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Morning Buzz: Tata Sons chairman warns employees of volatility and disruptions in 2024, finance minister sends notices to 9 offshore virtual digital assets providers, and more
Here are the top business headlines this morning to get your day started
Image: INDRANIL MUKHERJEE / AFP
Tata Sons chairman warns group employees of volatility and disruptions in 2024
Tata Sons' Chairman Natarajan Chandrasekaran has cautioned employees of the Tata Group about the anticipated volatility and disruptions in 2024, driven by the evolving global landscape in data privacy regulations. “The complexity of global governance will reach new heights as the world establishes new rules to safeguard data privacy, address inflation, reduce carbon emissions, and manage perceptions of AI risk,” he said in a year-end letter to employees. Some group companies, including TCS and Tata Motors, are expected to continue to show strong growth momentum into the New Year.
(Economic Times, Moneycontrol, Financial Express)
Finance minister sends notices to 9 offshore virtual digital assets providers, including Binance
The finance ministry has issued show cause notices to nine offshore, virtual digital assets service providers dealing with crypto assets and has told the Ministry of Electronics and Information Technology to block their websites. Its view is that these websites were required to register with the Financial Intelligence Unit-India (FIU IND) as reporting entities and were not complying with the Prevention of Money Laundering (PML) Act provisions. The firms include the world’s largest cryptocurrency exchange Binance, besides Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. The government is reviewing the legal framework to block gaps and improve rules and regulations surrounding laundering of money.
(Business Standard, Economic Times, Mint, Bloomberg India)
Mukesh Ambani seeks Reliance completing AI transformation in 2024
Reliance Industries Chairman and MD Mukesh Ambani urged the employees of Reliance Industries to accelerate artificial intelligence (AI) transformation across all businesses in 2024, in its bid to stay ahead of rivals in deploying advanced technologies. He said Reliance needed to be “at the forefront of using data, with AI as the enabler, for achieving a quantum jump in productivity and efficiency,” he said at an event to mark the 91st birth anniversary of his father and the company’s late founder Dhirubhai Ambani.
(Bloomberg India, Reuters India, HT Tech, Business Today, Firstpost)
Tata Coffee's merger with Tata Consumer Products, TCPL Beverages kicks off on Jan 1
The merger of all businesses of Tata Coffee with Tata Consumer Products and TCPL Beverages will come into effect from January 1 in the New Year. It was proposed as part of a re-organisation plan of Tata Coffee, in 2022, to unlock synergies and efficiencies. The plantation business of Tata Coffee will be demerged into TCPL Beverages & Foods and the remaining businesses—its extraction and branded coffee business—will be merged with TCPL.
(Moneycontrol, The Hindu Businessline)
