India's Hindustan Unilever up 4% after naming new CEO
Priya Nair, currently president of Unilever's beauty and wellbeing division, will take over as CEO of Hindustan Unilever from August 1, replacing Rohit Jawa, who will step down on July 31 before completing his five-year term, the company said in a statement on Thursday.
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Reuters
18 minutes ago
- Reuters
Kering's new CEO De Meo to receive 20 million euro sign-on bonus, filings show
PARIS, July 31 - Kering ( opens new tab will propose a 20 million euros ($22.89 million) signing-on bonus for its new CEO Luca de Meo, adding to an overall annual salary of close to 9 million euros ($10.29 million) and up to 150% the same amount in shares, depending on performance. In filings made ahead of its September 9 shareholder meeting to formalise de Meo's appointment, Kering said it would propose that the Italian a fixed income of 2.2 million euros and a variable income of up to 6.6 million euros depending on performance. Kering also plans to pay de Meo performance shares worth 150% of his annual remuneration, fixed and variable, it added in the regulatory filings published late on Wednesday, bringing the potential maximum annual pay to more than 20 million euros. De Meo, who was hired from Renault, last had a total annual salary of 12.9 million euros, according to Renault's 2024 annual report. In return, Kering's chairman and outgoing chief executive Francois-Henri Pinault will take a pay cut to 700,000 euros, from around 4 million euros previously, the firm said. Pinault, son of founder Francois and CEO of the Paris-listed company, has led Kering since 2005. Kering's shares, which had lost over 60% of their value in over two years, have gained 24% since de Meo's announcement in June. The 20 million euros sign-on bonus would compensate an estimated, similar amount of longer-term financial benefits lost by de Meo after he decided to leave Renault. ($1 = 0.8747 euros)
Reuters
18 minutes ago
- Reuters
India's online delivery platform Swiggy posts wider quarterly loss on higher expenses
July 31 (Reuters) - Indian online delivery platform Swiggy ( opens new tab posted a wider quarterly loss on Thursday, as rising investments in its quick-commerce arm, Instamart, continued to weigh. Its consolidated net loss widened to 11.97 billion rupees ($136.68 million) for the quarter ended June 30, from a loss of 6.11 billion rupees a year ago. Swiggy is pouring money into expanding its quick-commerce arm, Instamart, with major investments going to set up stores, strengthening warehousing and logistics, and offering aggressive discounts to attract users. The decade-old Swiggy, which enjoys a duopoly in the food delivery business with Eternal's ( opens new tab Zomato, continues to spend on its core food delivery business through marketing, platform upgrades, and loyalty programs like Swiggy One, as it fights to maintain its edge in the competitive delivery market. Instamart, which delivers everything from pulses to purses in minutes, is up against stiff competition from Eternal's Blinkit, Zepto Tata-backed BigBasket, and Amazon (AMZN.O), opens new tab, all racing to win the quick-commerce game by prioritizing rapid expansion over profits. Swiggy's revenue surged 54% to 49.61 billion rupees in the quarter ended June 30. Its consolidated expenses jumped about 60% in the quarter to 62.44 billion rupees, owing to higher spends on advertising. ($1 = 87.5740 Indian rupees)
Reuters
an hour ago
- Reuters
Exclusive: Indian state refiners pause Russian oil purchases, sources say
NEW DELHI, July 30 (Reuters) - Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and U.S. President Donald Trump warned against purchasing oil from Moscow, industry sources said. India, the world's third-largest oil importer, is the biggest buyer of seaborne Russian crude. The country's state refiners - Indian Oil Corp ( opens new tab, Hindustan Petroleum Corp ( opens new tab, Bharat Petroleum Corp ( opens new tab and Mangalore Refinery Petrochemical Ltd ( opens new tab - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. IOC, BPCL, HPCL, MRPL and the federal oil ministry did not immediately respond to Reuters' requests for comment. The four refiners regularly buy Russian oil on a delivered basis and have turned to spot markets for replacement supply - mostly Middle Eastern grades such as Abu Dhabi's Murban crude and West African oil, sources said. Private refiners Reliance Industries ( opens new tab and Nayara Energy are the biggest Russian oil buyers in India, but state refiners control over 60% of India's overall 5.2 million barrels per day refining capacity. On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine.
