BUSINESS
'Indian life insurance business to face pressure in FY23'
Looking back at the new life insurance business for the fiscal that went by FY22 Emkay Global said even though unit linked insurance policy (ULIP) made a strong comeback during the first nine months logging about 50 per cent growth in retail annual premium equivalent (APE) the category witnessed slowed down materially in the last quarter. The ULIP growth for the year was 33 per cent.
JSW Group to make $7 bn bid for Ambuja, ACC: Report
The company will offer $4.5 billion in its own equity and $2.5 billion from undisclosed private equity partners for the bid, JSW Group Chairman Sajjan Jindal told the financial daily. Further, it will acquire 63 per cent stake in Ambuja Cements.
Multi-factor authentication to generate $27 bn globally for operators: Report
According to Juniper Research, it is predicted that this 5 per cent growth will be driven by increased pressure on digital service providers to offer secure authentication that reduces the risk of data breaches and protects user identity.
MRF closes FY22 with lower profit after tax at Rs 647.34 crore
The company's board recommended a final dividend of Rs 144 per share of Rs 10 each. The total dividend for FY22 was Rs 150 after taking into account two interim dividends of Rs 3 each. For the period under review, MRF had posted a total income of Rs 19,304.43 crore up from Rs 16,128.58 crore. The company had posted a net profit of Rs 647.34 crore last fiscal, down from Rs 1,249.06 crore logged in FY21.
Vahan recognised as global technology pioneer by World Economic Forum
Vahan leverages technology to assist blue collar workforce in finding jobs that match their skills. It helps employers such as Swiggy, Shadowfax, and Zomato reduce their hiring costs by up to 30 per cent by identifying the ideal candidate at the right price, at the right place, and at the right moment.
Financial fraud case: Religare Enterprises Ex-CEO Krishnan Subramanian gets bail
Manpreet Singh Suri, a representative of Religare Finvest Ltd (RFL), had filed a complaint against Malvinder Singh, Shivinder Singh, Sunil Godhwani, and others holding key managerial posts, alleging that having absolute control over Religare Enterprises Limited and its subsidiaries, these persons put Religare Finvest Limited (RFL) in poor financial condition by way of disbursing loans to companies having no financial standings.
Lumax moves Delhi HC over trademark infringement dispute
Justice Jyoti Singh, while allowing the petition on Monday, clarified that the court has not expressed any opinion on the merits of the case and the trial court shall decide the applications independent of any observations or narrative of facts given in the present order, which are limited to the disposal of the present petition.
US federal deficit totals $360bn in first 7 months of FY2022
That amount is about one-fifth of the $1.9 trillion shortfall recorded during the same period in fiscal year 2021, the CBO said in its monthly budget review released on Monday. Revenues were $843 billion, or 39 per cent higher and outlays were $729 billion, or 18 per cent lower than a year ago, the report showed.
Mayhem in crypto market as Bitcoin drops below $30,000-mark
Bitcoin was more than 55 per cent down since its all-time high of $69,000 in November last year. Other digital coins also suffered double-digit-percentage drops, led by Cardano (20 per cent), Solana (16 per cent), XRP (13 per cent), BNB (16 per cent), and Ethereum (10 per cent), Decrypt reported. Experts said that rising interest rates, along with weakening economic activity, has created a risk-off environment.
No agreement reached between Hungary, EU over Russian oil embargo
"This evening's discussion with PM Viktor Orban was helpful to clarify issues related to sanctions and energy security," von der Leyen tweeted on Monday night following the 90-minute-long working dinner at the Hungarian leader's residence in the Castle District of Budapest. "We made progress, but further work is needed. I will convene a VC (video conference) with regional players to strengthen regional cooperation on oil infrastructure," she added.
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