Corporate News - December 2024

INTERNATIONAL
Tech companies face tough AI copyright questions in 2025
The upcoming year could see significant developments in copyright lawsuits that may redefine the business landscape for artificial intelligence. Authors, artists, musicians, and news outlets have accused companies like OpenAI, Anthropic, and Meta of using their copyrighted works to train AI systems without authorization or compensation. At the core of these cases is the debate over whether such use qualifies as "fair use," a legal issue that could shape the future of AI-generated content. While tech firms argue their AI models transform existing works to create new content, copyright holders claim this practice undermines their livelihoods by producing competing material. With some organizations already pursuing voluntary licensing agreements, the outcomes of these lawsuits could have far-reaching implications for both the creative and tech industries.
Sri Lanka lifts vehicles import ban for the first time in 4 years
Sri Lanka has announced the lifting of its vehicle import ban, first imposed in 2020 to protect foreign exchange reserves during the COVID-19 pandemic and the economic downturn of 2022. A government gazette permits the importation of public transport vehicles immediately, with private car imports allowed from February 2025 under strict conditions to safeguard reserves. Importers must sell vehicles within three months or face penalties. The decision aligns with IMF bailout requirements to rebuild foreign reserves and generate revenue through import duties, marking a significant step in Sri Lanka's economic recovery after its 2022 crisis and sovereign default.
ESG
China Releases First Corporate Sustainability Disclosure Standards
China has unveiled its Basic Standards for ESG disclosures, marking a significant step toward nationwide corporate sustainability reporting. Finalized on December 17, 2024, after extensive feedback on the draft released in May, the standards aim to enhance accountability by focusing on investors and creditors while offering compliance flexibility to ease the burden on smaller firms. ESG reporting will become mandatory for large listed companies starting in 2026, with full implementation by 2030. By aligning global ESG priorities with local needs, such as climate change and rural development, China reinforces its commitment to corporate responsibility, transparency, and global competitiveness in sustainability practices.
Joby Aviation Partners with Jetex to Launch Sustainable Electric Air Taxis in UAE
Joby Aviation, a California-based developer of electric vertical takeoff and landing (VTOL) aircraft, has partnered with Jetex, a global leader in private aviation, to integrate Joby's electric air taxis into Jetex's network of private terminals. The collaboration, aimed at making air travel more sustainable, will begin in Dubai and Abu Dhabi, with Joby setting up a Global Electric Aviation Charging System (GEACS) to power the electric taxis. These air taxis will transport passengers to vertiports, offering a cleaner, quieter alternative to traditional high-emission aircraft like helicopters. The partnership supports Jetex's sustainability goals by offering environmentally friendly air travel options, starting in the UAE, while paving the way for Joby to become the first certified air taxi operator in the region.
LATEST IPOs
Vishal Mega Mart
Vishal Mega Mart's IPO, a book-built issue valued at 8,000 crore, consisted entirely of an Offer for Sale (OFS) of 102.56 crore shares. The lost size 190 shares, i.e. Rs. 14,820. The IPO was open for bidding from December 11 to December 13, 2024. The allotment of shares was finalized on December 16, 2024, with the company's shares subsequently listed on the BSE and NSE on December 18, 2024
International Gemmological Institute
International Gemmological Institute, a diamond grading firm, listed its stock at 510 per share on the NSE, reflecting a healthy premium of 22.30% over its IPO price. The IPO had a price band of 397–417 per share. With the successful listing, the company achieved a market capitalization of 22,040.14 crore.
Avanse Financial Services
Avanse Financial Services Limited (AFS) is set to launch its IPO from December 23 to December 26, 2024, with the shares expected to be listed on the BSE and NSE on December 31, 2024. The IPO, sized at 3,500 crore, includes a fresh issue worth 1,000 crore and an Offer for Sale (OFS) of 2,500 crore. The shares have a face value of 5 each and a price band of 119 per share. The retail quota for the IPO is capped at 35%.
MERGERS AND ACQUISITION
Honda and Nissan Plan Merger to Create Global Automotive Leader
Japan's Honda and Nissan are planning a merger to form the world's third-largest carmaker, bolstering their position as the industry transitions away from fossil fuels. The alliance, potentially including a smaller partner, aims to consolidate resources and address mounting challenges, including financial losses and market pressures. With a projected market value exceeding $50 billion, the merger is expected to enhance competitiveness and drive innovation in the evolving global automotive landscape.
Scott Trust Moves to Sell Observer to Tortoise Media
The Scott Trust has announced plans to sell the Observer to Tortoise Media in a move aimed at securing the future of the world's oldest Sunday newspaper. The sale, agreed in principle, includes a £25m investment to enhance the Observer's digital presence through podcasts, newsletters, and live events, while maintaining its Sunday print edition. Despite assurances of no staff job losses, the decision has drawn opposition from journalists at the Guardian Media Group, the Observer's current owner. The Scott Trust emphasized its commitment to preserving liberal values and exceptional journalism under the new ownership.
Author

Institute of Directors India
Bringing a Silent Revolution through the Boardroom
Institute of Directors (IOD) is an apex national association of Corporate Directors under the India's 'Societies Registration Act XXI of 1860'. Currently it is associated with over 30,000 senior executives from Govt, PSU and Private organizations of India and abroad.
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