Srinivas Phatak will assume the role of Unilever's acting CFO on March 1. Current CFO Fernando Fernandez will be elevated to CEO position. Phatak, a seasoned Unilever executive, has extensive experience spanning finance and supply chain roles. Unilever will conduct a search for a permanent CFO. Unilever praised Phatak's leadership and experience to aid in executing its strategy.
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Economist Thomas Piketty addressed India's extreme inequality, second only to South Africa. He advocated for a 2% wealth tax on the ultra-rich to fund public services and broaden the tax base, citing China's success with increased tax revenue and reduced inequality. He emphasized India's potential for faster growth and poverty reduction with less inequality.
The rupee continues to weaken against the dollar, hitting a record low of 85.26 due to elevated dollar index levels and cautious foreign institutional investors. The currency struggles with recovery amid global economic uncertainties and domestic macroeconomic challenges, potentially facing further pressure despite RBI interventions.
The stock market is expected to undergo a significant shift with potential recovery soon, as highlighted by Morgan Stanley. Despite recent declines and low trading volumes, growth is anticipated to return, supported by government spending and positive retail investor participation.
Sebi has cautioned J&K Bank for delayed disclosure of the appointment of its MD & CEO, Amitava Chatterjee. The disclosure, crucial due to the stock price surge, was made 1 hour and 40 minutes late. Sebi urged the bank to improve compliance to prevent future infractions.
Moody's Ratings anticipates that ongoing US trade policy uncertainty, particularly tariffs, will negatively impact business and consumer confidence across Asia, including India, potentially slowing regional growth. While India may show some resilience due to its domestic market, significant investment shifts will take time. The tariff pause offers a window for trade negotiations, but broader de-globalization trends persist.
Analysts predict that reciprocal tariffs starting April 2 may impact equity markets, along with overseas market trends and FII activity. Investors will also focus on global developments, PMI data, rupee-dollar trends, and Brent crude prices. Given recent modest FII buying and quarterly earnings reports, potential tariffs could play a vital role in market movements.
More than 54.5 crore JanDhan accounts have been opened till January 15, 2025, with about 56 per cent belonging to women, according to Finance Minister Nirmala Sitharaman. The government initiated the Pradhan Mantri Jan Dhan Yojana in 2014 to provide universal banking services, later focusing on 'every unbanked adult'.
Kristalina Georgieva, IMF managing director, predicts India's economy will be slightly weaker in 2025 due to global uncertainties, including US trade policies. While the US performs better, the EU stalls, and China faces deflationary pressures, India's GDP growth in 2024-25 is expected to slow to 6.4% amid manufacturing moderation, sluggish investment, and geopolitical tensions.
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.
Amaravati-based Indichip Semiconductors Ltd and Japan's Yitoa Micro Technology will invest Rs 14,000 crore in Andhra Pradesh to establish India's first private semiconductor manufacturing facility. The project, focused on producing Silicon Carbide chips, is set to support energy-efficient technologies and aligns with India's Atma Nirbhar Bharat vision.