Dabur India disclosed that its three foreign subsidiaries, Namaste Laboratories LLC, Dermoviva Skin Essentials Inc., and Dabur International Ltd., are facing 5,400 cases in federal and state courts in the US and Canada. Consumers allege certain hair relaxer products, containing specific chemicals, caused ovarian and uterine cancers. The cases, consolidated as Multi-District Litigation, are in the early litigation phases. While the financial impact remains uncertain, defense costs are expected to surpass materiality soon. Dabur emphasizes these claims are unproven. The litigation is ongoing, with outcomes and settlements undetermined.

LinkedIn, owned by Microsoft, revealed plans to lay off 668 employees from its engineering, talent, and finance teams, constituting over 3% of its 20,000-strong workforce. This marks the second round of job cuts this year for the professional social network, reflecting the technology sector's broader trend. LinkedIn's revenue growth has slowed, with a 5% increase in Q4 of fiscal 2023, compared to 10% in the previous quarter. Microsoft attributes this decline to reduced hiring and advertising spending, prompting the company to streamline operations and remove layers for faster decision-making.

The Adani Group issued a statement regarding the recent allegation that TMC MP Mahua Moitra received bribes to target Gautam Adani's firms in parliamentary questions. An Adani spokesperson said the affidavit filed with CBI detailing an alleged criminal conspiracy corroborates their concern that some groups are working to damage their reputation. The complaint claims Moitra and a businessman orchestrated a plan to specifically go after Adani through questions in exchange for cash and favors. Another MP wrote to the Lok Speaker demanding probe and suspension of Moitra, highlighting 50 of her 61 questions targeted Adani. The Group said the alleged quid pro quo affirms their stand that an organized effort is underway to malign them.

The proposed India-UK free trade agreement should benefit India's labour-intensive sectors like apparel, footwear, carpets, and cars through the elimination of import duties, according to the Global Trade Research Initiative (GTRI). However, the overall impact on India is anticipated to be limited since a substantial portion of Indian goods already enters the UK with low or zero tariffs. In the fiscal year 2022-23, India's exports to the UK were valued at $11.41 billion, with roughly $6 billion worth of goods (including petroleum products, medicines, diamonds, machine parts, airplanes, and wooden furniture) enjoying duty-free access. The FTA is expected to have a more pronounced effect on products with moderate tariffs, such as textiles, apparel, and footwear.  

The India Property Show will take place on October 14-15 at the Hilton London Metropole Hotel. Organized by Maxpo Exhibitions in associations with CREDAI, the 2-day event will display multiple housing/commercial/plots / budget properties from India for all sections of people to choose. With over 5000 projects on display and home loan options from banks, the show provides attractive housing and investment opportunities. A significant aspect that all the projects on display are RERA approved besides funding institutions like banks extending home loans to the investors in the respective projects. The realty expo is coming at a time when prices have stabilized with flexible repayment options for investors.  Indian realty sector is slated to grow at 30% over the next decade for a market size of around $180 billion by 2022 from $93.8 billion in 2017. As of February 2023, Developers expect demand for office spaces in SEZs to shoot up after the replacement of the existing SEZs act.

India and the UK are on the brink of finalizing a trade deal as negotiations have significantly narrowed differences on key issues such as business mobility, Scotch whisky, and automobiles. Both sides are working on granting access to Indian professionals for short-term business visits, aiming for a reciprocal agreement. Although some matters require political approval, high-level talks continue. The UK's Prime Minister Rishi Sunak might visit India later this month to endorse the agreement if negotiations covering 26 chapters conclude positively. However, the narrowing window due to upcoming elections in both countries adds urgency to finalizing the deal.

The India-Europe Global Networking Meet 2023 organized by the Indo-European Business Forum (IEBF) on October 10 brought into focus the growing strategic economic alliance between India and Europe. The high-profile event held at the House of Lords in London centered around the theme of "Unicorns and Sustainable Development." IEBF Founder Vijay Goel stated the meet highlighted the "soaring partnership between Europe and India." Co-Founder Sunil Gupta emphasized "India and U.K. can collaborate for one earth-one family-one future." Speakers included business leaders, diplomats and policymakers. The event promoted bilateral trade and investment, sustainability, tech links, and supply chain networks. It underscored the vast potential for win-win partnerships between India and Europe across sectors to enable global progress. Click on on the link below to read the full report.

Finance Minister Nirmala Sitharaman met UK Chancellor Jeremy Hunt in Marrakech, Morocco on Thursday. The meeting took place on the sidelines of the 4th G20 Finance Ministers and Central Bank Governors meeting and IMF-World Bank Annual Meetings. The ministers discussed issues of mutual interest, including the Bilateral Investment Treaty. Sitharaman thanked Hunt for the UK's strong support for India's G20 Presidency, particularly as co-chair of the Framework Working Group.

India and the UK are expected to sign their proposed free trade agreement by the end of October 2023, as per reports. This comes after UK PM Rishi Sunak reiterated commitment to boosting India-UK ties. Bilateral trade was worth an estimated £36 billion in 2022. A UK delegation is in India currently to resolve remaining issues and conclude talks soon. India and the UK aim to finish the proposed deal, under negotiation since last year, within the next few months. It would boost trade and investment between the two countries. Rules of origin norms and an investment treaty are also being discussed separately.

Adani Ports, which acquired Israel's Haifa port this year, said Monday its business remains safe amid the Hamas attack and conflict. It stated the action is concentrated in southern Israel while Haifa port is in the north. Adani shares dropped up to 4.7% as investors expressed concerns about escalation. The company confirmed all employees are secure and it has a business continuity plan. Haifa port handles 99% of Israel's maritime goods but only accounts for 3% of Adani's overall cargo volume. The Hamas assault marked the deadliest in decades, fueling longstanding conflict. It has increased investor worries about geopolitical risks, pressuring Israel-related stocks and oil prices as the conflict's spread poses substantial risk.