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Corporate News - October 2024
ESG
Oracle Launches Fusion Cloud Sustainability Application to Simplify ESG Reporting 
Oracle has launched Oracle Fusion Cloud Sustainability, a new tool within its Fusion Cloud Applications Suite to streamline ESG reporting and advance environmental efforts at no extra cost. Key features include AI-driven automated transaction records, contextualized data for targeted improvements, prebuilt dashboards for comprehensive performance views, financial-grade audit capabilities, emission factor mapping for carbon footprint calculations, and simplified integration with third-party data via APIs and spreadsheets.
Nestlé Introduces New Sustainable Paper- Based Options 
Nestlé has introduced paperboard canisters for its Vital Proteins products in the US, reducing plastic use by 90 percent. Developed by Nestlé’s research center in New Jersey with the help of external partners, these canisters are designed for convenience, being easy to open, leak-proof, and durable for daily use. The company's global research teams are also collaborating with innovative businesses to create bespoke paper packaging for various products. In the UK, Nestlé launched a recyclable paper refill for Nescafe, allowing customers to refill glass jars at home and reduce packaging waste by 97 percent, while the Nescafé Cappuccino range across Europe now uses fully recyclable paper packaging instead of plastic.
CCPA Issues New Guidelines to Combat Greenwashing Practices 
The Central Consumer Protection Authority (CCPA) in India has introduced new rules to combat greenwashing, aiming to protect consumers from misleading advertisements that falsely claim eco-friendliness. Companies are now required to provide scientific evidence for any environmental statements they make. Greenwashing occurs when organizations exaggerate or falsify claims about their environmental friendliness to meet growing public demand for sustainability. Governments and international organizations, including the United Nations, are actively working to curb greenwashing. A high-level expert group has recommended that companies targeting net-zero emissions cease investments in new fossil fuels and be transparent about their emission reductions. CCPA's new guidelines focus on preventing false or misleading environmental claims, defining greenwashing as behavior that misrepresents the environmental impact of a product or service. While obvious exaggerations (like “world’s best product”) are permissible, companies must substantiate claims like “sustainable” or “eco-friendly” with robust evidence.
MERGERS AND ACQUISITIONS
Insurance brokerage Marsh McLennan strikes $7.75 billion deal for McGriff Insurance Services 
Marsh McLennan announced its agreement to acquire McGriff Insurance Services for $7.75 billion, signaling a strategic move amid rising business demand for insurance policies driven by an improving economic outlook. Wage growth and growing optimism for a soft landing have prompted companies across various sectors to increase their spending on insurance, despite higher prices. This surge in policy purchases is boosting the commissions earned by brokerages, which are tied to the premiums set by insurers.
Adani and Google Partner to Boost Clean Energy in India 
In a new partnership aimed at enhancing sustainability, the Adani Group will supply renewable energy from its upcoming solar-wind hybrid project in Khavda, Gujarat, to Google starting in 2025. The Khavda project, located in the world's largest renewable energy facility, is set to begin commercial operations in Q3 2025. With a strong track record in large-scale renewable projects, Adani will provide tailored energy solutions to support Google's carbon-free energy goal and help reduce the carbon footprints of industrial clients. Adani Group continues to expand its renewable energy portfolio, focusing on wind, solar, hybrid, and energy storage. It aims to target the commercial and industrial (C&I) sectors, driving decarbonization across industries. This collaboration aligns with Google's target of achieving 24/7 carbon-free energy across its global operations and its commitment to reducing 50% of Scope 1, 2, and 3 emissions by 2030.
BEL, Israel Aerospace Receive Ministry Approval for Joint Venture Incorporation 
BEL IAI AeroSystems Pvt Ltd, a joint venture between Bharat Electronics Ltd. (BEL) and Israel Aerospace Industries Ltd. (IAI), received approval from the Ministry of Corporate Affairs for incorporation. This Aerospace and Defence joint venture will operate as a related party of Bharat Electronics but is not classified as a related party transaction, with no involvement from promoter group companies in the entity’s formation. The JV’s authorized share capital is set at 8.2 crore, with a paidup share capital of 4.1 crore. Established to offer product support, repair, maintenance, and related services, the JV will specifically serve the Medium Range Surface to Air Missile (MRSAM) systems deployed and used in India.
ECONOMY
Hong Kong Regains Title of World's Freest Economy 
Hong Kong has reclaimed its position as the world's freest economy, surpassing Singapore with a score of 8.58 in the Fraser Institute's Economic Freedom of the World report, just ahead of Singapore's 8.55. While Hong Kong's ranking marks a positive shift, especially after being named Asia's top financial center, concerns remain over the region's decreasing economic freedom due to China's interference. Globally, economic freedom has declined for the third consecutive year, reflecting a broader trend of regression since progress made in the last decade.
TECHNOLOGY
Nvidia’s Vision for India: Transforming the Nation into a Global AI Hub 
At the recent AI Summit in Mumbai, Nvidia’s CEO Jensen Huang unveiled a strategic roadmap to establish India as a powerhouse in artificial intelligence. In a series of high-profile collaborations with industry giants like Reliance Industries and the Tata Group, Nvidia is helping to reshape India’s role from a traditional software outsourcing hub to a leader in AI innovation and export. A key component of this vision is Nvidia’s partnership with Reliance Industries, which includes the development of a cutting-edge, 1- gigawatt AI data center in Jamnagar, Gujarat. This project, alongside Nvidia's collaborations with prominent firms like Netweb Technologies India Ltd and E2E Networks Ltd for enterprise data center adoption, reflects the company’s commitment to accelerating India’s AI capabilities and advancing technological self-reliance. Through these strategic alliances, Nvidia is laying the groundwork for India’s emergence as a global leader in artificial intelligence.
South Korea team showcases drone that serves as 'flying shopping cart' 
South Korean researchers have created a transport drone featuring multiple flexible rotors that self correct to maintain level flight. This innovative drone, likened to a "flying shopping cart," is designed to carry goods over uneven terrain, including stairs. Developed by a team from Seoul National University of Science and Technology, the prototype has a cargo platform mounted on a multi-rotor drone, which can be guided by a person using gentle force.
Google Backs New Nuclear Plants to Power AI 
Google announced a groundbreaking agreement to purchase nuclear energy from small modular reactors (SMRs) developed by Kairos Power. This marks the first corporate deal of its kind. The initial SMR is expected to be operational by 2030, contributing 500 MW of carbon-free power to the U.S. electricity grid. Google aims to leverage this energy to support AI technologies and major scientific advances. Google's shift to nuclear energy stems from its increasing energy demands. Training AI models and maintaining data centers require substantial power. In its 2024 Environmental Report, Google acknowledged a 13% rise in global greenhouse gas emissions in 2023. The company faces challenges in reducing emissions while expanding its technical infrastructure for AI. Google views nuclear energy as a clean and reliable power source. Unlike solar energy, nuclear power can generate energy continuously, making it suitable for round-the-clock operations.
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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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Disclaimer: The opinions expressed in the articles/ stories are the personal opinions of the author. IOD/ Editor is not responsible for the accuracy, completeness, suitability, or validity of any information in those articles. The information, facts or opinions expressed in the articles/ speeches do not reflect the views of IOD/ Editor and IOD/ Editor does not assume any responsibility or liability for the same.
