Mon.Feb 20, 2023

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Kotak Bank taps consulting firm Egon Zehnder to replace CEO Uday Kotak

CFO News

Group presidents and whole-time directors Shanti Ekambaram and KVS Manian are the internal candidates for the top job, according to the people. The board is expanding the search to ensure it finds suitable external candidates, they said, asking not to be identified discussing confidential information.

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The trouble with Google

The Reformed Broker

One of the biggest stories in the markets so far this year is the $100 billion in lost market cap ripped out of Alphabet’s stock when it became apparent that the search giant was going to be under siege by Microsoft’s push into AI. How did such a successful, innovative business like this suddenly find itself in this position? Maybe it wasn’t so sudden.

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Trending Sources

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How India's UPI and Singapore's PayNow linkage will change the global payments landscape

CFO News

The linkage, about which ETBFSI had reported last November, will aid remittances and cut cross-border transaction fees in half, boosting digital connectivity and interoperability.

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Cybersecurity incidents: The most impacted sectors

Future CFO

When it comes to cybersecurity incidents, the most impacted sectors in 2022 were professional services, healthcare, financial services, manufacturing, and technology and telecommunications, said Kroll recently when releasing its Q4 2022 Threat Landscape Report. According to the risk and financial advisory solutions provider, several familiar threats remained highly active throughout 2022, such as a significant increase in phishing and a notable rise in unauthorised access – up from 18% of repor

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Planning Your Restaurants 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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Liquor companies seek price hike as inflation dulls spirits

CFO News

In India, retail and wholesale prices of alcohol are controlled by states that account for over 65% of the overall market, making it difficult for companies to raise prices quickly.Companies said they are advocating both for immediate price increases as well as for a more fundamental restructuring of the way prices are handled for the industry.

More Trending

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Oyo plans to double premium hotels in India this year

CFO News

Oyo plans to add approximately 1800 premium hotels this year. Oyo’s focus on premium hotels started in the last quarter of 2022 when it added over 400 new premium hotels between October to December.

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10 Presidents’ Day Reads

Barry Ritholtz

My back-to-work morning train WFH reads: • Super Bowling for cash with the NFL’s club of billionaires : Spending for last week’s Super Bowl came in around $15 billion; yearly league revenues are approaching $20 billion. League profits are likely to keep growing given the popularity of this sometimes brutal and increasingly lucrative sport. ( NY Post ) • “This Is Not an Invasion of the Aliens”: How UFO Mania Went Mainstream : Mysterious aerial phenomena have been generating serious news coverage

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Winter chill grips India Inc's dealmaking activity in January

CFO News

"India managed to account for record deal values last year (2022), which made investors hopeful about the future. However, the deal momentum in January 2023 did not match the expectation and witnessed a declining trend," its partner Shanthi Vijetha said.

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FCF European Infrastructure & Construction Market Study 2022 – published

Fox Corporate Finance

FCF Fox Corporate Finance GmbH is delighted to publish the new “FCF European Infrastructure & Construction Market Study – 2022”. Based on available data from European infrastructure and construction companies, the FCF Infrastructure & Construction. Read more The post FCF European Infrastructure & Construction Market Study 2022 – published appeared first on FCF Fox Corporate Finance GmbH.

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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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Budget provisions to deal with delayed payments to MSMEs may need tweaks

CFO News

The budget proposed an amendment to Section 43B of the Income Tax Act which ensures that the buyers can claim deduction in income tax only on payments made to a MSME supplier.

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Macro Snapshot / St. Louis Fed

Barry Ritholtz

Very useful dashboard via the St. Louis Fed, which maintains the fabulous FRED database. With a clean and simple interface, it puts all of the key economic indicators the FOMC tracks — Real GDP Growth, Unemployment Rate, PCE Inflation, Core PCE Inflation, and the Federal Funds Rate — in one convenient location. The Macro Snapshot also dives deeper into three core aspects of the economy: 1.

Economics 120
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China and India to contribute more than half of global growth this year: IMF

CFO News

The International Monetary Fund on Monday said that India and China are expected to contribute more than half of global growth this year, with the rest of Asia contributing an additional quarter. The Indian economy has also shown positive signs, with its growth being amongst the highest in the world over the last two years.

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Abandoning Surge Meetings To Better Meet Client Needs And Promote Advisor Well-Being

Nerd's Eye View

One of the most important parts of a financial advisor’s value proposition is time spent meeting with their clients. These meetings allow advisors to listen to their clients’ concerns, make planning recommendations, and chart a course for the coming months. And while advisors recognize the importance of holding regular client meetings, there is no consensus about the ‘best’ cadence for them.

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Register Now: Sneak Peek Into Close Automation SkyStem Web Demo

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer have to slow us down. Join us as we present a "sneak peek" recorded demo of SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

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Small packs fit inflation-hit urban baskets

CFO News

"Inflation is a major challenge," said Sanket Ray, president, Coca-Cola India and Southwest Asia. "Small packs (₹10-20) give us an affordability play across all our brands in urban and rural markets. We are expanding into multiple categories with a focus on small packs, and it is paying off.

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Centralized management of model’s formulas

Spreadym

Often, business needs may require radical changes in calculation models, essentially in calculation formulas in financials or operations. These changes may be a result of both regulatory amendments, for example, tax and interest rates, the introduction of, and a company's internal processes. The latter ones often undermine changes in the calculation of depreciation periods, the pricing system, accounting methodology and inflation forecasts.

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Government, RBI to ensure inflation stays in check: Nirmala Sitharaman

CFO News

"It (RBI) is not necessarily synchronising (with western central banks) but at the same time, also watching the global movement of capital. I think the RBI is looking at the Indian economy a lot more for our purpose," Sitharaman said in a post-budget interaction in Jaipur.

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Ministry of Corporate Affairs issues show cause notices to PTC India Financial Services

CFO News

In the notices sent last week, seen by ET, the deputy registrar of companies (National Capital Territory of Delhi & Haryana) has also flagged that PFS, the non-banking financial arm of power trading company PTC India, didn't render the professional help of legal counsel sought by its erstwhile independent directors.

Banking 52
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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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Free to negotiate for maximising asset value, RCap lenders tell NCLAT

CFO News

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm.

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Merchandise exporters to pay 18% GST on shipping costs: Govt

CFO News

Currently, the export freight rate charged by Indian shipping lines to Indian exporters is taxable while freight charged by foreign shipping lines to Indian exporters for transport of goods to a place outside India is not taxable as it is neither an inter-state nor an intra-state supply.

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India to pitch for issues relating to macroeconomic stability, inclusive growth at key G20 meetings

CFO News

India is also hosting a conclave on Global Partnership for Financial Inclusion (GPFI) next month to which all the "friendly neighbouring" countries have been invited, people familiar with the matter said on Monday, indicating that Pakistan is not among the invitees for the conclave.

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Banks seek more time to report loan frauds to RBI

CFO News

“The issue was discussed in a meeting last month. We have suggested to the RBI that instead of one week, the reporting time should be increased to around a month,” said a senior bank executive aware of the development. Under the existing framework, lenders need to report fraud to the RBI's Central Repository of Information on Large Credits (CRILC) within a week of the joint lenders’ forum (JLF) declaring an account fraudulent.

Banking 52
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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.

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Bank mergers have benefited the sector: RBI

CFO News

Bank mergers have benefited both the acquirer and the acquired, according to a report by Reserve Bank of India researchers. While the transactions have helped improve the efficiency of the acquirer banks, they have added to shareholder value for banks that have been acquired.

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Bisleri makes global foray, inks supply pact with Dubai firm

CFO News

The Nassser Abdulla group, a 25-year-old entity, has interests in travel, shipping, logistics, mineral water, real estate and IT. Group company Emirates Drinking Water will produce the Indian company's Bisleri and Vedica water brands at its plants in Dubai, and sell in Dubai, Sharjah and Abu Dhabi in mass-premium general and modern trade stores, hotels and restaurants, and via ecommerce platforms.

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In FY24 and FY25, APL Apollo Tubes projecting higher double-digit growth, says Group CFO Deepak Goyal

CFO News

“In value terms, last quarter, margin was around Rs 4,500 per tonne and our comfortable level is around Rs 5,000 plus. In this quarter, we are expecting it to be more than Rs 5000 as and when value added proportion is increased the product mix or margins will grow further.

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States, all grown up about GST now

CFO News

With the Centre okaying the final tranche of GST compensation to states, the new tax regime will have cast aside its infancy support. Some states may find the adjustment tricky. But nationwide monthly GST revenues have stabilised at about Rs 1.5 lakh crore with scope for improvement through rate rationalisation and widened coverage.

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PowerPoint Best Practices for Creating Stellar Presentations

Mastering data visualization in PowerPoint will help accelerate your career because it positions you as someone who can present data that drives business decisions forward. think-cell's PowerPoint Best Practices eBook was created specifically for professionals aiming to master the art and science of data-driven storytelling. What’s inside: Practical Insights: Uncover valuable tips for crafting engaging and persuasive presentations.

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Gautam Adani maps comeback strategy after $132 billion Hindenburg rout

CFO News

Adani and his aides have been in damage repair mode since the publication of the Hindenburg report. Besides a campaign to portray themselves as responsible borrowers with prepayments and on-time payments of debt, executives have also kicked off a series of meetings to pacify overseas bondholders, who were tapped by the tycoon for more than $8 billion funding in recent years.

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Centre opposes Hindustan Zinc's $2.98 billion deal for Vedanta zinc assets

CFO News

According to the letter, the government reiterated dissent to the "related party transaction" "We would urge the company to explore other cashless methods of acquisition of these assets." The government will oppose any further resolutions on the deal and explore all legal avenues available to it, it added.

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