Posts in category: business

Unaffordable housing is a drag on regional and national economies. In areas where housing costs are high, employers end up effectively transferring significant sums to landlords as the cost of attracting talent. But what will it take to fix this problem? Will market-based solutions suffice? If not, what kinds of interventions are necessary? Recent research shows that the market itself needs to be fixed. Any plan to overhaul the housing market needs to, first, confront the power of landlords to raise rents. Second, it requires rethinking public governance of housing markets behind simplistic prescriptions to just free the housing market from government regulation, assuming lower rents will follow. And third, it needs to provide more muscular government involvement in housing, through price regulation, more robust planning, and even direct public provision.

Details of the offering such as size and timing are still under discussion and subject to change, they said.

A representative for Swiggy didn’t immediately respond to a request seeking comment.

Founded in 2014, Swiggy partners with more than 150,000 restaurants across India to help deliver food in the world’s most populous nation, according to its website. It competes with companies including public-listed Zomato Ltd., e-commerce giant Amazon.com Inc.’s India unit and conglomerate Tata Group’s BigBasket. 

Swiggy, backed by SoftBank Group Corp., would follow in the footsteps of other local and international companies seeking to tap the country’s economic growth and demand from global investors. About $7.8 billion has been raised through first-time share sales so far this year, already exceeding proceeds in each of the past two years, according to data compiled by Bloomberg.

More listings are expected in coming months. Hyundai Motor Co. is planning to sell shares in its local Indian unit this year in what could be one of the biggest-ever listings in India, people familiar with the matter have said. LG Electronics Inc. has picked banks for a potential listing of its Indian business that could raise as much as $1.5 billion, Bloomberg News reported.

First Published: Sep 15 2024 | 7:52 PM IST

He refused to reveal the name of the Indian carrier with which the talks are in progress.

Watts said the facility, spread over 1 lakh square metres, is “right-sized for the short and medium term”, and has scope for further expansion.

“In terms of our overall facility size, we actually think we’re right-sized for the short and medium term…we’ve got plenty of rooms to grow in terms of general cargo in Hong Kong. In terms of special cargo, we continually review the market, and we’ll look to build facilities within the cargo to monitor the system,” he said.

About the company’s expansion in India, Watts said Cathay Cargo has no immediate plans to operate cargo terminals around the world.

“…I think all I would say is, never say, never. If an opportunity presents itself in India or anywhere in the world where there might be an investment for Cathay Cargo Terminal. Of course, we’d have to, we’d look at that,” he said.

“We certainly welcome all Indian airlines to come and use our facilities when they’re flying in and out of Hong Kong. And we’re talking to a carrier at the moment. Talks are underway, so I can’t say too much about that, but I very much hope that comes to fruition”.

Tom Owen, Director Cargo told PTI in an interaction that Cathay Cargo has enough capacity to play an important role in India’s push for manufacturing and exports.

“Our strength is connecting India to the world, and that’s what India needs. It needs more capacity to connect to the world,” Owen said.

Watts said that Cathay Cargo aims to achieve net zero carbon emissions by 2050 and is working on various plans to reduce CO2 emissions.

“The big target for us is to try and be absolute net zero carbon emissions by 2050. We got a target to cut our carbon emission by 50 per cent by 2035,” he said.

The company has turned all the vehicles that are used inside the terminal into electric.

“In terms of the tractors that move between the terminals and aeroplanes… we are looking on how to decarbonise those and working sort of how we can replace them with sustainable fuel. Ultimately, we want to electrify that as well, he said, adding that the company is also working with the Hong Kong Airport Authority on autonomous electric tractors.

Besides, the company has also started recycling plastic sheets that are used to cover various shipments.

“All those plastics get compressed and picked up by recycling suppliers. They turn them into resin pellets, and that same plastic comes back to us in a new cover sheet. We are also looking at whether we should be using biodegradable plastics, and still something we continue to look at,” he said.

According to Watts, the company has done a lot of experimentation with different types of plastic mixed in different climate conditions.

“…So monsoon in India, snowstorms in Anchorage (US), very hot weather down in Australia. I think we did some trials in hot weather to make sure what was the optimum amount of or what was the highest recycled plastic we could use while still ensuring that the plastic was waterproof,” he said.

About the use of artificial intelligence, Watts said Cathay Cargo is working on using an AI-enabled system to ensure the safety of workers at the cargo terminals and enhance operational efficiency.

“AI has got a number of huge applications that, again, will make our services more efficient, be better for our customers, but equally, be better for our people, because it really will help them do their job better, keep them safer and make their jobs more interesting,” Watts said.

First Published: Sep 15 2024 | 5:38 PM IST

High-performing customer loyalty programs, while complicated to operate, have proven to be well worth the effort. Several successful airline loyalty programs have a higher valuation than the underlying airline. A recent Bain & Company survey of nearly 870 US consumers found that 63% of respondents said they make buying decisions based on loyalty programs they participate in. And since very small businesses resemble consumers in many aspects, loyalty programs have begun to spread in business-to-business markets, such as AB InBev’s program for small- and medium-sized food and beverage retailers.

ZEE and SPNI agreed to merge on December 22, 2021. | Photo: Bloomberg

“Accordingly, this Bench allows the withdrawal of the Scheme of Amalgamation and hereby recalls order dated 10.08.2023 in C.P.(CAA) No. 209 of 2022,” said NCLT order, a copy of which was shared to bourses by Zee on Thursday.

Zee, which applied for withdrawal, submitted the Composite Scheme of the Merger Cooperation Agreement executed to give effect to this scheme stands terminated and accordingly the closing date has not occurred and the scheme has not attained any effectiveness.

Earlier on August 27, ZEE Entertainment and Sony Pictures Networks India announced settling their six months long dispute related to the failed USD 10-billion merger and agreed to withdraw all claims against each other.

As part of that, both had mutually agreed to withdraw all respective claims against each other in the ongoing arbitration at the SIAC and all related legal proceedings initiated in the NCLT and other forums, a joint statement stated.

Both Zee and Sony had claimed a termination fee of USD 90 million (around Rs 748.7 crore) from each other for not complying to the Merger Cooperation Agreement (MCA) signed in December 2021.

In January this year, Sony had pulled out from the proposed USD 10.5-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain “closing conditions” by the Indian firm.

ZEE and SPNI agreed to merge on December 22, 2021.

First Published: Sep 14 2024 | 6:57 PM IST

Mohammed Shami. Photo: ANI

It is understood that Shami will play either one or two of Bengal’s opening Ranji matches against UP (October 11) and Bihar (October 18).

The 34-year-old hinted at the possibility of playing domestic matches before making his international return.

“If I need to play domestic cricket to test my fitness, I will. What matters most is that I am fully ready for whatever comes next, regardless of the opposition or format,” Shami added.

Shami is expected to be a key figure in India’s preparations for the upcoming five-Test Border-Gavaskar Trophy against Australia.

“I often say I was born in UP but made in Bengal. This is a journey of over 20 years, and I am grateful for the love and support Bengal has shown me,” Shami said.

During the ceremony, several other Bengal cricketers were also honoured for their achievements.

Anustup Majumdar was given the ‘Cricketer of the Year’ award, while Abishek Porel was named the ‘Gentleman Cricketer of the Year’. Suraj Singh Jaiswal received the ‘Best Fast Bowler of the Year’ award, while Chandrahas Dash was given the ‘Best Under-19 Cricketer’ award.

Deepti Sharma and Saika Ishaque were among the women cricketers felicitated for their outstanding performances in the Senior Women’s T20 and One-Day tournaments.

A total of 200 awards were given away during the event.

First Published: Sep 15 2024 | 1:46 AM IST

Two recent Supreme Court decisions produced sweeping changes to how regulation works in the United States, shifting power from agencies to the courts. Investment will now take place against the backdrop of the “judicial veto,” where a wide range of potential litigants and sympathetic judges will decide which regulations actually go into effect, and when. According to conventional wisdom, scaling back the regulatory state will help businesses. However, the court’s rulings will suppress business investment in three unintended ways. The judicial veto doctrine 1) multiplies the number of decision-makers and discounts the value of expertise, 2) increases the timeframe of unpredictability, and 3) tips the scales in favor of incumbent businesses and their shareholders over new entrants and early-stage investors. The overall effect of this will be less innovation and reduced competitive advantage for U.S. businesses.

The company may file a prospectus with India’s stock market regulator as early as next month. Image: Bloomberg

Deliberations are ongoing, and details including the size of the offering and timing could still change, the people said, asking not to be identified as the information isn’t public.

The company may file a prospectus with India’s stock market regulator as early as next month, the people said. It may add more banks, including local ones at a later stage, they added.

Representatives for LG, Bank of America, Citigroup and JPMorgan declined to comment, while a representative for Morgan Stanley didn’t respond to requests seeking comment outside of regular business hours.

India has turned into a hotspot for deals as global investors seek to tap into the country’s growth potential. Hyundai Motor Co. is planning to sell shares in its local Indian unit this year in what could be one of the biggest-ever listings in the South Asian country, Bloomberg News has reported.

The IPO of LG’s Indian unit is one of the options the South Korean company is weighing as it seeks to hit a target of $75 billion in electronics revenue by 2030 and revitalize its consumer electronics business, Chief Executive Officer William Cho said in a Bloomberg Television interview in August.

First Published: Sep 14 2024 | 1:35 PM IST

Developed in a record time of two years for high altitude areas of Ladakh, the tank is testimony to Indian progress in indigenous manufacturing. Image: X@ani_digital

During the field trials conducted in the desert terrain, the Light Tank demonstrated exceptional performance, efficiently meeting all the intended objectives. In the initial phase, the tank’s firing performance was rigorously evaluated and it achieved the required accuracy on designated targets, the Defence Ministry stated.

Zorawar has been successfully developed by the Combat Vehicles Research & Development Establishment (CVRDE), a unit of the Defence Research and Development Organisation (DRDO), in collaboration with Larsen & Toubro Ltd (L & T).

“Numerous Indian industries, including Micro, Small, and Medium Enterprises (MSMEs), contributed to the development of various sub-systems, showcasing the strength of indigenous defence manufacturing capabilities within the country,” Ministry of Defence stated in the release.

Union Defence Minister Rajnath Singh lauded DRDO, the Indian Army, and all associated industry partners for the successful trials of the Indian Light Tank. He described the achievement as a significant milestone towards India’s goal of self-reliance in critical defence systems and technologies, as per the Ministry of Defence.

Learning from the Russia-Ukraine conflict, DRDO and L & T have integrated USV and loitering munition in the Zoravar tank.

Initially, 59 tanks will be given to the army. Weighing 25 tonnes, this tank can move at high speed in mountain valleys and two tanks can be transported at a time by the Indian Air Force’s C-17 aircraft.

First Published: Sep 14 2024 | 1:49 PM IST

C-level technology roles have proliferated over the past few decades. Chief information officers first appeared in the early 1980s. Next, chief technology officers became common in high-tech firms, and then spread to other types of businesses. These roles were followed by chief information security officers, chief data officers, chief analytics officers, and chief digital officers. Most recently, chief artificial intelligence officers have appeared. Their numbers have greatly increased with the rise of generative AI over the past few years.

First Published: Sep 14 2024 | 12:39 AM IST

Another trader KG Jhalani said that no damage was seen in the groundnut crop yet. He further informed that the main reason for damage is believed to be rotting, staining, and lack of beans in the crops.

“But this rain will be very beneficial in the upcoming rabi season. Due to excess rain, filling of dams, and the overflowing of rivers, the level of water in the ground has increased. The biggest problem in Rabi crops was irrigation, which will now be reduced,” Jhalani said.

Talking about sowing, on 4th September, the Agriculture Department of Rajasthan released the final list of kharif sowing. According to this, in the state, rice has been sown in 2.97 lakh hectares over 145 per cent of the target, jowar in 6.60 lakh hectares 108 per cent of the target, millet in 43.24 hectares 98 per cent of the target, green gram in 23.15 lakh hectares 92 per cent of the target, moth in 10.39 lakh hectares 106 per cent of the target, groundnut in 8.54 lakh hectares around 105 per cent, soybean in 11.23 lakh hectare 97 per cent of the target, guar in 27.20 lakh hectares or around 98 per cent of the target.

Agriculture and allied sectors contribute around 27 per cent to the state’s GDP. 

First Published: Sep 13 2024 | 11:43 PM IST