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India’s GDP to grow at 11% this fiscal, surge in COVID cases may put economic recovery at risk: ADB
For FY2022, India’s GDP is expected to expand at 7 per cent, it added.
China’s gross domestic product (GDP) is forecast to expand 8.1 per cent in 2021 and 5.5 per cent in 2022. East Asia’s GDP is expected to grow 7.4 per cent in 2021 and 5.1 per cent in 2022, it said.
Further, it said the gross domestic product (GDP) of South Asia is expected to rebound to 9.5 per cent this year, following a contraction of 6 per cent in 2020, before moderating to 6.6 per cent next year (2022), it said.
ADB said the economic growth in developing Asia is set to rebound to 7.3 per cent this year, supported by a healthy global recovery and an early progress on COVID-19 vaccines. The projected resurgence follows a 0.2 per cent contraction last year.
Russia fines Apple $12 mln for alleged app market abuse
The Federal Antimonopoly Service (FAS) said on Tuesday that U.S. tech giant Apple’s distribution of apps through its iOS operating system gave its own products a competitive advantage.Facebook, TikTok and Alphabet’s Google have also come under fire. The FAS said in a statement it had imposed a turnover fine on Apple of 906.3 million roubles ($12.1 million) for the alleged violation of Russian anti-monopoly legislation.
Global InsurTech sector sees record investment, surges 180 % to $2.55 billion in Q1 2021
Eight companies accounted for more than $1.13 billion in funding during the quarter, 44% of the total raised. That marks a new quarterly high for the number of mega-round fundraisings of $100 million or more.
White House considering intellectual property waiver for COVID-19 vaccines
Critics say waiving the WTO’s agreement on Trade-Related Aspects of Intellectual Property could reduce the safety of vaccines, and that setting up production in new places would sap resources needed to boost production in existing locations.
The United States and several other countries have thus far blocked negotiations at the World Trade Organization (WTO) about a proposal led by India and South Africa that would waive the IP rights of pharmaceutical companies to allow developing countries to produce COVID-19 vaccines.
India’s LIC emerges as the 3rd strongest and 10th most valuable global insurance brand in 2021
According to the latest report released by Brand Finance the total value of the world’s top 100 most valuable insurance brands has declined by 6 per cent, decreasing from $462.4 billion in 2020 to $433.0 billion in 2021
12 Chinese brands in ranking account for 30% of total brand value as brands leverage significant volume premium of Chinese market
US brands buck negative sector trends – 26 brands featured record 14% cumulative brand value growth year-on-year
Suez Canal hopes for deal on cargo ship, still detained since blocking waterway
The 400-metre (430 yard) Ever Given became wedged diagonally across the canal in high winds on March 23, blocking all traffic. Since it finally came unstuck, it has been held with its cargo in a lake separating two stretches of the canal. The SCA has made a $916 million claim against its Japanese owner, Shoei Kisen.
Supply lines at risk as shipping containers topple over at alarming rate
The shipping industry is seeing the biggest spike in lost containers in seven years. More than 3,000 boxes dropped into the sea last year, and more than 1,000 have fallen overboard so far in 2021. The accidents are disrupting supply chains for hundreds of U.S. retailers and manufacturers such as Amazon and Tesla.
There are a host of reasons for the sudden rise in accidents. Weather is getting more unpredictable, while ships are growing bigger, allowing for containers to be stacked higher than ever before. But greatly exacerbating the situation is a surge in e-commerce after consumer demand exploded during the pandemic, increasing the urgency for shipping lines to deliver products as quickly as possible.
EU asks if Aon rival Gallagher, others are right buyers for assets -sources
Earlier this month, Aon offered to sell assets in five European Union countries, Willis’ reinsurance arm and its German retirement benefits and consulting business, people with direct knowledge of the matter had told Reuters.
The package of concessions to the European Commission also included Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands.
Bankers call for more bang to Britain’s big finance fightback
Much is at stake given that Britain’s financial services sector employs 1.1 million people and raises about 75.5 billion pounds a year in tax, a figure which consultants PwC expect to ease in 2021 due to the City of London being effectively cut off from the EU, hitherto its biggest export market.
But many rule changes will need legislation, meaning they may not come into effect until 2022 or beyond.
India to be top spender on security solutions in APAC in 2021: IDC
“In Asia/Pacific, investments on security-related products and solutions (endpoint security, VPN, and firewalls) will experience double-digit growth in 2021 due to the increased spending by both governments and enterprises (particularly in the banking, telecom, and professional services industry),” explained Sharad Kotagi, Associate Market Analyst at IDC IT Spending Guides, Customer Insights and Analysis.