The world's top 10 business leaders of 2024 have significantly impacted industries. Elon Musk leads in innovation. Jensen Huang drives AI advancements. Satya Nadella transformed Microsoft. Warren Buffett remains an investment icon. Mukesh Ambani, chairman of Reliance Industries, is the only Indian on Fortune's Global 100 list. He ranks 12th globally.
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The government expressed concern over wage growth lagging behind corporate profitability, which reached a 15-year high last fiscal. Large companies saw significant profit increases, while employee expenses grew at a slower rate. Weak real wage growth could slow demand and increase income inequality, highlighting the need for a fairer income distribution between capital and labor to ensure long-term economic stability.
Encyclopaedia Britannica, once a weighty symbol of knowledge, has successfully transitioned to the digital age. By embracing AI and expanding into educational software and online dictionaries, the company has achieved impressive profit margins and is now considering a $1 billion IPO.
DAM Capital Advisors has raised Rs 251 crore from anchor investors, including prominent names like Nomura, Goldman Sachs, and several mutual funds. The investment bank's IPO, entirely an offer-for-sale, opens on December 19th with a price band of Rs 269-283 per share, aiming for a Rs 2,000 crore market capitalization. Listing is expected on December 27th.
Budget 2025 expectations: FICCI advises Finance Minister Nirmala Sitharaman to maintain emphasis on investments and implement next-gen reforms in Union Budget 2025. Key recommendations include boosting capex by 15% and establishing inter-state platforms for reforms in land, labor, and power sectors.
The Commerce and Industry Minister, Piyush Goyal, emphasized the government's efforts to develop an export strategy to boost shipments of goods and services, aiming for USD 2 trillion by 2030. Strategies include addressing exporters' concerns, optimizing SEZs, and addressing trade issues, particularly concerning China's dumping practices.
India's transport minister asserts confidence in local EV brands' capacity to compete with Tesla amid the growing electric vehicle market. He highlights the shift to quality-based manufacturing and anticipates India becoming the top automobile market within five years due to advancements in alternative fuel and electrification.
Fraudsters are purchasing electric vehicles through financing, then replacing the new battery with a used one and selling the new battery. They subsequently default on the loan, returning a significantly devalued vehicle. To combat this, the Finance Industry Development Council has requested that the government include battery numbers on vehicle registration certificates.
China's exports surged 12.4% in March, driven by businesses anticipating higher US tariffs, while imports declined by 4.3%. The trade surplus with the US reached $27.6 billion for March and $76.6 billion for the quarter. President Xi Jinping is visiting Southeast Asian nations to bolster trade ties amid ongoing trade tensions and tariff adjustments.
Whirlpool India's shares plummeted 20% as Whirlpool Corporation plans to cut its stake to about 20% this year, generating $550-600 million. The reduced stake aims to provide autonomy for growth and support $700 million debt reduction. Last year, Whirlpool had already reduced its stake from 75% to 51%.
Dalal Street investors largely ignored the US's new tariff plans, with Sensex and Nifty closing slightly down. Despite the negative close of leading indices, midcap and smallcap stocks saw buying interest. The day's decline was triggered by negative global sentiment and President Trump's new tariff announcements on Indian imports.