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Domestic firms will <keyword id="6356112" type="General" weightage="100" keywordseo="lease" source="Orion">lease</keyword> an estimated 60-65 million square feet of <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> between 2024 and 2025, according to <keyword id="20060150" type="General" weightage="20" keywordseo="cbre" source="keywords">CBRE</keyword> South Asia's report, '<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Inc's Ascension - The Rise of Domestic Firms as an Office Demand Driver'. Domestic companies have been responsible for nearly 47 per cent of office leasing activity from 2022 to H1 2024, marking a departure from the traditional dominance of global corporations, particularly American firms. During 2022-2023, domestic firms experienced a 60 per cent surge in office space absorption compared to the pre-pandemic period of 2018-2019. Key occupier groups have secured significant spaces in prime locations across major cities, with <keyword id="19913115" type="General" weightage="20" keywordseo="delhi-ncr" source="keywords">Delhi-NCR</keyword> leading, followed by <keyword id="6354321" type="General" weightage="20" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and Mumbai. E-commerce and life sciences companies have driven occupancy in Bengaluru and Hyderabad, respectively, while Mumbai has captured a substantial 43 per cent share of domestic <keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword> leasing, with strong contributions from Delhi-NCR and Chennai. The report attributes the robust growth of India's office market to several factors, including government initiatives like Make in India and the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">Production Linked Incentive</keyword> (PLI) Scheme. These programs, along with increased domestic manufacturing, employment generation, and a well-capitalized banking sector, have created a supportive environment for business expansion. Other contributing factors include low corporate leverage ratios and improved access to capital, which have enhanced the investment capacity of Indian companies. India's talent pool, with approximately 2.5 million STEM graduates and a thriving start-up ecosystem featuring over 100 unicorns, has also been a major driver of growth. With over 38 sector skill councils, the government's focus on bridging the skill gap is preparing domestic firms for future demands, further bolstering the office leasing sector. Flexible space operators, technology, and BFSI sectors have emerged as the primary drivers of office leasing, collectively accounting for two-thirds of all domestic activity. The RCA sector, which includes legal, taxation, HR, and media services, is also playing a significant role in boosting domestic leasing. Additionally, Indian engineering and manufacturing firms, which currently represent 7-8 per cent of domestic office leasing, are expected to expand into <keyword id="20270212" type="General" weightage="20" keywordseo="tier-ii" source="keywords">Tier-II</keyword> and Tier-III cities, which are emerging as manufacturing hubs. Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East &amp; Africa, CBRE, said, "India's rapidly expanding start-up ecosystem and talent abundance are major drivers of this demand. As India's major urban centers continue to grow and diversify, the demand for premium office spaces will shape the future of the commercial real estate market, setting new standards for innovation and excellence. He added, "India's top nine cities are poised to see an impressive addition of ~185 million sq. ft. of premium office space by 2026. This dramatic increase in office space is a testament to several key factors driving the transformation of the commercial real estate landscape". Ram Chandnani, Managing Director, Advisory and Transaction Services, CBRE India, said, "Advances in technology, especially artificial intelligence (AI), are poised to further transform the office sector. While AI may cause job displacement in some areas, it will also create new opportunities and necessitate comprehensive workforce reskilling. The surge in workforce needs, driven by digitalization, evolving workplace strategies, and enhanced business confidence, has substantially boosted leasing activity."

Domestic firms to lease 60-65 million sq ft office space by 2025: CBRE report

<ul class="summary-list"><li>Payouts to partners at the Big Four consultancies are falling.</li><li>Annual returns are being affected by a slowdown in sales and an increase in the number of partners.</li></ul>Partner payouts at the <a target="_blank" class="" href="https://www.businessinsider.com/big-four-consultancies-deloitte-ey-cut-staff-pwc-accenture-2024-10">Big Four consultancies</a> are falling as demand for professional services declines and firms increase the number of partners.At EY, partner payouts in the UK, where the global consulting and accountancy firm is headquartered, were down 5% this year. UK partners received an average of £723,000 ($938,000) compared to £761,000 ($987,000) the previous year.The firm said in <a target="_blank" class="" href="https://www.ey.com/en_uk/newsroom/2024/10/ey-uk-net-revenues-grew-3-percent-in-a-challenging-market">a press release</a> that the decrease in pay reflected a rise in the number of partners during the 2024 financial year. EY now has 903 partners as of June 2024, up from 866 at the same point in 2023, <a target="_blank" class="" href="https://www.ft.com/content/39095b58-5940-46f3-92e5-759a2923334d">the FT</a> reported.Revenue growth at EY fell from 16% in the previous financial year to just 3% in FY2024. The drop in performance was driven by declines in some of EY's key divisions, with its consulting and strategy business decreasing by 4% and transactions decreasing by 13%."With depressed UK and global deal activity and weak levels of corporate confidence during FY24, we have responded to the market to ensure we have the right platform for continued long-term growth and profitability," said Hywel Ball, EY's outgoing UK managing partner.Senior employees at the Big Four consultancies, which are all privately held, can be <a target="_blank" class="" href="https://www.businessinsider.com/how-to-get-onto-partner-track-make-millions-management-consulting-mckinsey">promoted to partner status</a>, and some are offered equity ownership in the business. In addition to salary and bonuses, equity partners traditionally receive a share of annual profits.At PwC and Deloitte, partners have also seen their payouts drop this year as growth slows.UK partners at PwC took home an average of £862,000 ($1.11 million) this financial year, 5% less than the same period in 2023. <a target="_blank" class="" href="https://www.pwc.co.uk/who-we-are/annual-report.html">PwC reported</a> that its total revenue growth was down to 9% compared to 16% growth in 2023.At Deloitte, partner payouts were down by 4.5% to around £1 million ($1.3 million), leaving equity partners taking home roughly £50,000 less than the previous year.The fall in pay comes as the Big Four — which consists of Deloitte, EY, KPMG, and PwC — attempt to balance operations following the end of the pandemic-era rush on advisory services.Many <a target="_blank" class="" href="https://www.businessinsider.com/consulting-firms-mckinsey-bcg-accenture-workers-leaving-2024-9">consultancies hired rapidly</a> to meet soaring demand in the early 2020s. As the workload slowed, revenues declined. The major firms have been making adjustments in order to balance operations, such as <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">delaying start dates</a> for new hires and laying off employees. However, the impact of policies is not expected to be immediate.Despite the current slowdown in growth, many firms believe <a target="_blank" class="" href="https://www.businessinsider.com/ai-questions-consulting-firms-are-answering-for-clients-2024-6">AI</a> will provide a necessary boost to business as more companies look to consultants for advice on how best to get started and optimize their operations.

Partner pay at Big 4 firms is dropping, the latest sign of the consulting slowdown

<ul class="summary-list"><li>Tesla rebuked Glass Lewis for urging shareholders to reject <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk's</a> $55 billion pay plan.</li><li>Tesla said the firm demonstrated faulty reasoning in a letter to shareholders.</li></ul><a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla</a> was quick to fire back at Glass Lewis after the advisory firm encouraged shareholders to vote against the company's $55 billion compensation plan for Elon Musk.In a <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000110465924066122/tm2413800d12_defa14a.htm">letter to shareholders</a> on Wednesday, Tesla slammed Glass Lewis, accusing the firm of "scaremongering" and faulty reasoning."In its report, Glass Lewis omits key consideration, uses faulty logic, and relies on speculation and hypotheticals," Tesla wrote in a letter to investors titled "What Glass Lewis Got Wrong About Tesla."The automaker hit back at multiple claims presented in <a target="_blank" href="https://www.businessinsider.com/tesla-investors-advised-vote-against-elon-musk-pay-package-2024-5">Glass Lewis' 71-page report</a> that was published Saturday and first <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-25/tesla-shareholders-should-reject-musk-s-pay-glass-lewis-says">reported</a> by Bloomberg. Glass Lewis called Musk's pay package — which was originally approved in 2018 but <a target="_blank" href="https://www.businessinsider.com/judge-strikes-down-elon-musk-tesla-compensation-pay-package-2024-1">struck down by a Delaware judge</a> in January — "excessive" and advised investors to reject Tesla's bid to move its incorporation from Delaware to Texas.In response, Tesla called the firm's claim that rescinding the award is acceptable "absurd." The company called Glass Lewis' concerns regarding moving the company's state of incorporation to Texas "scaremongering" and took issue with the firm's worries about Musk's commitment level to the company, saying its CEO created significant market value for investors between 2018 and 2023."Glass Lewis may believe that Elon should have done so with more 'focus,' but the fact is that Tesla's performance speaks for itself," Tesla wrote. "Stockholders should care enormously about value creation (which Glass Lewis inexplicably ignores), and not about whether Elon's perceived 'focus' was strong enough."A spokesperson for Glass Lewis did not immediately respond to Business Insider's request for comment ahead of publication.Tesla appears to be facing mounting pushback from institutional investors. On Wednesday, the CEO of CalPERS, the largest public pension fund in the US, said the fund plans to <a target="_blank" href="https://www.businessinsider.com/musks-55-billion-tesla-pay-gets-more-pushback-2024-5">vote against the pay package</a>. And earlier in May, a group of shareholders filed a letter with the Securities and Exchange Commission <a target="_blank" rel="" href="https://www.businessinsider.com/tesla-shareholder-group-sec-letter-elon-musk-pay-package-2024-5">calling for investors</a> to vote against both Musk's pay package and the proposal to reelect James Murdoch and Kimbal Musk.For its part, Tesla has been pulling out all the stops to promote the proposal and encourage shareholders to participate. On Wednesday, the company began offering investors the <a target="_blank" rel="" href="https://www.businessinsider.com/tesla-texas-gigafactory-tour-elon-musk-shareholder-vote-pay-package-2024-5">chance for a tour of Tesla's Texas gigafactory</a> alongside Musk in exchange for proof they'd voted ahead of the annual shareholder meeting. Tesla has also <a target="_blank" rel="" href="https://www.businessinsider.com/why-tesla-wants-give-elon-musk-billion-pay-package-2024-4">argued</a> the compensation plan is "critical to the future success of Tesla" and has even paid for a <a target="_blank" rel="" href="https://www.businessinsider.com/tesla-spends-money-advertising-elon-musk-pay-package-shareholder-vote-2024-5#:~:text=Musk%20does%20not%20receive%20a,when%20Tesla%20hits%20specific%20targets.">handful of advertisements</a> promoting the pay plan.A spokesperson for Tesla did not immediately respond to a request for comment.Are you a Tesla investor, do you work for the company, or have a tip? Reach out to the reporter via a non-work email and device at <a target="_blank" href="mailto:gkay@businessinsider.com">gkay@businessinsider.com</a> or 248-894-6012

Tesla accuses advisory firm of 'scaremongering' after it urged investors to vote against Musk's pay package

<ul class="summary-list"><li>Deloitte and EY are trimming employee numbers as the consulting sector faces a slowdown in demand.</li><li>EY's latest financial report showed performance and hiring fell to their lowest levels in 14 years.</li></ul>Deloitte and EY have trimmed staff as demand for professional services provided by the two Big Four firms declines.In the UK, 250 employees working on advisory services have been fired from Deloitte in recent weeks, <a target="_blank" class="" href="https://www.ft.com/content/c6c83d6d-505d-4d41-87c7-b41ff21acf84?accessToken=zwAGJTUewe1AkdPGyD1tUF1NQdOHx7Qf8hrPhA.MEUCIGd8bE8IuIvMTake0_-aZzM_Mv-Cfutx9xqi5I9luWaUAiEAkzeuXXlkfmq9JMk3JCAM4Pg7a7sh0m0toIpNriMtp5s&amp;sharetype=gift&amp;token=136ca422-d562-4f29-9b6c-1e3b0d9c4520">The Financial Times</a> reported.A source with knowledge of the matter told Business Insider that about 1% of the UK workforce had left the company as part of internal "performance management processes."It was the third time in 13 months that the Big Four firm had laid off workers, the FT reported. Deloitte declined to comment on the latest layoffs.Deloitte is the world's largest professional services firm in the world by revenue and employees. Its most recent financial report, published in September, revealed that hiring and earnings have slowed in the last year.Deloitte's global workforce expanded to 460,000 in the 2024 financial year, an increase of 3,000. Tens of thousands of new hires were made in the previous two years.Global revenue was up 3.1% to $67.2 billion. In the 2023 fiscal year, the firm reported a 14.9% increase.Consulting revenues contracted significantly, with year-on-year growth falling from 19.1% in the 2023 fiscal year to 1.9% in 2024.Big Four counterpart EY has been headed in a similar direction, its <a target="_blank" class="" href="https://www.ey.com/content/dam/ey-unified-site/ey-com/en-gl/campaigns/value-realized/documents/ey-gl-value-realized-report-latest-10-2024.pdf">annual report</a> published Thursday showed. It showed employee numbers fell by 2,450 in the year to June 30 — the first decrease in 14 years.Revenue was up 3.9% on the previous year to $51.2 billion. This amounted to the firm's poorest performance since 2010.<div type="image" title="Brit weather" height="4000" width="6000" msid="114554164" hostid="261" sizebytes="650946"></div>Major consulting firms are experiencing a <a target="_blank" class="" href="https://www.businessinsider.com/the-consulting-business-demand-is-rough-right-now-2024-3">slowdown in demand</a> for advisory services. Professional services firm Accenture cut its revenue forecast for 2024 from between 2% and 5% to between 1% and 3%. The firm cited the "uncertain macro environment" for its reduced expectations and said that clients continue to cut back.The trend has hit particularly hard given many of the firms went on a hiring spree during the pandemic as businesses looked for advisory support to handle to the impacts of the pandemic. In the 2023 fiscal year, Deloitte expanded its UK team alone by 7,000 employees.Aside from workforce reductions, consulting firms are also introducing new policies as they face up to an industry slowdown.PwC has <a target="_blank" class="" href="https://www.businessinsider.com/pwc-reduces-half-day-friday-benefit-for-uk-staff-2024-7">ended</a> its "Summer Fridays" perk that allowed UK staff to take Friday afternoons off for three months of the year. They were only permitted to do so for two months in 2023 and six weeks in 2024.In March, Deloitte launched "the biggest overhaul of its global operations in a decade," the FT reported. The overhaul will take a year to implement and will see the business cut itself down from five to four divisions in an effort to slash costs.For the second year running, EY has <a target="_blank" class="" href="https://www.businessinsider.com/ey-graduate-hires-start-dates-delayed-slowdown-strategy-consulting-2024-10">delayed start dates </a>for some new hires. The firm has also reduced the number of internships available next summer and cut pay by roughly 2% for some of its US partners.<h2 id="5e979be9-8ab7-4413-ac9d-f18c1186eab5">The worst may be over</h2>The firm told Business Insider that the decision to delay was made to help ensure new joiners would have "the quality and breadth of assignments to ensure a successful start and strong professional trajectory."The worst of the slowdown in the sector is likely already over, said James Callander, managing director of Freshminds, a UK-based consulting recruitment firm.Callander said the policies and workforce reductions that have been implemented will balance the amount of talent with the amount of work. He added that there's often a lag between the data on workforce numbers and the reality of the business.Callander was optimistic that the market would pick up by 2025: "Companies and businesses going through change and growth will always require professional advice."Do you work at Deloitte or another Big Four firm? Contact this reporter in confidence at <a target="_blank" href="mailto:pthompson@businessinsider.com">pthompson@businessinsider.com</a>

Deloitte and EY trim staff amid slowing demand following years of rapid growth for Big Four firms

<ul><li>Financial services firm <keyword id="8331532" type="General" weightage="50" keywordseo="incred-capital" source="Orion">InCred Capital</keyword> announced the acquisition of <keyword id="6571307" type="General" weightage="80" keywordseo="orowealth" source="Orion">Orowealth</keyword>, an alternate asset advisory firm.</li><li>With this acquisition, <keyword id="4331504" type="General" weightage="100" keywordseo="incred" source="Orion">InCred</keyword> will enter the wealth-tech segment with the launch of <keyword id="15944055" type="General" weightage="50" keywordseo="incred-money" source="Orion">InCred Money</keyword>.</li><li>The <keyword id="9750911" type="General" weightage="50" keywordseo="incred-group" source="Orion">InCred Group</keyword> has over ₹15,000 crore assets under management (AUM), and its businesses include an NBFC and an institutional wealth and asset management platform.</li></ul>Financial services firm InCred Capital announced the acquisition of Orowealth, an alternate asset advisory firm, on Monday, in an all-cash deal. The deal value has not been revealed. With this acquisition, InCred will enter the wealth-tech segment with the launch of InCred Money. It will be led by Orowealth’s co-founder <keyword id="14427300" type="General" weightage="50" keywordseo="vijay-kuppa" source="Orion">Vijay Kuppa</keyword>. InCred has two other businesses – InCred Finance, a new-age non-banking finance corporation (NBFC) focused on lending, and InCred Capital, an institutional, wealth and asset management platform. “In the next decade, the democratization of investment opportunities covering the mass affluent and retail segments will be driven by digital platforms that unlock access to non-traditional assets for investors as well as their advisors,” said <keyword id="117981" type="General" weightage="50" keywordseo="bhupinder-singh" source="Orion">Bhupinder Singh</keyword>, founder and group CEO of InCred Group. The acquisition of Orowealth adds over ₹1,100 crore to the assets under management (AUM) of the InCred Group – which itself has an AUM of ₹15,000 crore (before the acquisition). The company also said it has a team of over 100 private bankers and caters to the high networth and ultra-high networth segments. Orowealth’s acquisition now allows it to cater to the retail and mass-affluent space. “With the launch of the InCred Money platform, we are committed to offering best-in-class products to these rapidly evolving customer segments in keeping with our vision to meet the financial needs of every Indian family,” Singh added. InCred Money will be targeted at customers, and also serve as a platform for other businesses which want to serve customers. As far as the platform services are concerned, InCred Money plans to integrate a network of Independent Financial Advisors (IFA) across the country. “There is a growing demand for non-traditional investment assets from mass affluent and retail investors due to rising income levels and greater awareness. We are addressing this massive demand by putting together a suite of carefully curated products and solutions,” said Vijay Kuppa, co-founder, Orowealth and now the CEO of InCred Money. Orowealth offered users options to invest in bonds, mutual funds, peer-to-peer loans, invoice discounting, fractional real estate and more. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-could-skid-sequentially-on-production-constraints-purchase-deferrals-due-to-inauspicious-period/articleshow/96617021.cms">December auto sales could skid sequentially on production constraints, purchase deferrals due to ‘inauspicious’ period</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-man-of-the-year/articleshow/96610248.cms">Gautam Adani: Man of the year</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a>

InCred Capital acquires alternate asset advisory firm Orowealth

An advisory firm Innisfree M&amp;A Incorporated has sued <keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> for failing to pay it $1.9 million for services the firm rendered for the $44 billion deal by <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword>. According to The New York Times, Innisfree M&amp;A has filed the lawsuit in the New York State Supreme Court, seeking about $1.9 million in unpaid bills from Twitter. The firm advised the micro-blogging platform on its acquisition to <keyword id="364027" type="General" weightage="100" keywordseo="musk" source="Orion">Musk</keyword> last year. "Twitter hired Innisfree last May to help it reach out to its shareholders about the $44 billion deal. When Musk completed the acquisition of Twitter in October, the bill became his," the report mentioned. "As of December 23, 2022, Twitter remains in default of its obligations to Innisfree under the agreement in an amount of not less than $1,902,788.03," according to the lawsuit. Twitter or the advisory firm were yet to comment. Twitter has stopped paying some of its vendors, advisers and other service providers since Musk took over. The company has also been sued as it failed to pay $136,250 rent for its office space in San Francisco. According to a complaint filed by landlord Columbia Reit, Twitter is late on rent at 650 California Street on the edge of Chinatown. Musk, who failed to pay the rent for Twitter headquarters in San Francisco, also asked its remaining staff in Singapore to stop coming to the office and work remotely as the company has reportedly failed to pay the monthly rent.

Twitter sued by advisory firm for not paying $1.9 mn as Musk deal fees

<ul class="summary-list"><li>Innisfree M&amp;A claims it was hired to facilitate communications between Twitter and shareholders last year.</li><li>After Musk's acquisition was finalized, Innisfree sent Twitter an invoice for $1.9 million, which was "processed" a month later.</li></ul>A lawsuit filed Friday in New York State Supreme Court by Innisfree M&amp;A Inc. alleges that Twitter never paid the advising firm over $1.9 million for services the company performed during the sale of Twitter to Elon Musk last year.In the suit, Innisfree alleges that it was hired last May to help facilitate communications to shareholders about the September meeting in which they would vote on Musk's potential purchase of the social media giant.After the vote to finalize Musk's purchase was complete, Innisfree's work was done and a few weeks later an invoice was sent to Twitter for $1,902,788, according to the <a href="https://www.nytimes.com/2023/02/03/technology/twitter-elon-musk-adviser-lawsuit.html" target="_blank" rel="noopener">New York Times</a>. Innisfree alleges that it submitted the invoice in September, and was informed in October that it had been "successfully processed," though the firm had still not received payment.After following up twice in December because no payments had been made, Innisfree said that Twitter has not contacted the firm since, leading it to file suit over the alleged breach in their agreement, according to the <a href="https://www.wsj.com/articles/twitter-hasnt-paid-bill-m-a-advisory-firm-says-11675533374" target="_blank" rel="noopener">Wall Street Journal</a>.The lawsuit is the latest in a string of recent legal and <a href="https://www.businessinsider.com/twitter-ordered-label-converted-office-bedrooms-sleeping-areas-san-francisco-2023-2">regulatory challenges</a> filed against Twitter, including accusations of <a href="https://www.businessinsider.com/twitter-landlord-sues-elon-musk-alleges-not-paying-rent-headquarters-2023-1">unpaid rent</a>, and another unpaid bill from a <a href="https://www.businessinsider.com/twitter-says-private-jet-service-overcharged-with-unpaid-197000-bill-2023-2">private jet company</a>, among others.The landlord of Twitter's San Francisco office claimed in a suit filed last month that the company <a href="https://www.businessinsider.com/twitter-stopped-paying-rent-not-paying-severance-elon-musk-report-2022-12">failed to pay rent</a> in December and January, and therefore owed several million dollars. Another San Francisco <a href="https://www.businessinsider.com/twitter-landlord-sues-company-unpaid-rent-san-francisco-office-musk-2023-1">landlord sued</a> over about $130,000 in unpaid rent in early January, and a real estate company belonging to King Charles III <a href="https://www.businessinsider.com/king-charles-crown-estate-takes-twitter-court-for-unpaid-rent-2023-1">also sued Twitter over</a> unpaid rent at a London office.<a href="https://www.businessinsider.com/twitter-sued-over-alleged-unpaid-2-million-related-musk-takeover-2023-1">Another $2 million</a> in consulting fees is the subject of a lawsuit filed last month by Charles River Associates. It alleges that the company provided various services advising Twitter when it was still suing Musk to force through the acquisition after the billionaire tried to renege. The suit was dropped when the sale went through late last year, but Charles River Associates said in its suit that it was never paid.Insider previously has reported that Musk's drastic cost cutting measures — including <a href="https://www.businessinsider.com/elon-musk-twitter-layoffs-lowest-headcount-2023-1">layoffs</a> and the <a href="https://www.businessinsider.com/elon-musk-twitter-layoffs-closing-international-offices-singapore-europe-2023-1">halting of rent payments</a> — were designed to free up money to begin paying interest on the <a href="https://markets.businessinsider.com/news/stocks/elon-musk-twitter-bankruptcy-warning-debt-repayment-interest-payment-wirecard-2023-1?_gl=1*2efgsk*_ga*ODIxNDE5MS4xNjczMjkwMzQ4*_ga_E21CV80ZCZ*MTY3NTYxOTM5Mi45Ni4xLjE2NzU2MjcxNzkuMC4wLjA.">$13 billion in debt</a> he took on to complete the acquisition.A request for comment from Twitter was unanswered Sunday afternoon.

Twitter sued over $1.9 million invoice that advisory firm Innisfree M&A claims went unpaid

<ul><li>Proxy advisory firms have flagged <keyword id="12193675" type="General" weightage="20" keywordseo="corporate-governance-issues-at-finolex" source="Orion">corporate governance issues at Finolex</keyword> Cables and advised shareholders to vote against reappointment of three directors at the annual general meeting.</li><li>All eyes are now on the AGM scheduled for Wednesday, September 29.</li><li>Reacting to the reports, shares of <keyword id="181603" type="General" weightage="20" keywordseo="finolex-cables" source="Orion">Finolex Cables</keyword> were down 1% on Tuesday.</li></ul>Finolex Cables has come under the radar of proxy advisory firms as they raise corporate governance issues in the company right before the annual general meeting. Proxy advisory firms -- InGovern Research Services and Stakeholders Empowerment Services (SES) have <a href="https://www.financialexpress.com/industry/finolex-cables-accuses-prakash-chhabria-of-instigating-actions/2339166/">reportedly</a> highlighted governance issues at Finolex Cables, stating that the board may be violating corporate governance norms. Moreover, they have advised shareholders to vote against the reappointment of the company’s directors. Proxy advisory firms provide research, data, recommendations on management of companies that will help shareholders vote rationally in a shareholder meeting. Apart from this, family feud in the Finolex Group companies -- Finolex Cables and <keyword id="112668" type="General" weightage="20" keywordseo="finolex-industries" source="Orion">Finolex Industries</keyword> -- seem to have gone too far. Mahesh Viswanathan, the chief financial officer of Finolex Cables, stated the allegations as false and accused Prakash Chhabria, chairman of Finolex Industries and the cousin of Finolex Cables chairman Deepak Chhabria of instigating shareholders and creating a controversy. “There are two companies in the stable, Finolex Cables and Finolex Industries, which are currently headed by cousin brothers [sic]. There is an intense fight between the brothers over the ownership of the shares that are held in some trust. Both are at loggerheads and one party votes against the other in the meetings,” said JN Gupta, founder and managing director at proxy advisory firm SES in an interview to <a href="https://economictimes.indiatimes.com/markets/expert-view/finolex-cables-case-related-to-infighting-among-promoters-jn-gupta/articleshow/86556641.cms">The Economic Times</a>. Finolex cables is the largest manufacturer of electrical and telecommunication cables. Finolex Group is an Indian conglomerate company based in Pune comprising Finolex Cables, Finolex Industries, Finolex J-Power Systems and Finolex Plasson Industries. In the ₹7,500-crore Finolex Cables, about 30.7% stake is held by Orbit (Finolex Group holding firm), 14.5% is held by Finolex Industries and the rest is with the public. Adding to it, these three companies have four common directors -- Deepak and Prakash Chhabria, Sunil Pathak and Sanjay Asher. Investors will now monitor the annual general meeting (AGM) that will result if additional directors -- PR Barpande, Avinash Shridhar Khare and Firoza Fredoon Kapadia are reappointed or not. The board had appointed them as additional directors on September 30, 2020, and is now seeking shareholders nod to appoint them as independent directors for a five-year term under different resolutions, even though they are liable to retire. According to proxy advisory firm SES, as stated by <a href="https://telecom.economictimes.indiatimes.com/news/proxy-advisory-firms-flag-corp-governance-issues-ahead-of-finolex-cables-agm/86554295">a media report</a>, these resolutions are superfluous for one and violative of SEBI norms. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/take-a-deeper-look-at-the-meteoric-rise-of-glance-that-may-have-caught-mukesh-ambanis-eye/articleshow/86579569.cms">Take a deeper look at the meteoric rise of Glance that may have caught Mukesh Ambani’s eye</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-down-over-500-points-while-power-grid-corp-ntpc-coal-india-gain-up-to-5/articleshow/86578972.cms">Sensex down over 500 points; Power Grid Corp, NTPC, Coal India gain up to 5%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shares-of-gujarat-state-fertilizers-and-chemicals-surges-over-4-on-reports-of-anti-dumping-duty-approval-on-caprolactam/articleshow/86576235.cms">Gujarat State Fertilizers and Chemicals surges over 4% on reports of anti-dumping duty approval</a>

Finolex Cables under pressure after two advisory firms accuse the firm of poor corporate governance

<ul><li><keyword id="6358918" type="General" weightage="100" keywordseo="deloitte" source="Orion">Deloitte</keyword> reportedly told its staff that it will cut around 1,200 jobs in the US.</li><li>The job cuts at Deloitte will cut 3 percent of total workforce at its Risk and <keyword id="473313" type="General" weightage="50" keywordseo="financial-advisory" source="Orion">Financial Advisory</keyword> division.</li><li>Later on Friday, ride-hailing firm Lyft announced to significantly reduce the size of the team.</li></ul><keyword id="12161" type="General" weightage="20" keywordseo="san-francisco" source="Orion">San Francisco</keyword>, More layoffs were announced this week as global financial consulting firm Deloitte reportedly told its staff that it will cut around 1,200 jobs in the US. According to a report in the <keyword id="35662" type="General" weightage="50" keywordseo="financial-times" source="Orion">Financial Times</keyword>, the job cuts at Deloitte will cut 3 per cent of total workforce at its Risk and Financial Advisory division. Later on Friday, ride-hailing firm Lyft announced to significantly reduce the size of the team "as part of a restructuring to focus on better meeting the needs of riders and drivers". According to reports, the layoffs at Uber rival may affect 30 per cent of its 4,000 employees. "I own this decision, and understand that it comes at an enormous cost. We're not just talking about team members; we're talking about relationships with people who've worked (and played) together, sometimes for years," said Lyft CEO <keyword id="5825439" type="General" weightage="50" keywordseo="david-risher" source="Orion">David Risher</keyword>. Those impacted will get at least 10 weeks of pay, with additional weeks for team members with more than 4 years with Lyft. The fresh Lyft layoffs will happen on April 27. The company laid off 13 per cent of its staff in November last year. "We need to be a faster, flatter company where everyone is closer to our riders and drivers so we can deliver on this purpose. And we need to bring our costs down to deliver affordable rides, compelling earnings for drivers, and profitable growth," said the CEO. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/bard-to-magi-googles-latest-weapon-in-the-battle-for-search-supremacy/articleshow/99576251.cms">From Bard to Magi: Google's latest weapon in the battle for search supremacy</a> <a href="https://www.businessinsider.in/tech/news/ai-generated-images-and-videos-a-game-changer-or-a-threat-to-authenticity/articleshow/99560443.cms">AI-generated images and videos: A game-changer or a threat to authenticity?</a>

Lyft, Deloitte announce layoffs amid global meltdown

<ul class="summary-list"><li>Major shipping companies are imposing surcharges to reroute vessels from the Red Sea.</li><li><a target="_blank" href="https://www.businessinsider.com/ships-go-dark-red-sea-tracking-attacks-israel-iran-2023-12">Yemen's Iran-linked Houthi rebels</a> have been attacking vessels in the Red Sea.</li></ul>Major shipping companies are imposing surcharges to reroute vessels from the Red Sea amid attacks on vessels by <a target="_blank" href="https://www.businessinsider.com/ships-go-dark-red-sea-tracking-attacks-israel-iran-2023-12">Yemen's Iran-linked Houthi rebels.</a>Shipping giants Maersk and CMA CGM announced the fees late last week. They have already suspended passages across the Red Sea that connects with the Suez Canal — the shortest shipping route between Asia and Europe.Many ships headed for the Red Sea are now taking longer journeys around the Cape of Good Hope in the south of Africa. This adds some 10 days to a journey from China to Northern Europe, which typically takes about 27 days, <a target="_blank" href="https://www.reuters.com/business/ships-rerouted-by-red-sea-crisis-face-overwhelmed-african-ports-2023-12-22/">according to Reuters</a>. <a target="_blank" href="https://www.maersk.com/news/articles/2023/12/21/announcement-of-charges-in-relation-to-red-sea-gulf-of-aden-situation-from-far-east-asia">Maersk</a> — the world's second-largest shipping company by capacity — said in a notice last Thursday it would be imposing a "Transit Disruption Surcharge" with immediate effect. It would also be imposing a "Peak Season Surcharge" for some markets from January 1."Diverting vessels around the Cape of Good Hope to mitigate the ongoing risks of sailing through the region is a necessary step in the interest of safety, but it has ultimately brought about increased costs for carriers," Maersk, a Danish company, said in a Thursday <a target="_blank" href="https://www.maersk.com/news/articles/2023/12/21/announcement-of-charges-in-relation-to-red-sea-gulf-of-aden-situation-from-far-east-asia">advisory.</a>Maersk is now imposing an extra $200 Transit Disruption Surcharge on a standard 20-foot container traveling from China to Northern Europe. Ships sailing the same route from January 1 would have to pay another $500 in Peak Season Surcharge for a container of the same size.France's CMA CGA also announced similar surcharges on Friday, including a $325 surcharge for each 20-foot container on the North Europe to Asia route and a $500 surcharge per 20-foot container sailing from Asia to the Mediterranean next year.The surcharges could feed into inflation for consumers at a time when price increases are just about <a target="_blank" href="https://www.businessinsider.com/high-inflation-goods-durables-deflation-groceries-expensive-federal-reserve-cars-2023-12">stabilizing.</a>In November, US's Consumer Price Inflation rose <a target="_blank" rel="" href="https://www.businessinsider.com/inflation-consumer-price-index-november-economic-outlook-fed-interest-rate-2023-12">3.1% year-over-year</a>. While this was still under the Fed's 2% target, it was significantly below the 40-year high of <a target="_blank" rel="" href="https://www.businessinsider.com/inflation-cpi-price-growth-june-2022-7">9.1% in June last year.</a>"Issues in the Red Sea threaten supply chains and have pushed up the oil price, both drivers for inflation," AJ Bell investment director Russ Mould said last Wednesday, as reported by<a target="_blank" href="https://www.businessinsider.com/red-sea-shipping-attacks-iran-suez-canal-oil-prices-inflation-2023-12"> Business Insider's George Glover.</a> "Therefore, this is a somewhat muddy situation."

Major shipping firms are imposing surcharges to reroute ships from the Red Sea attacks — just as inflation is starting to stabilize 

<ul class="summary-list"><li><keyword id="11893181" type="UNKNOWN" weightage="60" keywordseo="amazon" source="Orion">Amazon</keyword> CEO Andrew Jassy's $214 million pay package is excessive, say two investor advisory firms.</li><li>They're also saying top executives' packages are "not connected" to performance criteria.</li></ul>Amazon CEO <keyword id="11936944" type="UNKNOWN" weightage="60" keywordseo="andy-jassy" source="Orion">Andy Jassy</keyword>'s pay package is too high.That's according to the investor advisory firm <keyword id="13920973" type="UNKNOWN" weightage="60" keywordseo="institutional-shareholder-services" source="Orion">Institutional Shareholder Services</keyword>. "The value of the new CEO's $214 million award is excessive in the context of an internal promotion," ISS wrote in a report shared with clients on Thursday, the <a href="https://www.ft.com/content/3bb2e77a-094e-4f51-9923-fda55f0af109">Financial Times</a> reported."The compensation program lacks any connection to objective, pre-set performance criteria," the report continued.ISS is the world's largest investor advisory firm. It gives recommendations to shareholders of listed companies on how they should vote.ISS joined another advisory firm in urging shareholders to vote against what they call unreasonable pay packages at Amazon. Last week, <keyword id="13920974" type="UNKNOWN" weightage="60" keywordseo="glass-lewis" source="Orion">Glass Lewis</keyword> said there's a disconnect "between pay and performance driven by one-off awards" in top Amazon executives' pay packages, Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-05-12/amazon-shareholders-should-reject-ceo-pay-package-advisors-say?srnd=technology-vp">reported</a>. Both firms are suggesting that shareholders vote to reject Amazon's top leaders' compensation packages in a nonbinding vote at the company's annual meeting scheduled for May 25.Jassy took over as the CEO of Amazon from Jeff Bezos in July. In 2021, Jassy received $212,701,169 in total compensation, Insider <a href="https://www.businessinsider.com/amazon-ceo-andy-jassy-earned-212m-total-compensation-2021-2022-4">reported</a> in April, citing a <a href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001018724/4f0d87fc-e047-4001-b977-3b3affd5de04.pdf">proxy filing</a> the company submitted. Only $175,000 of that came from his salary. The rest came from shares: He was awarded 61,000 shares that would vest over 10 years, worth $211,933,520, when he became CEO."The way the SEC rules work we are required to report that grant as total compensation for 2021, when in reality it will vest over the next 10 years," an Amazon spokesperson told Insider in an emailed statement on Friday."What this equates to from an annual compensation perspective is competitive with that of CEOs at other large companies and was approved by the Amazon Board of Directors," the spokesperson said in the email.Bezos, who stepped down to the role of executive chairman, received $1,681,840 in total compensation in 2021. He earned a base salary of $81,840 and made $1.6 million in other forms of compensation with no stock awards, per the filing.Jassy isn't the only Amazon executive whose salary is being called into question. Shareholders are also expected to consider Adam Selipsky and Dave Clark's pay packages in the vote later this month, Amazon's <a href="https://www.sec.gov/Archives/edgar/data/1018724/000110465922041196/tm223357-2_pre14a.htm#tI3AV">filing</a> with the SEC shows. Selipsky, who heads Amazon Web Services, made almost $81.5 million in 2021, with most of it in a five-year stock grant. Clark leads Amazon's retail and logistics business and was paid $56 million last year.Both ISS and Glass Lewis have recently urged shareholders to vote against CEO pay packages at German pharmaceuticals conglomerate <a href="https://www.bloomberg.com/news/articles/2022-04-15/glass-lewis-iss-in-favor-of-bayer-management-yet-against-pay">Bayer</a> and media company <a href="https://news.bloomberglaw.com/esg/discovery-ceo-sees-proxy-advisers-pan-his-247-million-pay-plan">Discovery</a>, according to Bloomberg reports.

Amazon CEO Andy Jassy's $214 million pay package is 'excessive' and should be vetoed by shareholders, say advisory firms

Global consulting firm <keyword id="50041" type="General" weightage="100" keywordseo="kpmg" source="Orion">KPMG</keyword> is laying off 2 per cent of its workforce that will impact about 700 employees in the US, owing to a "sharp slowdown in its consulting business". According to The <keyword id="35662" type="General" weightage="50" keywordseo="financial-times" source="Orion">Financial Times</keyword>, KPMG has become the first of the Big Four accountancy firms to reduce jobs amid global macroeconomic conditions. The job cuts, according to <keyword id="16550471" type="General" weightage="50" keywordseo="carl-carande" source="Orion">Carl Carande</keyword>, vice-chair of KPMG's US advisory business, were needed to "better align our workforce with current and anticipated demand in the market". According to the report, like the other Big Four firms (EY, Deloitte, and PwC), KPMG has also been struggling with the collapse in merger and acquisition activity, which has hit its deal advisory business. "We continue to have more people than needed to meet current demand," Carande wrote in an internal memo. "The reductions are spread across the US and across the consulting business, but do not include any partners," said the report. The Big Four financial accounting firms went on a hiring spree in the wake of the pandemic, as demand for IT consulting and deal advisory work had surged. Last month, global investment firm <keyword id="6361649" type="General" weightage="50" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> fired more than 3,000 employees in disguise of business meetings as early as 7.30 a.m. and the meetings with senior managers were put on Google calendar under "false pretenses", according to media reports. The layoffs at the global financial services also hit Indian workers hard and some of the impacted IITians and <keyword id="19478" type="General" weightage="50" keywordseo="iim" source="Orion">IIM</keyword> graduates had shared their plight on various social media platforms. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/block-pesky-calls-and-texts-from-telemarketers-trai-tells-telecos/articleshow/97977846.cms">Block pesky calls and texts from telemarketers, TRAI tells telecos</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/of-total-840-aircraft-order-470-is-for-planes-while-the-rest-370-are-options-says-air-india-executive/articleshow/97978085.cms">Of total 840-aircraft order, 470 is for planes while the rest 370 are options says Air India executive</a>

Consulting firm KPMG to lay off about 700 employees in US

<ul class="summary-list"><li><keyword id="12047020" type="UNKNOWN" weightage="60" keywordseo="law-firm" source="Orion">Law firm</keyword> Slaughter and May will let lawyers bring their <keyword id="11918126" type="UNKNOWN" weightage="60" keywordseo="dogs" source="Orion">dogs</keyword> to work, The Telegraph reported.</li><li><keyword id="11899820" type="UNKNOWN" weightage="100" keywordseo="law" source="Orion">Law</keyword> firms in the UK are finding new ways to attract and retain talent as competition heats up.</li></ul>One of London's oldest and most prestigious law firm is letting lawyers bring their dogs to work amid an increasingly ferocious war for top legal talent. Slaughter and May will start letting its lawyers bring their <a href="https://www.businessinsider.com/pandemic-pets-man-apologized-after-office-dogs-jumped-colleagues-2022-2?r=US&amp;IR=T%5C">dogs to the office</a>, <a href="https://www.telegraph.co.uk/business/2022/06/19/bring-dogs-work-elite-city-law-firm-tells-staff/">The Telegraph newspaper reported</a>. The "magic circle" firm, a term that refers to the capital's five most famous law firms, will trial the new policy by allowing dogs at work once a month, according to the report.Deborah Finkler, the new managing partner of the firm that was founded in 1889, told The Telegraph: "The benefits of all animals and especially dogs to mental health, morale and alleviating stress are widely recognised and I also hope that the trial makes for a fun and sociable day.Dogs will not be allowed in the canteen, meeting rooms or breakout areas, staff were told. The move comes as a number of law firms are forced to find new ways to attract and retain top legal talent. A survey of law firms shows that the talent pool is shrinking and firms could face a bidding war for fee-earners, a <a href="https://mha-uk.co.uk/wp-content/uploads/2022/03/MHA-Legal-Benchmarking-Report-2022.pdf">report by MHA</a>, a national association of accounting and business advisory companies, has found. As a way to increase staff engagement and retention in a competitive landscape, firms are striving to improve staff wellbeing, the report says, and that competition for staff will escalate this year. A number of big US companies such as Amazon and Google already have a dog-friendly <keyword id="11983017" type="UNKNOWN" weightage="60" keywordseo="office" source="Orion">office</keyword> policies.Amazon <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.aboutamazon.com%2Fnews%2Fworkplace%2Fhow-much-does-amazon-love-dogs-just-ask-one-of-the-7-000-pups-that-work-here">claims</a> that it has been dog-friendly since its inception and has at least 8,000 dogs "working" at the online retail giant. "Having dogs in our workplace is an amazing treat. They make employees smile, and we're proud this is such a uniquely Amazonian tradition," one employee said in a post on its website. Google also allows staff to bring their dogs to work and rolled out a "Doogler group" in 2020, an online forum and message board for employees and their dogs, according to its <a href="https://blog.google/inside-google/life-at-google/working-home-ruff-dooglers-make-it-little-better/">website</a>.Smaller businesses also have similar policies, such as Lily's Kitchen, the London-based upmarket "natural" pet food maker that was bought by Nestle in 2020. Not only does it offer a giant treats jar and doggy doors into meeting rooms, workers can also take up to <a href="https://www.lilyskitchen.co.uk/employee-benefits.html">three days of "pawternity leave"</a> to let new pet parents bond with their dog – or cat.Slaughter and May did not immediately available to respond to Insider's request for comment.

You Searched For "advisory firm" and got 13 results

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Twitter sued over $1.9 million invoice that advisory firm Innisfree M&A claims went unpaid

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Lyft, Deloitte announce layoffs amid global meltdown

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