R Praggnanandhaa, the newly-crowned Tata Steel Chess champion, was given a warm reception upon his return to Chennai. The 19-year-old made history by defeating reigning World Champion D Gukesh in the final, marking the biggest win of his career. Fans, officials from the Tamil Nadu government, and the national federation gathered at the airport to welcome the young chess prodigy. Praggnanandhaa became the first Indian after Viswanathan Anand to win the Tata Steel Chess title.
The impact of Trump's announcement of increasing import tariffs will have negligible benefit for India not because of companies trying to shift from China to other countries or their supply chains being affected due to their Chinese operations but because of our faulty policies, explains Mudit Jain.
Ratan Naval Tata, a prominent industrialist, philanthropist, and former Chairman of Tata Sons, has been admitted to the intensive care unit (ICU) at Breach Candy Hospital in Mumbai, reports Mid-Day newspaper.
Tata group has been a constant in India's sporting landscape and the conglomerate's involvement only grew under Ratan Tata.
Ratan Tata was one of the world's most influential industrialists yet he never appeared on any list of billionaires. He controlled over 30 companies that operated in over 100 countries across six continents yet lived an unpretentious life. Ratan Naval Tata, who died at a Mumbai hospital on Wednesday night at the age of 86 years, enjoyed a perhaps unique status -- a corporate titan who was considered a 'secular living saint' with a reputation for decency and integrity.
The rating agency said it has affirmed and withdrawn long and short term Issuer Default Rating of 'BB' and 'B' and 'BB-' rating on Corus' Euro 800 million 7.5 per cent senior notes.
The final rites of renowned industrialist and philanthropist Ratan Tata were performed with full state honours at a central Mumbai crematorium on Thursday evening. The Mumbai police paid tribute to Tata with a gun salute.
Tata Steel had made an offer to buy out UK-based Corus at 455 pence per share taking the enterprise value of the company to $10 billion.
The demand comes close on the heels of Community, which represents more than 80 per cent of the company's UK employees, seeking talks with the Tata group
The acquisition is scheduled to take effect from April 2
After months of negotiations, Tata Steel-owned Corus has tentatively agreed to sell the beleaguered Teesside Cast Products plant to Thailand's Sahaviriya Steel Industries for a price of 320 million (Rs 2,325 crore).
The European Commission on Friday approved Tata Steel's proposed acquisition of Anglo-Dutch steelmaker Corus.
Tata Steel has appointed Uday Kumar Chaturvedi as MD of Corus Strip Products UK. It has also made two other changes in the top management of Corus.
Corus currently employs about 42,000 people and a little over half of them are stationed in the United Kingdom. A company spokesperson told Business Standard that jobs will be cut in three plants - 1,100 in South Wales, 1,400 in the United Kingdom and another 1,000 in Holland.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
By July this year, Corus plans to close the operations of Corus Packaging Plus' Bergen (Norway) unit, which has a capacity of 150,000 tonnes and employs 260 people. Further, it might reduce the capacity of CPP's Trostre Works in South Wales by the year end, which could result in a reduction of 290 positions in operational and functional areas.
The Corus Dutch Central Works Council (CWC), an advisory body established to promote the interest of Corus Nederland and its workforce, has appointed Ernst & Young to examine the future financial implications of Tata Steel's acquisition of Corus.
The board of directors of Tata Steel, which met on Friday, appointed Jim Leng, chairman, Corus, as a non-executive independent director designated as deputy chairman.
The $12.1 billion Corus acquisition-the biggest global acquisition made by an Indian company-ended up as a millstone around Tata Steel's neck, points out Indrajit Gupta.
Pension trustees of Corus Group have hired Penfida Partners to weigh the proposals placed by Tata Steel and CSN to acquire the Anglo-Dutch steelmaker.
Bankers and brokers allied to Brazil's Companhia Siderurgica Nacional scaling up their combined stake in the company to over 19 per cent.
Indian conglomerate Tata Group's $12 billion takeover of Anglo-Dutch giant Corus Group Plc reached its culmination with the deal coming into effect from making Tata Steel the world's fifth largest steel firm.
The Anglo-Dutch merger was meant to revive the ailing British Steel which had incurred a net loss of 81 million in the year ended March 31, 1999
Tata Steel's Anglo-Dutch Corus unit was starting consultations on job cuts due to the continued deterioration in market conditions and falling demand.
Quoting Tata Steel managing director B Muthuraman, the daily said the target could be reached partly by improving manufacturing procedures at the Corus plants spread across Europe. The Indian conglomerate Tatas had acquired the Anglo-Dutch steel maker Corus for about $13 billion last year.
Since the acquisition by Tata Steel in January 2007, which catapulted the domestic steel major to the world's sixth, this is the first layoff announced by the Corus.
A statement said the company had decided to cut satff levels at each of Corus Tubes' principal establishments in the UK and the Netherlands, employing around 2,200 people. A total of 146 jobs would be at risk -- 56 at Corby, 49 at Hartlepool and 41 in the Netherlands.
'When the bombing happened in the Taj Mahal hotel in 2008, that was a very sad moment, but he really took care of the people, took care of everybody and that was when you saw some of his best moments.' 'There are some things which we will never forget. That is when the best of a person comes out.'
India's biggest steelmaker Tata Steel is set to merge its British unit Corus with itself by next year to save costs up to 350 million pounds, and the move is likely to put thousands of jobs at risk, a media report has said.
Philippe Varin, chief executive officer of steel maker Corus, will take over as the chairman of the managing board of French car maker PSA Peugeot Citroen from June this year.
Anand and Judit Polgar were the only players to finish unbeaten in the 14-player all-play-all tournament.
Analysts tracking Corus said the steel company's workers had witnessed nearly 8,000 job cuts in the last eight years and were, therefore, apprehensive of Tata Steel's intentions.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
Tata Steel's greenfield projects -- in Orissa, Chhattisgarh and Jharkhand -- were significant for Corus, which incurred high cost on raw materials, said sources close to Tata Steel.
The panel may also decide on a sealed process where bidders' offers are final, or a standard auction held over a period of days.
The High Court in Britain has approved the $12 billion take over of Anglo- Dutch steel maker Corus Group by the Indian Steel giant Tata Steel. The deal is expected to be completed by early next week.
Tata Group chairman Ratan Tata has said the company could not give any guarantee over safety of jobs as it plans will be to make the UK operations more profitable.
The battle for Anglo-Dutch steelmaker Corus is set to intensify with the UK takeover panel mulling over a rare intervention by arranging an auction between the two bidders - India's Tata Steel and Brazil's CSN.
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