Dean Klisura, President & CEO of Guy Carpenter. “Renewal...
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Sensex tumbles 1,258 points over HMPV fears, global uncertainties, Investors’ wealth tumbled Rs 10.98 lakh crore
"The Indian equity markets are witnessing a sharp decline today,...
HMPV not deadly, no evidence of mortality or severe spread: Dr Raman Gangakhedkar
“We can say HMPV is definitely not deadly. Most infections are...
India to China: Where investors managing $3 trn are putting their money
Bloomberg News spoke with institutional investors with $3 trillion in combined assets under management to ask how they’re navigating economic turmoil caused by unpredictable recoveries and China’s shifting rules, which have frozen U.S. listings and almost erased the online education sector.
All recommended heightened caution and warned of a difficult recovery ahead.
Semiconductor shortage hurting production, may impact Aug-Sep automobile wholesales: Report
Noting that chip shortages are hurting production and should impact August-September wholesales, Jefferies said, ”companies such as Maruti, Bajaj and Royal Enfield have seen an increased impact in the September quarter.” The recent pandemic-related lockdown in Malaysia might add to the constraints, it added.
Semiconductors are silicon chips that cater to control and memory functions in products ranging from automobiles, computers and cell phones to various other electronic items.
Hong Kong’s strict quarantine rules threaten to erode allure of financial hub
Hong Kong’s decision in August to increase mandatory hotel quarantine to three weeks for arrivals from most countries has prompted a backlash from banks, hedge funds, and traders who say it is hampering new investment into the asset management market and risks setting off a brain drain. Financial services contribute around 20% to Hong Kong’s gross domestic product, government statistics show.
20 APAC re/insurers record a higher premium of $821.4bn in 2020, COVID induces demand for life & health products, GlobalData
Seven players reported more than 5% rise in premiums earned. In addition, the top companies maintained financial robustness through flexible hedging of assets under management.The most notable performers in the region were Japan-based insurer Dai-ichi Life, China-based New China Life Insurance and China Reinsurance; and Taiwan-based Cathay Financial.Dai-ichi Life outperformed the top players, with its revenue growth surpassing 20%, as the weaker Yen allowed the company’s returns from its investments soar significantly over the previous year.
China Reinsurance reported 19.2% increase in y-o-y revenue owing to swift growth in savings- and protection-type life, domestic P&C reinsurance, and health reinsurance business, which led to 16.2% growth in premium income; and obtaining surplus investment returns by surpassing the market benchmarks.
Facebook, Xiaomi want a slice of India’s $1 trillion digital loan market
Amazon.com also made its maiden investment in the country’s wealth management sector this month, participating in a $40 million round by fintech startup Smallcase Technologies Pvt.Alphabet Inc.’s Google is also upping its game. After offering wealth management products such as digital gold, mutual funds on its popular Google Pay platform, it’s now tied up with small Indian lenders for opening time deposits for its customers.
India’s digital payments market is drawing the attention of some of techs biggest names after online transactions surged during the pandemic and traditional lenders turned cautious following a rise in bad debt. Digital lending is expected to treble to $350 billion by 2023 and reach a total of $1 trillion in the five years since 2019, according to estimates from the Boston Consulting Group.
Prosus doubles down on India with $4.7 bln deal for BillDesk
PayU processed $55 billion in payments in the year ended March 31, 2021, a 51% increase on the previous year.
“This is really a transformative transaction for PayU and its position as one of the leading payment and fintech providers in India and actually in the world,” Prosus CEO Bob van Dijk said on a media call.
Indian growth jumps in April-June, helped by looser pandemic curbs
Many analysts said the risk of spiking infections 19 from the Delta variant and the sluggish pace of vaccinations in some states could slow momentum, however, with the economy unlikely to regain its pre-pandemic size of about $2.9 trillion before the middle of fiscal year 2022-23.
Japan tests first autonomous cargo ship
The Nippon Foundation estimates that taking into account factors like artificial intelligence, which should improve efficiencies, the development of unmanned ships will have a positive impact of about 1 trillion yen ($9 billion) for Japan’s economy in 2040.
There are other foreseeable benefits too, such as lower insurance premiums and improved safety,Satoru Kuwahara, a general manager at Nippon Yusen subsidiary Japan Marine Science Inc, said.
Studies on shipping industry safety show that around 70% of maritime accidents are caused by human error. “With the issue of Japan’s shrinking workforce in mind, there’s growing need for these technologies to uphold safety,” he said.
More than $19B in PE insurance sector M&A already at record high
This year’s disclosed deal value is nearly double that of the $10.61 billion in 2019 and is the highest amount on record for at least a decade.First half highlights include two large publicly listed PE firms buying insurance assets.
The largest deal was Apollo Global Management Inc.’s planned merger with retirement services company Athene Holding Ltd. in an all-stock transaction that implies a total equity value of roughly $11 billion for Athene.
The five big public PE firms — Apollo, Blackstone, The Carlyle Group Inc., KKR & Co. Inc. and Ares Management Corp. — have all bought into insurance companies over the past two years. The acquisitions are not all typical deals for sector exposure. Some of the firms have said their insurance company buyouts will sit on the balance sheet, provide synergies with PE and become a source of permanent capital.
New Zealand’s Auckland stays in lockdown, officials report Pfizer-linked death
The health ministry on Monday announced a woman had died due to myocarditis, which is known to be a rare side effect of the Pfizer-BioNTech COVID-19 vaccine. Myocarditis is an inflammation of the heart muscle that can limit the organ’s ability to pump blood and can cause changes in heartbeat rhythms. The health ministry did not provide the woman’s age. Pfizer in New Zealand did not immediately reply to an emailed request for comment.
Moderna Inc’s COVID-19 vaccine contamination woes in Japan have widened with another million doses being suspended after foreign substances were found in more batches and two people died following shots from affected lots.