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Asia
The Hindu BusinessLine

Chennai will need second airport within 5-10 years, says CII Southern Region's Ravichandran

Chennai will need a second airport over the next five to 10 years to support the city's economic growth and its emergence as a major global manufacturing hub, P Ravichandran, Deputy Chairman, CII Southern Region, said. Ravichandran said the existing Chennai airport is currently capable of serving the city's requirements and that improving its efficiency could help extend its capacity. However, he stressed that a second airport would become necessary in the medium term, with the choice of location best left to the government. "Any airport is an economic engine," Ravichandran said, adding that Chennai's requirements extend beyond passenger traffic as the city is increasingly becoming an important manufacturing centre for the global economy. He highlighted Tamil Nadu's growing role in electronics manufacturing, noting that around 50 per cent of Apple iPhones are made in the state. A significant share of electronic goods and components produced in the region is transported by air, making air cargo infrastructure an important consideration in planning Chennai's future airport capacity, he said. According to Ravichandran, cargo infrastructure should be given equal, if not greater, importance while considering a second airport. He suggested that planners should examine whether passenger and cargo operations can be separated or whether dedicated terminals can be developed to enable seamless movement of goods from industrial parks to cargo facilities. The CII Southern Region Deputy Chairman said planning should take a 25-year view and consider the broader airport network around Chennai. He pointed to airports in Puducherry and Nellore, which are located around 140-150 km from Chennai, and said the government needs to take a strategic approach while determining the requirements and timeline for a second airport. Ravichandran also urged stakeholders to give the Tamil Nadu government time to evaluate alternatives following the opposition to the proposed Parandur airport project. He said it would be unfair to blame the Chief Minister at this stage and expressed confidence that the government, supported by its bureaucracy, would come up with an appropriate solution.He clarified that CII does not seek to recommend a specific location for the airport. Instead, its focus is on ensuring that the facility functions as an "economic engine", enabling manufacturers to ship goods quickly and ensuring business travellers can access, commute through and operate from the airport with ease. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Chennai will need second airport within 5-10 years, says CII Southern Region's Ravichandran
Asia
The Hindu BusinessLine

Evren signs 750 MW renewable energy PPA with NTPC

Brookfield-backed Evren has signed a 750 MW power purchase agreement (PPA) with NTPC for solar, wind and battery energy storage projects in Andhra Pradesh and Rajasthan. Evren on Monday said it has signed a 750 MW power purchase agreement (PPA) with state-owned power giant NTPC, comprising solar, wind, and battery energy storage projects in Andhra Pradesh and Rajasthan. This agreement marks a significant milestone in the company’s growth journey and is among the largest renewable energy projects secured by capacity in India, the company said in a statement. The project, once operational, will generate 2.5 billion units of clean energy annually and mitigate 1.8 million tonnes of carbon dioxide emissions every year, it added. Suman Kumar, CEO of Evren, said, "Securing this 750 MW PPA reflects the scale, quality, and execution capabilities Evren has built over time. With an 11 GW pipeline portfolio, including over 3.5 GW under construction across solar, wind and battery energy storage, we are well positioned to deliver reliable, sustainable power at scale and serve as a long-term partner to customers". Evren is a renewable energy platform backed by Brookfield focused on developing, owning, and operating utility-scale solar, wind, and energy storage assets in India. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Evren signs 750 MW renewable energy PPA with NTPC
Europe
BBC Business

Would you choose £50,000 over the chance of £1m?

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoYou have the choice of instantly receiving £50,000 or flipping a coin for a 50/50 chance of £1m. The vast majority decide on taking the £50k, according to a survey of thousands of people by YouGov. Women voted 82% in favour of the guaranteed cash. The poll has sparked a debate about why Brits appear more risk-averse than people in the US. So why are the results so clear-cut, and what are the financial and psychological factors at play? Sadly, there is little chance of ever having such a choice, but there are some interesting lessons for how we manage our money nonetheless. Nearly three-quarters (73%) of the 4,600 adults asked in the survey said they would take the £50,000 now. Just over a fifth (21%) went for the chance of £1m and, 6% of those asked sat on the fence and simply couldn't decide. The gender split in the results is striking. Some 82% of women opted for the £50,000, compared with 63% of men. Lots of people might opt for the £50,000 guarantee, deciding that it is a life-changing amount of money in itself. After all, it is £10,000 more than the median average earnings for full-time workers in the UK for an entire year, according to official statistics, external. But younger people generally earn less and yet, according to this survey, external, those aged 18 to 24 are more willing to take the bet on £1m than any other age group. Some 28% go for the coin flip, compared with just 11% among the over-65s - their grandparents' generation.

Would you choose £50,000 over the chance of £1m?
Asia
The Hindu BusinessLine

DBS hires ex-Standard Chartered banker to lead India wealth team

DBS Group Holdings Ltd. has hired Nitin Chengappa, a former Standard Chartered Plc banker, to head its wealth management business in India as it bets on rising demand for tailored products from the country’s newly rich. Chengappa joined the lender in July and reports to Ambuj Chandna, who heads DBS’s consumer banking business in India, said people familiar with the matter who requested not to be identified as the appointment has not been publicly announced. DBS Bank India confirmed to Bloomberg News that Chengappa had joined the firm as managing director and head of Treasuries Business and Wealth Management but didn’t provide further details. Chengappa spent nearly a decade at Standard Chartered in India where he last worked as head of affluent distribution and branch network, according to his LinkedIn profile. Previously, he spent more than a decade at HSBC Holdings Plc, among others. Wealth management has emerged as a key growth area in India, with the rise in rich individuals and families prompting the likes of HSBC and domestic firms to expand aggressively in the country. India is among the world’s fastest-growing wealth markets, with about 917,000 millionaires and just under 200 billionaires, according to UBS. DBS has been positive about growth in India and willing to commit capital to the market. It entered India’s buoyant equity capital market this year, marking a push into one of the world’s busiest venues for share sales. It took over Lakshmi Vilas Bank Ltd. in 2020, the first time Indian authorities turned to a foreign lender to bail out a struggling local rival. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

DBS hires ex-Standard Chartered banker to lead India wealth team
Asia
The Hindu BusinessLine

GSK Pharma Q1 profit up 16% at ₹237.18 cr

GlaxoSmithKline Pharmaceuticals Ltd on Monday reported a 16 per cent rise in consolidated net profit to ₹237.18 crore in the first quarter ended June 30, 2026. The company had posted a consolidated net profit of ₹205 crore in the corresponding period of the preceding financial year, GlaxoSmithKline Pharmaceuticals Ltd (GSK India) said in a regulatory filing. Consolidated revenue from operations in the first quarter of FY27 stood at ₹938.44 crore against ₹805.17 crore in the year-ago period, it added. Total expenses in Q1 FY27 increased to ₹659.75 crore, compared to ₹569.91 crore in the same period a year ago, the company said. The first quarter performance reflects continued progress in the company's portfolio transformation strategy, supplemented by execution excellence and a favourable base effect from the comparable period last year, GSK India said. Commenting on the performance, GSK India MD Bhushan Akshikar said,"GSK India's broad-based growth demonstrates the resilience of the core general medicines and vaccines portfolio and the growing contribution of the innovative business." This growth was enabled by a relentless focus on scientific excellence, sharper execution in the field and meaningful investments in technology and talent development, he added. “With a strong innovation pipeline and launch opportunities ahead, we are well-positioned to deliver sustainable growth and meaningful impact for millions of patients in India,” Akshikar said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

GSK Pharma Q1 profit up 16% at ₹237.18 cr
North America
CNBC Finance

China's Geely to make EVs at Ford plant in Spain under new joint venture

China automaker Geely will build electric vehicles at a Ford Motor plant in Spain under a new manufacturing joint venture in Europe, the companies announced Thursday. Pending regulatory approvals, the companies said the joint venture will begin operations in the first half of 2027, with the first new vehicles scheduled to roll off the line in 2028. The Valencia, Spain, plant will continue to produce the Ford Kuga in the meantime, according to a news release. The companies said Ford will own 66% of the joint venture, while Geely will have a 34% stake. The joint venture is expected to include a new electric crossover for Ford, in "addition to a new member of the Bronco family, plus two electric Geely SUVs, with production starting in 2028," the companies said. The announcement comes after months of reported talks between the two sides, as legacy automakers such as Ford attempt to compete with Chinese carmakers that have quickly been expanding into new markets outside of China for several years. "The joint venture addresses the new realities of the European market -- intense global competition, relentless cost pressure and tightening regulation -- resetting Valencia to build at the industry's emerging cost benchmark," the companies said in the release. Automakers such as Ford have historically partnered with Chinese companies for production and sales in China, however several legacy companies have been geographically broadening such tie-ups. Chrysler parent Stellantis has been expanding its yearslong partnership with China's Leapmotor into Europe, and Germany's Volkswagen has said it is open to sharing under-utilized European factories with Chinese car brands as part of a push to cut costs. Ford's new tie-up comes a day after a U.S. Senate committee approved legislation to toughen a ⁠ban on Chinese automakers entering its home country. Ford CEO Jim Farley, who has been complimentary of Chinese automakers for their speed and products, has previously said the automaker would be looking to partnerships to assist its global operations. Ford's partnership with Geely stretches back to 2010, when it sold Volvo Cars to Geely, the companies said. "We are dedicated to delivering vehicles that European customers will choose on merit: on industry leading features, on high-quality and on actively contributing to Europe's green future. Put simply: we are building cars in Europe, for Europe, alongside a trusted partner," Alex Nan, vice president of Geely, said in the release.

China's Geely to make EVs at Ford plant in Spain under new joint venture
North America
CNBC Finance

A tax break for preserving land has drawn IRS scrutiny. Here’s when it still makes sense

Congress is moving to expand a land preservation tax incentive that has spent nearly a decade under IRS scrutiny. House and Senate proposals of the farm bill would create a new program to provide funding to landowners who agree to keep forests intact rather than sell or develop them. The IRS cracked down on conservation easements after groups of investors used them to generate billions of dollars in inflated tax deductions. However, the tax strategy still has value for individuals and families who want to preserve their land and pay less to Uncle Sam, lawyers who specialize in conservation easements told CNBC. More than a dozen states offer some sort of tax credit for donating land and some, including New York, Colorado and Georgia, have aggressively expanded their conservation easement programs in recent years. "I run into people who say, 'Wow, conservation easements are bad things. They're abusive.' No, they're not. They are for a small set of people and a small set of people that are getting sucked into this by bad actors," said Florida lawyer Keith Fountain. "My clients are people who own land and love the land, and the conservation easements provide a way to get some financial benefit and to keep and own and manage that land for the right purposes forever." Conservation easements let landowners keep ownership of the property while giving up certain development rights. Typically, the owner agrees to permanently limit how the property can be used, often to preserve farmland, wildlife habitats or open space. The landowner can then donate those foregone development rights or sell them at a discount to a land trust, government agency or another qualified group. In return, the owner can claim a charitable deduction. In many cases, they can still reside on the land and use it for recreational purposes like hunting and fishing, as long as they fit the easement's restrictions. Fountain said many of his ranching clients sell conservation easements to keep land in the family and use the proceeds to pay off debt or buy out younger family members who aren't interested in ranching. By selling the easements on their land at a discount, the clients collect cash and can claim a charitable deduction for the difference between the sale price and the fair market value. The transactions targeted by the IRS involve groups of investors, not longtime individual landowners. In these so-called syndicated conservation easement deals, a promoter sells stakes in land to investors and donates the easement. By using an inflated valuation of the property's development rights, the investors are able to claim a tax deduction that exceeds what they paid for the land. In a recent example filed last week, the U.S. Tax Court slashed a $41.6 million deduction claimed by an Alabama partnership to $800,000. The court agreed with the IRS that the deduction was based on a speculative valuation of the property's potential as a limestone quarry. Congress capped conservation easement values in 2022 in order to shut down syndicated easements, but the IRS is still wading through some 1,100 cases. The agency extended a settlement offer in May in an attempt to reduce the backlog. While the government has targeted syndicated deals, individuals can still trigger an IRS audit by donating an easement. For this reason, Fountain said his clients usually choose to sell easements at a discount even though donating one can come with better tax benefits. Many lawyers refuse to advise on conservation easements altogether. However, Carolyn Schenck, former IRS national fraud counsel, told CNBC that conservation easements shouldn't be written off.

A tax break for preserving land has drawn IRS scrutiny. Here’s when it still makes sense
Europe
BBC Business

Businessman and philanthropist Sir Ian Wood dies aged 84

Image source, The Wood FamilyByCraig WilliamsBBC ScotlandPublished27 July 2026, 10:37 BSTUpdated 1 hour agoThe Aberdeen-based businessman and philanthropist Sir Ian Wood has died aged 84, his family has announced. Sir Ian was one of the UK oil and gas industry's most respected leaders, who turned his family's fishing boat repair yard into a global engineering player in the North Sea and internationally. His family said he died peacefully at home and they would remember his "kindness, generosity, determination and unwavering commitment to his family." Sir Ian was one of Scotland's wealthiest people, with a personal worth estimated at £1.8bn. Wood Group started as a family fishing business before Sir Ian took over in 1967. Over the next decades, he formed a separate engineering company servicing the rapidly-growing North Sea oil business. At its height, the Wood Group was valued at more than £5bn, carrying out work in the energy industry around the world. It went public in 2002 and was sold to a Dubai company last year. Sir Ian, who retired as chairman of the group in 2012, was knighted in 1994 for services to the oil and gas industry and was later made a member of the Order of the Thistle, Scotland's highest order of chivalry. Sir Ian's philanthropic work was carried out through the Wood Foundation, which he founded in 2007. It is involved in a number of investments and charitable work around agriculture and conservation in east Africa, as well as projects in Scotland. He was married to Helen for 55 years, was father to Nic, Graham and Garreth, and a grandfather of seven children. The statement from Sir Ian's family said: "Sir Ian was a devoted husband, father, grandfather and friend.

Businessman and philanthropist Sir Ian Wood dies aged 84
Asia
The Hindu BusinessLine

Q1 Results Today Live: DLF, UPL, Torrent Power, IREDA, KEI, Escorts Kubota, Jindal Stainless, Ather, Inox, Nazara, KIMS, MobiKwik, Texmaco, DOMS Q1 results today, Bajaj Finserv, ITC, Urban Company shares gain, Muthoot Finance, Sun Pharma, Persistent Systems in red after Q1

Business people using pen,tablet,notebook are planning a marketing plan to improve the quality of their sales in the future. | Photo Credit: Jirapong Manustrong Q1 Results Today, 03rd August 2026 Live Updates: Find all the latest Q1 results 2026 updates of Amir Chand Jagdish Kumar (Exports), Amerise Biosciences, Amraworld Agrico, Artemis Medicare Services and Ather Energy. Sensex opened 788.7 pts higher at 78,883.34 on Monday against the previous close of 78,094.64 and at 9.16 am, it traded 543.52 pts or 0.70% higher at 78,638.16.Nifty 50 traded 168.45 pts or 0.69% positive at 24,552.05 after opening at 24,572.70 compared to the previous close of 24,383.60. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Q1 Results Today Live: DLF, UPL, Torrent Power, IREDA, KEI, Escorts Kubota, Jindal Stainless, Ather, Inox, Nazara, KIMS, MobiKwik, Texmaco, DOMS Q1 results today, Bajaj Finserv, ITC, Urban Company shares gain, Muthoot Finance, Sun Pharma, Persistent Systems in red after Q1