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☆ India wants to host the Olympic Games in 2036. Is the country ready?
▼ + stars: | 2023-12-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

Labourers work beside the Olympic signage at the entrance of a venue ahead of the upcoming 141st International Olympic Committee (IOC) session in Mumbai on OCtober 11, 2023. In October, Prime Minister Narendra Modi announced that India plans to host the 2036 Games, reportedly saying it's the country's "age-old dream." Indonesia, Mexico, Turkey and Poland have also expressed their interest to host the Games in 2036. Reliance Industries, the country's largest private sector company, entered into a partnership with the Indian Olympic Association (IOA) last year. In 2011, after the games concluded, the chairman of the of the Commonwealth Games organizing committee, Suresh Kalmadi, was arrested for corruption and financial malpractice.

Persons: Indranil MUKHERJEE, INDRANIL MUKHERJEE, Indranil Mukherjee, Narendra Modi, Nita Mukesh Ambani, CNBC's Tanvir Gill, Ambani, Thomas Bach, Suresh Kalmadi, David Carter, Carter Organizations: 141st International Olympic Committee, AFP, Getty, Afp, India, Business, Reliance Foundation, Reliance Industries, Indian Olympic Association, Olympic Games, CNBC TV18, Olympic, Commonwealth Games, Guardian, BBC, Cricket, University of Southern, CNBC Locations: Mumbai, India, Indonesia, Mexico, Turkey, Poland, Delhi, University of Southern California

☆ Indian foodtechs Zomato, Swiggy get notice for $90 mln in unpaid taxes -CNBC TV18
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBENGALURU, Nov 22 (Reuters) - India's top organization for indirect taxes has issued notices on unpaid taxes worth about 7.5 billion rupees ($90 million) to food delivery companies Zomato (ZOMT.NS) and Swiggy, CNBC-TV18 reported on Wednesday, citing sources. The Directorate General of GST Intelligence (DGGI) has sent a tax demand of more than 4 billion rupees to Zomato and of around 3.5 billion rupees to Swiggy, the report said. Zomato declined to comment, while Swiggy and the DGGI did not immediately respond to Reuters' requests for comment. ($1 = 83.2440 Indian rupees)Reporting by Varun Vyas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Zomato, Varun Vyas, Savio D'Souza Organizations: REUTERS, Rights, CNBC, TV18, GST Intelligence, Thomson Locations: Bengaluru

☆ Disney nears deal to sell $10-bln valued India business to Reliance -Bloomberg News
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

However, Disney may now sell a controlling stake in the business to Reliance, the Mukesh Ambani-controlled conglomerate whose streaming platform's success has weighed on the U.S. company's Indian business, Bloomberg reported. Reliance, whose broadcast venture Viacom18 runs JioCinema, values Disney's India assets, which comprises the Disney+ Hotstar streaming service and Star India, at between $7 billion and $8 billion, the report said. The enterprise value of the India business, Disney's biggest last year globally by users, was seen at around $15 billion to 16 billion when Disney took over Fox's business. The deal could be announced as early as next month, although no final decision has been made and Disney could still decide to hold onto the assets, Bloomberg reported. JioCinema has put increased pressure on Disney India and other streaming platforms, with Ambani marketing the platform by offering free access to the Indian Premier League cricket tournament, digital rights of which were earlier with Disney.

Persons: Dado Ruvic, Gautam Adani, Kalanithi Maran, Mukesh Ambani, JioCinema, Ambani, OTT, Karan Taurani, Taurani, Varun Vyas, Rama Venkat, Savio D'Souza Organizations: Disney, REUTERS, Rights, Reliance Industries, Bloomberg, Reuters, Sun TV Network, Blackstone, Reliance, Star India, Disney's, Disney India, Indian Premier League cricket, Elara Securities, Thomson Locations: India, Bengaluru

☆ CNBC Daily Open: Thinking about tech
▼ + stars: | 2023-09-27 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Alibaba unit IPO Alibaba plans to list its logistics unit Cainiao in Hong Kong, the Chinese e-commerce giant said in a regulatory filing on Tuesday. It's the first to announce listing plans among the six business units as a result of one of the most radical shake-ups in Alibaba's history . The company split its structure into six business units, and hopes most of them will be able to raise outside funds and go public.

Persons: Rene Haas, It's, Dimon, — Dimon, it's, Jerome Powell, Jamie Dimon, Neel Kashkari, Herman Narula, Narula, Alibaba Organizations: Arm, Nasdaq, CNBC, TV18, Dow Jones, Dow, Financial, Treasury, Federal, JPMorgan Chase, Minneapolis Federal, Tech Locations: New York City, Hong Kong, Ukraine, America, China, India, U.S, Minneapolis

☆ JPMorgan CEO Jamie Dimon warns the Russia-Ukraine war and other global clashes are the greatest threat to the world today
▼ + stars: | 2023-09-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Be ready for energy prices to spike and interest rates to climb higher, Jamie Dimon said. The JPMorgan CEO warns geopolitical threats like Russia's invasion of Ukraine are critical concerns. AdvertisementAdvertisementBe prepared for higher energy prices, steeper interest rates, and a potential economic hangover from a reduction in government spending, Jamie Dimon says. But Russia's invasion of Ukraine – and how it's reshaping global relations – is the number one threat to the world, according to the JPMorgan CEO. "I think people should be prepared for higher oil and gas prices, higher rates," Dimon told CNBC-TV18 on Tuesday.

Persons: Jamie Dimon, —, Dimon, we've Organizations: Service, Ukraine –, JPMorgan, CNBC, TV18, Federal Reserve Locations: Ukraine, Russia, European, China

☆ Jamie Dimon says India optimism is 'completely justified'
▼ + stars: | 2023-09-26 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

I think the optimism of India is actually completely justified," Dimon told CNBC-TV18's Shereen Bhan at the conference Monday . LONDON — JPMorgan Chase Chairman and CEO Jamie Dimon struck a bullish tone at the India Investor Summit, saying the optimism surrounding the country at the moment is "completely justified." The bank has increased its employee numbers in India from around 6,000 in 2005 to 60,000 today, Dimon added. India became the world's most populous country in April, with a total of 1.4 billion citizens, according to the United Nations. In his interview with CNBC-TV18, Dimon emphasized that it wasn't just a lack of confidence in China that was turning businesses towards India.

Persons: Dimon, Jamie Dimon, Narendra Modi, We're, It's, Morgan Stanley, Goldman Sachs, Olaf Scholz, Scholz, Modi Organizations: CNBC, LONDON, JPMorgan Chase, India Investor Summit, Indian, Accenture, McKinsey, Tata, United Nations, P Global, European Union, TV18 Locations: China, India, Japan, Germany, U.S, New Delhi

[1/2] A view shows packets of snacks on the shelves inside a Haldiram's restaurant in Mumbai, India, September 6, 2023. Tata Consumer shares surged and closed nearly 4% higher in Mumbai trade after Reuters reported news of the talks. The potential acquisition represents an exciting opportunity for Tata, the person said, adding: "Tata (Consumer) is seen as a tea company. A spokesperson for Tata Consumer Products said it "does not comment on market speculation". The $10 billion valuation sought by Haldiram's for the deal translates to 6.6 times its annual revenue of $1.5 billion, sources said.

Persons: Sriram, Tata, Mukesh Ambani's, Tetley, Haldiram's, Krishan Kumar Chutani, Bain, Ankur Bisen, Manohar Lal Agrawal, Aditya Kalra, Chris Thomas, Edwina Gibbs, Alexandra Hudson Organizations: REUTERS, India Tata, Tata, Pepsi, Bain Capital, Tata Consumer Products, Starbucks, Tata Consumer, Reuters, Haldiram's, Euromonitor International, Tata Group, CNBC TV18, Bikaji Foods, Alexandra Hudson Our, Thomson Locations: Mumbai, India, MUMBAI, DELHI, Singapore, United States, Bikaji

☆ Burger King in India says tomatoes 'need a vacation' too — they have been removed from the menu due to inflation
▼ + stars: | 2023-08-17 | by ( Amanda Goh | ) www.businessinsider.com time to read: +3 min

Burger King in India has taken tomatoes off the menu due to food inflation, per Reuters. Tomatoes prices have shot up drastically due to India's food inflation, which is at its highest since January 2020. "Even tomatoes need a vacation... we are unable to add tomatoes to our food," signs posted outside these two outlets said, per Reuters. Following McDonald's, Subway in India also dropped tomatoes from its menu that same month, the Times of India reported. Like McDonald's, notices outside a few Subway outlets in New Delhi attributed the unavailability of tomatoes due to quality issues.

Persons: Burger, Burger King Organizations: Service, Reuters, CNBC TV18, India's Department of Consumer Affairs, The, Cooperative Consumer's Federation of, India, New York Times Locations: India, Wall, Silicon, McDonald's, Subway, New Delhi, of India, Cooperative Consumer's Federation of India

☆ Fairy-tale ending will elude Disney in India
▼ + stars: | 2023-08-11 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

MUMBAI, Aug 11 (Reuters Breakingviews) - India has lost its magic for Walt Disney (DIS.N). Even if boss Bob Iger can find a buyer or joint venture partner, a fairy-tale ending will elude the Magic Kingdom. The combination of changing viewing preferences and Disney’s own conservatism in streaming puts Disney India in a weak spot. The average monthly revenue per subscriber held steady at 59 cents, compared to $7.31 per subscriber in its domestic Disney+ business. Disney is exploring strategic options for its Star India business, including a joint venture or a sale, the Wall Street Journal reported on July 11, citing unnamed people familiar with the matter.

Persons: Walt Disney, pare, Bob Iger, Iger, Mukesh, Ambani, JioCinema, Una Galani, Katrina Hamlin Organizations: Reuters, Fox, Kingdom, Netflix, Indian Premier League, HBO, Disney, Disney India, Walt Disney, Star India, Wall Street, Thomson Locations: MUMBAI, India, U.S, Mumbai, United States, Canada

☆ India woos U.S. chip giants as it looks to become a semiconductor superpower
▼ + stars: | 2023-07-28 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +5 min

Indian Prime Minister Narendra Modi has looked to woo American semiconductor firms to invest in his country. India's chip strategyIndia's chip strategy consists of two major parts. At SemiconIndia, the American chip firms in attendance spoke about their investments in India and announced new ones, highlighting India's focus on attracting foreign companies. Last month, Micron announced plans to set up a semiconductor assembly and testing facility in the state of Gujarat in India. The chip manufacturing tie-up between Vedanta and Foxconn reportedly relied on technology from European semiconductor firm STMicroelectronics.

Persons: Narendra Modi, Anna Moneymaker, Modi, Ajit Manocha, Jefferies, Manocha, …, Mark Papermaster, Sanjay Mehrotra, Ashwini Vaishnaw, Young Liu, Foxconn, hasn't, Liu, Anil Agarwal, Pranay Kotasthane, haven't, Kotasthane Organizations: Indian, Getty Images, U.S, Micron, Cadence, Applied Materials, AMD, SemiconIndia, U.S ., Vedanta, CNBC, TV18, Takshashila Locations: U.S, Taiwan, South Korea, U.S . New Delhi, India, America, SemiconIndia, Bangalore, Gujarat, Vedanta

REUTERS/Amit DaveGANDHINAGAR, India, July 28 (Reuters) - India wants to become a trusted partner for the semiconductor industry and a chip maker for the world, Prime Minister Narendra Modi said on Friday, as global companies including Foxconn (2317.TW) announced investment plans in the South Asian nation. "To expedite the growth of the semiconductor sector in the country, we are continuously undertaking policy reforms," said Modi, who has made chipmaking the top priority of his economic policy. Modi was speaking at the government's SemiconIndia annual conference in his home state of Gujarat which is being attended by top semiconductor industry executives. Speaking to CNBC-TV18, Liu said Foxconn had yet to find another partner for its India chipmaking venture. At the event, Micron Technology (MU.O) CEO Sanjay Mehrotra said a planned $2.7 billion semiconductor testing and packaging unit in Gujarat would help create about 5,000 jobs in the state.

Persons: Mark Papermaster, Young Liu, India's, Narendra Modi, Amit Dave GANDHINAGAR, TW, Modi, Foxconn, Liu, Modi's, Sanjay Mehrotra, Munsif Vengattil, Sumit Khanna, Indranil Sarkar, Aditya Kalra, Jacqueline Wong, Muralikumar Organizations: Devices, REUTERS, Foxconn, CNBC, TV18, Vedanta, Semiconductor, Reuters, Hai Technology, Micron Technology, Thomson Locations: Gandhinagar, India, Gujarat, Bengaluru, Tamil, Taiwan, Foxconn

☆ Indian shares pare early gains as IT stocks reverse course
▼ + stars: | 2023-07-19 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

REUTERS/Niharika Kulkarni/File photoBENGALURU, July 19 (Reuters) - Indian shares trimmed gains on Wednesday, as information technology stocks reversed early gains and offset the broad sectoral rise, ahead of the June-quarter earnings of top companies. The Nifty 50 (.NSEI) index rose 0.18% to 19,784.25, with the S&P BSE Sensex (.BSESN) in toe at 66,921.20, as of 12:56 p.m. IST. High-weightage IT stocks (.NIFTYIT) erased 0.5% gains and are on course to snap a four-day winning streak. Among individual stocks, NTPC (NTPC.NS) rose over 4%, topping the Nifty 50 after brokerage Goldman Sachs identified it as the top pick in the power sector. Several other Nifty 50 constituents, including Infosys (INFY.NS), Ultratech Cement (ULTC.NS), Reliance Industries (RELI.NS), and ICICI Bank (ICBK.NS) will report their quarterly earnings later this week.

Persons: Niharika Kulkarni, Narendra Solanki, Anand, Goldman Sachs, Bharath Rajeswaran, Sonia Cheema, Dhanya Ann Thoppil Organizations: Bombay Stock Exchange, REUTERS, BSE, TV18, U.S . Federal Reserve, Investment Services, IndusInd Bank, Hindustan Unilever, Infosys, Ultratech, Reliance Industries, ICICI Bank, Thomson Locations: Mumbai, BENGALURU, U.S, Europe, Bengaluru

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

☆ Adani-owned NDTV profit plunges about 98% on weak advertising demand
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 1 (Reuters) - Indian broadcaster New Delhi Television Ltd (NDTV) (NDTV.NS), part of the embattled Adani Group, posted a 97.6% plunge in quarterly profit on Monday due to weak advertising demand. NDTV reported a consolidated net profit of 5.9 million rupees ($72,206.58) for the quarter ended March 31, compared with 241.6 million rupees a year earlier. Revenue from operations fell 35.5% to 669.6 million rupees due to a "slowdown in global advertisement spend," the media company said. Ports-to-energy conglomerate Adani Group holds an about 64.7% stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year. Last month, rival TV18 Broadcast Ltd (TVEB.NS), owned by Reliance Industries Ltd (RELI.NS), also reported a slump in quarterly profit, citing lower-than-expected advertising revenue.

☆ Ukraine wants tighter ties with India, visit by Modi
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

India holds the rotating presidency of the Group of 20 this year and hosts a leaders summit in September. Dzhaparova, who is on a four-day visit to New Delhi, told the broadcaster: "We believe India should be engaged and involved in the Ukraine issue to a great extent". India has sought a diplomatic solution to the conflict in Ukraine, while Modi told Russian President Vladimir Putin in September that now is "not an era of war". India has also boosted its purchases of Russian oil, taking advantage of the deep discounts following a European ban on Russian oil imports. Dzhaparova will meet India's deputy national security adviser and a junior foreign minister during her visit and address a world affairs think tank.

☆ India opposes Hindustan Zinc's $2.98 bln deal for Vedanta zinc assets
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

Vedanta's sale of its zinc assets in South Africa and Namibia to Hindustan Zinc is critical to ensuring liquidity at parent company Vedanta Resources. The government holds a near 30% stake in Hindustan Zinc, while Vedanta owns almost 65%. "As far as Hindustan Zinc is concerned, we always believe in and operate in perfect manners of corporate governance, so (there is) no deviation on that count," Hindustan Zinc Chief Executive Arun Misra told CNBC-TV18 on Monday. Hindustan Zinc has three months from the deal announcement to hold the shareholders' meeting to seek approval for the deal. Hindustan Zinc and Vedanta did not immediately respond to Reuters requests for comment.

☆ Adani vs. Hindenburg: How Asia’s richest man lost his crown in just a few days
▼ + stars: | 2023-02-01 | by ( Jihye Lee | ) www.cnbc.com time to read: +5 min

Gautam Adani, billionaire and chairman of Adani Group, during an event at the Port of Haifa in Haifa, Israel, on Tuesday, Jan. 31, 2023. According to Forbes, Gautam Adani, the founder and chairman of the group, has lost his status as Asia's richest man to Mukesh Ambani, the chairman of Reliance Industries. Hindenburg, which said it has taken a short position in Adani Group, stands to benefit from the declining value of those stocks. Adani's battle with the short-seller firm has put the group's exposure to Wall Street — amounting to nearly $9 billion, according to JPMorgan — under the spotlight. In just one week, Indian billionaire Gautam Adani saw more than $34 billion wiped off his net worth, according to the Bloomberg Billionaires Index.

HONG KONG/MUMBAI, Jan 30 (Reuters Breakingviews) - Gautam Adani’s financing options are narrowing fast. That leaves it dependent on a safety net provided by Indian banks. Those concerns exploded after Hindenburg Research last week declared the Indian group was making extensive use of tax havens and “pulling the largest con in corporate history” – allegations Adani dismissed as “misinformation” and “stale, baseless and discredited”. Lending more to the group would protect the capital that banks already have at risk in projects under construction. Shares of Gautam Adani’s listed companies have lost a combined $48 billion in market capitalisation since Jan. 25.

☆ Here are the layoff severance packages Google, Microsoft, Amazon and other tech giants have promised
▼ + stars: | 2023-01-20 | by ( Rohan Goswami | ) www.cnbc.com time to read: +5 min

Laid-off employees would also have "at least" 16 weeks of share vesting accelerated, Pichai said in a memo to employees. Benefit-eligible U.S. employees are to receive severance, six months of healthcare and stock vesting, and 60 days of notice, Nadella wrote. Human resources head Beth Galetti said the company will offer a separation payment, health benefits as applicable by country and job placement. This matters to Amazon employees, as the company's compensation has historically been weighted heavily to stock. Benioff's letter to employees also said that laid-off employees would receive health insurance benefits and career resources for an unclear duration.

☆ Davos: India flexes its muscle as China's star fades
▼ + stars: | 2023-01-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

In 2023, as global recession fears persist, the country is expected to log the best performance of any major economy. An Invest India banner hanging from a building ahead of the World Economic Forum in Davos, Switzerland, on Monday, Jan. 16. India is also due to displace its powerful neighbor as the world’s most populous country this year. They’re a substantial asset — if India’s economy can create enough jobs. “The world needs resilience,” Tata Sons Chairman Natarajan Chandrasekaran told a Davos panel.

☆ Microsoft is laying off 10,000 employees
▼ + stars: | 2023-01-18 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Microsoft said Wednesday that it's letting go of 10,000 employees through March 31 as the software maker braces for slower revenue growth. "I'm confident that Microsoft will emerge from this stronger and more competitive," CEO Satya Nadella told employees in a memo that was posted on Microsoft's website. Microsoft has called for 2% revenue growth in the fiscal second quarter, which would be the slowest rate since 2016. In 2017 Microsoft laid off thousands of employees in a broad reorganization of its sales unit. The charge relates to severance, changes to the company's hardware lineup and the cost of consolidating leases, Nadella wrote.

☆ City officials seize four aircraft of India's Jet Airways, CNBC-TV18 reports
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

Jan 17 (Reuters) - India's local authorities seized four aircraft belonging to Jet Airways (JET.NS) for non-payment of gratuity dues, CNBC-TV18 reported on Tuesday, citing sources. loadingThe Mumbai district administration seized three Boeing and one Airbus planes after an authorised representative from the carrier's monitoring panel defaulted on dues payment of 960,000 rupees ($11,760.38) plus 10% interest, CNBC-TV18 reported, citing a notice. Jet Airways did not immediately respond to a Reuters request for comment. India's national company law tribunal has allowed the ownership of carrier Jet Airways to be transferred to a consortium, led by UAE-based businessman Murari Lal Jalan and London-based Kalrock Capital, two sources told Reuters last week. ($1 = 81.6300 Indian rupees)Reporting by Urvi Dugar in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ India may review stance on Chinese investments to help firms relocate - report
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 30 (Reuters) - The Indian government may review its stance on Chinese investments to help global firms looking to relocate to the country, CNBC-TV18 reported on Friday, citing government sources. Several global companies are exploring a China Plus One strategy to avoid supply chain bottlenecks as the world's second largest economy grapples with a surge in COVID-19 infections. Multinational companies are keen to pursue manufacturing in India, but want to continue existing Chinese joint ventures, CNBC-TV18 reported. The government might allow joint ventures with Chinese companies in sectors where India does not have technical expertise, the report said. Following the clash, India has blocked the nation from participating in government tenders, compelled Chinese companies investing in the country to seek approvals and banned dozens of Chinese apps.

☆ India's NDTV shares rise as founders plan to sell stake to Adani
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

After the deal, the Indian conglomerate, led by billionaire Gautam Adani, will control 64.71% of NDTV, while the founders will retain a combined 5%. Over the last four quarters, the broadcaster raked in revenues in the range of 900 million rupees ($10.88 million) to 1.20 billion rupees. In comparison, rival TV18 Broadcast Ltd (TVEB.NS) has amassed revenues in the range of 12.7 billion rupees to 15.7 billion rupees. Both NDTV and TV18 had flagged reducing ad revenues in the September quarter. Shares of NDTV were last up 2.4% at 348.70 rupees, which was at a discount to the 368.43 rupees per share at which the Roys sold their stake.

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