WPP APPOINTS INSIDER READ AS NEW CEO AFTER MARTIN SORRELL
LONDON: WPP named insider Mark Read as its new CEO on Monday tasked with replacing its founder Martin Sorrell and steering the world’s biggest advertising company through a period of industry change. The 51-year-old digital boss and former board member takes charge of the $21 billion company at a difficult time following a year-long sharp downturn in trading due to new competitors and cautious clients. The softlyspoken Read, who joined WPP in 1989, said the industry was going through “structural change, not structural decline” and he plans for the company to emerge stronger by better combining the power of its creative agencies with enhanced technology.
Manipal to pick up minority stake in Cigna TTK Health
MUMBAI: Manipal Group will be acquiring a 16% stake in healthcare insurance provider Cigna TTK Health Insurance Co. Ltd for an undisclosed amount, the firms announced in a joint statement on Monday. The deal marks Manipal’s entry into the insurance business and is expected to help Cigna TTK to expand its distribution network, leveraging the customer base of Manipal, which has interests in healthcare and education. Once the deal is sealed, Manipal and TTK Group will jointly hold a 51% stake in the insurance venture. The balance will be held by Cigna Corp.
LIC board to meet today over IDBI stake hike plan
NEW DELHI: The LIC board will meet on Tuesday to decide on the modalities for increasing stake in debt-ridden IDBI Bank to 51%, a move that will provide the insurance behemoth entry into the banking space. The board will discuss timeline for the open offer, board-level appointments and future strategy for revitalising IDBI Bank, people aware of of the matter said. Besides, people cited above said, the board will also authorise Life Insurance Corporation of India (LIC) to appoint a merchant banker and a legal advisor to carry out the acquisition process.
GAIL to set up charging stations for evehicles
NEW DELHI: GAIL India, the country’s largest gas transportation and marketing firm, plans to set up battery charging stations for electric vehicles as well as build solar plants as it looks to be “future ready” for emerging businesses, a senior company official said. It also wants to explore the business opportunity in waste-water treatment plants, water distribution, large water pipeline laying as an early mover. “We have the country’s biggest network of pipelines and gas marketing infrastructure. We want to leverage for emerging business opportunities,” he said.
Sebi’s income rises 25% to ₹752 crore in FY17
NEW DELHI: Capital markets regulator Sebi witnessed its total income rise by 25% to ₹752.48 crore in 2016-17, mainly due to increase in fees and subscription income. As per the annual accounts of Sebi, the total expenditure of the regulator also rose to ₹387 crore in 2016-17, from about ₹374 crore in the previous fiscal. The other administrative expenses increased from ₹78 crore to ₹103 crore, however, the establishment expenses dropped from ₹264 crore to ₹253 crore.
COMPILED FROM MINT REPORTERS AND AGENCIES