Sun.May 21, 2023

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10 Sunday Reads

Barry Ritholtz

Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures: • The War on Poverty Is Over. Rich People Won. The sociologist Matthew Desmond believes that being poor is different in the U.S. than in other rich countries. How is poverty different in America than in its peer countries? Matthew Desmond: We have more of it. We have double the child-poverty rate of Germany and South Korea.

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ED's probe against BBC India: How it questions the validity of FEMA over its own rules

CFO News

In March 2023, ED initiated a probe against BBC India for FDI cap breach under the Foreign Exchange Management Act (FEMA). This article by Makarand Joshi, Founding Partner, MMJC and Associates LLP delves into the the question can ministry clarifications via circulars override regulations?

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900: A Dose of Professional Fulfillment | Alison Staloch, CFO, Fundrise

CFO Thought Leader

While chief accountant for the SEC’s investment management division, Alison Staloch reports, she found herself being greeted by a degree of inclusive enthusiasm that she had seldom encountered before. “People would say, ‘Great, the accountants are here!,’” recalls Staloch, who tells us that accountants at divisional meetings were sometimes sparse in comparison to the number of agency attorneys seated at the table.

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Adani Power, officials flouted Companies Act: Registrar of Companies

CFO News

The adjudicating officer imposed a penalty of ₹75,000 each on Gautam Adani, chairman and director Adani Power, Rajesh Shantilal Adani, managing director, and Vineet S Jain, whole-time director.

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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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Global Top 100 firms suffer biggest market cap decline since 2009

Future CFO

Global top 100 firms have seen their largest market capitalisation drop by 11% in 2023, equivalent to almost US$3.8 trillion, said PwC recently. This drop represents the first yearly decline since 2016 and the greatest drop since the global financial crisis of 2009 (-39%), according to new PwC analysis titled the Global Top 100 Companies report. Report highlights A challenging macroeconomic environment caused by ongoing tightening of fiscal policy, high inflation, and uncertainty surrounding the

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Digital transformation’s impact on investment cycles| BCG at the Milken Institute Global Conference

Future CFO

Howard Morgan Chair and General Partner of B Capital provides insight on the latest digital transformations and how they affect investment cycle at the 2023 Milken Institute Global Conference. The post Digital transformation’s impact on investment cycles| BCG at the Milken Institute Global Conference appeared first on FutureCFO.

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Agents reluctant to sell GoFirst tickets

CFO News

Travel agents, who are likely owed more than ₹500 crore by Go First Airlines, aren't willing to sell its tickets despite verbal requests from the airline, which has filed for bankruptcy protection. "The airline executives have told us it is trying its best to start operations from May 27. But at this point, we have no clue how Go will resume and sustain them," said a person in the know.

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Borrowing rates for govt, companies to decline following withdrawal of Rs 2000 notes. Here's why

CFO News

The removal of India's ₹2,000 banknotes from circulation is expected to increase liquidity in the nation's banking system and result in a decline in borrowing rates for government and corporate entities. The Reserve Bank of India said there is around INR3.62tn ($49bn) worth of the banknotes in circulation as of the end of next March.

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Russia's close ties with China unlikely to impact its India policy

CFO News

While it appears that Russia and China have overcome the fallouts of Sino-Soviet conflict, the reality presents a different picture as Moscow continues to safeguard its strategic partnership with both New Delhi and Hanoi.

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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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JSW Steel to use entire Rs 18,000 crore fundraise to refinance debt in FY24

CFO News

The steelmaker, which is also looking to expand production capacity, will meet its capital expenditure requirements from internal accruals, joint managing director Jayant Acharya said.

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Piyush Goyal sees Rs 6,850 crore investments in MP mega textile park

CFO News

"Farmers and businesses will benefit from this park, which is a result of the double-engine government in the state. Investment of around ₹6,850 crore is expected in this park," Goyal said while launching the park in Dhar on Sunday when the state and Centre signed a memorandum of understanding (MoU).

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Morgan Stanley CEO succession underscores Wall Street's diversity gap

CFO News

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are the front-runners to succeed James Gorman, who said on Friday he plans to step down as chief executive within a year.

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Adani Group looks to monetise 'non-core' real estate assets

CFO News

The group has already identified some such assets and is in the process of adding more to the list, the people said. These will be sold based on the need for funds to invest in the new real estate projects it is taking up, they said.

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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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SBI to allow customers to exchange up to Rs 20,000 in Rs 2000 notes without Annexure III slip

CFO News

"It has been decided that the facility of exchange of Rs.2000/- denomination Bank Notes to all members of the public upto a limit of Rs.20000/- at a time will be allowed without obtaining any requisition slip as per the format attached in Annexure- III," a circular from the state lender said.

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Indian EV industry looks to tweak products, prices to stay fit

CFO News

Leading electric two-wheeler players are understood to be rejigging their products by launching lower-spec variants by reducing features and size of batteries, following the tapering down of subsidies, which will increase prices of their EV products this June onwards.

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Monetary tightening behind us; liquidity to remain key focus for RBI

CFO News

The Reserve Bank of India (RBI) is expected to maintain its pause on monetary tightening through FY24, despite markets anticipating rate cuts. Soft inflation, real policy rates above 1%, easing external balance pressures and global monetary tightening at its peak have signaled a dovish turn by the RBI MPC, but concerns over monsoon and oil prices and resilient growth could cause further pause.

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PFS auditors give an unqualified opinion on FY23 accounts but highlight governance issues

CFO News

The auditors issuing an unqualified opinion on PFS’ accounts assume importance as the company is in the middle of a probe by the market regulator over the allegations relating to fraud and misgovernance raised by its former independent directors.

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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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Pidilite Industries expects improved margins in H1 on lower input costs: CFO

CFO News

Sandeep Batra's expectations of an improved margin come in the background of lower consolidated margin in H1 last year due to higher input costs.

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Embassy Property plans to divest assets soon to pare debt by over 30%

CFO News

The company plans to reduce debt by selling completed inventory backed by the necessary occupancy certificate (OC) from its residential projects.

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ECGC IPO likely to be pushed to next fiscal amid volatility

CFO News

The initial public offering (IPO) of state-run ECGC, India's largest export credit insurance firm, is likely to be postponed to the next financial year due to volatile export market conditions, said sources. Factors like the Russian-Ukraine war and monetary tightening by central banks may adversely affect the company's valuation if the IPO is rushed.

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For VCs, renewed angel tax kills devil in details

CFO News

Investors laud clarity on tax incidence, say it stops arbitrary application

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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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Balaji Amines CFO Hemanth Reddy resigns

CFO News

Hemanth Reddy got relieved of his duties for Balaji Amines on May 20, 2023.

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