Ratan Tata’s half-brother Noel takes the reins at powerful charity arm of India’s Tata group

By:
On:
In: Asia

NEW DELHI: The half-brother of Ratan Tata was appointed on Friday ( Oct 11 ) as the head of the powerful and influential philanthropic arm of India’s Tata group, giving him indirect control of the US$ 165 billion conglomerate.

Tata Trusts said Noel Tata, 67, will be its new president after the suicide this year of Ratan Tata, &nbsp, one of India’s best-known corporate titans. The choice followed “many old-timers” in the class wanting him to direct the walk, said one Tata professional.

The family business, Tata Sons, oversees 30 organizations across consumer goods, resorts, cars and airlines and has become a worldwide giant over the years, with companies such as Jaguar Land Rover and Tetley Tea in its stable.

It has partnerships with Starbucks and Airbus in India, including Tata Consultancy Services, Taj Hotels, and Air India.

Tata Trusts has a 66 per cent equity of Tata Sons, giving it strength over great expense, philanthropic and corporate decisions by the company, organization executives said.

Noel Tata, who is half-French, was now one of the numerous governors of Tata Steel’s charitable arm and president of Trent, a well-known retail fashion brand for Tata.

Noel is well-versed in the operation of Tata organizations. In retail, some individuals thought how may Tata compete with the major retailers. Noel has shown it, according to Sanjay Singh, a former professional at Tata Sons who will retire in 2019.

He is classic Tata, despite keeping a low page to prevent the outside world from getting to know him.

Continue Reading

Sri Lanka approves controversial foreign debt deal

By:
On:
In: Asia

The government and its diplomatic lenders reached a deal to restructure their official credit, which was worth US$ 6 billion, in June. Private collectors who own more than half of the world’s royal ties and other foreign commercial mortgages to the South Asian nation agreed to a 27 % loanContinue Reading

IMF sees gradual return to economic normalcy in Bangladesh

By:
On:
In: Asia

WASHINGTON: The International Monetary Fund on Monday ( Sep 30 ) said Bangladesh’s quick formation of an interim government has helped stabilise the country, and that the country’s new authorities have helped address the economy even as challenges remain. The IMF owner’s assessment, following a Sep 24-30 team visit, evenContinue Reading

India’s gold market sparkles on increased demand, after cuts to import duty

By:
On:
In: Asia

According to the World Gold Council, the budget changes may cause users in India to demand at least 50 kilograms more of the precious metal in the second quarter of this year.

India’s platinum use in 2024 is then projected to reach up to 850 kilograms.

According to the business agency’s India CEO, Sachin Jain,” we think the fourth of October, November, and December ( this year ) will probably be one of the most important use rooms that we will have witnessed in a very long time.”

Gold in India is currently trading at about 73, 000 rupees ( US$ 870 ) per 10 grams.

According to business executives, the price could have been as large as US$ 950 if not for the lower trade work.

WHICH LOWER IMPORT Revenue INDIA?

According to industry representatives, the government slashed the transfer duty on gold to achieve two goals: lowering the price to increase domestic demand and reducing sneaking activities by making it less attractive.

According to official data, gold smuggling has increased in India, with an intricate system of smugglers improperly bringing the material into the region via property, sea, and air routes.

In 2023 only, authorities seized more than 3, 900kg of metal in the highest number of cases in at least three years.

” Now, with the customs duty getting dropped to the current levels- and when you smuggle there is a cost, it does n’t come for free- I think the arbitrage reduces to a very small level, which would n’t be incentive enough”, said Jain. Arbitrage refers to the buy and sale of an asset at the same time in various markets in order to achieve a certain income.

Companies, too, said the tax decline is a move in the right direction.

” We are very pleased that they finally did this work split,” said Colin Shah, the leader and managing chairman of Kama Jewelry, an exporter and dealer based in the northern suburb of Andheri.” We are very pleased that they have done this duty cut,” Shah added.

However, concerns remain that golden prices was immediately jump on factors beyond India’s control, including political tensions, interest rate cuts from the Federal Reserve and the future US elections.

Continue Reading

Malaysia defends web traffic re-routing plan against online censorship concerns

By:
On:
In: Asia

In a statement late on Saturday ( Sep 7 ), the Malaysian Communications and Multimedia Commission (MCMC) denied the measure was “draconian”, saying it was aimed at protecting vulnerable groups from malicious or harmful content, such as online gambling, pornography, copyright infringements, phishing or financial scams. ” DNS redirection ensuresContinue Reading

More foreign investors showing interest in Nusantara megaproject: Indonesia’s new investment minister

By:
On:
In: Asia

BECOMING A MORE OPEN, Open State

He questioned whether Indonesia is maturing as a political world, arguing that this is development at hand. &nbsp,

” Moving forth, I think we are pretty convinced that Indonesia is becoming a more receptive state”, he noted. &nbsp,

” We are becoming a more ( democratic ) country, and also at the same time, we are becoming more transparent in a lot of things”.

During the meeting, Mr Rosan, who was an ambassador to the United States from 2021 to last year, said the ongoing conflicts between the US and China would have an effect on Indonesia’s business and investments. &nbsp,

” In Indonesia, we navigate this very carefully. We can see that this conflict may last a considerable amount of time. This is our view”, he said, adding that Indonesia never take sides. &nbsp,

” Based on our foreign policy, we would like to work with everybody … as long as it creates a mutual benefit for all of us and gives ( prosperity ) to all of us”.

Continue Reading

As online financial influencers gain popularity in India, regulators attempt to clamp down on rogue players

By:
On:
In: Asia

GROWTH OF ONLINE FINANCIAL Bloggers

Financial aficionados like Ms. Tolkar are one of India’s 3.5 million material makers in a fast-growing industry.

Their extraordinary surge coincided with a surge in the property market, the ease of online trading, and the COVID-19 crisis.

Thousands of regular Indian citizens were eager to invest, and many of them sought advice online. The level of financial education in India is currently 27 %. &nbsp,

However, a lack of oversight has resulted in unethical behavior, such as charging registration fees for which customers receive little or nothing in profit.

The market is also replete with so-called “pump-and-dump” techniques, where traders are urged to buy a certain property so that its value is deliberately inflated. The person responsible for the plan finally profits when they sell the shares to themselves.

Managing director of Mumbai-based Bexley Advisors, Mr Utkarsh Sinha, noted that online financial tips is a quickly evolving room with no access barriers. He added that even if they do n’t have credentials, they can be trusted as influencers. &nbsp,

” There’s a lot of ability for mis-selling, for pump-and-dump methods, and so rules of this space is required”, he said.

It’s also very challenging to patrol these flies because they come up in pairs, they say.

REGULATING FINANCIAL Celebrities

Nevertheless, India’s market regulator, the Securities and Exchange Board of India ( SEBI ), has been taking steps against potentially harmful content, in line with countries like the United Kingdom and Singapore which have rules on financial influencers in place.

Agents and mutual funds are then prohibited from working with people who offer investment advice on stocks and bonds despite not being registered with the regulation under the fresh SEBI restrictions approved in June.

Nearly 9, 000 instances of false or immoral social media content in relation to markets were discovered by SEBI in July. &nbsp,

Since then, it has urged channels to file legal lawsuits and is looking into ways to get people to register as investment advisors. However, it acknowledged that its demands, regarded as strong, have led to confined take-up.

Continue Reading