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India finance minister announces steps to boost consumer demand

October 12, 2020

NEW DELHI, Oct 12 (Reuters) – India’s finance minister on Monday announced steps to stimulate consumer demand including advance payment of a part of the wages of federal government employees for spending during the festival season, part of efforts to bolster the pandemic-hit economy.

The government will also allow its employees to spend travel allowances that are an income-tax-exempt part of their salaries on goods and services, Nirmala Sitharaman told a news briefing.

“This is expected to create a consumer demand of about 280 billion rupees ($3.83 billion),” she said.

Prime Minister Narendra Modi’s government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

($1 = 73.1541 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Catherine Evans)

(([email protected]; +91 11 4954 8029;

Detroit Pistons owner Tom Gores steps down from L.A. art museum board after public pressure

October 10, 2020

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Dwane Casey’s takeaways from Detroit Pistons bubble workouts

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Detroit Pistons owner and Platinum Equity Tom Gores stepped down from the Los Angeles County Museum of Art (LACMA) Board of Trustees on Thursday night, following pressure from activists over his investment firm’s ownership of a prison telephone company.

In 2017, Platinum Equity acquired Securus — a company that operates private telephone systems in all 50 states for more than a million prisoners. Gores’ involvement in the prison telecom industry has been met with criticism by various activists, and came to a head in September.

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TAKING NOTES: How Miami Heat’s NBA Finals run gives Pistons rebuild a blueprint

Last month, two Civil Rights non-profit groups, Colors of

Uday Shankar Steps Down as Disney Asia Pacific President

October 8, 2020

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Uday Shankar will step down as president, The Walt Disney Company Asia Pacific and chairman, Star & Disney India, effective Dec. 31, 2020. He will now pursue an entrepreneurial career.

Shankar will work with Rebecca Campbell, chair of Disney’s direct-to-consumer and international segment to identify his successor.

Shankar was in his role from February 2019. Previously, he was president of 21st Century Fox for Asia and the chair and CEO of Star India. He took over the leadership of Star India in 2007, where he not only transformed the Star business into one of the largest and most successful media companies in Asia, but also played a significant role in revolutionizing the media landscape of the region.

His successes include consolidating Star’s sports broadcasting operations through 21st Century Fox’s acquisition of its joint venture with ESPN. Driven by the lucrative Indian Premier League Cricket tournament, the rights for which Star

Astronaut Steps Down From Mission For ‘Personal Reasons’

October 8, 2020

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KEY POINTS

Boeing astronaut Chris Ferguson has stepped down from Boeing’s 2021 crewed flight test
In a Twitter video, Ferguson stressed his dedication to the Starliner program and said it was a difficult decision
He will be replaced by a veteran NASA astronaut, giving the mission an all-NASA crew

The commander of the 2021 crewed Boeing flight test has stepped down from his position for “personal reasons.” He will be replaced by another veteran astronaut.

NASA and Boeing announced on Wednesday that astronaut Chris Ferguson will no longer be the commander of next year’s Boeing Crew Flight Test to the International Space Station (ISS). In their respective statements, both NASA and Boeing said Ferguson decided to step down from the mission for “personal reasons” but did not go into further details.

In a video Ferguson shared on Twitter, he stressed his dedication to the Starliner program, saying it was a

Reds president of baseball operations Dick Williams steps down to pursue personal interests

October 7, 2020

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One week after the club was shut out in their Wild Card Series loss to the Braves, longtime Cincinnati Reds executive Dick Williams has stepped down to pursue personal interests, the team announced. General manager Nick Krall will continue to serve in the same capacity, the club says. Williams reportedly informed the team he would step down after the season earlier this year.

“It is the right time for me to begin a transition, both professionally and personally. I have been affiliated with this organization in one way or another for most of my life, but I have been working here full-time for 15 years,” Williams said in a statement. “More than anything, I was so proud to represent this unbelievable city of ours. It was the honor of a lifetime to be a small part of assembling teams that went out and battled for these fans. My earliest memories

One Step Forward, Two Steps Back For Corporate Governance In Japan

October 6, 2020

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Capitalism is built on two fundamental concepts: trust, and when that fails, law.

Over the last three decades, foreign investors have increasingly placed a great deal of trust into the Japanese system of corporate governance; one could say an almost outsized trust considering the average annual return of the Nikkei, the lack of influence foreign shareholders often have on Japanese boards, and the sheer breadth of scandals involving corporate governance that have plagued “Japan Inc.”

(Source: Raw data obtained from Tokyo Stock Exchange)

However, that history of scandals was supposed to change course in 2014 when Shinzo Abe presented his “Third Arrow” of economic policy, an amalgamation of governance reforms and liberalization policies that resulted in changes like more outside directors and auditors on company boards or the adoption of the Corporate Governance Code.

For a brief moment, it seemed like it had worked.

The stodgy management of

BUZZ-COMMENT-THB bears wrong-footed as new finance minister steps in

October 6, 2020

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Oct 6 (Reuters) – The Thai baht’s resurgence this week has wrong-footed bears focused on domestic political unrest and weak prospects for its tourism-reliant economy , and further gains are likely as a new finance minister takes the helm.

An Oct 1 Reuters FX positioning poll showed investors turning bearish on the THB , but the currency has rallied 1% versus the USD since Friday, and could appreciate further. USD/THB broke below its 200-day moving average and Ichimoku cloud support zone on Monday. The next sell signal would be entry into the Bollinger downtrend channel at 31.20.

The move was driven by a bounce in risk assets on news of U.S. President Trump being discharged from hospital after receiving COVID-19 treatment . But the appointment of Thailand’s new finance minister also mattered .

Following the sudden resignation of his predecessor on Sept 1, the selection of transport minister and

San Antonio Utility Taking Steps Into An Ultra-Green Future

October 5, 2020

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Paula-Gold Williams, president and chief executive of San Antonio-based CPS Energy, speaks during the 2017 CERAWeek by IHS Markit conference in Houston. — Paula Gold-Williams, president and chief executive officer of San Antonio-based CPS Energy, speaks … [+] during the 2017 CERAWeek by IHS Markit conference in Houston.

© 2017 Bloomberg Finance LP

Students of energy policy have long been familiar with the cry from activists: Government shouldn’t pick the winners and losers.

But the environmental movement, albeit with good intentions, is quite often guilty of that. Collectively, the environmentalists have told the electric utility industry, with varying degrees of vehemence, “We want wind and solar.”

As an afterthought, some environmentalists have acknowledged that there are other options, most notably nuclear and improved storage, and there is the possibility of new technologies or huge improvements in the known ones.

These deserve a hearing in the great sea change now taking place in electricity production.

Overselling Alternatives

Electric utilities want to reduce and end carbon emissions. But right now, they’re struggling with the overselling

Euro zone factory recovery strengthened in Sept as Germany steps up

October 1, 2020

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LONDON, Oct 1 (Reuters) – The euro zone manufacturing recovery gathered pace last month, largely driven by strength in Germany, as the region’s factories saw a surge in demand after some coronavirus restrictions were relaxed, a survey showed.

As the pandemic raged across Europe governments imposed tough lockdowns, but as infection rates fell many of those controls were removed. However, a resurgence in cases has meant some restrictions have now been reimposed.

Still, IHS Markit’s final Manufacturing Purchasing Managers’ Index climbed to 53.7 in September from August’s 51.7, in line with an earlier flash reading and its highest level since August 2018. Anything above 50 indicates growth.

An index measuring output, which feeds into a composite PMI due on Monday and seen as a good guide to economic health, bounced to 57.1 from 55.6, above the 56.8 flash estimate and its highest since February 2018.

The composite PMI also includes

Hertz CFO Steps Down After Less Than Two Months

September 28, 2020

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Sept. 28, 2020 6:22 pm ET

Hertz Global Holdings Inc.

has named Kenny Cheung as its new chief financial officer, following the departure of CFO R. Eric Esper, who has stepped down to pursue a new opportunity.

Mr. Esper will remain with the company as chief accounting officer until Nov. 1 and will assist with the transition, the company said. Mr. Esper has held the CFO post for just over one month. He was promoted to the role last month, succeeding the previous Finance Chief Jamere Jackson who also resigned to pursue a new opportunity.

Mr. Cheung’s promotion to CFO from executive vice president of finance and chief operational finance and restructuring officer went into effect on Sept. 24, the company said. Mr. Cheung, who

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Tag: Steps

India finance minister announces steps to boost consumer demand

Detroit Pistons owner Tom Gores steps down from L.A. art museum board after public pressure

Uday Shankar Steps Down as Disney Asia Pacific President

Astronaut Steps Down From Mission For ‘Personal Reasons’

KEY POINTS

Reds president of baseball operations Dick Williams steps down to pursue personal interests

One Step Forward, Two Steps Back For Corporate Governance In Japan

BUZZ-COMMENT-THB bears wrong-footed as new finance minister steps in

San Antonio Utility Taking Steps Into An Ultra-Green Future

Overselling Alternatives

Euro zone factory recovery strengthened in Sept as Germany steps up

Hertz CFO Steps Down After Less Than Two Months

Hertz Global Holdings Inc., which filed for bankruptcy protection in May, has named Kenny Cheung as its new chief financial officer.