Sun.Sep 15, 2024

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Deloitte reports record revenue of $67.2 billion for FY24, a 3.1% jump

CFO News

Deloitte reported a $67.2 billion global revenue for FY2024, marking a 3.1% increase. With notable growth in Tax & Legal and a strategic FY2025 restructure, the firm targets enhanced integrated solutions and tech-driven transformation.

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Real yields are sinking. What does this mean for Thursday’s 10-year TIPS reopening auction?

Tips Watch

By David Enna, Tipswatch.com First off, let’s point out that the Federal Reserve has not yet lowered interest rates by a single basis point and, in fact, the federal funds rate has been stable since July 2023.

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Adani Green Energy elevates Saurabh Shah as CFO

CFO News

Shah, who currently holds the position of Deputy CFO at Adani Enterprises Limited, succeeds Phuntsok Wangyal, who resigned on September 14, 2024, to pursue other career opportunities.

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1,034: From Earnings Growth to Long-Term Success: A CFO’s Strategic Shift | Deanna Strable, COO & president (CFO emerita), Principal Finance Group

CFO Thought Leader

When Deanna Strable was approached to take on the role of CFO at Principal Financial Group, she was taken by surprise. Having spent most of her 30-year career in leading business units rather than focusing on finance, Strable initially questioned whether she was the right fit for a position traditionally held by financial experts. “Ultimately,” she recalls, “what I learned from our board and CEO was that they really wanted someone who could partner with them in driving the company fo

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The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

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Byju’s obligated to repay $1.2 billion with interest, says US lenders

CFO News

The lenders say the troubled edtech company has not made any contractually due payments in over 17 months and neither founder Byju Raveendran nor the Insolvency Resolution Professional has the authority to disqualify any term loan lender.

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As M&A scene hots up, India Inc strengthens in-house legal teams

CFO News

Large Indian conglomerates are strengthening their in-house legal teams with M&A specialists due to a surge in local and cross-border deals. Companies like Reliance Industries, Cipla, and Aditya Birla Group are hiring experienced lawyers to reduce reliance on external counsel and enhance transaction efficiency.

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India Inc wants staff to be ‘fit’ enough for hikes

CFO News

Corporate India is prioritising employee health and wellness with companies like Deutsche Bank, Aditya Birla Health Insurance, and Philips integrating health goals into performance reviews. Initiatives include onsite diet consultants, wellness sessions, heart health assessments, and tracking health metrics. Aditya Birla Health Insurance now requires employees to incorporate health goals into their key result areas.

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90% of financial institutions focusing on AI, GenAI for innovation: PwC India report

CFO News

​​ As per the PwC India report titled, 'Mapping the FinTech innovation landscape in India' data analytics also continues to emerge prominently across nearly 74 per cent responses, underscoring its integral role in driving insights and decision-making within the financial services (FS) sector.

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Reliance Retail to transfer most of its FMCG brands to RCPL to scale up the business

CFO News

Reliance Retail is set to transfer its FMCG brands, including Campa and various private labels, to Reliance Consumer Products Ltd (RCPL) for rapid business expansion. RCPL plans exclusive bottling plants for Campa and is preparing for a capital infusion of up to Rs 3,900 crore through equity and debt. This strategic move aims at enhancing brand availability.

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Maximizing Profit and Productivity: The New Era of AI-Powered Accounting

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

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India's decade will be SBI's decade, too.as the best, most valued bank: Challa Sreenivasulu Setty, Chairman

CFO News

Challa Sreenivasulu Setty, the new chairman of State Bank of India, is aiming to leverage the bank's extensive network and brand to attract more deposits while managing risks in infrastructure financing. He emphasises technology, customer service, and cyber security as key priorities to enhance productivity and maintain consistent performance.

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Tracking Inflation: A look at DGGI's latest report and it's connection with online gaming

CFO News

The real money online gaming industry has topped the list of tax evaders, as reported by the Directorate General of Goods and Services Tax Intelligence (DGGI). The agency detected tax evasion totaling around Rs 1.10 lakh crore, issuing show-cause notices to 34 taxpayers. Actions have also been taken against 118 domestic entities and 658 offshore entities.

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Real money gaming sector tops GST evasion list

CFO News

The Directorate General of GST Intelligence has identified the real money online gaming sector as a major tax evasion area, detecting Rs 1.10 lakh crore in evasion. Offshore entities based in tax havens pose significant challenges. The agency recommends a multi-agency approach and public awareness to tackle this issue effectively.

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Softbank-backed Swiggy said to eye India IPO filing this week

CFO News

Swiggy Ltd., an Indian food-delivery platform, is planning to file for its domestic IPO soon, aiming to raise over $1 billion. The company is awaiting approval from India's Securities and Exchange Board. Swiggy competes with Zomato, Amazon India, and Tata Group's BigBasket in the food delivery market.

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Smarter Card Solutions: Meeting the Challenges of Mid-Market Travel & Expense

Our 2025 Center Travel Survey is clear: as corporate travel increases, so does corporate credit cards distribution, and a rise in off-platform travel booking. This 61% rise causes various challenges: compliance, spend control, reporting problems, and a lack of visibility across organizations. To evolve with the ever-changing needs of travelers, decision-makers need a better solution.

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GST Council forms Group of Ministers (GoM) to review tax rate on health, life insurance

CFO News

The GST Council has created a 13-member Group of Ministers, chaired by Bihar Deputy Chief Minister Samrat Choudhary, to suggest GST rates for health and life insurance products. The panel will submit its report by October 30. Currently, an 18 per cent GST is levied on insurance premiums.

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MoS Finance likely to be convenor of GoM on GST compensation cess

CFO News

Union Minister Pankaj Chaudhary will lead a Group of Ministers to revise the GST compensation cess nomenclature. The panel aims to decide on apportioning the cess collected from luxury and demerit goods between the Centre and states, while suggesting necessary legal changes for enforcement.

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Major shakeup at PwC: 1,800 Jobs on the chopping block amid restructuring plan!

CFO News

The bulk of the layoffs is reportedly centred in the advisory and technology divisions, with a significant number of affected employees located offshore. Besides the layoffs, PwC’s products and technology teams are expected to be integrated into various business units.

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Banks need to adapt to changing customer preferences to remain competitive: CEA Nageswaran

CFO News

Chief economic advisor V Anantha Nageswaran highlighted the necessity for banks to adapt to changing customer preferences and market dynamics. During an event by Indian Bank, he emphasized agriculture’s role in economic growth and commended the bank’s MSME Prerana programme. Indian Bank CEO S L Jain acknowledged Nageswaran’s valuable insights on the economy and banking sector.

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Bringing AI to Finance: How to Leverage Technology for Efficiency and Control

Finance teams are balancing more than ever, but manual processes shouldn’t slow you down. In this ebook from BILL, discover how AI is transforming finance—automating AP, expense tracking, and document management to reduce errors, increase efficiency, and improve financial control. Learn how real companies are using AI-powered automation to streamline workflows, detect anomalies, and gain deeper insights.

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Sebi chair Buch traded in listed stocks, violating conflict-of-interest policy, alleges Congress

CFO News

Congress has accused Sebi chairperson Madhabi Puri Buch of trading in listed securities worth about Rs 37 crore during her tenure, violating conflict-of-interest policies. They also allege she invested in foreign assets, including Chinese funds. Congress demands an investigation into these claims by Prime Minister Narendra Modi.

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Sebi exempts Spice Healthcare from making open offer for SpiceJet shareholders

CFO News

Markets regulator Sebi has exempted Spice Healthcare Pvt Ltd from making an open offer to SpiceJet shareholders in relation to acquisition of additional shares in the airline. On conversion of warrants that were issued to it, Spice Healthcare, a promoter group entity, would be acquiring an additional 13,14,08,514 equity shares in the airline.

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ICICI Securities shareholder moves NCLAT against order on delisting

CFO News

A shareholder has approached the NCLAT challenging the NCLT's approval of ICICI Securities' delisting application. The appeal cites misapplication of regulations, fraudulent voting, and non-transparency concerns. Quantum Mutual Fund and minority shareholders argue that the share swap negatively impacts them. An investor has also moved the Bombay High Court against SEBI's decision.