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The Economic Times
The Economic Times AI will displace accountants who ignore tech integration, says Director, India of ACCA
Artificial Intelligence threatens to replace accountants who resist tech adoption, warns Md Sajid Khan of ACCA India. He highlighted that despite soaring demand and market growth, skill gaps and unemployment persist in the profession.
The Economic Times Escorts Kubota eyes land in UP for Rs 4500 cr manufacturing facility after pivot from Rajasthan
Escorts Kubota has announced plans to build a Greenfield manufacturing facility in Uttar Pradesh, seeking land acquisition approval from the state government. With an investment of Rs 4,500 crore, the company aims to generate annual revenue of Rs 10,000 crore and create 14,000 jobs upon completion. The plan is subject to necessary clearances.
The Economic Times India's unemployment rate shows a marginal decline, falls from 6.7% to 6.6% QoQ
India's urban unemployment rate stayed steady at 6.6 per cent in Q1 FY25, unchanged from Q1 FY24, according to a government survey. The Labour Force Participation Rate rose to 50.1 per cent. Notably, the Worker Population Ratio improved to 46.8 per cent, underscoring a positive trend in employment metrics for the period.
The Economic Times JSW Cement files DRHP for Rs 4,000 crore IPO
India's JSW Cement filed draft papers for an initial public offering worth up to 40 billion rupees ($476.7 million) on Friday, aiming to cash in on the country's booming stock market and strong demand for the building material.
The Economic Times Foxconn meets Karnataka govt for potential investment talks while it builds large iPhone assembly plant
Karnataka Government, under CM Siddaramaiah, held a strategic meeting with Foxconn's CEO Young Liu about expanding their operations. Foxconn is setting up a mobile phone assembly plant with a Rs 22,000 crore investment, creating over 40,000 jobs. The government assured full support for the project.
The Economic Times Shriram Finance in talks with climate-based funds to raise capital for EV financing
Shriram Finance has started talks with climate-focused private equity funds to raise capital for electric vehicle lending. Though EVs represent a small part of its portfolio, this share is expected to increase. The company recently exited housing finance and could achieve a Rs 5000 crore EV lending portfolio in the next two to three years.
The Economic Times SEBI chief earned revenue in potential rules violation, documents show
​The head of India's markets regulator, Madhabi Puri Buch, continued to earn revenue from a consultancy firm during her seven-year tenure, potentially breaching rules for regulatory officials, according to public documents reviewed by Reuters.
The Economic Times Sebi proposes to ease compliance for non-convertible securities
The new rules mandate that quarterly financial results must be approved by the board of directors before submission. These results, when sent to the stock exchange, need the signature of either the chairperson, managing director, or a whole-time director. If none of these are available, any other director authorized by the board can sign the financial results.
The Economic Times Govt eases cross-border share swap rules to woo foreign money
India updated its foreign investment regulations to facilitate cross-border share swaps and exclude certain OCI investments from being considered as indirect foreign investment. The amendments aim to attract more investment, particularly in startups, and streamline rules, aligning them with other regulations and requiring government approval for FDIs from neighboring countries.
The Economic Times After raising $50 million, SaaS startup Loginext liquidates assets to US entity for $250k
Backed by Tiger Global, Steadview, logistics SaaS company winds up and sells assets to a Delaware entity Stellation Inc, per a July 8 board resolution. Employee stock plan cancelled, options terminated, amid layoffs at the firm. Chinese ecommerce giant Alibaba and Paytm also invested in the company in its early years but sold their stakes during the 2020 fundraise.
The Economic Times How an increase in women-owned businesses can generate over 150 million jobs
​Women-owned businesses account for approximately 20.5% of India’s 63 million MSMEs, the report adds. Over 22 million women-led businesses are registered on the Udyam Registration Portal itself, underscoring their huge potential as employment generators, it states.
The Economic Times Accounting giant PwC fined £15m over LCF audit
Accountancy firm PwC has been fined by the UK's Financial Conduct Authority for failing to report suspicions of fraud during an audit of the LCF fund, in the watchdog's first ever fine against an auditor. The markets watchdog handed PwC a £15 million ($19 million) fine after it signed off an audit of the group in 2016, and did not report suspicions around the group's financial conduct.
The Economic Times At a bunch of companies, white-collar jobs slip into the red
At a consolidated group level across businesses, Reliance Industries alone has seen a reduction of 42,000 in employee count in FY24 over the previous year led by the retail business where over 38,000 jobs were slashed.
The Economic Times DLF files FIR against ex-CFO for ₹311 cr blackmail, extortion
According to the FIR filed at a Gurgaon police station, DLF has alleged that Sanka is threatening to cause financial loss and also to defame and malign the reputation of the company.
The Economic Times Shriram Properties names Ravindra Kumar Pandey as CFO
The Bengaluru based real estate developer also announced the appointment of Rajesh Yashwant Shirwatkar as its Deputy Chief Financial Officer.
