Top headlines: Rupee at new low; Unilever CEO to quit end of next year

Unilever CEO to quit at 2023-end as investors question credibility

Unilever said CEO Alan Jope would retire at the end of 2023, announcing the move less than a year after a bungled attempt to buy GSK’s consumer healthcare business, and two months after activist investor Nelson Peltz joined the board.

The British consumer products maker said on Monday its board would start a formal search for a successor to Jope, who took up his role at the start of 2019, considering both internal and external candidates. Read more

Rupee closes at new low against US dollar amid risk-off mood

The Indian rupee marked its record low close for a fourth straight session on Monday as the British pound’s weakness propped up the dollar index further in a risk averse environment.

The partially convertible rupee slid 0.8% to 81.6225 per dollar, having touched a new low of 81.6526 during the day, as stocks and currencies tumbled across Asia on global growth concerns. Read More

Indian workforce to get average salary hike of 10.4% in 2023: Report

Despite global macroeconomic conditions and rising inflation, salaries in India are likely to increase by 10.4 per cent on average in 2023, compared to an actual increase of 10.6 per cent to date in 2022, a new report showed on Monday.

Moreover, the attrition rate for the first half of 2022 continued to be high at 20.3 per cent, only marginally lower than the 21 per cent recorded in 2021, thus retaining the pressure on salaries. Read More

S&P projects India’s FY23 GDP growth at 7.3%, pegs inflation above 6%

S&P Global Ratings on Monday projected India’s economic growth at 7.3 per cent in the current fiscal with downside risks and said inflation is likely to remain above RBI’s upper tolerance threshold of 6 per cent till the end of 2022.

In its Economic Outlook for Asia Pacific, S&P said India’s growth next year will get support from domestic demand recovery after the coronavirus pandemic. Read More