Willis appoints a new MD for Hong Kong and Macau region
Willis Towers Watson announced the appointment of Roger Steel as Managing Director for Hong Kong and Macau, along with two other key hires for its Hong Kong business.
Ted Hodgkinson will be new Head of Corporate Risk & Broking while Noel Goh joined as Head of Talent & Rewards at Willis Towers Watson All are based in Hong Kong,.
Interview for IRDAI chairmanship on March 5
With TS Vijayan retiring as chairman of the IRDAI on Feb 20, the powerful Financial Sector Regulatory Appointments Search Committee(FSRAC) ,headed by cabinet secretary PK Sinha, will interview the shortlisted candidates to select a new insurance regulator on March 5,
Among the candidates, who have been shortlisted are- former chief secretary of Karnataka Subhash Chandra Kuntia, New India Assurance CMD G Srinivasan and Life Insurance Corporation chairman VK Sharma and three MDs of the corporation,and Irda member (life) Nilesh Sathe.
HDFC shows interest in Apollo Munich
According to media reports, HDFC has initiated discussions for a possible acquisition of Apollo Munich Health Insurance after India’s largest mortgage company raised capital to pursue an inorganic growth strategy
The report says top HDFC officials have had multiple meetings with members of the Apollo family to discuss a potential a stake purchase, which is still in the preliminary stages.
The domestic health insurance space is witnessing entry of new players backed by private equities along with M&A activities.
Eight of top 10 cos add Rs 58,650 crore in m-cap
Eight of 10 most valued Indian companies together added Rs 58,650.26 crore in their market valuation last week, with IT major TCS witnessing the maximum gain.
From the top-10 list, only Hindustan Unilever (HUL) and Maruti Suzuki India suffered erosion in their market capitalisation (m-cap) for the week ended Friday, while Reliance Industries Ltd (RILBSE 1.09 %), HDFC Bank, ITC, HDFC, Infosys, ONGC and SBI saw addition.
Zurich buys QBE's Latin American business for $409 mn
Zurich Insurance Group AG is buying Australia-based QBE Insurance Group Ltd.'s Latin American business for $409 million, Reuters reported. Zurich said that the acquired business' gross written premiums totaled $790 million in 2017, with Argentina accounting for about half of the premiums.
Claudia Dill, Zurich's chief executive for Latin America, said that the transaction positions Zurich as the leading insurer in Argentina. QBE will retain its Puerto Rico operations to service claims from Hurricane Maria.
Paytm floats two insurance companies
Foraying into insurance sector,Digital payments firm Paytm, owned by One97 Communication Ltd, has registered two new insurance units-—Paytm Life Insurance Ltd, and Paytm General Insurance Corporation Ltd—on 21 February with the Registrar of Companies (RoC),
According to the RoC documents the company has three directors One97 founder Vijay Shekhar Sharma, senior vice president-Paytm Shankar Nath and Paytm chief financial officer Madhur Deora.
Single digit salary hike for Banking/finance in 2018
According to findings of HR consultancy Aon Hewitt’s India Salary Increase Survey, professional services firms. that were inundated with work during the transition to the GST regime, are expected to lead the way with the biggest pay hikes, projected at 10.7%. Next in line are life sciences and automotive/vehicle manufacturing which have forecast hikes of 10.6% and 10.4% respectively.
Roopank Chaudhary, associate partner, Aon, said, other sectors projected to pay average hikes of above 10% in 2018 are consumer products (10.3%) and entertainment/communications and publications (10%).Sectors with lowest projected hikes in 2018 include hospitality/restaurants/travel (8.9%), engineering design (8.8%), cement (8.6%), banking/finance (8.6%), and transportation/logistics/shipping service (8.6%).
The Supreme Court has upheld an order of the Madhya Pradesh high court which had in 2008 banned registration of vehicles without such accessories in 2008. Though the HC had passed the order on November 25, 2008, it was stayed a week later as the SC put an interim stay after the Society of Indian Automobile Manufactures (SIAM) challenged it in the apex court.
KYC compliance for Mobile wallets
In what could be a major impact on the digital payments industry from March 1, mobile wallets would be required to submit a full KYC for their users, without which the central bank would impose severe restrictions on its operations.
According to RBI, consumers who do not submit government-approved documents and do a physical verification through biometric with their wallet providers, will not be able to load fresh funds into the wallet, transfer funds to other wallets and will only be able to use the underlying funds to buy goods or services. However, the funds in the wallet stay protected since it lies in an escrow account with banks and people will not lose their money.
"It will impact the Rs 12,000-crore industry in a major way and consumers will be severely impacted over the next few months, " said Vinay Kalantri, founder of The Mobile Wallet.