MULTINATIONAL CORPORATIONS
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.
Industrials strong, but be careful about valuations: Hiren Dasani of Goldman Sachs Asset Mgmt
"Emerging market equities, as an asset class, are not seeing inflows. They have seen outflows. The US is doing much better than the broader emerging market. The other dynamic is there is also a very strong AI (artificial intelligence)-driven theme that is driving the markets like Taiwan, which is a global supply chain for the entire AI-related and semiconductor segments"
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.
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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.
Expect good response on EV policy, FDI reforms in new govt; prepare for low tariff regime: DPIIT Secretary
India anticipates a positive response from numerous automobile companies to its electric vehicle (EV) policy, according to Rajesh Kumar Singh, DPIIT secretary. He noted that the government has adjusted tariffs to attract manufacturers without direct spending. Additionally, he stated that India might further liberalize FDI norms in select areas under the new government.
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.
India Inc hunts for new cyber warriors
Corporate India is actively seeking cybersecurity professionals amidst rising concerns over data breaches, evolving regulatory requirements, and the emergence of advanced artificial intelligence platforms. To address vulnerabilities in security controls and processes, companies are bolstering their cybersecurity teams across various domains.
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.
ESG goals transitioned from mere discussions to essential elements in corporate landscape: Alok Verma, Ashok Leyland
ESG is impacting the business strategy of OEMs in multiple ways from demonstrating product stewardship on alternative fuels or battery electric vehicles to adopting better practices across operations.
India is probably the third largest market for Citigroup's corporate banking business
In the Indian corporate banking scene, Citigroup's global head of corporate banking Jason Rekate highlighted the prominence of companies in infrastructure, pharmaceuticals, and automobiles. Rekate mentioned that these companies are set to make intriguing investments as they focus on shedding non-core but high-quality assets, as reported in an interview with Bhaskar Dutta.
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.
Japan's Sumitomo Mitsui Banking Corporation to open branch in GIFT City, Gandhinagar
Sumitomo Mitsui Banking Corporation (SMBC) has been granted approval to establish a branch in GIFT City, Gandhinagar. This move aims to streamline Japanese investments into India by reducing regulatory barriers. GIFT City operates within a special economic zone, encouraging exports and foreign investments, especially from multinational corporations.
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.
Exploring global opportunities: Aparajitha's expansion plans in Southeast Asia
Aparajitha Corporate Services aims to be a billion-dollar organization in five years with the help of strategic partner Xcelerate Singapore. They are looking at inorganic growth opportunities through acquisitions, including the compliance business of ADP India and Simpliance. They are also in discussions for four other potential acquisitions.
Global corporations at WEF view India as attractive investment destination: DPIIT Secy
During the recent World Economic Forum (WEF) meet in Davos, Switzerland, India received favorable views from major global corporations, according to Rajesh Kumar Singh, Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT). Singh, part of the Indian delegation, highlighted an uptick in investment sentiment and met with CEOs to discuss ways to facilitate investments in India.
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.
GCCs pay premium to hire top talent
This is giving the GCCs a clear edge in wooing top leadership talent vis-à-vis the others in the tech cohort. At GCCs, professionals with 18-25 years of experience get Rs 1.6-2.0 crore for the CTO role, Rs 1.5-2.0 crore for the CFO and Rs 1.5-1.8 crore for the chief HR officer. Packages vary based on the pedigree of talent, size and stage of the company and the criticality of the role.
Non-US multinationals set to join GCC gold rush in India
ANSR, a company that helps Fortune 500 enterprises build, scale, and run GCCs, said at least 125 of the Fortune 500 enterprises have their GCCs in India among multiple MNCs across the globe. Currently 70% of GCC based in India are US and Canadian companies.
In 2023 India Inc. learnt hard lessons on families, friends and partners
India Inc 2023: The year 2023 saw significant turmoil within several prominent Indian businesses, including Bharat Forge, Indigo, Raymond Group, and Religare Enterprises. These disputes among family members, friends, and stakeholders shed light on critical issues. It emphasized the necessity for clear succession plans, strategies to shield companies from relationship conflicts, and improved scrutiny of stakeholders. This upheaval serves as a crucial lesson for corporate India, urging the development of better approaches to confront future challenges in a maturing corporate landscape, especially as women in top roles assert their influence.
Global captive centers fueling demand for large offices
Global centers, particularly in the technology and BFSI sectors, have cornered almost 40% of the significant deals in the top six cities. Notable transactions involve names such as Bank of America, Philips, Wells Fargo, Qualcomm, and CitiBank, with deals concentrated in major southern cities such as Bangalore and Chennai.
Vietnam set to raise effective tax rate on multinationals as part of global deal
Vietnam had initially planned to combine the approval of the tax with measures to partly compensate large foreign investors affected by the higher levy, including South Korean electronics giant Samsung Electronics Co Ltd and U.S. chipmaker Intel Corp, but the separate resolution is not on the parliament's agenda.
Brazil readies 15% minimum tax on multinational profits ahead of G20 presidency
The planned move would help Brazil align with the G20's agenda to combat tax evasion in an increasingly global and digital economy, said Tatiana Rosito, the secretary of international affairs at the ministry. "The revenue service is already organizing the implementation of this minimum taxation on multinationals," she said in an interview on Wednesday.
Deal to force multinational companies to pay a 15% minimum tax is marred by loopholes, watchdog says
The landmark agreement, brokered by the Organization for Economic Cooperation and Development, set a minimum global corporate tax of 15%. The idea was to stop multinational corporations, among them Apple and Nike, from using accounting and legal maneuvers to shift earnings to low- or no-tax havens.
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