News digest: Kerala floods, L&T buyback, Infosys CFO quits, and more

Kerala floods: CM says initial loss at Rs 195 bn, Centre offers Rs 5 bn

Unprecedented flooding triggered by torrential rain in Kerala had inflicted a loss of about Rs 195 billion on the state’s economy, Chief Minister Pinarayi Vijayan informed Prime Minister Narendra Modi, who took stock of the situation on Saturday.

At least 324 people have been killed in rain and flood-related incidents, while 223,139 sheltered in 1,500 relief camps. The casualty figure was expected to go up, sources said. Read here

Infosys CFO Ranganath quits; move may impact firm's stabilisation efforts

In a move that might add to Infosys' woes, M D Ranganath, a company veteran who is currently its chief financial officer (CFO), has decided to leave the IT major to pursue external opportunities.

In a release on Saturday, Infosys said that the board of directors has accepted his resignation, and the company will immediately commence the search for the next CFO. The company also said that Ranganath will continue in his current position till November 16, which will ensure smooth transitioning of role to his successor. Read here

Walmart completes acquisition of majority stake in Flipkart for $16 bn

Walmart, the world's largest retailer, has completed the acquisition of majority stake in India's leading e-commerce marketplace, Flipkart. In a joint statement issued on Saturday, Walmart and Flipkart announced the completion of the $16-billion deal that would see the US giant taking ownership of 77 per cent stake in the Indian firm. Read here

L&T proposes first-ever buyback, size could be up to Rs 123 billion
 
Engineering conglomerate Larsen & Toubro (L&T) on Saturday said its board would consider a proposal for buyback of equity shares next week. If approved, this would be the first-ever buyback by the firm. Read more

On Wall Street, code kings rule the roost as 'traders' take the backseat

Meet the straders.

Part risk-taking trader and part computer-whiz “strategist,” they are prowling the halls at Goldman Sachs Group Inc., erasing a once-religious line between the jocks and the nerds.

“You say ‘trader’ and I don’t even know what we’re talking about,” said Adam Korn, a 16-year Goldman veteran. “Everyone who comes to sales and trading needs to know how to code.” Read here.