CATEGORIES

Rolls-Royce CEO Torsten Müller-Ötvös set to retire after 14 years

Torsten Müller-Ötvös, chief executive officer of Rolls-Royce Motor Cars Ltd., will retire on 30 November after almost 14 years running the brand renowned for stately, expensive cars. His departure comes in line with BMW Group policies governing the retirement age of top-level executives, a spokesperson says. Chris Brownridge, the CEO of BMW UK, will succeed him on 1 December.

Minimalist writer Jon Fosse of Norway wins literature Nobel

The writer was selected for the prestigious award for writing that gives voice to the unsayable’

Inox Air to bet ₹500 cr on gases for chip fabs

The gas producer will scale up investments gradually starting this year

OIL plans green hydrogen hubs in energy-transition bid

The firm is also looking to invest in bioethanol and traditional renewable energy projects

Restaurants look to score big on world cup cheer

During the bustling festive month of October, food delivery platforms and restaurants are putting in extra efforts to woo dine-in customers, while also enhancing their in-home delivery services. This heightened activity is significant as it coincides with the ICC Men’s Cricket World Cup.

Sustainability enters KRAs of consumer companies

Large consumer firms in India such as Nestlé, Procter & Gamble (P&G) and Hindustan Unilever Ltd (HUL) are advancing sustainability goals among their workforce and management, and seeking out middle- and senior-level executives skilled in various sustainability aspects. Alongside, they are also implementing various steps to reduce their carbon footprint, companies and recruiters said.

Lessors push to deregister Go planes after MCA move

Change in rule exempting aircraft agreements from moratorium clouds airline's revival

Marico's Sep quarter update is yet another disappointing tale

Marico’s September quarter business update makes for disappointing reading, coming as it does after a muted June quarter. The company said that its domestic volumes grew in “low single digit\" as rural demand recovery remained subdued due to rising food prices and scanty rains. Small wonder, Marico’s shares fell by nearly 5% on Thursday on NSE.

Steelmakers raise prices on firm demand, costlier inputs

Domestic steel prices have continued to rebound during the past few months propelled by firm demand and higher raw material prices. The weaker monsoon meant that pace of construction activities also was not impacted much while the recent rise in prices of coking coal and iron ore have also forced steel makers to raise prices, said analysts.

Services boom may save the day

India’s services sector is firing on all cylinders. The seasonally adjusted S&P Global India Services PMI Business Activity Index rebounded to 61 in September, after moderating slightly in August. A reading above 50 denotes expansion in activity. The latest print is one of the strongest in over 13 years, remaining above the critical level of 50 for 26 straight months. What is more, for the three months ended September, the index has averaged 61.1, which is sequentially high. Clearly, not only is the services activity resilient, but it is also likely improving.

Primary market revival earns deal makers a record $1 bn fees

Buoyed by nimble primary markets, the country’s deal-makers earned a record of around $1 billion in fees—the highest ever this millennium for the January-September period, a study and Mint research revealed.

'Market is frothy as a lot of money chases a few assets'

The UK-based private equity firm Actis is building its third renewable energy platform in India, BluPine Energy, after setting up and selling Ostro Energy and Sprng Energy in the past. Actis will deploy $800 million to grow BluPine and is taking a different approach than Ostro and Sprng.

GST hiring rules may be eased

Federal indirect tax body the Goods and Services Tax (GST) Council meeting on Saturday will consider relaxing the norms for appointing members to the planned 31 GST appellate tribunals so that these dispute redressal forums can start their work quickly, said a person informed about the development.

'India's Quantum Mission geopolitically key, to be actualized soon'

India’s ₹6,000-crore quantum mission, announced in April this year, will be put in motion “very soon\", with the Department of Science and Technology (DST) putting “an appropriate structure for it in place\", said Ajay Kumar Sood, principal scientific advisor (PSA) to the Centre.

Services growth quickens, pulling up composite PMI

India's services PMI has held firm in the expansion zone every month since August 2021

Policy stability needed for India's ascent: Sitharaman

Political stability and policy consistency can pave the way for India’s ascent to becoming the third-largest economy at a time of geopolitical uncertainties and risks to economic growth, finance minister Nirmala Sitharaman said on Thursday.

Today's challenges are the least I have faced: Anil Agarwal

Vedanta Ltd unveiled a plan to demerge its business into six distinct listed entities on 29 September, covering the sectors of aluminium, oil and gas, power, steel and ferrous materials, and base metals. The market’s response to the demerger plan has been lukewarm; however, Anil Agarwal, group chairman at Vedanta, said the move will unlock value and has the potential to create six Vedantas that will be able to meet the growing needs of the Indian economy. He added that everyone will eventually understand the potential of this move. Defending his group’s financials amid a spate of downgrades by rating agencies, Agarwal said the company can rely on its cash flow and refinancing to repay its debt. Edited excerpts:

PE firms Norwest, GA eye Oyo stake

The global funds are currently carrying out due diligence

Screen early for cancer: ICMR

India’s apex medical research body is calling for widening early screening, diagnosis and treatment of cancer after a spike in breast and lung cancer.

More Toxic Cough Syrups Found, Months After Children's Deaths

India's drug regulator has found that a cough syrup and an anti-allergy syrup made by Norris Medicines are toxic, according to a government report, months after Indian-made cough syrups were linked to 141 children's deaths worldwide.

Affirmative action under siege: A tale of two major democracies

The policy's guiding principle has dimmed in the US and India, making it harder to achieve a level playing field in either

The US House vote was unusual but democratic

The ouster of Kevin McCarthy as House speaker was enabled by cross-party voting. But that's how the system is meant to work. Elected lawmakers represent people, not parties

HC admits X's appeal against govt

The high court of Karnataka on Wednesday admitted the appeal filed by X Corp. (formerly Twitter), challenging a singlejudge order, dismissing its plea against takedown orders issued by the ministry of electronics and information technology (MeiTY).

Audi's retail sales rise 88% in Jan-Sep

German luxury carmaker Audi on Wednesday reported an 88% year-on-year growth in retail sales at 5,530 units in January-September period this year in India.

Google takes on Apple with new Pixel that's more like an iPhone

Pixel 8 Pro matches iPhone 15 Pro at $999, while Pixel 8 costs same as iPhone 14 at $699

McCarthy ousted as US House speaker by party dissidents

Republican McCarthy was toppled Tuesday as US House speaker by dissidents within his own party, ending his tumultuous nine months in the job and sending a fractious Congress into further disarray.

Trio wins chemistry Nobel for work on quantum dots

Moungi Bawendi, Louis Brus and Alexei Ekimov were honoured for their work on the tiny particles

Ajio set to sell H&M products, ending exclusivity for Myntra

Advantage Ajio as it already has many exclusive tie-ups; Myntra will still sell H&M products

Empowered to lift corporate veil: Sebi

The Securities and Exchange Board of India (Sebi) on Wednesday said it is statutorily empowered to lift the corporate veil and find out the truth whenever the interests of the investors are affected or likely to be affected.

BIS designs bitcoin monitor

A global central bank test lab has designed a prototype of bitcoin monitoring system aimed at giving authorities a clearer picture on how, when and where the cryptocurrency is used.