Finance
No Evidence Of Unfair Trading In Post-Election Market Crash: Minister Of State For Finance
“On June 4, 2024, the date of the general election results announcement, the Sensex and Nifty 50 decreased by 5.7% and 5.9%, respectively. The indices recovered within three days and have since reached record levels, with an increase of 12.9% and 13.3%, respectively, as of July 18, 2024,” Chaudhary said.
He added that the approximate Rs 30 lakh crore decrease in market capitalisation on June 4 was fully recovered within five days, and by July 18, market capitalisation had increased by around Rs 59 lakh crore.
SEBI, as the statutory regulator of the securities markets, is tasked with maintaining regulatory and surveillance frameworks to ensure stable market operations and investor protection.
The regulator conducts regular surveillance to uphold market integrity and addresses any alleged violations of its regulations through appropriate enforcement actions under the SEBI Act, 1992.
Chaudhary highlighted that stock market movements depend on investor perceptions and other factors, including global economic conditions, foreign capital flows, domestic macroeconomic parameters, and overall corporate performance.
(With inputs from PTI)
Finance
CFOs spend more time on long-term planning in an age of uncertainty, McKinsey finds
Good morning. Finance chiefs are starting to look beyond short-term concerns in a way they haven’t in previous years, according to new McKinsey research. Emerging risks to their companies’ growth and a focus on strategy require their attention and management.
“I think CFOs continue to deal with a lot on their plate,” Ankur Agrawal, a partner in McKinsey’s New York office, and co-author of the report, told me. “So in many ways, this survey is consistent with the expanding challenge of the CFO role.”
Supply chain disruptions, weak demand, geopolitics, and also technology disruption are among the challenges finance chiefs say need to be addressed. Fifty-five percent of CFOs surveyed pointed to long-term planning and resource allocation as a top priority for finance, up from 30% in Q1 2023. And 60% now say strategic planning is a top priority, compared to 38% who said the same last year, according to the report.
It’s not that managing the short term has become easier for CFOs. There’s still uncertainty in the macro environment. But there’s a bit “more confidence on visibility in the near term,” Agrawal said. “The variables are more understood than not.”
McKinsey research also points to challenges with implementing technology. Nearly all respondents (98%) say their finance functions have invested in digitization and automation, and believe that gen AI has the potential to create value. However, the majority of CFOs surveyed say just one-quarter or less of their processes were digitized or automated in the past 12 months. And less than half of respondents say they currently have their finance processes automated.
What is causing the slow pace? “I think the biggest challenge and roadblock is, honestly, talent,” Agrawal said.
More than limitations due to infrastructure, tools, and data, CFOs say the main hurdle is finding finance professionals who can really leverage and deploy these advanced technologies, he said.
Another finding is that CFOs are twice as likely than in Q1 2023 to predict their companies’ investment levels will remain unchanged—a departure from the past two surveys, when CFOs predicted an increase in investment. Why does Agrawal think there’s a hesitation in investments? With elections in the U.S. and in other parts of the world and economic volatility still a concern, “you can call it cautious steering,” he said.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Aaron Rosenberg was named CFO at BeiGene, Ltd. (Nasdaq: BGNE), a global oncology company, effective July 22. Rosenberg will succeed Julia Wang, who is departing to pursue external opportunities and will stay with the company through August. Rosenberg has more than 20 years of experience at Merck & Co., Inc., most recently serving as SVP and corporate treasurer. He also held roles such as SVP of corporate strategy and planning and VP and finance lead of Merck Animal Health.
Logan Powell, global president and CFO at Puttshack, a provider of tech-infused mini-golf venues, was promoted to CEO, effective immediately. Powell succeeds Joe Vrankin, who oversaw the company’s growth in the U.K. as CEO and subsequently brought the concept to the U.S. in 2021. Powell and Vrankin have collaborated on this transition, as Vrankin will be moving on from the company. Powell has served as CFO since 2019. Before joining Puttshack, he was a partner at Copper Beech Capital, LLC.
Big Deal
Don’t drown in data debt; champion your Data First culture is a new report released by HFS Research, a global research and analysis firm, in partnership with Syniti, a data management provider. More than 80% of enterprise leaders say that effective data management significantly drives the top line, bottom line, and shareholder value. However, over 40% of their organizational data is unusable and is not trusted, according to the report.
“Many business leaders still take a backseat when setting key data objectives, causing data to remain siloed across departments, and resulting in misaligned expectations across IT and business professionals,” Phil Fersht, CEO and chief analyst, HFS Research, said in a statement. The findings are based on interviews of more than 300 Global 2000 business leaders (49% from the U.S.) across industries to find out how organizations are navigating a complex landscape of data management.
Going deeper
“Here’s how Wall Street and business leaders are reacting to Biden’s exit from the presidential race” is a new report by Fortune’s Jason Ma, in light of President Joe Biden’s announcement on Sunday that he won’t seek reelection. For example, Gina Bolvin, president of Bolvin Wealth Management Group said in a statement: “Biden stepping down is a whole new level of political uncertainty.”
Overheard
“One mistake has had catastrophic results. This is a great example of how closely tied to IT our modern society is—from coffee shops to hospitals to airports, a mistake like this has massive ramifications.”
—Nick Hyatt, director of threat intelligence at security firm Blackpoint Cyber, told CNBC in an interview regarding the botched software update from the cybersecurity company CrowdStrike on Friday that caused a global IT outage.
Finance
Indian Railway Finance Corporation share price Today Live Updates : Indian Railway Finance Corporation Stock Rises on Positive Market Sentiment
Finance
More from financial counseling CEO Marvin Wilson on developing business principles
ORLANDO, Fla. – This week on “Black Men Sundays,” host Corie Murray shares part two of his interview with Marvin Wilson, aka Meta Marvin, CEO of the financial education company Funding Credit.
During part one of the conversation, Wilson and Murray got to talking about the importance of maintaining a good credit score if you’re planning to start your own business. Wilson advised starting said business with a bank loan instead of using your own cash at first, and good credit is among the first things you should attain to make the bank play ball.
However, what if you’re living paycheck to paycheck and can’t seem to improve your credit score?
“The first thing that I would tell someone that would say that to me, I would tell them to change their language. That’s the first thing that I would tell him, because whatever you’re saying, you believe that. I know what you’re looking at, but the dynamics of Meta Marvin — ‘meta’ is beyond the physical — I have to see it the way I see it, I have to start saying it how I want it to show up,” Wilson said. “(…) You just got to be able to get into looking at, ‘How can I look at my situation,’ rather it be me getting a little bit more information about how I can change it. Having the will to want to change it and affirming to yourself that it will go and change. Like I said, there’s not nothing that happens overnight, but I just tell people, it has to start from somewhere.”
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Now then, let’s say you’re a business owner with an established gig, yet you’re spending more money than you’re making. What then?
“I say, stay in the game as long as you can, man. Like I said, try not to go out there and use your money. For one, don’t exhaust your money. Don’t, like, quit your job altogether. I mean, I did it, but one thing about my story — when I put my resignation in, they was about to fire me. (…) I was already moving my feet, so I had outgrew my place,” Wilson said.
Whatever happens, you’ve got to make it work best for you, ideally on your terms. If one plan falls through, you’ve got to have another one ready to go, if not already in motion.
“You got to whittle it, little bit by little bit; but for the business, and I’d say this man, I’m different. I know that everybody’s not here to be built to be a business owner but I would definitely challenge people to look at something that you like, man. I’m just pro-entrepreneur, you know what I’m saying?” Wilson said. “A lot of people, just like what Corie doing right now, gotten probably one of the best jobs you could ever have. I mean, look at where he works at, but on the side, he still has the skill set that he could put in a business model and the same thing he do for them people he could be doing for other people.”
Hear the rest of interview and more in Season 4, Episode 27 of “Black Men Sundays.”
Black Men Sundays talks about building generational wealth. Check out every episode in the media player below.
Copyright 2022 by WKMG ClickOrlando – All rights reserved.
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