India

13 Jan

Citigroup to cut 20,000 jobs amid restructuring

Priyanka BhowmickBusiness, IndiaBusiness, india

Citigroup plans to cut 20,000 jobs over the next few years as part of a corporate restructuring designed to boost profits and return cash to shareholders, the U.S. bank said Friday.The downsizing came in a presentation released alongside the New York-based lender's fourth-quarter results in which it reported a big loss. The move would put the headcount at about 180,000 by the 2026 deadline, down from 240,000 at the end of 2022 -- while also reflecting the expected spinoff of Citi's Mexico subsidiary, Banamex. Citi Chief executive Jane Fraser unveiled a corporate overhaul with five business lines instead of two.…

11 Jan

Sony’s India unit continues merger talks with Zee

Priyanka BhowmickEntertainment, IndiaEntertainment, india

Sony Group is actively engaged in talks to merge its Indian subsidiary with Zee Entertainment Enterprises, with ongoing talks scheduled until January 20, sources familiar with the talks said, according to a report in Nikkei Asia. Earlier reports indicated that Sony considered scrapping the deal due to disagreements surrounding the appointment of the CEO of the merged entity. However, the terms of the deal are still being negotiated, and Zee has issued a release refuting the media's claims. The merger agreement between Sony and Zee was signed in 2021, and was targeted for completion by the end of September next…

10 Jan

Starbucks aims to expand presence to 1,000 stores in India by 2028

Priyanka BhowmickBusiness, IndiaBusiness, india

Starbucks CEO Laxman Narasimhan, who was on a recent visit to India, announced some big plans for the brand in the country. Narasimhan announced an ambition to operate 1,000 stores in India by 2028 – or opening a new store every three days. "We will bring the signature Starbucks experience to more customers and communities, including drive-through and airport stores, and we will double our partner base," he said in a statement on social media. Starbucks currently operates over 390 stores across 54 cities in India in a 50:50 partnership with Tata Consumer Products since 2012. He also announced the…

09 Jan

Rich Indians lap up Rs 7,200 cr luxury homes in 3 Days

Priyanka BhowmickBusiness, IndiaBusiness, india

Despite the rise in real estate prices, several buyers in India are ready to pay for their dream homes. In the pre-formal launch sale of a luxury residential development worth around Rs 7,200 crore in Gurugram, Indians bought homes in just 72 hours. India's largest real estate developer, DLF, on Monday, announced the sale of the entire 1,113 luxury flats for Rs 7,200 crore in a project in Gurugram (DLF Prevana South) within three days of its pre-launch on strong demand from end-users and investors including NRIs. The new project is spread over 25 acres in Sectors 76 and 77…

08 Jan

To announce a Tesla manufacturing unit in Gujarat Billionaire Elon Musk arriving in India next week

editorIndia

As reports surfaced about tech billionaire Elon Musk arriving in India next week to announced a Tesla manufacturing unit in Gujarat (although no official confirmation has come yet),the focus has once again shifted to ramp up the public infrastructure for electric vehicles (EVs) in the country in order to meet the ambitious 2030 goal of the government. This is actually very good news as India is making big steps by moving into electric vehicles. Today India is developing very fast and people in the country are actually working very hard. Bringing electric vehicles will actually improve people lifestyle and in…

08 Jan

Flipkart to lay off 5-7% workforce

Priyanka BhowmickBusiness, IndiaBusiness, india

Walmart-owned Flipkart has embarked on a retrenchment initiative that could reduce its total workforce by five to seven percent, according to a report in The Economic Times (ET). The move is part of the company's annual performance-based job cuts, which have been in effect for the past two years. The process is expected to be completed by March-April in line with the ongoing performance review and the end of the current financial year. The e-commerce giant, with 22,000 employees (excluding Mintra), has been proactively managing costs, including adding new hires over the past year. Currently, the company is finalizing a…

05 Jan

Narayana Murthy opens up about his ‘big regret’

Priyanka BhowmickBusiness, IndiaBusiness

Infosys co-founder Narayana Murthy says he now regrets the decision to keep his family out of the company. Murthy, who co-founded Infosys in 1981 with a loan of Rs 10,000 from his wife Sudha Murty, never allowed her to join the firm even though he believed her to be more qualified than the other co-founders. "I had this feeling that good corporate governance means not bringing the family into it," he said when asked by CNBC-TV18's Shereen Bhan why he didn't let his wife, who gave him seed money, join Infosys. "Because in those days, it was just family-owned, all…

04 Jan

Karan Adani elevated as MD in this Adani Group firm

Priyanka BhowmickBusiness, IndiaBusiness, india

Adani Ports and Special Economic Zones Limited (APSEZ) has announced a top-level reshuffle with Chief Executive Officer (CEO) Karan Adani elevated to the role of Managing Director.In a board meeting held on Wednesday, the directors also approved the appointment of Ashwani Gupta, former global chief operating officer of Nissan Motors, as the new CEO. The position of managing director was earlier held by founder Gautam Adani (who was the chairman and MD).He has now been re-designated ‘executive chairman’ of the company.Adani Ports said in a statement after market hours that under the leadership of Karan Adani as CEO, it has…

03 Jan

Aamir and Kiran spent New Year with Saira Banu

Priyanka BhowmickIndiaEntertainment, india

Veteran actor Saira Banu spoke to Aamir Khan, his ex-wife Kiran Rao and his mother Zeenat Hussain in 2024. On Tuesday, the late Dilip Kumar's wife took to Instagram and wrote a long heartfelt post for Khan along with several pictures. She also mentioned her tough times and how Khan stood by her. In the photo shared by Saira Banu, Aamir Khan can be seen sitting on the floor interacting with her. The actor's mother Zeenat and Saira's sister Nikhat Khan also spent a relaxed time with her. Sharing the picture, she wrote, "With every turn of the calendar, life…

29 Dec

Zomato slapped with INR 401 Crore tax notice

Priyanka BhowmickBusiness, IndiaBusiness, india

Food delivery giant Zomato has received a Good and Services Tax (GST) notice on a tax liability of ₹401.7 crore. The Directorate General of GST Intelligence (DGGI) had sent tax notices to Zomato and Swiggy for not paying GST on delivery charges and said that delivery charges fall under the services category and companies are liable to pay 18 percent GST. Zomato responded to a show-cause notice issued by DGGI and said that it is not liable to pay any tax and said, "Delivery charges are collected by the company on behalf of the delivery partners. Further, as per the…