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India's annual retail inflation rate (INCPIY=ECI) rose to 6.52% in January from 5.72% in December, government data showed on Monday. January's retail inflation was above the Reserve Bank of India's upper targeted limit of 6% for the first time since October and much higher than the 5.9% estimate, according to a Reuters poll of 44 analysts. Food price inflation, which accounts for nearly 40% of the consumer price index (CPI) basket, rose to 5.94% in January from 4.19% in December. STICKY CORE INFLATIONIndia's core inflation in January was nearly flat at 6.09% to 6.10% from last month, according to two economists. "We expect core inflation to remain elevated in Feb-March given the ongoing pass-through of higher input costs by producers," said Aditi Nayar, chief economist at ICRA.

☆ Adani Power profit slumps as fuel costs nearly double
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

Adani Group first said it would evaluate an independent review while reporting results for other group companies on Tuesday. Group company Adani Wilmar too said Hindenburg Research's report had no bearing on its operations. read moreAdani Power - the power generating arm of the Adani Group- posted consolidated net profit of 87.7 million rupees ($1.06 million) in the three months ended Dec 31, down from 2.18 billion rupees a year ago. Fuel costs, which account for about 70% of the company's total expenses, nearly doubled to 55.33 billion rupees. Shares of Adani Power have fallen nearly 34% since Jan. 24, taking the company's losses to $4.3 billion since the Hindenburg report came out, while the group's losses have ballooned to over $102 billion.

☆ Apple is looking for a top sales executive to spearhead a giant advertising push in sports and streaming. Here are 16 execs who could score the job.
▼ + stars: | 2023-01-19 | by ( Claire Atkinson | Lucia Moses | Lara O'Reilly | ) www.businessinsider.com time to read: +15 min

Netflix also conducted a search before hiring two Snap executives, Jeremi Gorman and Peter Naylor, to lead its new ads business. XandrLesser, a longtime digital ad executive, has extensive experience working on issues around the future of digital marketing. McDonald has a ton of other digital ad sales and publishing experience. She helped launch Modi Media, ad buying giant GroupM's addressable TV business, before joining TV adtech startup Cadent. UnivisionValentino runs Disney's digital ad business as EVP, client and brand solutions.

The Indian IT services industry, which enjoyed a pandemic-led boom, is now contending with slower spending or at least delays in decision-making due to growing fears of a global recession. Earlier this week, both Tata Consultancy Services (TCS.NS) and HCLTech (HCLT.NS) said European clients were tightening spending. Bengaluru-based Wipro said its fourth-quarter IT services revenue, which accounts for about 98% of overall revenue, could range between a 0.6% sequential drop and a 1% sequential rise, in constant currency terms. Wipro's IT services revenue rose 0.6% sequentially, to $2.80 billion in constant currency terms, in the third quarter, and had jumped 3.1% sequentially in the fourth quarter last year. Still, the company's total order bookings rose 26% year-over-year to $4.3 billion in the quarter ended Dec. 31.

☆ Alibaba sells Paytm stake worth $125 mln via block deal - source
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Jan 12 (Reuters) - China's Alibaba Group (9988.HK) sold a 3.1% stake in Indian digital payments firm Paytm (PAYT.NS) worth $125 million through a block deal on Thursday, a source with direct knowledge of the matter told Reuters. Alibaba, which held a 6.26% stake in Paytm as at end-September, sold the stake at 536.95 rupees apiece, the source said. Morgan Stanley advised Alibaba on the deal, the source said. Alibaba and Morgan Stanley did not immediately respond to Reuters' requests for comment. Reporting by Sriram Mani in Mumbai, Nishit Navin in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Carlyle buys majority stake in India's VLCC for $300 mln - sources
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 10 (Reuters) - Private-equity firm Carlyle Group (CG.O) has acquired a majority stake in Indian beauty care and wellness solutions provider VLCC for around $300 million, two sources told Reuters on Tuesday. The equity for the transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners, Carlyle said in a statement, without specifying a deal value. "In a crowded market, having a distinct value proposition with high product efficacy and an established brand is very valuable, and that's what VLCC has," Jain added. Founders Vandana Luthra and Mukesh Luthra will continue to hold a significant stake in the company, Carlyle said, without sharing further details. In December, the parent of Indian personal care products startup Mamaearth filedfor an initial public offering.

☆ India's Tata Motors looks to sell part stake in Tata Technologies via IPO
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 12 (Reuters) - Indian automaker Tata Motors Ltd (TAMO.NS) said on Monday it was exploring the sale of a portion of its stake in Tata Technologies through an initial public offering (IPO). Tata Technologies, a product engineering and digital services company, was founded in 1989 as a unit of Tata Motors. The automaker held a 74.43% stake in the company as of March 31, the latest annual report showed. Tata Motors in 2018 called off a deal to sell an about 43% stake in Tata Technologies to private equity firm Warburg Pincus for $360 million, citing delays in securing regulatory approvals and performance not meeting thresholds. The 2022 fiscal annual report showed increased sales at Tata Technologies drove a 46% jump in Tata Motors' revenue from other operations.

☆ Air India to spend over $400 mln to refurbish cabin interiors
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 8 (Reuters) - Air India would spend more than $400 million to refurbish the interiors of its entire wide-body fleet to attract more flyers after the carrier was taken over by Indian conglomerate Tata Group at the start of this year, it said on Thursday. The refurbishment will involve introduction of a premium economy cabin, it said in a statement, adding that the first aircraft with refurbished interiors will enter service in mid-2024. "Air India has committed to attain the highest standards of product and service befitting of a world class airline. We know that, at present, the cabin product on our 40 legacy widebody aircraft falls short of this standard," the company said. Once known for its lavishly decorated planes and stellar service, state-owned Air India was swept into a downward spiral due to mounting debt and ballooning losses.

☆ Amazon to shut down online learning academy in India
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 24 (Reuters) - Amazon.com Inc (AMZN.O) said on Thursday it would shut down its online learning platform for high-school students in India less than two years of its launch, without citing a reason. The Amazon Academy platform, launched early last year amid a boom in virtual learning during the COVID-19 pandemic, offered coaching for competitive exams including Joint Entrance Examination (JEE), which allows entry into top engineering colleges across India. Based on an assessment, the ecommerce giant said in a statement that it had made the decision to discontinue Amazon Academy "in a phased manner to take care of current customers". Other players Unacademy, Toppr, WhiteHat Jr, and Vedantu had also announced layoffs earlier this year, as per local media reports. Reporting by Nandan Mandayam in Bengaluru, additional reporting by Nishit Navin; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Nationwide catalytic converter theft ring made hundreds of millions of dollars, feds say
▼ + stars: | 2022-11-02 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Jonathan_Dienst_Byline.Jpg | Jonathan Dienst | ) www.nbcnews.com time to read: +3 min

“Amidst a rise in catalytic converter thefts across the country, the Justice Department has today carried out an operation arresting 21 defendants and executing 32 search warrants in a nation-wide takedown of a multimillion-dollar catalytic converter theft network,” Attorney General Merrick Garland said in a statement. Thieves made off with 12 times as many catalytic converters in 2021 as they did in 2019, according to the National Insurance Crime Bureau. On his Instagram account, he posted a photo of a necklace with a pendant made to look like a catalytic converter. Prosecutors say that was among the businesses allegedly purchasing stolen catalytic converters and reselling them. Technician Adelmo Rodriguez etches a catalytic converter with a license plate number in Huntington Beach, Calif, in 2021.

☆ U.S. announces takedown of massive catalytic converter theft ring
▼ + stars: | 2022-11-02 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - U.S. authorities on Wednesday said they have taken down a nationwide ring to steal thousands of catalytic converters from cars and trucks, charging 21 people and seizing millions of dollars in assets. Catalytic converters are vehicle exhaust devices that convert toxic gases into safer emissions. Authorities are seeking the forfeiture of that sum, after seizing other assets including homes, bank accounts, luxury vehicles and cash. "They made hundreds of millions of dollars in the process -- on the backs of thousands of innocent car owners." Reporting by Jonathan Stempel in New York; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Register now for FREE unlimited access to Reuters.com RegisterThe energy crisis triggered by the war in Ukraine has renewed interest in nuclear power. But without a reliable source of the high assay low enriched uranium (HALEU) the reactors need, developers worry they won't receive orders for their plants. But only TENEX, which is part of Russian state-owned nuclear energy company Rosatom, sells HALEU commercially at the moment. And this chicken and egg conundrum is complicating the smooth development of HALEU supply. "A reliable HALEU supply is one of many factors under consideration," the company said in an emailed statement.

☆ Netflix and Disney+ subscribers are eager for cheaper plans with ads, a new survey found. Here are 3 takeaways that can help the streamers lure more viewers.
▼ + stars: | 2022-10-18 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

A new survey shows about half of Netflix and Disney+'s current subscribers are open to a cheaper version with ads. Here are more key takeaways:5 minutes is the sweet spot for adsFor Netflix specifically, subscribers were asked about their tolerance for ads. A Kagan analysis "suggests that a sizable number of new and existing subs for both Netflix and Disney+ will opt for ad-supported tiers." Older, less affluent users are more interested in ads versionThose most interested in Netflix's ad version skew older and less affluent, Samba TV and HarrisX found. There's high potential interest among non-subscribersThe Samba TV-HarrisX survey also found broad interest in Netflix and Disney+ with ads among non-subscribers.

☆ India's HCL Technologies raises 2023 revenue growth target on order strength
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 12 (Reuters) - IT services firm HCL Technologies Ltd (HCLT.NS) on Wednesday raised its full-year revenue growth forecast and reported a 7.1% rise in September-quarter profit, helped by a rise in new order wins. The Noida-based company raised its fiscal 2023 revenue growth forecast to 13.5% to 14.5% from 12% to 14% on a constant currency basis, citing strong order bookings and pipeline. Indian IT services companies' profit jumped last year as they rode the pandemic-driven demand, but results this quarter have been mixed. read more read moreRecession-wary U.S. and European clients are expected to tighten their budgets, which will hit profits at Indian IT services firms. HCL said its net profit rose 7.1% to 34.89 billion Indian rupees ($424.18 million) for the second quarter.

☆ 9 top cloud VCs share the trends they're following and how founders can pitch them right now
▼ + stars: | 2022-09-29 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +2 min

After a boom over the last two years, the venture capital market for cloud startups has slowed. Insider spoke to nine cloud VCs across a variety of firms about how to pitch them right now. So, venture capitalists are considering investments at a slower, more measured pace, several VCs told Insider. Insider spoke to nine venture capitalists across different firms who focus on cloud infrastructure, software, and enterprise technology. Here's what 9 top VCs look for in a founding team, what trends they're following right now, and how to pitch them:

☆ How Netflix and Disney+ with ads could swipe current subscribers from the streamers' higher-priced services
▼ + stars: | 2022-09-28 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Netflix and Disney+ face a big question of how many people will subscribe to their ad-supported tiers. A new survey shows about half of each service's current subscribers are open to a cheaper version with ads. There's strong interest in Netflix and Disney+ with ads, a new survey from Samba TV with HarrisX found, with nearly half of each service's current subscribers saying they'd consider making the switch. Those most interested in Netflix's ad version skew older and less affluent, Samba TV and HarrisX found. The Samba TV-HarrisX survey also found broad interest in Netflix and Disney+ with ads among non-subscribers.

☆ India agency raids Coda offices in money laundering probe involving Free Fire
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterBENGALURU, Sept 27 (Reuters) - India's financial crime fighting agency on Tuesday searched the premises of Coda Payments India as part of a money laundering probe into the fintech firm and Sea Ltd's (SE.N) Free Fire. Coda enables cross-border payments for games and other digital products, including Garena Free Fire, Teen Patti Gold, and Call of Duty. Register now for FREE unlimited access to Reuters.com RegisterThe ED also froze all Coda's accounts, which had a total balance of 685.3 million Indian rupees ($8.40 million). Coda Payments and Sea did not immediately respond to emails seeking comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nishit Navin in Bengaluru and Munsif Vengattil; Editing by Anil D'Silva, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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