Business
‘We can’t justify a £52 lunch’: Middle-income families cut back on fun as prices rise
A household with an average gross income of £55,000 has cut spending on leisure activities by £40 a week, offical figures suggest.
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Business
Noel Tata part of 3-1 vote against Srinivasan, Singh at Tata edu trust – The Times of India
MUMBAI: Noel Tata has voted against the reappointment of Venu Srinivasan and Vijay Singh as trustees of Tata Education and Development Trust (TEDT), the largest corpus trust within Tata Trusts, in a move that widens fault lines within one of India’s most powerful philanthropic structures. It marks the first time Noel has made his opposition to the duo unequivocal.The vote, the last of four cast on the matter, added to a verdict that had already been sealed when Mehli Mistry became the first to oppose the duo’s extension, shortly after the trusteeship renewal circular was issued.Under TEDT’s governance rules, reappointments require unanimous consent among trustees – a threshold that had already been foreclosed by Mehli’s vote. Jehangir Mistry subsequently voted against both men as well. Srinivasan and Singh had each voted for the other. The tally stood at 3-1 against each of them.
Noel’s vote signals widening of Tata Trusts rift since ’25
Their tenures in an influential Tata trust that supports projects in India and abroad, formally expired on Sunday, May 10. Noel Tata voting against Srinivasan and Singh significantly curtails influence of both men within wider Tata Trusts ecosystem, even as they remain vice-chairmen of the Sir Dorabji Tata Trust (SDTT) and Sir Ratan Tata Trust (SRTT) — the two apex trusts that together hold controlling stake in Tata Sons.The rift between Noel and the duo deepened after Srinivasan and Singh publicly backed a listing of Tata Sons, a move Noel opposed. In an email to Tata Trusts CEO, Mehli said “My affidavit in response to the board composition change report for SDTT explains the reasons why I chose to take such a decision.” According to the affidavit, Noel, Srinivasan and Singh had wrongly voted against him at SDTT. He also said that Srinivasan had taken part in the vote even though his term had already ended at SDTT. TEDT, with a corpus of Rs 5,600 crore, has been among the most prominent Indian donors to Ivy League institutions, including Harvard Business School and Cornell University, and owns and operates two cancer hospitals in India while supporting 17 others through grants.Following the board changes, Noel remains chairman and perpetual trustee of TEDT. Mehli continues in his role as perpetual trustee, while Jehangir holds a fixed-term trusteeship. With Srinivasan and Singh’s departure, TEDT now sits at the minimum threshold of three trustees permitted under its deed. An email sent to Noel did not elicit a response. The vote is the latest and most visible expression of a fracture within Tata Trusts that has been widening since late 2025. Established by former Tata Trusts chairman Ratan Tata in 2008, TEDT is perhaps the only trust within Tata Trusts that can support social projects in India and abroad.
Business
CCI to probe Pernod Ricard, seven others – The Times of India
NEW DELHI: The Competition Commission has ordered a detailed probe against French spirits major Pernod Ricard and seven other entities for alleged cartelisation in the Indian-made foreign liquor market.The seven entities that have come under the watchdog’s lens are Indo Spirits, Pathway HR Solutions, Universal Distributors, Khao Gali, Bubbly Beverages, Shiv Associates and Organomix Ecosystems.Ordering the investigation, the regulator said it is of prima-facie view that Pernord Ricard’s restrictive conduct with its retailers/wholesalers, purportedly, to induce brand pushing and achieve higher market share in IMFL market in Delhi, falls within the purview of ‘exclusive dealing agreement’ under the Competition Act. Such conduct violates the Act, according to a 26-page order, dated May 5, by the Competition Commission of India (CCI). The complaint was filed before the CCI in 2024.CCI’s Director General (DG) will carry out the investigation that will also look into the role of the persons/officers who were responsible for the conduct of the activities of such entities as well as individuals whose consent or connivance was involved during the time of the contraventions.
Business
Cost of living crisis sees tradespeople having to chase debt
More than half of tradespeople have seen an increase of late payments compared to a year ago, a survey finds.
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