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ONGC douses fire; gas supplies to industries hit

Indian gas transporter GAIL (India) Ltd has cut supplies by about 40% to customers, mainly power and fertiliser companies, after a pipeline rupture led to a fire in an ONGC plant, a company source said.
“Our capacity utilisation fell to 50% in the morning due to gas supply disruption,” a person at the KRIBHCO said.

NTPC has shut its 656 megawatt gas-based power plant at Kawas near Hazira and a 657 megawatt Jhanor-Gandhar plant due to gas supply disruption, a person at the company said.

Gas supplies to customers have temporarily closed due to safety reasons, an ONGC spokesman said.

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Steady rise in heavy rainfall events during 3 last years: Harsh Vardhan

Earth Sciences Minister Harsh Vardhan said studies show that the frequency of severe cyclones in the Arabian Sea has increased in recent years.

The data shows that there is a steady increase in the number of heavy rainfall events during the last three years, Vardhan said.

The frequency of cyclones too has seen a rise, he noted.

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Shift towards digital banking is going to be permanent: SBI Chairman

“Progressively, we are seeing that there has been a shift away from branches and even from ATMs. The number of transactions on ATMs have come down from 55 to 29 per 100. On the other hand, the digital transactions, which are on mobile and internet banking, have gone to 55 out of 100 transactions,” said State Bank of India Chairman Rajnish Kumar

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Munich Re issues first-ever green bond

Munich Re will use the raised capital to finance or refinance sustainable projects in accordance with the company’s Green Bond Framework. Projects include investments of equity and debt in renewable energy, energy efficiency, clean transportation, green buildings, sustainable water and wastewater management, the eco-efficient and/or circular economy, and the environmentally sustainable management of living natural resources and land.

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Insurers’ hedge fund investments may face chop after dismal pandemic performance

Those regulations have partly driven recent falls in hedge fund allocations, according to Andries Hoekema, global insurance sector head at HSBC Global Asset Management, but he noted holdings were down also in Asia, which hadn’t tightened rules.

“In Asia, we have some evidence of insurers replacing hedge fund exposure with private equity,” Hoekema said.

This was “driven partly by the more attractive returns of private equity and partly by the disappointing diversification properties of some hedge fund strategies in recent years,” he added.

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