Page 2 - Uk Firms

BAT likely to sell 3.5% stake in ITC for Rs 17K crore on Wednesday

British firm will use the proceeds of block trades to buy back own shares

UK minister to discuss progress of 'ambitious' trade deal in India

Britain's minister for South Asia in the Foreign, Commonwealth and Development Office, Lord Tariq Ahmad, arrived in India on Wednesday to participate in the Raisina Dialogue in New Delhi and also discuss the progress made in the ongoing negotiations for an India-UK free trade agreement (FTA). Ahmad, FCDO Minister of State for the Middle East, South Asia, UN and the Prime Minister's Special Representative on Preventing Sexual Violence in Conflict, leads the British delegation to the flagship foreign policy conference to reaffirm the UK's commitment to upholding a free and open Indo-Pacific region. His visit to India comes as Commerce Secretary Sunil Barthwal leads a team from India to London to carry forward the fourteenth round of talks with UK officials this week. "The UK and India continue to work towards an ambitious trade deal. While we do not comment on the details of live negotiations, we continue to actively engage with India and are clear that we will only sign a deal that i

Crime wave a $4.2 bn headache for UK retailers amid 50% rise in violence

Violence and abuse against UK shop workers rose by 50% to 1,300 incidents a day while instances of theft grew to more than 45,000 daily

Super sports car segment in India to grow by 30% in '24: McLaren Automotive

British luxury carmaker McLaren Automotive on Friday said it is expecting the super sports car segment in India to register 30 per cent growth this year. McLaren is also looking to deliver about 20-odd cars to customers in India after witnessing a blip last year owing to supply chain issues. Earlier the company, which entered the Indian market in November 2022, unveiled its super sports car the 750S, priced at Rs 5.91 crore. Built at the McLaren Composites Technology Centre (MCTC) in Yorkshire, UK and imported as a completely built unit, 750S is the lightest and most powerful series-production from the company, achieving 0-200kms/hour in 7.2 seconds (Spider 7.3 seconds), as per the company. "This segment (the cars, which are priced upwards of Rs 4-5 crore) has also seen a healthy growth last year. I think post-Covid, 2021 was kind of a startup year (from the volume's perspective) and then 2022 was a good year. "While the year 2023 was better and we're thinking 2024 will be still .

British firm Arm lays off over 70 engineers in China, relocating roles

Arm Holdings Plc has recently laid off over 70 software engineers in China though it will relocate some of the roles outside of the Asian nation, according to people with knowledge of the move.

Ex-Barclays Bank chief Staley banned from senior UK finance roles

Britain's financial regulator said on Thursday that it fined Barclay's former chief executive Jes Staley 1.8 million pounds (USD 2.2 million) and banned him from holding senior financial roles for misleading it over the nature of his relationship with the late sex offender Jeffrey Epstein. The Financial Conduct Authority said in a statement that Staley, a US citizen, had recklessly approved a letter sent by Barclays to the FCA, which claimed the bank's former boss did not have a close relationship with Epstein. But in email messages, Staley described Epstein as one of his deepest and most cherished friends, according to the regulator. A CEO needs to exercise sound judgement and set an example to staff at their firm," said Therese Chambers, joint executive director of enforcement and market oversight at the FCA. Staley failed to do this. We consider that he misled both the FCA and the Barclays board about the nature of his relationship with Epstein. As a result, Chambers said it is

Strengthening ties: British companies in India register strong growth

As many as 147 companies have met the qualifying criteria and have been featured in the BMI Growth Tracker

Tata Steel investment positive for UK ops, but stock has not moved much

The company will also have to consult unions and other stakeholders during this process and that could take up to two months

Tata Steel signs 500 million pound-deal with UK govt for Port Talbot plant

Tata group chairman, N Chandrasekaran, said the agreement with the UK Government was a defining moment for the future of the steel industry and indeed the industrial value chain in the UK

UK government to hold world's first summit on AI safety in November

UK Foreign Secretary James Cleverly said that no country will be untouched by AI and an international approach in the interconnected world

RHI Magnesita investing Rs 3,600-cr in India to expand capacity: CEO Borgas

Vienna-based RHI Magnesita is investing Rs 3,600 crore in the Indian market over the next two-three years to increase its production capacity and modernise plants, its global CEO Stefan Borgas said. The company has utilised a portion of the Rs 3,600-crore capital expenditure to acquire two refractory assets in India, Borgas told PTI here. "We have earmarked a Rs 3,600 crore investment in India. This would go towards organic and inorganic capacity expansion and modernisation of the Indian manufacturing facilities," the CEO said, adding that the capital infusion will be through its subsidiary RHI Magnesita India Ltd. RHI Magnesita India is a manufacturer and supplier of refractory products, systems, and solutions for industries such as steel, cement, non-ferrous metals, and glass. The company recently completed the acquisition of Dalmia OCL and the refractory business of Hi-Tech Chemicals for Rs 1,708 crore and Rs 621 crore, respectively. The refractory building capacity of the comp

SRAM & MRAM to invest Rs 2 trillion in Odisha, set up semiconductor unit

United Kingdom-based SRAM & MRAM Group vice-chairman Gurujee Kumaran Swami on Saturday announced that the group will invest Rs 2 lakh crore in Odisha to set up semiconductor unit in the state. The announcement was made at the Make in Odisha (MIO) Conclave, 2022 here. Swami and the company's Odisha in-charge Debadutta Singh Deo said the group will invest Rs 30,000 crore in the first phase. Earlier they met Chief Minister Naveen Patnaik and briefed him on the proposed project. They also discussed in detail about the project with chief secretary SC Mohapatra, Industries secretary Hemant Sharma and other officials. Meanwhile, the Odisha government received large investment commitments and signed multiple MoUs in Electronics and IT at the MIO Conclave. A direct investment commitment of Rs 8,200 crore has been received which is likely to create over 40,000 jobs in the state, an official said. The big names which made investment commitments or signed MoUs include Intel, Oracle, Global .

New UK govt examining our proposal, promised to come back soon: Narendran

We have highlighted to them our financial situation given the way things are in Europe, and we have been promised that they will come back soon

UK firms expect to raise prices 6% in 12 months, see inflation lingering

Inflation pressures in the UK economy showed only limited signs of abating in November, with companies expecting to raise prices by 5.7% in the coming 12 months

TVS SCS extends contract with Dennis Eagle for UK aftermarket services

UK-based refuse truck manufacturer needed services for supplier management, stocking and sourcing

Deal activity has spiked in India despite global issues: Goldman Sachs MDs

In a Q&A, Rajat Sood and Som Krishna say their company isn't absolutely return-focused, but is a relative value investor that is looking out for bogh buyouts and minority stakes

Wockhardt likely to sell India business to cut debt, focus on UK: Analysts

Company left with low-margin brands in India after selling profitable ones

UK shows labour market slowdown with recession concerns rising: Survey

As a result, vacancies and the number of people placed in roles both rose at the slowest pace in more than a year and a half

Tata Motors' Q1 loss widens to Rs 5,007 cr amid chip woes, China lockdown

Losses at the UK subsidiary widened to £482 million, from £286 million, as JLR retail sales fell 37 per cent to 78,825 units from the year-ago quarter

UK media regulator Ofcom revokes RT's license to broadcast in country

The UK Office of Communications (Ofcom) on Friday announced that it has revoked Russia Today's license to broadcast in the country "with immediate effect".