MULTINATIONAL CORPORATIONS
A charged up IPO market paving way for global corporates to look at India for equity funding: Report
Hyundai India and LG’s IPO plans may influence other multinational companies with significant market shares. With the general election gone by, expectations of a charged-up second half for the primary market are ripe with as many as 55 companies lining up to raise around Rs 68,000 crore.
Budget may include implementation of global minimum corporate tax rate
Union Budget Tax Expectations: India’s adoption of OECD's Pillar 2, implementing a 15% GloBE tax rate for multinationals, may be announced. This could benefit MNEs through rules like Income Inclusion. Insights from Akhilesh Ranjan and MSKA highlight GIFT city implications. Abhishek Goenka notes UAE's 9% rate advantage. Provisions may enter India's Income-tax Act or involve stakeholder feedback. Effective compliance is key.
How GenAI is aiding Indian GCCs; AI funding dip
Happy Tuesday! India's global capability centres are evolving into front offices for multinational corporations. This and more in today’s ETtech Morning Dispatch.
China's covert 6th fighter jet program: What we know about their sixth-gen developments
China is pushing ahead with its ambitious sixth-generation fighter jet program, aiming for a prototype by 2028 and a meaningful design by the late 2030s. Experts highlight China's significant progress in aerospace technology, suggesting it could rival global leaders within two decades. This development comes as China seeks to enhance its military capabilities and strategic deterrence.
72% financial institutions to invest in ESG tech: Survey by BCT Digital and Chartis Research
About 48% of the respondents identified risk assessment and mapping relevant ESG whereas another 48% viewed integrating ESG into operational and financial workflows as significant challenges.
MNCs in India fret as US yet to ratify global tax deal
Tax experts say the international tax treaty, which Republicans strongly oppose and requires a two-thirds majority in the US Senate to pass, faces significant challenges. Without US ratification, meeting the OECD tax deal's implementation conditions to reshape the global tax system becomes extremely difficult. The international tax treaty's implementation needs acceptance by 30 jurisdictions and the inclusion of the headquarters jurisdictions of at least 60% of the most profitable multinationals; given that many of these businesses are located in the United States, US participation is critical to attaining this level.
These are the three stocks which may outperform Nvidia by 2030
Analysts have predicted that the dream run of Nvidia may end by 2027 due to various technological developments. There are three other companies that may outperform Nvidia by 2030. Google, Microsoft and Apple are three leading companies that may peak by 2030. They are actively promoting their AI related products and services.
Suits & Sayings: Brewing, Brooding
ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Around one-third employees experience age-related discrimination at work: Study
The 'Ageism in the Workplace' study by talent company Randstad India revealed that 31 per cent of employees in India have experienced discriminations due to their age and such discriminations are mostly prevalent during recruitment process, especially in job advertisements of organisations.
US not ready to sign pending global tax agreement: Jenet Yellen
A second portion, which remains unfinished, would take some of the taxes on profits that big companies pay in their headquarter countries and share that with countries where the companies generate revenue. But negotiators, led by the OECD, have struggled to polish off the details and get enough countries to sign a multilateral convention on implementing the deal.
Yellen says India and China hindering 'Pillar 1' tax deal
U.S. Treasury Secretary Janet Yellen told Reuters in an interview on the sidelines of a G7 finance leaders meeting in Italy that China also has been "all but absent" in the negotiations to finalize "Pillar 1" of the OECD corporate tax deal reached in principle in 2021 that involves 140 countries.
Indian companies show interest in impact investing but face challenges: Deloitte CSR survey
Deloitte India's CSR preparedness survey reveals that only 28% of Indian organizations feel very prepared for impact investing, despite high interest. The study shows a shift towards CSR as a strategic driver of corporate strategy, with increased investment in technology solutions and focus on accountability.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
Axis Bank brings expats to India in push to woo global firms
Axis Bank Ltd. aims to boost its global business by hiring Asian expatriates, targeting mid-sized companies from countries like South Korea, Japan, US, Germany, Italy, and France. Facing challenges with South Korean and Japanese firms due to language barriers, the bank has recruited expatriates to facilitate connections and expand its corporate banking division.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
Anarock appoints Peush Jain as MD of corporate leasing and advisory
Anarock launched commercial office leasing services, targeting strategic collaborations and hiring talent to serve corporate occupiers. Peush Jain appointed as managing director, emphasizing a technology-focused approach and projected growth in office leasing driven by GCCs and various sectors.
In global battle for talent, Indians fast emerging as the top choice
While several Indians have in the last few years taken up top positions globally, even mid-level execs, with their inherent knowledge of a challenging but high-potential market environment, are now getting chosen for operational roles as multinationals from Mondelez and Diageo to Chanel, Starbucks and Procter & Gamble (P&G) shift focus to emerging markets to maintain growth momentum.
Global tax deal: Large Indian companies check readiness, assess impact
The Pillar Two model rules under Global Anti-Base Erosion Regulation have been crafted to ensure that large multinationals pay a minimum level of tax. They apply to companies that are members of a multinational group and have had annual sales of ₹750 million or more in the ultimate parent entity's consolidated financial statements for at least two of the four fiscal years before the tested year.
Indian CEO of US tech company dies in stage mishap
Tragedy struck at Ramoji Film City (RFC) on Thursday night during the silver jubilee celebrations of Vistex Asia-Pacific Private Ltd, a multinational software company founded and led by a US-based Indian CEO. The founder lost their life, and the company's president sustained severe injuries in a harrowing incident when an iron cage contraption, transporting them, collapsed during the corporate event. The unfortunate accident has left the company and its community in shock and mourning.
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