Skip to content
Search

Latest Stories

Infosys shuts Russia operations

Infosys shuts Russia operations

INDIA's Infosys has said that it is in the process of urgently closing down its Russian operations, media reports said. Staff in Moscow are being relocated to other countries.

UK chancellor Rishi Sunak has been facing burning questions over wife Akshata Murty's shares in Infosys, which was co-founded by her father, NR Narayana Murthy.


The firm has also come under pressure to cease its Russian operations following the invasion of Ukraine.

Earlier, Sunak's spokesperson has said that his wife had no role in Infosys's operational decisions.

Infosys's most recent annual report lists Akshata Murthy as holding 0.9 per cent of the company's shares worth hundreds of millions of pounds.

Notably, there was no exchange filing available on this development on India's two big stock exchanges.

Infosys is one of the few IT services companies which continues to operate in Russia while most big global IT and consultancy firms such as SAP, Oracle, PwC, McKinsey, Accenture and KPMG have all closed their operations post war-like situation in Ukraine.

Recently, in a podcast, Sunak spoke about his "enormous pride and admiration" for everything his father-in-law and Infosys co-founder has achieved.

Sunak also said that his wife was unfairly attacked over her connections with the company.

In a conversation with the BBC on Thursday (31), Sunak drew a parallel between himself and American actor Will Smith whose wife was mocked at the Oscars ceremony over the weekend.

“We both had our wives attacked… At least I didn't get up and slap anybody, which is good”, he said.

Sunak told the BBC, ''I think it's totally fine for people to take shots at me. It's fair game. I'm the one sitting here and that's what I signed up for.

''It's very upsetting and, I think, wrong for people to try and come at my wife, and you know, beyond that actually, with regard to my father-in-law, for whom I have nothing but enormous pride and admiration for everything that he's achieved."

More For You

Prudential to list Indian asset management venture

Prudential chief executive Anil Wadhwani

Prudential to list Indian asset management venture

INSURER Prudential plc announced that it is considering a partial listing of its stake in ICICI Prudential Asset Management, one of India's leading investment firms. The news sent Prudential's shares soaring by 5.8 per cent to close at 722p on the London Stock Exchange.

The FTSE 100 company currently holds a 49 per cent stake in the Indian joint venture, which market analysts estimate to be worth around £4 billion. ICICI Bank, which owns the remaining 51 per cent, has confirmed its intention to maintain its majority shareholding, emphasising its "long-term commitment" to the partnership that began in 1998, reported the Times.

Keep ReadingShow less
NatWest-Reuters

The bank has set a new performance target, aiming for a return on tangible equity of 15-16 per cent in 2025 and above 15 per cent by 2027. (Photo: Reuters)

What’s driving NatWest’s better-than-expected profit growth?

NATWEST reported higher-than-expected annual profit on Friday, supported by its growth strategy, improved productivity, and capital management efforts.

The bank, which once had assets worth 2.2 trillion pounds—more than twice the size of the British economy—has undergone years of restructuring to focus mainly on domestic consumer and mortgage lending.

Keep ReadingShow less
London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less
Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less