Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
US consumer goods giant Procter & Gamble has named Indian American Shailesh Jejurikar as its next chief executive officer. He will lead the multinational company from January 1 next year.
Jejurikar (58), who joined Procter & Gamble (P&G) as an assistant brand manager in 1989, will replace Jon Moeller as part of a senior leadership change, according to a statement from the Cincinnati, Ohio-based company.
He has been serving as chief operating officer of P&G for more than six years and is also a board member of lift systems maker Otis Elevator Co.
"Shailesh Jejurikar will succeed Jon Moeller as P&G's president and chief executive officer, effective 1 January 2026. The board has also nominated Jejurikar to stand for election as a director at the annual shareholder meeting in October 2025," a company statement said.
He helped build several of P&G's main businesses, including global Fabric Care and Home Care in regions including North America, Europe, Asia and Latin America. He has also helped lead the development of the company's renewed strategies and operational results in Supply Chain, Information Technology and Global Business Services.
P&G is a leading consumer goods company in the Indian market, operating with brands including Ariel, Tide, Whisper, Olay, Gillette, Ambipur, Pampers, Pantene, Oral-B, Head & Shoulders and Vicks.
Earlier this month, Moradabad-born Sabih Khan was promoted to chief operating officer of iPhone maker Apple.
Khan, who will still report to Apple CEO Tim Cook, will take over his new role from Jeff Williams later this month. He has risen through the ranks after being at Apple for 30 years and joining the executive team as senior vice president of operations in 2019.
Satya Nadella is the chairman and CEO of Microsoft, while Sundar Pichai is the CEO of both Google and its parent company Alphabet. Shantanu Narayen, chair and chief executive officer of Adobe—one of the largest software companies in the world—and Arvind Krishna, chairman, president and CEO of IBM, are among the leading figures.
Joining them are Vasant Narasimhan, the CEO of global pharmaceutical giant Novartis, and Reshma Kewalramani, CEO and president of global biotech company Vertex.
Similarly, Sanjay Mehrotra, chairman, president and CEO at Micron Technology; Anirudh Devgan, president and CEO of Cadence; and Leena Nair, Global CEO of Chanel, are among other notable leaders.
Sanjiv Kataria, the former CEO of Bata, held the distinction of being the first Indian global CEO of the footwear company. He resigned from the position last month.
Likewise, Laxman Narasimhan, who left Starbucks last year after serving as its CEO, had also led another multinational giant, Reckitt Benckiser, as CEO.
Indra Nooyi, who stepped down as CEO of food and drinks giant PepsiCo in 2018 after leading the company for 12 years and serving it in various roles for 24 years, and Harish Manwani, who became the first chief operating officer of consumer goods major Unilever in 2011, paved the way for India-born executives to head global companies.
Supreme Court to deliver ruling at 4:35pm today on £44bn car finance mis-selling scandal
Judgment concerns hidden commissions paid to dealers without disclosure to buyers
Potential for billions in compensation claims if appeal court ruling is upheld
FCA expected to confirm next steps within six weeks
Lenders argue practices were lawful; Treasury warns of market impact
Supreme Court Poised to Rule on Landmark Car Finance Case
The UK Supreme Court will issue a verdict that could reshape the car finance industry and trigger billions of pounds in compensation claims for mis-sold motor finance.
The judgment, expected at 4:35 pm Friday, will determine whether to uphold a Court of Appeal ruling from October, which found that undisclosed commissions paid by lenders to car dealers or brokers were unlawful.
The Test Case: Undisclosed Broker Commissions
The case centres around two lenders – FirstRand Bank and Close Brothers – who were found to have paid commissions to dealers arranging finance deals, without disclosing the amount or terms of those payments to borrowers.
This practice was deemed unlawful by the Court of Appeal. If the Supreme Court upholds that ruling in full, the decision could pave the way for millions of customers to seek redress for loans arranged under similar conditions.
Wider Financial Implications for the Industry
The car finance market is deeply embedded in UK car sales, with around 90% of new cars and a significant proportion of second-hand vehicles bought on finance.
A full ruling against lenders could result in huge financial liabilities for the sector. Lloyds Banking Group, heavily exposed through its Black Horse division, has already set aside £1.2 billion in anticipation of potential claims.
The Financing & Leasing Association, which represents lenders, has continued to maintain that no wrongdoing occurred.
The Role of Discretionary Commission Arrangements
At the centre of many complaints are Discretionary Commission Arrangements (DCAs), which were banned by the Financial Conduct Authority (FCA) in 2021. Under DCAs, dealers could increase their commission by steering customers toward higher interest rates.
Thousands of consumers who purchased vehicles using DCAs before the ban are already in line for possible compensation.
What Happens Next
The FCA is expected to announce within six weeks of the Supreme Court ruling whether it will establish a centralised compensation scheme for affected borrowers. However, today’s ruling could dramatically widen the pool of those eligible for payouts if it affirms the appeal court’s full findings.
If the judges side with the lenders, the scope of potential redress will be much narrower.
Government Concern Over Financial Fallout
The UK Treasury had previously raised concerns about the potential financial impact of large-scale compensation, warning it could significantly disrupt the car finance market. The Supreme Court rejected the government’s unusual intervention request in February, affirming judicial independence in the matter.
While the Treasury supports fair outcomes for consumers, it has also cautioned that the sector must remain capable of providing essential finance options for car buyers.
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A Bangladeshi garment worker make clothing in the sewing section of a factory in Gazipur, Bangladesh. REUTERS/Mohammad Ponir Hossain.
BANGLADESH has negotiated a 20 per cent tariff on exports to the US, down from the 37 per cent initially proposed by US president Donald Trump, bringing relief to exporters in the world's second-largest garment supplier.
The new rate is in line with those offered to other major apparel-exporting countries such as Sri Lanka, Vietnam, Pakistan and Indonesia. India, which failed to reach a comprehensive agreement with Washington, will face a steeper 25 per cent tariff.
Trump put steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, ahead of a Friday (1) trade deal deadline.
The outcome secured by Bangladesh - home to a $40 billion (£32bn) apparel export sector - reflects careful negotiation, said Khalilur Rahman, national security adviser and lead negotiator.
"Protecting our apparel industry was a top priority, but we also focused our purchase commitments on U.S. agricultural products. This supports our food security goals and fosters goodwill with U.S. farming states," Rahman said.
Muhammad Yunus, the head of the country's interim government, called it a "decisive diplomatic victory".
The readymade garments sector is the backbone of Bangladesh's economy, accounting for more than 80 per cent of total export earnings, employing about four million workers, and contributing about 10 per cent to gross domestic product.
The prospect of higher US tariffs has rattled Bangladesh's ready-made garments industry, which fears losing competitiveness in one of its largest markets.
"While the 20 per cent tariff will cause some short-term pain, Bangladesh remains better positioned than many of its competitors," said Mohiuddin Rubel, additional managing director at Denim Expert Ltd, which makes jeans and other items for brands including H&M.
Exporters in neighbouring India said the relatively higher tariffs levied would hurt the country's textile exports, as its competitors like Bangladesh, Vietnam and Cambodia got lower tariffs.
"We are hoping that the tariffs will be rationalised. We will have to recalibrate our strategies depending on the final tariff imposed, said Chintan Thakker, chairman of industry body ASSOCHAM in the state of Gujarat, a major apparel exporter.
Pakistan, which exported about $4.1bn (£3.3bn) worth of apparel to the US in the 2024 fiscal year, secured a tariff rate of 19 per cent, but industry figures were cautious about the immediate impact.
"Considering India's lower production costs and the likelihood of it negotiating reduced tariffs in the near term, Pakistan is unlikely to either gain or lose a meaningful share in the apparel segment," Musadaq Zulqarnain, founder and chair of Interloop Limited, a leading Pakistani exporter.
"If the current reciprocal tariff structure holds, significant investment is likely to flow into DR-CAFTA countries and Egypt," he said, referring to a trade agreement between the US and a group of Caribbean and Central American countries.
Elsewhere in South Asia, Sri Lanka also secured a 20 per cent tariff rate from the US, which accounted for 40 per cent of its apparel exports of $4.8bn (£3.8bn) last year.
"The devil will be in the details as there are questions over issues such as trans-shipment, but overall it's mostly good," Yohan Lawrence, secretary general of the Joint Apparel Associations Forum, a Sri Lankan industry body, told Reuters.
TATA MOTORS will buy Italy's Iveco Group for £3.2 billion ($4.4bn) in a bid to create a "global champion" in the commercial vehicles sector, the two companies said Wednesday (30).
The deal excludes Iveco's defence division for armoured vehicles, which is to be sold to Italian defence and aerospace group Leonardo, in a £1.44bn deal announced earlier Wednesday.
The combined company after Tata's takeover aims to sell around 540,000 vehicles a year for total annual revenues of £18.7bn, of which half would come from Europe, 35 per cent from India and 15 per cent from the Americas.
Tata and Iveco -- which also makes engines and buses -- said in a joint statement there was "no overlap in their industrial and geographic footprints, creating a stronger, more diversified entity" which would use a shared strategic vision to drive long-term growth.
"The reinforced prospects of the new combination are strongly positive in terms of the security of employment and industrial footprint of Iveco Group as a whole," Iveco's chairwoman Suzanne Heywood said in the statement.
For Natarajan Chandrasekaran, chairman of Tata Motors, "this is a logical next step following the demerger of the Tata Motors Commercial Vehicle business and will allow the combined group to compete on a truly global basis with two strategic home markets in India and Europe.
"The combined group's complementary businesses and greater reach will enhance our ability to invest boldly. I look forward to securing the necessary approvals and concluding the transaction in the coming months," he added in the statement.
Iveco Group's CEO Olof Persson said the merger was "unlocking new potential to further enhance our industrial capabilities, accelerate innovation in zero-emission transport, and expand our reach in key global markets."
He added: "This combination will allow us to better serve our customers with a broader, more advanced product portfolio and deliver long-term value to all stakeholders."
Separately, Iveco's armoured vehicles unit will be sold to Leonardo, whose chief Roberto Cingolani said the move would make it a "reference player in the European land defence market".
Leonardo has announced it plans to integrate its electronic systems, including new-generation combat sensors, into Iveco Defence vehicles to "guarantee optimal effectiveness of operational solutions offered".
(AFP)
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SWA data shows India regained its position from France as the largest Scotch whisky export market by volume, with 192 million bottles exported last year.
THE SCOTCH whisky industry has urged the UK government to ease the rising tax burden on distillers to fully benefit from the Free Trade Agreement (FTA) with India.
The India-UK Comprehensive Economic and Trade Agreement (CETA), signed during prime minister Narendra Modi's visit to the UK last week, will cut Scotch whisky tariffs in India by half once it is enforced after UK Parliament ratification. Export costs to India will immediately fall from 150 per cent to 75 per cent, and further to 40 per cent over 10 years.
“The FTA will bring long-term benefits for the industry, but the industry needs immediate support in order to realise the deal's full potential,” said Mark Kent, chief executive of the Scotch Whisky Association (SWA).
Kent said distillers, especially smaller ones, face significant pressure from US tariffs and a growing tax burden in the UK. The SWA welcomed the trade deal as a “historic moment” and an important step in reducing tariffs in a growing market like India.
“Action by the UK government to alleviate these pressures will ensure distillers are in the best position to take advantage of the UK-India FTA once it comes into force,” he added.
SWA data shows India regained its position from France as the largest Scotch whisky export market by volume, with 192 million bottles exported last year. The United States remained the largest export market by value, worth GBP 971 million in 2024.
Exports by value fell 3.7 per cent compared to 2023, prompting the SWA to call on UK and Scottish governments for more support as distillers warn that pressures on consumer spending, rising domestic tax and regulation, and volatile global trade may continue to affect exports in 2025.
“For too long, the industry has been taken for granted, with the misguided and simplistic belief that decisions taken in Scotland and the wider UK won't impact an industry which exports 90 per cent of its product, supports a large local supply chain and attracts tourists to Scotland,” Kent said earlier this year.
He added, “The Scotch whisky industry is a proven driver of economic growth, jobs and investment, and needs an environment free from the shackles of excessive taxation, regulation and uncertain operating costs. The UK government must redouble its efforts to back Scotch producers to the hilt, as promised by the prime minister [Keir Starmer].”
The UK government said India is an important market for Scotland, with 457 Scottish businesses exporting goods worth GBP 610 million to India last year.
“Our trade deal with India is fantastic news for Brand Scotland, with our goods, businesses and services gaining access to what is projected to be the world's third largest economy by 2027,” said Ian Murray, Scottish secretary.
Murray said the tariff cuts on Scotch could be transformational for the industry and noted that tariffs on soft drinks would also be reduced.
Following the FTA signing last Thursday, UK business and trade secretary Jonathan Reynolds said the deal would deliver millions to Scotland and benefit local communities through higher wages, more consumer choice, and increased overseas sales.
The Department for Business and Trade said the India-UK CETA is expected to boost the Scottish economy by GBP 190 million as part of the government’s “Plan for Change”.
(With inputs from PTI)
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A man walks past a world foods supermarket on January 15, 2025 in London, England. (Photo by Dan Kitwood/Getty Images)
TWO-THIRDS of British retailers expect to raise prices further over the next year as April's employer tax increases continue to drive up costs, a survey of finance chiefs showed on Thursday (31).
Trade body the British Retail Consortium said its survey of finance leaders at retailers together representing over 9,000 stores found 85 per cent raised prices in their businesses after the government hiked employer National Insurance contributions and the national minimum wage.
It said 65 per cent predict further rises in the coming year.
Official data this month showed Britain's annual rate of consumer price inflation rose to its highest in over a year at 3.6 per cent in June, threatening to rise above the Bank of England's forecast for it to peak at around 3.7 per cent in September.
The BRC, which represents Britain's biggest retailers, predicts that food inflation will be up to six per cent by the end of the year, putting more pressure on household budgets in the run up to Christmas.
Its survey also found that 42 per cent of finance chiefs had frozen recruitment, while 38 per cent had reduced job numbers in-store. Some 38% had also reduced investment.
The retail industry directly accounts for nine per cent of employment in the United Kingdom.
Highlighting concerns about further potential tax rises, the BRC said 56 per cent of finance chiefs were "pessimistic" about trading conditions over the next 12 months, with just 11 per cent optimistic.
The trade body appealed to chancellor Rachel Reeves not to add further costs to retailers in her annual budget later this year.
"It is up to the Chancellor to decide whether to fan the flames of inflation, or to support the everyday economy by backing the high street and the local jobs they provide," BRC CEO Helen Dickinson said.
The BRC survey took place between June 19 and July 11.