Ease of Doing Business
India has improved its ranking in the global sweepstakes for ease of doing business in recent years, but a lot needs to be done for it to be at the top of the pecking order.
By 2021, India had jumped to 63rd position from 142nd position in 2014. This performance was a major highlight of the pitch the government made for investments. Many reforms have taken place since 2021 and now the effort is to make India top 50 in the first edition of Business Ready report.
According to official sources, the new government at the Centre is likely to undertake a few “quick reforms” in the run-up to the survey for the World Bank’s Business Ready report, which replaces the Doing Business Report that was discontinued in 2021 due to manipulation of data.
Business | Jun 1st 2024 Edition
ConocoPhillips agreed to buy Marathon Oil in a deal they valued at $22.5bn, making it the latest energy mega-merger in America. Oil and gas companies are consolidating in order to cut costs and boost their footprints. Marathon owns assets in Eagle Ford in Texas, Bakken in North Dakota, Permian in New Mexico and Texas, and in Oklahoma.
Shareholders in Hess, an energy exploration company, approved a controversial $53bn takeover by Chevron. Hess holds a 30% stake in a big oilfield project off the coast of Guyana. Chevron’s offer has been challenged by ExxonMobil, which owns a 45% stake in the Guyana project and claims it has the right to negotiate with Hess about the asset. ExxonMobil has started an arbitration process. iss, a proxy-advice firm, had recommended that shareholders abstain from voting while arbitration was ongoing.
Meet A man who started A business from his small flat
For aspiring entrepreneurs who believe that success can only be attained through outside funding, Rikant Pitti's story offers inspiration. His narrative demonstrates how anyone can succeed and create a company valued at crores of rupees with perseverance, commitment, and winning concepts.
Donald Trump convicted
After being convicted Thursday in New York, former President Donald Trump will remain free from custody while awaiting his sentencing on July 11. And he is certain to appeal which could carry the case into 2025.
The jury in Trump’s criminal hush money case began deliberating Wednesday and returned a verdict Thursday, finding Trump guilty on 34 felony counts of falsifying business records to hide an alleged affair, which he denied.
"Pharma readies compliance"
Pharmaceutical (pharma) bodies have welcomed the government’s move to request chief executive officers (CEOs) of all pharma companies submit, by June 30, an undertaking citing compliance with the newly notified code against unethical marketing.
The Department of Pharmaceuticals (DoP), in a circular dated May 28, said that the self-declaration form is applicable for 2024–25 (FY25) under the Uniform Code for Pharmaceutical Marketing Practices (UCPMP) 2024. The form will be circulated among pharma companies for ‘strict compliance’.