Sun.Jun 25, 2023

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ETCFO Accounting Diaries: BDO India Chief bats for mandatory joint audit for cos

CFO News

For the very first episode of the ETCFO Accounting Diaries, we have with us Milind Kothari, chief BDO India who talked about the roadmap for joint audits in India. Taking an affirmative stance, Kothari believes joint audits will iron out quality issues and improve competition in the audit markets.

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Nasdaq’s $10 Billion RegTech Deal Shows Urgency, Cost Of Compliance

Global Finance

Global Finance Magazine - Corporates are wielding M&A to scoop up the tech they need in order to keep up with strict rules and regulations.

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Sebi likely to clear overhaul of MF fees, stricter conduct code

CFO News

The capital markets regulator has proposed sweeping changes to the total expense ratio or TER - the annual fee that mutual funds collect from unit holders - that will result in the cost of investing their schemes declining. Some of these suggestions have met with strong opposition from mutual funds and intermediaries like distributors, who fear the moves would impact business in a big way.

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910: Getting in Close | Alex Triplett, CFO, Appfire

CFO Thought Leader

When Alex Triplett is asked to explain where and how he began acquiring his operations knowledge, he tells us that his ops focus began to sharpen as more and more roles demanded greater “specificity” of him. Back in 2006, Triplett had just completed a stint as an investment banker with Citigroup when he was hired by private equity firm TA Associates as an associate inside the firm’s enterprise software and fintech realms.

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Elevating Accounting Practices: The Power of Outsourcing and Automation in the Digital Age

Speaker: Nancy Wu, Head of Sales and Customer Success at SkyStem

Join us for an enlightening webinar as we delve into the transformative realm of modern accounting practices. In today's digital age, the convergence of outsourcing and automation has revolutionized how businesses manage their financial operations. In this webinar we will explore the synergistic potential of these two strategies to streamline processes, enhance accuracy, save cost and drive strategic decision-making.

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Government to launch portal for unclaimed dividends, shares by February

CFO News

The Investor Education and Protection Fund Authority (IEPFA), under the corporate affairs ministry, is also planning to ease the process for investors to get the unclaimed shares and dividends, the official told ET, adding that this will curtail the requirement of certain superfluous documentations.

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India's Byju's tells investors it will file 2022 earnings by Sept -source

CFO News

Indian education technology giant Byju's, which lost its auditor after delaying financial statements, has told investors it will file 2022 audited earnings by September and 2023 results by December, a person with direct knowledge of the matter said. Deloitte said on Thursday it was severing ties with Byju's, one of India's most successful startups, over its "long-delayed" financial statements for the year ended March 2022.

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Dumb Money – Official Trailer

The Reformed Broker

I’m all in for this. You? The post Dumb Money – Official Trailer appeared first on The Reformed Broker.

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Will strive to get CPI down to 4 pc; El Nino a challenge for food inflation: Das

CFO News

Governor Shaktikanta Das has said the Reserve Bank will strive to get headline inflation to its 4 per cent target but flagged El Nino as a challenge to its efforts. When asked about the challenges on the inflation front, Das pointed to 2-3 factors like the volatile international situation due to geopolitics and the monsoon situation domestically.

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China’s FMCG sector signals optimism for rest of 2023: Bain

Future CFO

China’s FMCG sector is showing signs of recovery and building the momentum for a positive rest of 2023 after a slow 2022, said Bain & Company recently. According to a report by Bain & Company and Kantar Worldpanel, China’s FMCG sector rebounded from the fourth quarter of 2022 and reported value growth of 1.9% in Q1 2023 vs. Q1 2022, driven by mild volume growth of 2.7%, despite a decline in average selling price (ASP) of 0.8%.

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How to Build the Ideal HR Team

HR doesn’t exist in a vacuum. This work impacts everyone: from the C-Suite to your newest hire. It also drives results. Learn how to make it all happen in Paycor’s latest guide.

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Adani eyes Rs 90,000 cr EBITDA in 2-3 yrs

CFO News

Adani Group is targeting a 20% year-on-year growth in pre-tax profits to reach Rs90,000 crore EBITDA in two to three years. The firm has repaid loans of $2.65bn to reduce overall leverage and win back investor trust following a damning report from a US short seller. Adani aims to achieve more than 20% EBITDA increase through sustainable growth and expansion in sectors including airports, cement, renewables, solar panels, transportation and logistics, and power and transmission.

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10 Sunday Reads

Barry Ritholtz

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • Robert F. Kennedy Jr. is a threat to your health — and our democracy : Kennedy’s anti-vaccination and anti-government spiel appeals to prominent entertainment and business figures who like to be thought of as iconoclasts. For instance, he’s been embraced by Elon Musk, whose apparent determination to tell it like it is has been hampered by his towering ignorance. ( Los Angeles Times ) • The World’s Empty O

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Change in debt fund taxation unlikely to have major impact on NBFCs: Mahindra Finance CFO

CFO News

CFO Vivek Karve says he does not see any major impact due to this recent change in regulation where it was feared that NBFCs may have to rely more on banks to fulfill their needs.

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S&P retains India's growth projection at 6% for FY24; calls it the fastest growing economy among Asia Pacific nations

CFO News

S&P Global Ratings maintained India's GDP growth forecast at 6%, making it the fastest-growing economy among the Asia-Pacific region, citing domestic resilience. This forecast for the current and next fiscal year remains unchanged from its March forecast. The report stated that Asian emerging market economies will continue to outperform the world's growth until 2026.

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Planning Your Restaurant's Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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'Strong demand may stoke inflation if supply conditions not flexible'

CFO News

Inflation expectations may have moderated, but firm demand in the economy could fuel cost and price increases unless supply conditions are flexible enough, Shashanka Bhide, an external member of India's Monetary Policy Committee (MPC), tells Bhaskar Dutta.

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More than two-thirds of Rs 2,000 notes returned within a month of withdrawal: Das

CFO News

Reserve Bank Governor Shaktikanta Das has said that within a month of the recall order, more than two-thirds of the Rs 2,000 currency notes have returned to the system. In a surprise move, but as part of the clean note policy, the Reserve Bank had on May 19 ordered the recall of the Rs 2,000 banknotes worth around R 3.62 lakh crore.

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Bupa Group eyes bigger play in India’s healthcare

CFO News

Niva Bupa is a JV between the Bupa Group and Fettle Tone LLP (an affiliate of True North Fund VI LLP), a leading Indian private equity firm. ET reported on June 23 that UK health insurer Bupa is in talks with True North to pick up an additional 15-20% stake in the insurance company at Rs 11,000-12,000 crore valuation. Bupa currently holds around 44% stake in the entity.

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Consumption story unfolding, this decade & beyond is India's: Sanjiv Mehta

CFO News

Under Mehta, India's biggest consumer-goods company crossed the '50,000-crore turnover mark, and its market capitalisation expanded more than four times - from $17 billion to $75 billion. "The first two decades of this century were China's, then this decade and beyond will be India's.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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NHAI looks to pare debt via asset monetisation, higher toll income

CFO News

NHAI officials played down concerns over the large debt saying the authority’s income from various sources can be used to repay debt. “NHAI has enough resources to repay the debt. It has been decided that investment in highways will be met from budgetary support while toll income and asset monetisation proceeds would be used to payback debt,” a senior NHAI official told ET on condition of anonymity.

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Industry hails outcomes of PM Modi's US visit

CFO News

Chairman Mahindra Defence and Aerospace, SP Shukla on PM Modi' " It's a trend-setting visit. PM Modi addressing US Congress for the second time sends out a very important message that the two nations wish to work together. The message goes to the industrial community, business, community, and policymakers and intent starts getting translated into action.

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AI firm Ikonz ropes in Big B as strategic partner, looks to raise $10 million

CFO News

Ikonz Studios has partnered with Bollywood actor Amitabh Bachchan in a strategic deal. The firm is seeking to raise over $10m through a Series A funding round. The company has already secured seed funding from investors, including Village Global, Woodstock Fund, and Polygon Studios. The funds raised from the Series A round will be used to extend the company's global team, aggregate entertainment IPs and build AI tools for the media sector.

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VoVL’s lenders vote in favour of resolution plan by BPCL

CFO News

The resolution professional will submit the plan to the National Company Law Tribunal (NCLT) for approval. The resolution of VoVL will be among the top bigticket cross-border insolvency resolutions, said people cited above. The assets of VoVL — mainly the oil exploration blocks — are in Brazil while the sale process was conducted in India.

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Accounting Software and ERP Readiness Guide

In this white paper, we explore the factors to consider in deciding whether the time is right for your Company to consider a new ERP or accounting software, the total cost of ownership and plans necessary to make the potential leap to these systems.

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HUL's new MD Rohit Jawa to focus on volume push, scale up acquisitions

CFO News

Rohit Jawa, who takes charge officially as the managing director of Hindustan Unilever from Sanjiv Mehta on Tuesday has been mandated to focus on volume growth, especially as value or price hike led growth slows down due to easing inflationary pressures.

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Indian startups now struggling to survive in creator economy space

CFO News

About half a dozen startups in this space – which have raised more than $12 million in funding – have shut shop while many others have pivoted or gotten acquired in distress sale over the last 12-18 months, industry officials said.

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Go First creditors approve Rs 425 cr interim fund to revive airline, await board nod

CFO News

Creditors of cash-strapped airlines Go First have approved interim finance of Rs 425 crore aimed at reviving the airline. While an in-principle approval for the interim finance has been granted, the plan is subject to the boards of the respective banks approving the same.

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Exotel, Microsoft collaborate to provide direct routing for Teams Phone in India

CFO News

Teams Phone customers and users in India can now use Exotel to enable Public Switched Telephone Network (PSTN) calling, said the Bengaluru-headquartered firm in a statement.

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Recruit and Retain New Blue-Collar Talent

Blue-collar jobs have a branding problem. One company, GEON, partnered with Paycor to find the solution. Learn how to attract, engage, and retain blue-collar employees, helping them build meaningful careers – and support your company’s goals.