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India’s passenger vehicle market logs robust July sales at nearly 4.7 lakh units
Overall, passenger vehicle industry witnessed robust growth in July as leading automakers posted strong year-on-year sales, led by sustained demand for SUVs, a sharp rise in electric vehicle sales and healthy export momentum. New Delhi:Buoyed by tax relief and GST...
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Drone strike in Egypt sparks security concerns about Suez oil exports
"The passage through the Red Sea, even via the longer Mediterranean route, could be put at risk, which threatens up to five million barrels per day of oil supply that can currently bypass the Strait of Hormuz," said Saul Kavonic, head of energy research at advisory...
India’s auto sector posts robust July sales on sustained SUV demand
The July sales performance indicates that demand for sport utility vehicles continues to drive growth in the domestic passenger vehicle market, while rising exports and strong electric vehicle sales are providing additional momentum for automakers. New Delhi: India's...
CBI files Rs 1,816 crore EPFO investment fraud case against Reliance Capital
The CBI statement further said that it may also be recalled that it has earlier registered seven FIRs against Reliance Communications Limited (RCom), Reliance Home Finance Limited (RHFL), Reliance Commercial Finance Limited (RCFL) and Reliance Telecom Limited (RTL) on...
Saudi Arabia unveils plans for multinational maritime defence coalition
The coalition would strengthen maritime security, safeguard freedom of navigation, secure international trade routes and energy supply lines, and protect shared maritime interests in the Bab el-Mandeb Strait and the Gulf of Aden. Saudi Arabia on Thursday unveiled...
AI to reshape insurance economics, drive scale and specialisation: McKinsey
The report said insurers will increasingly have to choose between competing through scale and cost or through deep specialisation, while building the technology, data and operating capabilities required to respond at "technology speed". Companies that delay AI...
Climate change made ‘fire-prone’ weather conditions more likely in Spain and France, scientists say
“We’ve seen repeatedly how climate change increases hot, dry, flammable conditions that are extremely conducive to wildfires," said Clair Barnes, a research associate in extreme weather at Imperial College London, who co-authored the WWA analysis. BRUSSELS:...
Poor application of norms cause of accidents at explosives and ammunition making units: Secretary
Sanjeev Kumar, Secretary, Department of Defence Production Addressing a seminar in Pune on 'Military Explosives & Propellants -- Safety and Compliance and Quality Assurance, Defence Production', Sanjeev Kumar, Secretary, Department of Defence Production, said the...
Japan earthquake halts auto and chip plants, testing supply chain resilience
Given Japan’s proneness to natural disasters, manufacturers have for decades sought to strengthen the resilience of parts supply and this latest quake, which has claimed the lives of 34 people, will be a test of how robust their efforts have been. The 7.1-magnitude...
Insurers are ‘Actively Evaluating’ new catastrophe risks as Europe burns
Historical data no longer provide an adequate foundation on which to base loss probabilities, which is why the industry now relies “heavily” on forward-looking scenario analysis, Aon’s Bruce said. And Europe’s ability to generate reliable catastrophe risk models will...
Rajaraman gets extension as IFSCA chairman till 65
K Rajaraman, chairman, International Financial Services Centres Authority The main objective of IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region...
Houthis’ Red Sea attacks prompt London insurers to widen high-risk zone
War risk premiums for voyages through the southern Red Sea have already jumped to between 1% to 2% of the value of a ship from 0.3% before the Houthi announcement, sources have said.. Attacks on ships by Yemen’s Houthis have prompted London’s marine insurance market...
Japan earthquake’s insurance claims may top $1.1 billion: Bloomberg Intelligence
Most of the exposure from the July 28 quake in Kumamoto is tied to commercial properties, as well as residential coverage under Japan’s earthquake insurance system, he said. Insurance claims from this week’s earthquake in Japan may top the 175 billion yen ($1.1...
Lohiya launches New India’s first sovereign-backed P&I cover under BMIP, war risk prm falls 35-40%
L to R: Debasish Prusty, additional secretary,Department Financial Services , Sanjay Lohiya, secretary,DFS, Shyam Jagannathan,director general, Shipping*extreme right) in an event in New Delhi on Thursday In an event in New Delhi, Sanjay Lohiya, secretary, Department...
Assam and Orissa flood remain grim; IMD predicts heavy rainfall in Arunachal, Nagaland,Mahanadi water levels continue to rise
A crop area of 21,523.08 hectares remained submerged in Assam. More than 11,000 animals have been washed away, while another 17,000 have been affected.Damage to various infrastructure, including embankments, houses, roads, schools and other public property, was also...
ICICI MF buys 1% stake in Go Digit General Insurance for ₹139 cr
The transaction was executed on Wednesday at an average price of Rs 243 apiece, taking the deal size to Rs 139.03 crore, as per the data. Mumbai:ICICI Prudential Mutual Fund has bought about a 1 per cent stake in Go Digit General Insurance from venture capital firm...
Global CAT losses at nearly $112bn, only $44bn insured: Munich Re
Thomas Blunck,Member of the Board of Management. The first half of the year has provided a welcome breather from previous years of high natural disaster losses. But climate change and growing exposure persist, increasing the risk of larger losses in the future. The...