Latest news with #421
Techday NZ
5 days ago
- Business
- Techday NZ
TCS Q1 revenue hits USD $7,421m, highlights AI & security wins
Tata Consultancy Services (TCS) reported consolidated revenue of USD $7,421 million for the first quarter of the financial year 2026, maintaining margins and showcasing key advances in AI and cybersecurity despite a marginal year-on-year decline. The company's latest financial results indicate a 1.1% year-on-year drop in revenue and a 3.1% decline on a constant currency basis, but reveal robust deal wins, with total contract value reaching USD $9.4 billion for the quarter. Operating margin stood at 24.5%, expanding 30 basis points quarter on quarter, while net margin rose to 20.1%, up 90 basis points compared to the previous year. Net income was reported at USD $1.5 billion, up 3.5% year-on-year. TCS ended the quarter with 613,069 employees, reflecting net headcount addition of 6,071 over the past year. Attrition in IT services was at 13.8%. Cash from operations was USD $1.5 billion, representing 100.3% of net income over the quarter. Market and segment performance By industry, Banking, Financial Services and Insurance (BFSI) led growth with a 1% year-on-year increase. Growth was also recorded in Technology & Services (1.8%) and Energy, Resources and Utilities (2.8%). However, declines were noted in Life Sciences & Healthcare, Communication & Media, Manufacturing, and Consumer Business. From a geographic perspective, North America contributed the largest proportion of revenue at 48.7% but saw a 2.7% decline. The UK and Continental Europe, accounting for 18.0% and 15.0% of revenue respectively, also recorded small drops. Conversely, Latin America, Asia Pacific, and Middle East and Africa posted growth of 3.5%, 3.6%, and 9.4%, respectively. India experienced a 21.7% year-on-year decrease. Strategic focus on AI and cybersecurity This quarter saw TCS highlight its continued investments and expansion in AI, generative AI (GenAI), and cybersecurity offerings. Commenting on the performance and market environment, K Krithivasan, Chief Executive Officer and Managing Director, said: "The continued global macro-economic and geo-political uncertainties caused a demand contraction. On the positive side, all the new services grew well. We saw robust deal closures during this quarter. We remain closely connected to our customers to help them navigate the challenges impacting their business, through cost optimization, vendor consolidation and AI-led business transformation". AI and Data services saw increased enterprise adoption, with clients moving from pilot to scaled GenAI deployments, especially in automation and data platform modernisation. TCS also reorganised its cloud business to integrate public cloud and infrastructure services, and broadened strategic partnerships with key technology providers including Microsoft. In cybersecurity, the company noted rising demand for managed detection, identity management, and AI-powered security solutions. Aarthi Subramanian, Executive Director – President and Chief Operating Officer, commented, "Across industries, clients are increasingly shifting their focus from use case based approach to ROI led scaling of AI. We are investing across the AI ecosystem including infrastructure, data platform solutions, AI agents and business applications. Launching TCS SovereignSecureTM Cloud, TCS DigiBOLTTM, and TCS Cyber Defence Suite, to accelerate India's AI led transformation was a particular highlight of this quarter". Partner ecosystem and customer programmes Key partnerships were expanded or newly established with a range of global organisations. Noteworthy programmes include collaborations with a European-headquartered global Life Sciences company for an SAP S/4HANA-led transformation across 80 countries, a partnership with IBM focusing on quantum research in India, and an agreement with a Canadian bank for enterprise data transformation via AWS Cloud. Further, TCS established new Automotive Delivery Centres in Germany and Romania to support development of next-generation mobility solutions. Several customers commented on their partnerships with TCS. Oli Byers, Chief Financial Officer of Virgin Atlantic, stated, "We exist to make our customers smile, it's that simple. As we look ahead to this next phase of our digital transformation, technology will enable us to deliver smarter, simpler, and more memorable experiences. TCS has been a partner for more than two decades and together we'll continue to build towards our vision of becoming the most loved travel company, powered by AI technology to modernize our systems, drive efficiency and deliver for our customers." Alan Jensen, CIO of Salling Group, commented, "At Salling Group, everything we do is ultimately to help make our customers' lives better. This project is no exception. Our partnership with TCS will help us better respond to their changing needs and do so responsibly and sustainably. This partnership helps us drive our 'Aspire 28' strategy that includes goals of more stores, acquisitions and mergers in existing and new markets." Other customer statements echoed the focus on leveraging TCS solutions for business transformation, operational efficiency, and customer engagement. Milind Lakkad, Chief HR Officer, commented on workforce development: "Talent Development is core to TCS. In this quarter, our associates invested 15 million hours in building expertise in emerging technologies, enabling them to lead the transformation journey for our customers. It is gratifying to note that TCS now has 114,000 people with higher order AI skills". Financial position and awards As of 30 June 2025, total assets were USD $19,686 million, up from USD $18,931 million at the end of March. Shareholders' funds totalled USD $11,679 million. Operating income for the quarter was USD $1,815 million, against USD $1,851 million in the same period the previous year. The company reported it had applied for 8,987 patents as of the end of the quarter, with 4,939 granted, underscoring ongoing research and development activity. TCS received multiple awards in the quarter, including recognition among Kantar BrandZ's Top 50 Global Brands, two golds at the New York Digital Awards, and top rankings for workplace and sustainability by various independent institutions. Industry analysts ranked TCS as a leader in 38 competitive assessments across digital services, application management, and AI-related disciplines in the first quarter of FY26.
Daily Express
15-05-2025
- Business
- Daily Express
Palm oil inventory to rise 15pc
Published on: Thursday, May 15, 2025 Published on: Thu, May 15, 2025 By: Bernama Text Size: The stockbroking firm also forecast crude palm oil (CPO) production to grow by four per cent m-o-m to 1.75 million tonnes and palm oil exports to increase by eight per cent m-o-m to 1.19 million tonnes. Kuala Lumpur: Malaysian palm oil stocks are expected to rise 15 per cent month-on-month (m-o-m) in May 2025 to 2.15 million tonnes, driven by higher output, according to CIMB Securities Sdn Bhd. The stockbroking firm also forecast crude palm oil (CPO) production to grow by four per cent m-o-m to 1.75 million tonnes and palm oil exports to increase by eight per cent m-o-m to 1.19 million tonnes. 'However, according to Intertek, Malaysian palm oil exports fell nine per cent m-o-m to 293,911 tonnes in the first 10 days of May, reflecting a slow start to the month. 'The recent 22 per cent decline in CPO prices to RM3,787 per tonne from a peak of RM4,835 per tonne on April 2 reflects concerns over weaker crude oil prices and the 10 per cent reciprocal import tariff imposed by the United States (US) on Malaysia and Indonesia, which makes palm oil less competitive in the US market,' it said in a note on Wednesday. Meanwhile, palm kernel prices have also remained firm at RM3,421 per tonne, representing 90 per cent of CPO prices and indicating a shortage of coconut oil. Thus, CIMB Securities projected CPO prices to remain in the range of RM3,700-RM4,000 per tonne in May, given rising supply. It also maintained its average CPO price forecast of RM4,200 per tonne for 2025, supported by Indonesia's biodiesel mandates and limited expansion in palm oil planting areas. However, it downgraded the plantation sector rating to 'neutral' following the recent downgrade of SD Guthrie to 'hold' due to limited near-term catalysts, with IOI Corp remaining its preferred 'buy' in the sector. Maybank Investment Bank Bhd (Maybank IB) and Kenanga Investment Bank Bhd (Kenanga IB) also gave the sector a 'neutral' rating. Maybank IB noted that preliminary Malaysia export estimates for shipments in the first 10 days of May 2025 by independent cargo surveyors were mixed, with Amspec showing a small growth to 302,908 tonnes (up one per cent m-o-m) while Intertek showing a nine per cent m-o-m contraction to 293,991 tonnes. 'While still early days, the absolute exports estimates look muted. May's export figure may only be 1 million tonnes. At this rate, the Malaysian Palm Oil Board's (MPOB) May stockpile may hit the psychological 2 million tonnes,' it said. Maybank IB said it keeps its 'neutral' stance on the sector as the current CPO spot price of below RM4,000 per tonne is likely to remain until late in the third quarter amid seasonal pick-up in output. Hence, it maintained its forecast of RM4,000 per tonne for 2025. Meanwhile, Kenanga IB said upstream earnings have probably peaked in the first quarter of 2025 or the immediate preceding quarter, while downstream visibility has worsened due to the US President Donald Trump's 'Liberation Day' tariffs announcement. 'Our 2025 CPO price assumptions and earnings have also been revised downwards. Nonetheless, our revised earnings still look healthy, underpinned by still firm CPO prices due to pending supply deficit in 2025 and potentially in 2026,' it said. Kenanga Research has trimmed its 2025 average CPO price forecast from RM4,200 per tonne to RM4,100 per tonne while maintaining 2026 CPO price at RM4,000 per tonne on faster-than-expected reversal in palm oil price premium to soyabean in April and softer bio-diesel demand due to more competitive hydrocarbon oil prices following OPEC+ production ramp up. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
14-05-2025
- Business
- New Straits Times
Palm oil stocks expected to climb 15pct in May on increased output
KUALA LUMPUR: Palm oil inventories are expected to rise by 15 per cent month-on-month (MoM) in May to 2.15 million tonnes, driven by stronger production. CIMB Securities anticipates crude palm oil (CPO) output to grow by four per cent MoM to 1.75 million tonnes, while palm oil exports are projected to increase by eight per cent to 1.19 million tonnes. "However, according to Intertek, Malaysian palm oil exports fell nine per cent month-on-month to 293,911 tonnes in the first 10 days of May, reflecting a slow start to the month. "The recent 22 per cent decline in CPO prices — to RM3,787 per tonne currently from a peak of RM4,835 per tonne on April 2 — reflects concerns over weaker crude oil prices and the 10 per cent reciprocal import tariff imposed by the US on Malaysia and Indonesia, which makes palm oil less competitive in the US market," it said in a note. Meanwhile, the firm said that the Indonesian Ministry of Energy reported biodiesel consumption of 4.4 billion litres from Jan 1 to Apr 24, 2025, keeping it broadly on track to meet its annual target of 15.6 billion litres. Palm kernel prices have also remained firm at RM3,421 per tonne, representing 90 per cent of CPO prices and indicating a shortage of coconut oil. "We project CPO prices to remain in the range of RM3,700–4,000 per tonne in May, given rising supply, and maintain our view that prices in the second quarter will be lower compared with the first quarter. Our average CPO price forecast of RM4,200 per tonne for 2025 remains unchanged," it added. Malaysian closing palm oil stocks rose 19 per cent month-on-month and seven per cent year-on-year to 1.87 million tonnes in Apr 2025, the highest level in six months, driven by higher output. Stock levels exceeded the firm's forecast of 1.68 million tonnes and Bloomberg's estimate of 1.79 million tonnes owing to higher-than-expected production. The firm downgraded its rating on the agriculture and forestry sector to 'Neutral' following the downgrade of SD Guthrie Bhd to 'Hold' from 'Buy' due to limited near-term catalysts. IOI Corp Bhd remained its preferred stock in the sector with a 'Buy' call. In a separate note, Hong Leong Investment Bank (HLIB) said that the uptrend in palm oil stock levels will likely persist in the near term, driven by several factors. These include a seasonally higher cropping pattern, subdued festive-driven demand, and weak crude oil prices, which imply lower discretionary biodiesel blending activities. "Additionally, the conflict between India and Pakistan, two of the major importers of palm oil, could dampen demand from these markets if the tension re-escalates," it added. The firm kept its CPO price assumptions for 2025 and 2026 of RM4,000 per tonne and RM3,800 per tonne, respectively, with the view that continued output recovery (particularly from Indonesia) will continue to cap palm oil prices over the near to medium term. It maintained a 'Neutral' call on the plantation sector due to the absence of a demand catalyst.
Khaleej Times
06-03-2025
- Entertainment
- Khaleej Times
Nahla Tabbaa: Redefining art and activism through culinary performances
If you have stepped inside any museum or a contemporary gallery lately, you might have come across creative radicals who are redefining the landscape by eschewing traditional practices in favour of more daring approaches that unapologetically combine different disciplines, often leaving viewers pondering and questioning the very definition of art. Nahla Tabbaa is one such Arab voice who is constantly pushing the boundaries of art and recalibrating the role of an artist and creator. Born in Amman, the 38-year-old Tabbaa is an interdisciplinary artist, chef, pedagogue and programmes curator whose work straddles "the urban and the organic, the beautiful and the grotesque," as she herself puts it. Although Tabbaa effortlessly flits between critical research, alchemy, drawing, textiles, experimenting with ceramics and sculpture, she's probably best known for her culinary performances. A fascinating genre that blends the politics and symbolism of food, the culinary arts can be an enigmatic and yet, powerful form of expression that artists like Tabbaa are using to process grief and as a mark of resistance and protest as well in a world riven by war and turbulence. Tabbaa's work proves that the humble kitchen can be both an intimately personal space and a political and social battleground, a domestic setting from where she challenges the hegemony of the political class and asks fundamental questions about humanity, putting her weight firmly behind the historically oppressed. Tabbaa is a familiar name in the UAE art world, having exhibited widely in the region. From Al Serkal Avenue to Art Dubai, she has summoned the magic of food to reflect on the harsh realities of everyday life. "I have been informally exploring food as an act of self-care and hospitality as an extension of community building for a decade. However, this always stood outside the art world. It was just a way of life and an interest in research that I've always had," says Tabbaa, who completed a culinary and farming diploma at the Ballymaloe Cookery School in Cork in Ireland and has staged her culinary acts, workshops and tasting sessions across UAE down the the years ('Shamsa' at Jameel Arts Centre, 'Rewilding the Kitchen' at Alserkal Arts Foundation in Dubai and a large-scale group exhibition titled 'On Foraging: Food Knowledge and Environmental Imaginaries in the UAE's Landscape' at 421 in Abu Dhabi, to name a few). In 2023, as part of 'On Foraging: Food Knowledge and Environmental Imaginaries in the UAE's Landscape' at 421, she collaborated with artist Moza Almatrooshi to delve into the ecology of UAE's native plants — a practice they continue to do together. The outcome of this collaboration was an edible lecture at 421 and a dinner at Jebel Yanas in Ras Al-Khaimah, which refashioned dishes ubiquitous to the UAE, like stuffed dates with chaami, oyster shells filled with rice and sehna (anchovy powder), laminated pasta, plant-infused coolers etc. As part of the artistic adventure, participants embarked on a hike in search of wild honey at Jebel Yanas and spent the night there, rewinding and reconnecting with nature for a change. In 2015, I took on a part-time job as a food tour guide with Frying Pan Adventures in Dubai and that deep dive into stories, mapping migration and understanding flavours as pointers in history was so fascinating. "In 2015, I took on a part-time job as a food tour guide with Frying Pan Adventures in Dubai and that deep dive into stories, mapping migration and understanding flavours as pointers in history was so fascinating. This landscape of artist-chefs began to grow for me and thankfully, with the support and opportunities presented at institutions like 421, Jameel Arts Centre, SEAF, Campus Art Dubai and Alserkal Arts Foundation, my practice started to evolve,' shares Tabbaa, who was awarded the prestigious Salama bint Hamdan Emerging Artist Fellowship in 2021. Though born in Amman, Tabbaa's mother hailed from Bangladesh. Fittingly, in a kind of homecoming, one of her culinary performances titled 'Inside the Belly of the Beast' was recently staged at the Durjoy Bangladesh Foundation's gallery space in Dhaka. The performance was born out of grief, rage and resilience. The artist insists that she was deeply affected by human atrocities committed in her part of the world, particularly on her mind was the sufferings of the people of Gaza as well as the tense political situation in Bangladesh. 'Inside the Belly of the Beast' unfolded as a visceral culinary performance, marking the second iteration of 'Thil' — an immersive experience conjured by the artist, which invited audiences into a world where food became a medium for storytelling, resistance, and remembrance. As the title suggests, 'Inside the Belly of the Beast' reimagined the insides of a formidable beast even as it reflected on human suffering. She describes it as 'biblical', adding that she set herself 'the task of creating a menu that would reflect 'Thil's anatomy, and give audiences the experience of being swallowed by a beast, and to truly think about what it means to be inside the Belly of the Beast.' For 'Thil', she drew references from mythology as well as the Arabic phrase, 'Ya Rab Tanshak Al Ard wa Tiblakom' — 'May God open up the Earth and swallow us whole.' In the context of Bangladesh, the artist had curated hybrid foods at the 'Inside the Belly of the Beast' exhibition that traced their origins to pivotal moments in Bangladesh's history — famine, partition, and liberation — while also reflecting her own homeland Jordan, which borders Palestine and as we recognise today, is currently besieged by war and famine. The performance honoured wild and indigenous plants from both regions, mixing up dishes that examined trauma and joy, grief and celebration. Two of Tabbaa works were installed at the Durjoy Bangladesh Foundation space in Dhaka — 'I Sit Under Your Shade' (2022) and 'Thil' (2024). The audiences were free to engage and interact with her work. With 'Thil' — Arabic for 'shadow'— she hopes to speak against what's happening in Palestine. It was conceived during Tabbaa's residency at MAG Foundation in Amman and took shape as a mythical creature embodying both our collective shadow and rage against injustice. 'Durjoy Rahman, the founder of Durjoy Bangladesh Foundation, had acquired my work 'I Sit Under Your Shade', which he first saw on display during his visit to Colomboscope in Sri Lanka. Not only was I showing there, but I was also running a culinary workshop and culinary performance as part of the festival programme. We had discussed the idea of tailoring a micro-residency, and working on a culinary performance, but it all came together and made sense when Durjoy had viewed images of my latest work 'Thil'. He proposed the idea of creating an immersion from within 'Thil' and this is how 'Inside the Belly of the Beast' was born,' explains Tabbaa, rueing the fact that culinary performances often face the challenge of having a limited reach. They appear niche to the larger world and are highly inaccessible to those not already consciously clued into contemporary art. 'Also, they cannot solve the larger issues we are dealing with. I'm not putting an end to famine, instead we are indulging in food. The way I try to sensitively address these urgent issues as a chef and artist is to ensure that the dishes are not in any way excessive, or wasted, that my processes are extremely sustainable, and that ingredients are local and true," she reasons. Both of Tabbaa's parents are artists. She grew up in the Amman countryside and has lived in the UAE for a decade. Through her work, she has also taken pains to remind viewers of the importance and poignant teachings of nature. In fact, her first job in the UAE was to activate a community urban garden at Sharjah Art Foundation's Al Mureijah Art Spaces. 'I had grown up amidst plants in a rural part of Jordan and in the previous job as a coordinator at Makan Art Space in Jordan, I was also tending to an aquaponic greenhouse and supporting the director with her vision for including artists who were interested in plants and gardens and their politics,' she explains. At Sharjah Art Foundation, she further went on to establish their community programme, one of the pillars being the garden as a space of production, conversation and experiments. "Ten years on, the garden has been liberated to grow as it pleases. It is a stunning ecosystem in the heart of the Al Mureijah Art Spaces, both for humans and the-more-than-human world. You'll find so many birds, birds nests and cats, nestling in its density," says the artist proudly. "My choice to live in Dubai was to escape a more homogenous Arab identity in Jordan and explore a space that felt like a hybrid of both my roots," she says. "Although I had visited Bangladesh, yearly, my entire life, my identity was almost narrated to me through the lens of my mother and family members. Living in Dubai and experiencing other South Asian encounters and narratives allowed me to be more expansive," she states. In a way, Tabbaa has seen UAE's art scene rise rapidly over the years, mirroring her own personal growth as an artist. "When I first moved to Dubai," she recalls, "there weren't as many community programmes, neither were there public programme curators or educational departments for institutions. I'm proud to be one of the contributors to public engagement strategies and the growth of these programmes. I have witnessed and been part of the shifting scene, the growing number of emerging and mid-career artists self organising, the openness with which institutions had supported our visions, and the space I had to embrace my multiple identities, not just in my ethnicities but also as an artist, chef, curator and activist."
The National
13-02-2025
- Entertainment
- The National
Weekly UAE museum and gallery guide: Two Venice Biennale exhibitions debut in Abu Dhabi and Sharjah
Two exhibitions by the National Pavilion UAE that were presented at the Venice Biennale have finally made their way to the UAE. That, along with other new offerings by local galleries, means that there's quite a bit to catch up on in the local arts scene. From poetic reflections of the country's natural landscapes to the Dubai debut of Nigerian-British artist Sola Olulode, here are four exhibitions to see this week. Sites of Memory, Sites of Amnesia was the National Pavilion UAE exhibition at last year's Venice Biennale. The show brought eight bodies of Abdullah Al Saadi's works, two of which were created specifically for the biennial. The exhibition is now making its UAE debut, showing at 421 until May 4. Like the original show, it is being curated by Tarek Abou El Fetouh. Sites of Memory, Sites of Amnesia delves into Al Saadi's process and works with theatrical charm. Visitors trace a path through the exhibition as performers reveal works emerging from metal chests that allude to the artist's studio space in Khor Fakkan, and telling stories as part of the performance. Tuesday to Sunday, 10am-8pm; until May 4; 421 Arts Campus, Abu Dhabi A seminal work by an important Emirati artist, Mohamed Ahmed Ibrahim's Between Sunrise and Sunset was commissioned by the National Pavilion UAE and featured at the 2022 Venice Biennale. The work is now on display in the UAE for the first time in an exhibition at the Maraya Art Centre in Sharjah, which has been organised with the support of Lawrie Shabibi and the National Pavilion UAE. The exhibition features three paintings by Ibrahim, but the titular installation is the centrepiece, taking the entirety of the second-floor gallery space. The installation features 128 sculptural forms, each unique in shape, size and colour. The sculptures are arranged in a gradient, ranging from more vivid hues to the dulled and monochrome palettes that allude to the night. For Ibrahim, the work is meant to reflect the diversity of the UAE, both environmentally and culturally, while also evoking the metaphorical breadth of night and day. Saturday to Thursday, 10am-7pm; Friday, 4pm-7pm; until August 1; Maraya Art Centre, Sharjah Shama Al Hamed is marking her first solo exhibition, only a few years after earning her Bachelor of Visual Art degree from Zayed University in 2022. The exhibition features a vibrant mix of sculptures, installations and paintings that show surprising range for a young artist. The works reflect upon Al Hamed's journey as an artist, using the act of jumping as a metaphor for creative experimentation, as well as movement between different memories and emotions. Monday to Saturday, 10am-6pm; until April 5; Aisha Alabbar Gallery, Dubai Olulode's debut exhibition in Dubai ventures towards the sea in an exploration of myth and memory. The Nigerian-British artist's paintings often features references to the Yoruba water spirit, Yemaya, while exploring concepts of femininity and the power of nature. In the exhibited works, Olulode draws from her archive of photographs taken during trips to Caribbean, Mallorca and Senegal. However, instead of realistic recreations of the photographs in paint, the images are reimagined with a dreamlike nature and with bold colours. The paintings, as a result, become places where memories and legends intertwine, with water featured as a freeing element. Monday to Saturday, 10am-6pm; until April 9; Lawrie Shabibi, Dubai A new adaptation of William Shakespeare's Romeo & Juliet will debut in Dubai on Friday, inspired by the music of the legendary rock band Queen. Featuring a five-piece band playing the British group's songs throughout the performance, the adaptation by Cross Bronx Studio's Lydia DeSouza punctuates the sword fights and star-crossed romance by a number of the UAE's theatre veterans with guitar solos and vocal gymnastics in the style of Freddie Mercury. Friday to Sunday, Theatre by QE2, Dubai
