Business Archives - EasternEye

India woos Tesla with offer of cheaper production costs than China

INDIA is ready to offer incentives to ensure Tesla Inc’s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the south Asian country, transport minister Nitin Gadkari told Reuters. Gadkari’s pitch comes weeks after billionaire Elon Musk’s Tesla registered a company in India in a […]

£4.8 million bursary fund launched for university students by UK finance firm

A LEADING finance firm has launched a £4.8 million bursary fund for university students, with 60 per cent of support going to ethnic minorities. JPMorgan Chase and the Sutton Trust announced the endowment fund last week, to improve the access to employability opportunities for underserved, low income and BAME university students in the UK. It […]

UK to extend virus support, may raise tax in budget

BRITAIN is expected to keep vast emergency financial support propping up the UK’s virus-battered economy when unveiling its annual budget Wednesday (3), but could also raise tax to fight surging debt. “The key thing is right now to keep supporting the economy… but also level with people,” finance minister Rishi Sunak said Sunday (28), as […]

IKEA to source more Indian toys as it eyes more sales

SWEDISH furniture major IKEA plans to increase sourcing of toys from India as it targets around 12 per cent of sales from kids’ range of products in the coming years, a top company official has said. IKEA India is now procuring only cotton-based soft toys from the country, now it is also exploring to buy […]

New promoters plan to restart Jet Airways with 25 aircraft in the first year

THE new promoters of Jet Airways plans to connect regional cities to international destinations, and are exploring the possibility of starting the airline with 25 aircraft in the first year. The UAE-based entrepreneur Murari Lal Jalan along with Kalrock Capital had emerged as the winning bidder for acquiring the Jet Airways under a debt resolution […]

Hinduja Group’s Switch Mobility likely to go public in the US

HINDUJA GROUP firm Ashok Leyland is working with bankers on a potential merger of its electric bus company, Switch Mobility, with a special purpose acquisition company (SPAC) in the US, reports said. The plans could see Switch Mobility valued upto $2 billion (£1.4bn), reported Sky News. Chaired by former Aston Martin boss Andy Palmer, Hindujas […]

India will have 11,198 individuals with over $30m wealth in five years, says report

A NEW report has revealed that the number of ultra-high networth individuals, with wealth of $30 million or more, is expected to rise 63 per cent in the next five years to 11,198 in India. According to the Wealth Report 2021 by Knight Frank India, there are 5,21,653 ultra-high networth individuals globally, of which 6,884 […]

Reckitt starts strategic review of its infant formula business in China

RECKITT BENCKISER has launched a strategic review of Mead Johnson, the infant formula business in China, four years after the $18 billion acquisition of the brand. Though there are reports of a possible sale, Laxman Narasimhan, Reckitt’s chief executive, told The Times that it was premature to speculate on the outcome. Mead Johnson was more […]

Issa brothers appoint Dame Alison Carnwath as audit committee chair

THE EG Group, owned by the Issa brothers, has appointed Dame Alison Carnwath, 68, as non-executive director and chairwoman of the audit committee. She will join next month as the group attempts to allay corporate governance concerns, reported The Times. Dame Carnwath will reunite with Lord Rose of Monewden, 71, who was named chairman of the petrol […]

Number of female board members in top UK companies up 50 per cent in five years, reveals study

THE number of women on the boards of Britain’s top 350 listed companies has jumped by 50 per cent in five years, a government-backed study showed. There were 1,026 female board members in January this year, compared with 682 in October 2015, according to a final annual report from the Hampton-Alexander Review. “There’s been excellent […]

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