Tag: firm

  • Senate Republicans will stand firm on debt ceiling, Mike Lee says

    Senate Republicans will stand firm on debt ceiling, Mike Lee says

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    The letter, which was sent to Senate Majority Leader Chuck Schumer, said Senate Republicans backed House Republicans in supporting “spending cuts and structural budget reform as a starting point for negotiations on the debt ceiling.”

    Democrats have a slim majority in the Senate but not enough to prevent a Republican filibuster on legislation.

    “Whenever you’ve got 41 senators who are unwilling to bring debate to a close on any legislation, it cannot pass. We’ve now got more than enough to stop exactly the kind of legislation that Joe Biden wants,” he said to Bartiromo.

    Lee added: “What that means is that the White House is going to come to the table and enter into real talks with the House Republicans, starting with Speaker Kevin McCarthy,” Lee said.

    House Republicans passed legislation on April 24 that would allow for the debt ceiling to be raised but which would also attempt to put the brakes on federal spending in the future, as well as roll back or cut specific programs. The vote was 217-215.

    Biden and other Democrats have said they are open to budget negotiations but want the debt ceiling treated as a separate issue, as it has been in the past. The expectation is that the the federal government will bump up against the debt ceiling at the start of June.

    Bartiromo asked Lee if he was confident that McConnell and other Senate Republicans would stand firm. Lee said he expected they would.

    “Even if we lost one or two here or there, we’d still be fine,” Lee said, “and I don’t think we’re going to the lose any of them.”

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    ( With inputs from : www.politico.com )

  • Paytm logs Rs 7,990 cr revenue in FY23, becomes India’s highest earning new-age firm

    Paytm logs Rs 7,990 cr revenue in FY23, becomes India’s highest earning new-age firm

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    New Delhi: Leading payments and financial services company Paytm on Friday announced an impressive growth in its fourth quarter of FY23, ending the financial year on a high note.

    In Q4 FY23, the company’s revenue surged by 51 percent (year-on-year) to reach Rs 2,334 crore, while the full-year revenue increased by 61 percent YoY to Rs 7,990 crore, making it the highest earning new-age company.

    In Q4, Paytm further grew its operating profit by Rs 234 crore. In Q4, Paytm’s EBITDA before ESOP costs, excluding UPI incentives, rose to Rs 101 crore, a significant improvement from the previous fiscal’s Q4 figure of (Rs 368 crore).

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    This was achieved by the increased pace of monetisation, better cost management, and higher operating leverage, said the company.

    In the fourth quarter, Paytm’s payments revenue grew by 41 percent YoY to Rs 1,467 crore.

    According to the company, including only current quarter’s UPI incentive only, net payments margin for Q4 FY 2023 was Rs 554 crore, up 107 percent YoY. In the current fiscal year, net payments margin increased 2.9x to Rs 1,970 crore, demonstrating the profitability of the payment business, despite the higher share of UPI.

    Excluding prior quarters’ UPI incentive, payments revenue grew 28 percent YoY. For FY23, led by increase in payment volume, and higher subscription revenue from device merchants, the payment revenue increased 44 percent to Rs 4,928 crore in FY23.

    Paytm significantly increased its loan distribution business with revenue from financial services and others growing 183 percent YoY to Rs 475 crore in Q4 FY 2023 and by 253 percent in FY 2023 to Rs 1,540 crore. This was largely on account of a 364 percent increase in the value of loans disbursed through its platform, said the company.

    The company continues to monetise Paytm app traffic in its commerce and cloud segment by providing marketing services to its merchants. In Q4 FY 2023, Paytm’s commerce and cloud revenue grew by 23 percent YoY to Rs 392 crore.

    In FY 2023, commerce and cloud revenue grew by 38 percent to Rs 1,520 crore.

    Paytm’s contribution margin improved from 30 percent in FY 2022 to 49 percent in FY 2023, due to improved payments profitability, and growth in high margin loan distribution business.

    The company’s user engagement on the platform continues to grow, with average Monthly Transacting Users (MTU) for Q4FY23 increasing by 27 percent YoY to 90 million, indicating a growing adoption of digital payments by consumers and merchants in India.

    The company’s Gross Merchandise Value (GMV), which stood at Rs 3.62 lakh crore for Q4 FY 2023, saw an increase of 40 percent YoY.

    The company’s loan distribution business, in partnership with marquee lenders, has continued to scale, with the total number of loans growing to 1.2 crore in Q4FY23, up 82 percent YoY, and the total value of loans amounting to Rs 12,554 crore, registering a growth of 253 percent YoY.

    Paytm claims its vision is to onboard 10 crore merchants with over 50 crore payment users in the near future. The decacorn has seven lending partners and they aim to enlist 3-4 partners in FY 2024.

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    #Paytm #logs #revenue #FY23 #Indias #highest #earning #newage #firm

    ( With inputs from www.siasat.com )

  • This firm gifts iPads to over 21K employees to celebrate $1 bn revenue mark

    This firm gifts iPads to over 21K employees to celebrate $1 bn revenue mark

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    New Delhi: Global IT solutions provider Coforge (formerly NIIT Technologies) surpassed $1 billion (over Rs 8,014 crore) in revenue in FY23, registering PAT at Rs 8,117 million (Rs 811 crore), up 22.7 per cent (on-year), it announced on Thursday.

    The company also announced to gift an Apple iPad to each of its more than 21,000 employees to celebrate the milestone.

    The revenue for the March quarter (Q4 FY23) was $264.4 million (Rs 2,170 crore), with PAT at Rs 232 crore for the January-March period.

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    “We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5 per cent. The second major landmark has been the firm crossing the $1 billion revenue mark. Our performance heading in to FY24 sets us up well to deliver robust growth,” said Sudhir Singh, CEO, Coforge.

    For FY24, the firm issued an annual revenue growth guidance of 13-16 per cent in constant currency terms, expects a gross margin increase of about 50 bps and adjusted EBITDA margin to be at similar levels as FY23.

    The Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be May 9, 2023.

    Coforge leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 25 delivery centers across nine countries.

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    #firm #gifts #iPads #21K #employees #celebrate #revenue #mark

    ( With inputs from www.siasat.com )

  • Defamation suit against Subramanian in Singapore: Madras HC clears way for firm

    Defamation suit against Subramanian in Singapore: Madras HC clears way for firm

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    The Madras High Court has cleared the way for Advantage Strategic Consulting, a private firm, to proceed with a defamation suit against former Union Law Minister Subramanian Swamy in the High Court of Singapore. The court has set aside an injunction granted against the firm in 2014, citing lack of jurisdiction as the reason behind the current order.

    The division bench of Justices SS Sundar and PB Balaji has stated, “In view of our above findings on all the issues, we are of the view that there is no prima facie case in favour of the 1st respondent/plaintiff (Swamy) to grant any interim order as this Court has no jurisdiction to grant anti suit injunction restraining a foreign company from prosecuting the defamation suit in a foreign country. We find balance of convenience in favour of the appellant/2nd defendant (Advantage Strategic)”.

    The judges said that the earlier single judge’s verdict was based on the fact that the appellant company is a subsidiary of Advantage Strategic Consulting Private Limited based in Chennai.

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    Citing the Supreme Court’s order, the Madras HC said that despite being fully owned by a parent or holding company, a subsidiary would not lose its identity as a separate legal entity.

    “Therefore, we are convinced that the appellant, a foreign company, even though fully owned by the 1st defendant is not amenable to the jurisdiction of this court…The judgment of the learned single judge cannot be approved for the simple reason that he has simply presumed that the appellant is amenable to the jurisdiction of this court as it is a subsidiary of the 1st defendant, an Indian company,” the judgment added.

    In the court, Dr. Subramanian Swamy appeared along with Advocate R Ravi. On behalf of Advantage Strategic, senior Advocate Satish Parasaran and Advocate Rahul Balaji have appeared.

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    #Defamation #suit #Subramanian #Singapore #Madras #clears #firm

    ( With inputs from www.siasat.com )

  • Law firm head bought Gorsuch-owned property

    Law firm head bought Gorsuch-owned property

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    supreme court gorsuch 98654

    He and his wife closed on the house a month later, paying $1.825 million, according to a deed in the county’s record system. Gorsuch, who held a 20 percent stake, reported making between $250,001 and $500,000 from the sale on his federal disclosure forms.

    Gorsuch did not disclose the identity of the purchaser. That box was left blank.

    Since then, Greenberg Traurig has been involved in at least 22 cases before or presented to the court, according to a POLITICO review of the court’s docket.

    They include cases in which Greenberg either filed amicus briefs or represented parties. In the 12 cases where Gorsuch’s opinion is recorded, he sided with Greenberg Traurig clients eight times and against them four times.

    In addition, a Denver-based lawyer for Greenberg represented North Dakota in what became one of the more highly publicized rulings in recent years, a multistate suit which reversed former President Barack Obama’s plan to fight climate change through the Clean Air Act.

    Gorsuch joined the court’s other five conservative judges in agreeing with the plaintiffs — including Greenberg’s client — that the Environmental Protection Agency had overstepped its authority by regulating carbon emissions from power plants in the decision that makes it more difficult for the executive branch to regulate emissions without express authorization from Congress.

    Duffy, who in addition to serving as CEO is chief of Greenberg’s entire 600-lawyer litigation department, said he has never personally argued cases before Gorsuch or met the justice socially.

    “I’ve never spoken to him,” Duffy said. “I’ve never met him.”

    Once he learned Gorsuch was among the owners, Duffy said, he cleared the sale with his firm’s ethics department.

    Gorsuch did not respond to inquiries about the sale, his disclosures or whether he should have reported Duffy’s identity as the purchaser.

    Supreme Court rules do not prevent justices from engaging in financial transactions with people with interest in court decisions, but Gorsuch’s dealings with Duffy expose the weakness of the court’s disclosure procedures. For instance, in reporting his Colorado income, Gorsuch listed as his source only the name that he and his two co-owners gave themselves, Walden Group, LLC. The report didn’t indicate that there had been a real estate sale or a purchaser.

    Such a sale would raise ethical problems for officials serving in many other branches of government, but the Supreme Court sets its own rules. It has largely left justices to make their own decisions about when and how to report outside gifts and income.

    Justice Clarence Thomas is currently under scrutiny for accepting lavish trips from GOP billionaire donor Harlan Crow, who also purchased three Georgia properties from the justice. Thomas did not report the property sales. Of the vacations, Thomas said he had been advised that “personal hospitality from close friends” need not be disclosed.

    Senate Judiciary Chair Dick Durbin (D-Ill.), a frequent critic of Supreme Court ethics rules, sent a statement responding to POLITICO’s inquiry about Gorsuch’s sale of the Colorado property.

    “We have seen a steady stream of revelations regarding Supreme Court Justices falling short of the ethical standards expected of other federal judges and of public servants,” said Durbin. “The need for Supreme Court ethics reform is clear, and if the Court does not take adequate action, Congress must. The Senate Judiciary Committee will be closely examining these matters in the coming weeks,” said Durbin, who has asked Chief Justice John Roberts to testify next month on the court’s ethics rules.

    Kedric Payne, director of ethics at the nonpartisan Campaign Legal Center, said he believes “investments in LLCs require more details than the justice includes in his financial disclosures.“

    “This transaction appears to also require naming the buyer. The public has a right to know that justices will fully comply with disclosure rules instead of providing only a tiny peek into their financial disclosures,” he said, noting more facts are needed to distinguish whether it’s a disclosure omission or violation. The center was founded by a Republican former chair of the Federal Election Commission.

    Unlike Crow, who bought properties from Thomas, Duffy says he is neither a friend nor a confidant of Gorsuch. But he is one of the nation’s most powerful attorneys.

    His Greenberg bio describes him as “A true ‘working CEO,’” and says he “focuses his practice on trial and appellate work in the class action, employment, energy, commercial contract, and product liability areas, serving as counsel in high-profile cases throughout the United States.”

    At the time of the sale, Duffy had headed Greenberg Traurig for about a year. A search of his contributions to political candidates revealed that they went primarily to Democrats, including Sen. Kirsten Gillibrand, (D-N.Y.). He contributed the maximum amount allowable for individual donors to Democratic presidential nominee Hillary Clinton in the 2016 election, though he also made contributions in the past to Republicans such as former Sen. John McCain of Arizona and a GOP New York City mayoral candidate, Joe Lhota.

    The Duffy family has long resided in Colorado. Duffy attended the University of Colorado Law School and, in 2019, he was the recipient of the “most admired CEO” award by the Denver Business Journal.

    Duffy, who described himself as an avid fly fisher, said he’d been looking for the right property for his family for many years. Duffy said he did not know Gorsuch was one of the owners when he made his first offer.

    “The fact that he was going to be a Supreme Court justice was absolutely irrelevant to the purchase of that property. It’s a wonderful piece of property and we’re so glad we bought it,” said Duffy.

    Gorsuch and his associates purchased the property in 2005 through their LLC, the Walden Group, which was dissolved after the 2017 sale. The home was originally listed, in July of 2015, for $2.495 million. The fact that the property had sat on the market for so long and that its price had been lowered a couple times suggests the partners were having trouble finding a buyer.

    The real estate transaction is another example of how the lack of a firm code of ethics for the court stands in contrast to most other branches of the U.S. government, including the White House and Congress as well as lower court judges.

    The code of conduct for lower court U.S. judges says judges should “avoid impropriety and the appearance of impropriety in all activities,” and “discourages frequent transactions or continuing business relationships with lawyers or other persons likely to come before the court” on which the judge serves. Unlike many of the country’s state and federal courts, the Supreme Court lacks a code of conduct.

    “This is exactly the type of situation that an ethics code that included vetting of transactions and full disclosure would clear up,” said Kyle Herrig, president of Accountable.US, a progressive research organization. “Without decisive action, the conservatives on the Supreme Court will forever tarnish its reputation in our public life,” he said.

    At the time of Gorsuch’s appointment, his ownership of the Colorado property drew attention only for the fact that his co-owners were major figures in the oil and gas industry. Gorsuch’s ties to the oil and gas industry run deep.

    As a lawyer at a Washington law firm nearly 20 years ago, Gorsuch represented oil and gas billionaire Philip Anschutz on a variety of matters as outside counsel, and it was through this connection that Gorsuch befriended his future real estate partners.

    Anschutz helped Gorsuch win an appointment to an open seat on a federal appeals court in Denver, including directly lobbying the George W. Bush White House.

    Gorsuch’s connections to Anschutz extend to both of his prior real estate partners.

    The Walden Group included Kevin Conwick, who had advised Anschutz in deals to buy sports teams and other projects like the Staples Center in Los Angeles, and Cannon Harvey, who oversaw Anschutz’s venture capital investment division.

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    ( With inputs from : www.politico.com )

  • Firm in my demand for action on BJP’s corruption: Sachin Pilot

    Firm in my demand for action on BJP’s corruption: Sachin Pilot

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    Jaipur: Former deputy chief minister Sachin Pilot on Sunday indicated he will continue with his agitation against his own government for action against the corruption in the previous BJP government.

    Pilot said he is not backing down from the stand he has taken against the state Congress government saying he is “politely requesting” it to take action in corruption cases from the previous dispensation.

    He said despite his daylong fast on April 11, no action has been taken in such cases.

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    “Speaking truth, raising voice against corruption and injustice, is among the values of the Congress party. Following these values, I observed one-day fast on April 11. Today, it’s been two weeks, no action has been taken so far.

    “So, again I am politely requesting the government to fulfil the promises we had made to the people,” Pilot told reporters here, adding that now even demanding action against corruption is being termed anti-party’ activity.

    Pilot was speaking to media after offering his prayers at Jhadkhad Temple (Shiv Temple) in the city.

    He said he welcomes the action taken by the Anti-Corruption Bureau (ACB), which arrested several corrupt IAS, IPS, RAS and other officers.

    “The Chief Minister himself had said that ACB is active and has raided several corrupt officers, which we all welcome. But, when he had come into power after being in opposition for five years, we never said that we would arrest a patwari or officer. We had said we will take action in the corruption cases that happened in Vasundhara Ji’s tenure,” Pilot said.

    After the Pilot’s one-day fast, Chief Minister Ashok Gehlot had said that ACB has arrested several corrupt IAS, IPS officers, which has nowhere happened in the country.

    People voted for people because corruption was a big issue before Congress came to power, he said, adding that since there is very little time left in the assembly elections, action should be taken.

    “If we all raise corruption done by the BJP or if I raise the corruption issues of the previous Vasundhara Raje government and demand action on them then I believe that it is in the benefit of the party,” Pilot said.

    He also raised questions over inaction against the party leaders who defied the party’s high command in September 2022.

    “It is true that the incident that took place on September 25 was an open violation of the orders of our Congress President Sonia Gandhi. Mallikarjun Kharge and Ajay Maken were openly insulted. Why hasn’t action been taken against them yet? This is the question, the answer lies with the party,” Pilot said.

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    #Firm #demand #action #BJPs #corruption #Sachin #Pilot

    ( With inputs from www.siasat.com )

  • Chinese firm Xiaomi’s plea challenging ED rejected by Karnataka HC

    Chinese firm Xiaomi’s plea challenging ED rejected by Karnataka HC

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    Bengaluru: Karnataka High Court has rejected Chinese firm Xiaomi’s plea against the seizure of Rs 5,551.27 crore from its bank accounts by the Enforcement Directorate (ED).

    A single-judge bench of Justice M. Nagaprasanna, on Friday, though dismissed the petition, upheld its maintainability.

    The Chinese technology company is facing charges of violations of the provisions of the Foreign Exchange Management Act (FEMA).

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    The bench observed that challenge to the Constitutional validity of Section 37A of the Act by the petitioner is held to be maintainable, on the fulcrum of the allegation that it is violative of Article 14 of the Constitution. As Article 14 is person centric whereas Fundamental Rights under Article 19 are citizen centric.

    Appearing for the central government and the ED, Additional Solicitor General M.B. Nargund Amaintained that Xiaomi is a foreign entity and can not maintain writ petition.

    Earlier, counsels for Xiaomi India had argued that the firm was being targetted as it is a Chinese company and other companies are allowed to make payments of technology royalty.

    They have also brought to the notice of the court that banks are not allowing Xiaomi to make remittances in foreign exchange for imports.

    They argued that the company is required to make payments for foreign companies in connection with manufacturing and marketing smartphones.

    Contesting this Additional Solicitor General Nargund had explained that the authorities had no complaints if Xiaomi is agreeable to keep the seized amount in the bank and use remaining amount.

    He brought to the notice of the court that on April 24 and 29, before the ED passed the order to seize Xiaomi’s bank accounts, there was a transfer of around Rs 1,500 crore from the company’s bank accounts as per the available information.

    However, Xiomi is maintaining that royalty payments made to three companies abroad would not violate the FEMA Act. The company further maintained that the IT department itself had allowed it as a value added activity.

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    #Chinese #firm #Xiaomis #plea #challenging #rejected #Karnataka

    ( With inputs from www.siasat.com )

  • Congress accuses Adani Group of having links with Chinese firm

    Congress accuses Adani Group of having links with Chinese firm

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    New Delhi: The Congress on Thursday accused the Adani Group of having business links with a Chinese company in all its infrastructure projects in roads, railways, ports and airport sectors, saying it posed a threat to national security.

    The remarks prompted Law Minister Kiren Rijiju to hit back at the opposition party.

    Responding to a tweet by Congress leader Jairam Ramesh, Rijiju said, “Do not comment on sensitive matters. The Congress has no moral right to speak about Arunachal Pradesh.”

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    Ramesh had alleged that business tycoon Gautam Adani has business links with Chinese citizens. He wondered whether it was compromising national security.

    The law minister also shared a video in which the then defence minister A K Antony is purportedly telling Lok Sabha that for long India had a policy not to develop borders as an undeveloped border was safer than a developed border.

    “First respond to this reality,” Rijiju, who represents Arunachal Pradesh in the Lok Sabha, said.

    Addressing a press conference, Congress spokesperson Supriya Shrinate said the company, fully owned by a Chinese national — Chang Chian Ting — was a subcontractor for the Adani Group and is a partner of Adani’s brother.

    The Adani Group has not made any comments on the charges made by the Congress yet.

    The firm had earlier denied indulging in wrongdoing.

    Congress leader Rahul Gandhi also cited a media report and said on Twitter, “PMC Projects – Pradhan Mantri Chinese’ Projects?”

    “Why are India’s critical ports, airstrips, railway tracks and electricity lines being built and controlled by a Chinese company?” he asked.

    Shrinate said China made several transgressions along the border on the Indian side and killed 20 of our soldiers.

    It changed names of places in Arunachal Pradesh thrice, but the links that a Chinese-owned company has with the Adani Group shows Prime Minister Narendra Modi’s special relationship with China. “This is totally anti-national,” she said.

    “If this is not a threat to national security, then what is?” she added.

    The Congress spokesperson further alleged that Modi gave a clean chit to China because of “this relationship” and that is why, he has not broken his silence yet on either China or the Adani issue.

    “The veil now stands lifted,” she said, and asked, “When will the government hold a probe into the Chinese company?”

    Shrinate also asked the government to find the source of Rs 20,000 crore alleged to have been found deposited in “shell companies” of the Adani Group.

    AICC general secretary Jairam Ramesh said on Twitter, “Everyday the reason for the PM’s eloquent silence on Chinese is becoming evident. This is largely because of Adani’s intimate links to China. We had mentioned this first on March 3 in the ‘Hum Adanike Hain Kaun’ series and today there are further revelations.”

    Congress leader Amitabh Dubey also said the Congress has asked several questions on China and the Adani issue, but the government is yet to break its silence.

    “Now this is an issue of national security and they will have to reply,” he said.

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    ( With inputs from www.siasat.com )

  • Sunak questioned as wife’s firm set to benefit from UK budget policy

    Sunak questioned as wife’s firm set to benefit from UK budget policy

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    London: UK Prime Minister Rishi Sunak has been facing the heat after it emerged that his wife Akshata Murthy has shares in a childcare agency, which stands to gain from a new policy announced in the recent budget.

    Koru Kids, which lists the PM’s billionaire wife as a shareholder, is likely to benefit from a scheme announced by Chancellor Jeremy Hunt, which offers 1,200 pounds to individuals who train to become child-minders through an agency, The Guardian reported.

    Appearing before the liaison committee this week, Sunak did not mention his wife’s interest when speaking about the childcare changes.

    “No, all my disclosures are declared in the normal way,” he told Labour MP Catherine McKinnell when she asked him whether he had anything to declare.

    The public register of ministerial interests, which was last updated in June 2022, only mentions that Akshata owns Catamaran Ventures UK Ltd, a venture capital investment company.

    Wendy Chamberlain, the Liberal Democrat chief whip, wrote to Sir Laurie Magnus, the independent adviser on ministerial interests, highlighting the provision in the code that requires ministers to avoid conflicts between their public duties and private interests.

    “The Prime Minister’s family does appear to have a relevant financial interest in Koru Kids – which has benefited from a recent change to government policy. There is a clear question as to whether articles 7.1 and 7.7 of the ministerial code have been breached,” The Guardian quoted Chamberlain as saying.

    “Rishi Sunak must explain why he failed to come clean when asked about the shares his family held in a company now set to financially benefit from a childcare policy announced in his budget,” Angela Rayner, Labour’s deputy leader, said.

    Sunak’s spokeswoman said: “He has followed the process in terms of declaring his interests as set out in the ministerial code”.

    She said the First Lady’s holdings in the agency were not in the public domain, but said they would be included in the updated statement of ministers’ interests, which will come out in May.

    According to BBC, the new scheme could drive up the number of childminders entering the profession and generate more business for companies such as Koru Kids, which is listed as one of six childminder agencies on the government’s website.

    The agency welcomed the government’s reforms on its website and said “the new incentives open to childminders are great”.The website says new childminders would get a bonus of 1,200 pounds if they “come through an agency like Koru Kids who offer community, training and ongoing support”.

    Last year, Sunak and his wife entered The Sunday Times Rich List for the first time with their joint 730 million pound fortune.

    Indeed, Akshata Murthy is said to be wealthier than even King Charles III due to her 430 million pounds stake in her billionaire tycoon father Narayana Murthy’s IT empire.

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    #Sunak #questioned #wifes #firm #set #benefit #budget #policy

    ( With inputs from www.siasat.com )

  • Global IT services firm Accenture slashes 19K jobs, tech mayhem deepens

    Global IT services firm Accenture slashes 19K jobs, tech mayhem deepens

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    New Delhi: Global IT services firm Accenture, which has a large presence in India, on Thursday announced to lay off nearly 19,000 employees amid the challenging global macro-economic conditions and slow revenue growth.

    Delivering its quarterly results for the second quarter of fiscal 2023, the company also reduced its annual revenue growth and profit forecasts.

    “We are also taking steps to lower our costs in fiscal year 2024 and beyond while continuing to invest in our business and our people to capture the significant growth opportunities ahead,” Julie Sweet, Chair and CEO, Accenture, said in a statement.

    The company said its revenues were $15.8 billion, an increase of 5 percent in US dollars. The new bookings were at $22.1 billion, a 13 percent increase.

    During the second quarter of fiscal 2023, Accenture initiated actions to streamline operations, transform non-billable corporate functions and consolidate office space to reduce costs.

    The company recorded $244 million in business optimization costs during the second quarter and expects to record total costs of approximately $1.5 billion through fiscal 2024.

    “Accenture estimates $1.2 billion for severance and $300 million for consolidation of office space, with approximately $800 million expected in fiscal 2023 and $700 million in fiscal 2024,” said the company.

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    #Global #services #firm #Accenture #slashes #19K #jobs #tech #mayhem #deepens

    ( With inputs from www.siasat.com )