Day: November 6, 2023

World’s biggest shipping firms Maersk to cut 10,000 jobs

Manish Kumar

Maersk, the world’s largest shipping company, announced on November 2, 2023, that it would be cutting 10,000 jobs in an effort to reduce costs and streamline operations. Maersk, which transports goods for major retailers such as Nike, said profits had plunged by 92% in its most recent quarterly results. It said “worsening” prices for shipping by sea required further job cuts. The cuts will affect all areas of the company, but will be concentrated in its administrative and support functions. Maersk CEO Søren Skou said that the decision to cut…

Saudi Arabia has expressed interest in buying a stake in the $30 bln Indian Premier League

Manish Kumar

Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League (IPL), the world’s richest cricket league, a leading  News agency reported, citing people familiar with the matter. Saudi Arabian Crown Prince Mohammed bin Salman’s advisers have spoken to Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, the report said. The talks were held when the crown prince visited India in September, the report said, adding that the kingdom proposed investing as much as $5 billion…

Tata Group companies raise $660 Mln as overseas debt to fund operations

Manish Kumar

Tata Group companies, including holding firm Tata Sons Pvt Ltd, have tapped the overseas debt market to raise funds worth $660 million to fund their operations  Tata Sons raised $167 million to refinance its old overseas loans while Tata SIA Airlines raised $279 million to import aircraft.  Tata Capital Financial Services raised an additional $215 million for on-lending purposes.  Bankers said the group’s good track record in repaying debt on time has helped it raise funds at competitive rates from overseas  The Fund Raising By The Tata Group Companies Comes…