnani, earned ₹674.5 crore in remuneration between 1 April 2013 and 30 March 2023, largely on account of stock options exercised over the past decade, according to Mint’s analysis of company filings.

US Federal Reserve has increased federal funds rate by 25 basis points to 5.25-5.5%—the highest level since 2001. Since the Fed sets the direction of interest rates globally, Mint examines what this means for India and what the future looks like. The federal funds rate is the rate at which commercial banks in the US lend money held with the Federal Reserve system to each other on an overnight basis.

U.S. regulators plan to make large banks bolster their financial footing, moves that could have an outsize effect on companies such as American Express and Morgan Stanley that rely on types of fee income targeted by the new rules. Banking regulators on Thursday proposed new rules that could raise overall capital requirements by roughly 20% at the largest banks, officials said.

NEW DELHI : India and Iran are expected to sign a long-term deal for the development of Iran’s Chabahar Port by September before the Global Maritime India Summit 2023 scheduled in New Delhi in October, two people familiar with the matter said. After years of negotiations, Delhi and Tehran are expected to sign a multi-year deal, allowing India to develop the Shahid Beheshti Terminal in the Chabahar port. In 2016, India Ports Global Ltd (IPGL) and Arya Banader of Iran had signed a contract to develop the port.

The GOP-led House Judiciary Committee threatened a vote Thursday on whether to recommend holding Meta Platforms’ Mark Zuckerberg in contempt of Congress unless he turns over internal company documents, part of a long-running debate about the proper relationship between government officials and social-media companies. Republicans say Meta and other social-media companies are censoring conservative views, sometimes under pressure from the government. Democrats say the government must work with the companies to respond to election manipulation and other threats.

Indian Express. ALSO READ: WhatsApp rolls out support for Wear OS smartwatches.

With Congress seeking to tamp down on ESG and the first401(k) lawsuit over ESG having been filed, some employers are scared about the idea of including sustainable investment options in their retirement plans.

G20 Summit in New Delhi and the UN Climate Summit during the high-level General Assembly session are among the “critical opportunities ahead” for accelerated action on climate change, UN chief Antonio Guterres said as he warned that the world has moved from the era of global warming into that of “global boiling.” As the World Meteorological Organisation and the European Commission's Copernicus Climate Change Service released official data confirming that July 2023 is set to be the hottest month ever recorded in human history, UN Secretary-General Guterres said humanity is in the hot seat. Guterres said that for vast parts of North America, Asia, Africa and Europe – it is a cruel summer but it is a disaster for the entire planet. “Climate change is here.

S. Jaishankar held the 15th India-Japan Foreign Ministers' Strategic Dialogue with Yoshimasa Hayashi, Minister of Foreign Affairs of Japan here on Thursday. They explored potential areas of collaboration in critical and emerging technologies, including semiconductors; resilient supply chains; and digital public infrastructure, among others. The meeting provided an opportunity to review the progress made in the India-Japan Special Strategic and Global Partnership. The Ministers engaged in comprehensive discussions covering a wide range of issues of bilateral, regional, and global significance. They highlighted the importance of further strengthening India-Japan partnership based on shared values and principles. The Ministers emphasized the importance of achieving the target of JPY 5 trillion Japanese investment in India in the period 2022-27.

Westlife Foodworld Q1 Results: Westlife Foodworld announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 27, reporting a consolidated net profit of ₹288.3 crore, compared to ₹235.7 crore in the corresponding period last year. The company's revenue from operations in the first quarter of current fiscal stood at ₹614.5 crore, reporting a growth of 14 per cent, compared to ₹537.9 crore in the year-ago period. The company's board declared an interim dividend of ₹3.45 per equity share of face value of ₹2 each, for financial year 2023-24.

Apple CEO Tim Cook found himself in an unusual predicament when he was denied a credit card adorned with his company's iconic logo. The incident was reportedly caused by a snafu within the troubled joint venture between Apple and Wall Street titan, Goldman Sachs, which oversees the Apple Card. According to The Information, Cook's high-profile status made him a prime target for fraudsters seeking to impersonate him, leading to his account being flagged by credit bureaus in 2019.

NEW DELHI : The government will consider a production-linked incentive (PLI) scheme for the chemicals and petrochemicals sector as it strives to emerge as a manufacturing hub, Union finance minister Nirmala Sitharaman said on Thursday. “We are in favour of making India a manufacturing hub," Sitharaman said at the third edition of the Global Chemicals and Petrochemicals Manufacturing Hubs in India Summit organized by the Federation of Indian Chambers of Commerce and Industry (Ficci) in association with the ministry of chemicals and fertilizers . “We will be considering PLI for chemicals and petrochemicals," said the finance minister.

₹6,329 crore, driven by India and US markets owing to better market conditions and product mix. To be sure, significant near-term upsides may be capped after the stock gained 23% in the past year.

For in the true nature of things, if we rightly consider, every green tree is far more glorious than if it were made of gold and silver," said Martin Luther King Jr. Being in harmony with the environment and the importance of an ecological balance are ingrained in our culture and traditions. Our ancient scriptures propagate the importance of ‘ahimsa’ towards all living beings, highlighting how conservation of biodiversity is essential for a healthy and sustainable world.

Dollar weakness looks to have room to run after the Federal Reserve said further interest rate hikes would be data dependent, bolstering traders’ confidence that the US tightening cycle is near an end. 

(Reuters) — Aerospace and defense company L3Harris Technologies (NYSE:LHX) on Wednesday said it was informed that the U.S. Federal Trade Commission would not block its $4.7 billion deal for Aerojet Rocketdyne.

The Matildas have slumped to a disastrous 3-2 loss to Nigeria and will likely have to beat Canada without Sam Kerr to avoid a group stage exit at their home Women’s World Cup.

By Balazs Koranyi and Francesco Canepa

Good morning,

New Delhi: To support economic recovery, the Nepal Rasta Bank (NRB) has announced its monetary policy for the fiscal year 2023-24, focusing on controlling inflation, stabilizing interest rates, and ensuring credit demand. The policy comes amid the government’s prudent fiscal plan aimed at rationalizing expenditure and increasing domestic revenue mobilization.

Investing.com — Meta Platforms rose more than 7.5% in pre-market Thursday after the social media giant's second quarter results topped Wall Street expectations, driven by a jump in advertising revenue.