US Steel names Kevin Lewis as CFO, Infra News, ET Infra
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US Steel said on Tuesday Kevin Lewis would replace CFO Jessica Graziano effective immediately, days after the steelmaker closed its sale to Japan's Nippon Steel.Graziano, who has spent nearly three years at the company, would stay on as a special advisor until July 18 to aid with the transition, US Steel said.Lewis who joined the Pittsburgh-based steelmaker 17 years ago, has held key positions across finance, strategy and investor relations.The company also appointed Scot Duncan as senior vice president, general counsel and secretary, effective immediately.The move comes after Nippon Steel completed its $14.9-billion acquisition of US Steel last week, marking the end to an 18-month regulatory battle.
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Time of India
15 minutes ago
- Time of India
Fuel retail pact: Ambani and Adani partner again, Jio-bp and ATGL to share pump networks
Billionaire industrialists Mukesh Ambani and Gautam Adani have joined hands for a second time in less than two years, this time to co-market automotive fuels by integrating their retail networks — a strategic move that marks a rare alliance in India's highly competitive energy sector. Ambani's Jio-bp and Adani Total Gas Ltd (ATGL) on Wednesday announced the agreement in a joint statement, saying they will set up each other's fuel dispensers across their retail stations. Jio-bp, the fuel retail joint venture between Reliance Industries and BP, will install petrol and diesel pumps at ATGL's CNG outlets. ATGL, the city gas distribution firm co-owned by Adani Group and TotalEnergies of France, will in turn add CNG units at Jio-bp fuel stations. According to the joint statement issued to PTI, the partnership will span both existing and upcoming outlets of both companies and aims to 'redefine the auto-fuel retail experience for Indian consumers.' Jio-bp currently operates 1,972 petrol pumps nationwide, while ATGL runs 650 CNG stations across 34 geographical areas. This marks the second business partnership between the rival billionaires. In March last year, Reliance Industries had acquired a 26% stake in an Adani Power project in Madhya Pradesh, agreeing to draw 500 MW of electricity for captive consumption. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top Public Speaking Course for Children Planet Spark Book Now Undo Ambani and Adani — both Gujarat-based tycoons — have long been viewed as rivals in India's corporate landscape. While their business empires rarely overlap, they have occasionally clashed in emerging sectors such as clean energy, telecom spectrum, and the media. Adani recently entered the media space via a takeover of NDTV, while Ambani has owned a portfolio of news and entertainment channels for nearly a decade. The latest collaboration comes at a time when private players are seeking to loosen the dominance of state-run fuel retailers — Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum — who together operate over 90% of the country's 97,000-plus petrol pumps. These public sector companies also dominate the city gas segment. 'The strategic alliance marks a significant milestone in the journey of both companies toward sustainable growth and innovation,' the statement said. ATGL CEO Suresh P Manglani added, 'This partnership will enable us to leverage each other's infrastructure, thus enhancing customer experience and offerings.' Jio-bp Chairman Sarthak Behuria echoed the sentiment, saying, 'We are united by a shared vision to offer our customers a superior selection of high-quality fuels.' Both firms are also expanding into clean fuels. While Adani is building the world's largest solar park in Gujarat's Kavada region, Reliance is investing in four gigafactories in Jamnagar to produce solar panels, batteries, hydrogen, and fuel cells. The new agreement also covers collaboration on compressed biogas (CBG), EV charging, LNG for transport, and other low-carbon mobility solutions, the companies said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Print
15 minutes ago
- The Print
How license fee hikes by Karnataka's Congress govt are driving distillers to neighbouring states
'Is this @INCIndia idea of ease of doing business……' Urs posted late Monday, tagging Lok Sabha Leader of the Opposition Rahul Gandhi and Karnataka Chief Minister Siddaramaiah. The offer came less than 24 hours after Urs posted on X, threatening to move out of Karnataka, which increased the distillery licence fee by a whopping 50 percent. Bengaluru: Aruna Urs, co-founder of Mysuru-based craft rum distiller, Huli, was driving for work Tuesday when he received a call from a friend delivering an unusual message on behalf of Andhra Pradesh minister Nara Lokesh. Lokesh extended an offer of a 'tailor-made excise policy' and red carpet welcome to encourage Urs to relocate his craft rum micro-distillery to the neighbouring state, according to a source from Lokesh's office. It had been more than a month since Urs wrote to the Karnataka government, asking it to reconsider its original 100 percent license fee increase that was later reduced by half. He received no response. The state government is literally forcing #huli to move out of Mysuru to Goa or Maharashtra. The annual distillery licensee fee has been increased by 50%! Is this @INCIndia idea of ease of doing business @RahulGandhi @siddaramaiah? — Aruna Urs (@Arunaurs) June 23, 2025 'For one year of licence fees in Karnataka, I can operate for nearly five years in Goa,' Urs told ThePrint. The upstart company, which pays Rs 63.10 lakh for various licence fees, will now have to pay Rs 90 lakh to do business in Karnataka. 'This is pure extortion,' Urs said. He compared this to Goa, where he would pay around Rs 20 lakh for the first year and then Rs 17 lakh for each subsequent year. Karnataka's decision to hike the licence fee has opened the door for the neighbouring states to position themselves as more investor-friendly. Each time professionals have complained, whether it's about language or Bengaluru's crumbling infrastructure, neighbouring states like Andhra Pradesh and Telangana have reacted promptly and invited companies or individuals with the promise of a better business environment. Since the rollout of Goods and Services Tax, states rely on excise duties, stamp duty and motor vehicle taxes, as well as other levies, to raise revenues as revenue inflows from the Prime Minister Narendra Modi-led Union government continue to dry up. For Karnataka, excise, in particular, has been a steady revenue generator. Successive governments have increased excise rates of liquor and beer at every given opportunity to shore up revenues to make up for revenue shortfalls, said industry representatives. 'In less than 24 months, the additional excise duty on the beer industry has been increased three times and excise duty has been increased once in Karnataka. So, four tax increases in less than 24 months in Karnataka. As a result, prices of a bottle (of beer) have gone up from around Rs 160 to Rs 200,' Vinod Giri, director general of The Brewers Association of India (BAI), told ThePrint. Also Read: What's the brewery controversy that has united Congress & BJP against the Left in Kerala 'Open or shut, excise dept forces targets' In the past three financial years, Karnataka has raised its excise targets by over Rs 10,000 crore combined, according to the state economic survey. In 2022-23, the government of Karnataka met its target, earning Rs 29,920.36 crore from the sale of liquor and beer. The target for the ongoing fiscal year is Rs 40,000 crore. But the state's revenue from excise in 2024-25 stood at Rs 36,500 crore compared with the target of Rs 38,525 crore. Trends from at least the past five fiscal years show that revenues and targets from excise on liquor and beer have seen an upward trend. Retailers, hoteliers and other liquor vendors in Bengaluru said high targets only add to pressure from the department to sell more, even though sales have slumped as outlets are forced to shut for elections and processions. 'For even small MLC elections, which have less than 10,000-15,000 voters in some distant place, they make us close our business. Even when a major procession passes through our establishments, we have been forced to close our hotel,' said a Bengaluru-based hotelier, requesting anonymity. 'But this does not mean that we get some concession on the minimum stock purchase. Open or shut, we are expected to buy a quota of liquor every month from the government.' The hotelier added that only in Karnataka does the excise department force closure of restaurants that serve liquor and not just the beverage section, as is the norm in other states. Industry members underlined excise is a heavily regulated sector in Karnataka but several business owners allege the excise department routinely demands bribes during renewals or every month. They alleged that excise inspectors and other officials even land up at hotels to eat and drink for free. At least two people said it was 'harassment' to all those in the liquor business or even remotely connected to the sector. Industry leaders have often cited Karnataka's complex and time-consuming permit process, as well as allegations of widespread corruption, as key deterrents to investing in the state's liquor sector. In November last year, the state wine merchants association accused the excise department of demanding bribes between Rs 30-70 lakh by the state excise minister for allotment of CL-7 licences. 'Govt earns more than the producer' Karnataka has among the highest excise duties, according to multiple people aware of the developments. But, so far, this has not stopped investments in the state, which has 11 major brewers, the highest of all states in the country. Urs said he is a small brewer who needs government support and should not be clubbed with larger players. He added that for every bottle of Huli, its signature jaggery-based rum, the company earns a total revenue of Rs 630, while the government taxes amount to Rs 1,537.50. This takes the price per 750 ml bottle to Rs 2,167. Urs said that the Rs 630 his company earns per bottle has to cover operational expenses – including salaries, electricity bills, raw materials and other production costs, leaving little room for profit. India is one of the fastest-growing alcoholic beverage markets. In 2023, the market size was about $55 billion. It is expected to increase at a CAGR of seven per cent to $73 billion in 2027. However, Giri said Karnataka's liquor industry is under threat since it has become harder to sell investment pitches where operational costs are going up and sales are coming down. There is a misconception that a hike in prices does not affect consumption at all, he added. He said that the 'tendency to overtax' will lead to the industry and government turning into 'net losers'. 'Karnataka was always an investment-friendly state and is the only state that has 11 breweries, the highest in the country. And there were more plans for investments. But when the sales start contracting, what do we tell the companies and why would they invest?' said Giri. The government, however, stood by its decision to increase prices and operating costs for distilleries. Ritesh Kumar Singh, principal secretary in the Karnataka finance department, defended the government's decision, saying that while underlying inflationary pressures affect all products, liquor is relatively insulated. Singh told ThePrint that an increase in taxes actually helps producers increase prices of end products in a tightly controlled market where prices cannot be raised or dropped by market forces. 'The original plan was to double it (licence fee) since it hadn't been increased for the last eight years. But there was a lot of hue and cry and people with many stating that it was too high, then we settled for a 50 percent increase,' he said. Adding, 'And if you distribute this 50 percent increase over eight years and do an annual CAGR, it is 5 percent. Why are people complaining?' (Edited by Sugita Katyal) Also Read: Another hike in diesel price, how Karnataka govt is fishing for funds to bankroll poll promises
India Today
20 minutes ago
- India Today
In a first, China's Xi may skip next month's Brics summit in Brazil: Report
Chinese President Xi Jinping plans to skip the Brics summit in Brazil next month, which, if confirmed, will be his first-ever absence from the meeting of the grouping of emerging economies since taking office 12 years ago, according to a media will not attend the Brics Summit in Rio de Janeiro, the Hong Kong-based South China Morning Post reported on Wednesday, quoting multiple Chinese Premier and Xi's confidant Li Qiang will take part in the summit to be held on July 6-7 in which Prime Minister Narendra Modi was expected to take part. The Brics comprise Brazil, Russia, India, China and South Africa. The bloc has been expanded with five additional members: Egypt, Ethiopia, Iran, Saudi Arabia and the Brics summit in Russia's Kazan last year became significant as both PM Modi and Xi met there, breaking the four-year deadlock over the frozen bilateral ties due to the standoff in eastern their meeting, both sides agreed to revive various bilateral dialogue the PM Modi-Xi talks, the two sides held a series of meetings in the last few months aimed at normalising bilateral Xi misses the summit at Rio de Janeiro, the next opportunity for the Xi-PM Modi meeting could be the SCO summit to be held in China if the Prime Minister attends the current chair of the Shanghai Cooperation Organisation (SCO), plans to hold its summit in the next few news of Xi's plans to opt out of the Rio Summit reportedly came from Brazil, where officials told the media that Beijing informed the Brazilian government that Xi had a scheduling the media briefing on Wednesday, Foreign Ministry spokesman Guo Jiakun declined to comment on the reports about Xi's decision, saying that information on China's attendance at the Brics summit would be released in due supports Brazil's presidency of the Brics, Guo it is unclear why the Chinese President has decided to opt out of the Brics Summit in Rio, there is a sense of unease in Beijing over Brazil's decision not to endorse the multi-billion-dollar Belt and Road Initiative (BRI), which is also Xi's pet is the second country in the Brics after India which refrained from joining the the reasons for Xi's reported decision, The Post report quoted Chinese officials that Xi met Brazilian President Luiz Incio Lula da Silva twice in less than a year – first at the G20 summit and a state visit to Braslia last November, and again in May during the China-Celac forum in Beijing – as a reason for his he came to power, Xi, who is currently in power for an unprecedented third five-year term, has never missed a Brics summit, highlighting the importance he attaches to the during the coronavirus pandemic, he took part in the Brics virtual summit in Brasilia, officials made no secret of their frustration over Xi's absence, according to the Post travelled to Beijing in May as "a gesture of goodwill" and with "the expectation that the Chinese President would reciprocate" by attending the Rio summit, the report said, quoting a Brazilian source.- EndsMust Watch IN THIS STORY#India-China#Narendra Modi
