Adani Enterprises, the flagship company in the Indian billionaire Gautan Adani’s business empire, raised $2.5 billion from investors on Tuesday in a nail-biting process that had been thrust into doubt by recent allegations of fraud. The conclusion of the share offering was supposed to mark another milestone in the ever-upward ascent of the Adani Group. Instead, a week ago, Hindenburg Research, a New York investment firm betting Adani Group’s stock price would tumble, dropped a bomb of a report on the conglomerate, calling its finances “ the largest con in corporate history .” The Adani Group has dismissed Hindenburg’s report, in part framing it as an attack on India itself. In each market trading session since the report’s publication, shares of most of the public companies controlled by Mr. Adani have sunk, sometimes triggering a 20 percent daily limit. Tens of billions of dollars in value has been wiped out , including during the days when the company was soliciting bids for its offering, the largest of its kind in India. The Hindenburg report was aimed squarely at the valuations of Adani Group’s companies, which had reached jaw-dropping heights. At the start of this year, the share price for […]

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Kevin Lane, who has more than four decades of experience in the diamond and jewelry industries, is the new vice president of business development at Martin Flyer. New York—Martin Flyer has named industry veteran Kevin Lane its vice president of business development, a newly created role, as the company looks to expand its North American presence. Lane has more than four decades of experience in the diamond and jewelry industries. Most recently, Lane was the vice president at Forevermark, leading the sales division and establishing the De Beers Group brand in North America. Prior to that, he held senior sales and leadership roles at Lazare Kaplan International, Mikimoto, Saks Fifth Avenue and Henry Birks. “Kevin’s passion for the industry, extensive experience building fine jewelry brands, and his many years working in the luxury retail environment make him uniquely qualified to expand Martin Flyer’s business in North America,” said Martin Flyer CEO Joshua Kaufman. Founded in 1945, the business, now part of the KGK Group, is run by its third generation of family members. Best known for its diamond jewelry, the company is behind the FlyerFit brand of engagement rings and wedding bands. “Martin Flyer embodies quality, craftsmanship and best […]

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Members use their fingerprints to gain entry to the clubs. Every week on The Dining Table podcast , host David Manilow shares his own experiences from some of Chicago’s best places to eat, drink and shop. Crain’s reporters bring expert insight into all aspects of the city’s restaurant and food scene. And we welcome chefs, culinary experts, cookbook authors, bartenders, business owners and more to discover what makes them tick. Here’s what you’ll find in the latest episode: A new type of private social club Much of the private club-based social experience has been defined by exclusivity. When Kim Bosse sought something more inclusive, she joined forces with a childhood friend to create Birch Road Cellar, a different kind of social club. "We prefer to call ourselves a neighborhood clubhouse," Bosse said on this week’s show. "We are a private club, we are a social club. But we’re so different from what people are used to when you say those terms." With no bar or kitchen staff, the club is fully BYOB. Members have their own lockers where they can store wine and spirits. "It’s not the scene that you would get when you’re looking at these other private […]

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Between 2017 and 2022, 11 property & casualty insurers domiciled in Florida were declared insolvent and placed into liquidation. In an attempt to restore stability to the marketplace, Governor Ron DeSantis issued a proclamation on April 26, 2022, calling the Florida Legislature into special session to reform Florida’s Insurance Code. While the ensuing May special session yielded significant changes, including amendments designed to reduce fraudulent roof claims and to curtail the use of Assignment of Benefits (AOB) agreements and the award of attorneys’ fees, it was widely believed that the reforms did not go far enough. Support for this viewpoint was readily found in the number of carriers voluntarily choosing to cease writing policies in Florida, as well as the skyrocketing number of policies held by the state-created “insurer of last resort,” Citizens Property Insurance Corporation. In response, the newly elected President of the Florida Senate, Kathleen Passidomo, and Speaker of the Florida House, Paul Renner, issued a proclamation on December 6, 2022, calling a second special session on insurance in less than a year. Whereas the May special session may be described as taking “half-steps” on certain drivers of market instability, such as AOBs and the so-called “One-Way […]

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Intergrative Thinking is about exploring in new and profound ways. By taking a more wholistic … [+] getty This Mindset Matters column is the first in a series to enter a conversation with readers about how the lived experience of disability is shedding light on key aspects of management strategies that are vital for sustained growth in an evolving business culture. This series will begin with theory and continue to lay the groundwork in various practice areas around corporate reinvention and the importance of social intelligence in the future of work. In this new year, businesses are continuing to look for a competitive edge that will position their organization to be more intentional around areas from talent management, and upskilling, to various management practices. These very mechanics should be the standard bearer by which successful organizations can be responsible in this 21st Century economic climate. Yet, with the seismic shifts happening within the future of work, how can businesses achieve these goals, and figure out the right balance that is essential for the growth of today’s business from mental health to performance, to motivation. It is here once again that organizations need to look towards the disability narrative to […]

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New York (CNN Business)Corporate boards are slashing the pay of some leading CEOs in a new trend that could just be getting started. The pay cuts are hitting some of America’s best-known and highest-paid bosses, including Apple CEO Tim Cook , Morgan Stanley CEO James Gorman and Goldman Sachs CEO David Solomon . The moves follow a dreadful year in the stock market — 2022 was the S&P 500’s worst year since 2008 — and come as a growing number of corporations lay off rank-and-file workers to brace for a potential recession. Exclusive: Goldman Sachs says even a near-default on US debt could spark a recession and market mayhem For example, Goldman Sachs laid off 3,200 employees earlier this month amid a downturn in Wall Street dealmaking. The bank then disclosed on Friday that Solomon’s 2022 pay is being cut by nearly 30% . Goldman Sachs’ profit dropped 49% last year as the slowdown in dealmaking curbed advisory fees. "This is a show of solidarity. CEOs need to share the pain," said Nell Minow, vice chair of ValueEdge Advisors, which advises institutional investors on corporate governance matters. After Alphabet announced 12,000 job cuts this month, Pichai told employees that […]

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AI adoption is not a technology project, but a business transformation enabler. AI is everywhere—it has become part of our lives. And with advances in cloud and data technologies, we are now moving to the era of ‘industrialization of AI.’ The corresponding democratization of AI makes it an imperative to build trust through responsible practices. For enterprises, it’s important that they don’t look at AI adoption as a ‘technology project.’ They need to realize that AI is a ‘business transformation enabler’ and build the capability to scale AI. To delve deeper into what is required to bridge the ‘scaling chasm’, TCS collaborated with the Everest Group to develop a detailed report on how to make AI the key competitive differentiator. We believe enterprises should take a comprehensive approach that reimagines the foundational levers of people, processes, and technology. Some technology companies have taken the lead in bringing AI to life for enterprises through practical application. Google Cloud, for instance, makes AI adoption easier through its end-to-end AI platform Vertex AI. The solution takes care of the technical and arduous part of the AI journey, allowing enterprises to focus on innovation and value realization. For success in this new era, […]

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Generative artificial intelligence (AI) tools, such as ChatGPT, will play a significant role in the digital transformation of the insurance industry, according to COVU. COVU, an AI-enabled digital platform for insurance agencies, has released an executive forecast on the industry shift toward using generative AI tools to help insurance agencies streamline operation, customer service and cross-selling opportunities. The insurance platform was founded by insurance industry veterans Ali Safavi and Tasos Chatzimichailidis with the goal of helping independent insurance agents and carriers better manage risk and make smarter insurance decisions through AI-driven policy recommendations, business services and sales support. The InsurTech’s team of insurance, finance and technology innovators believe AI tools such as Chat GPT, built by OpenAI, will be a factor in the digital transformation of the insurance industry in the year ahead. According to COVU, these tools have the potential to reduce customer service costs by up to 30%, which could save insurance agencies millions of dollars. When adding in the use of AI tools, agents can reduce the time spent on administrative tasks, boost targeted marketing efforts and uncover more sales opportunities quickly. Powered by AI and machine learning (ML), OpenAI’s platform automates routine tasks such as […]

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MindTension has raised a total of $2 million for its tool helping diagnose and treat optimization of ADHD and related mental health comorbidities “It is estimated that 10% of the world’s population suffers from ADHD,” explained MindTension. The company, which was founded in 2020 by Zev Brand and Prof. Avi Avital, is aiming to offer a computerized solution that measures the reflexive response of the brainstem to auditory sounds. It is understood that MindTension’s technology can determine the precise level of attention deficit for precise treatment. The company continued: “This technology can also be used in the ‘fit to operate’ space, to assess the attention of professionals who require high levels of attention in order not to cause terrible damage or loss of human life, e.g. drivers, pilots, surgeons, and heavy machinery operators. Both clinical and non-clinical applications open up massive new untapped markets.” Mindtension MindTension joined CTech for its Startup Boarding Pass series to share how the company plans to tap into a $50 billion opportunity. MindTension is a digital health and medical device company that has developed a revolutionary way to accurately quantify attention physiologically, reflexively, and objectively. Our mission is to provide patients and physicians with […]

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KNOXVILLE, Tenn., Jan. 30, 2023 /PRNewswire/ — Capital Square , one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the launch of CSRA Opportunity Zone Fund VIII, LLC. The project-specific opportunity zone fund will raise capital to develop Livano Knoxville, an approximately 348-unit Class A multifamily community in Knoxville, Tennessee. CSRA Opportunity Zone Fund VIII seeks to raise $46.684 million in equity from accredited investors. "With the land acquired and a favorable construction loan in place, Capital Square believes it has reduced the risk on this superior site near the University of Tennessee," said Louis Rogers, founder and co-chief executive officer. "And – the icing on the cake – the property is in an opportunity zone that permits investors to defer and exclude their capital gains from the sale of any asset by investing in this, Capital Square’s eighth, opportunity zone fund." Located in the city’s emerging South Knoxville neighborhood at 451 W. Blount Avenue, just south of the Tennessee River and adjacent to the University of Tennessee’s Neyland Stadium, the multifamily community will include studio, one-, two- and three-bedroom apartment homes averaging approximately 930 square feet. The […]

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