Debasish Panda, chairman, Insurance Regulatory and Development...
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EU’s aggressive environmental regulations biggest hurdles of FTA talks with India: GTRI
"The EU is urging India to adopt stronger privacy regulations...
GST rates will come down further: Sitharaman
Nirmala Sitharaman, Union Finance Minister Responding to a question...
‘Flipping’ by startups poses security threat, says SJM
Ashwani Mahajan, National Co-Convener of SJM – a wing of the Rashtriya Swayamsevak Sangh, says unicorns with over USD 1 billion valuation ‘flipping’ means avoiding Indian regulatory oversight and loss of revenue to the country.
”India has been proud of its startups creating immense value and adding to the GDP of the country. But our happiness remains short-lived when we find that they have not remained Indian any more. Most of these high ticket startups have flipped away and are no longer Indian companies in essence,” he told PTI.
Flipping means a transaction where an Indian company incorporates a firm in a foreign jurisdiction, which is then made the holding company of the subsidiary in India. The most favourable foreign jurisdictions for Indian companies are Singapore, the United States and the United Kingdom.
WPP settles with US SEC charges of bribery in India, other FCPA violations; to pay $19 mn to watchdog
Issuing an order after accepting WPP’s offer to settle the matter, the Securities and Exchange Commission (SEC) said the bribery scheme took place at a WPP’s majority-owned subsidiary in India, which through intermediaries paid as much as a million dollars in bribes to Indian officials to obtain and retain government business.
Digital cos’ data hegemony may lead to ‘attention economy’, says CCI chief
While noting that rapid changes are happening in markets, which are increasingly shifting towards a digital platform-centric configuration,Competition Commission chief Ashok Kumar Gupta also pointed out that these platform markets are by their very nature “winner-takes-all or winner-takes-most”.
“Network effects, access to large amounts of data, economies of scale and scope, induced behavioural biases among consumers etc., in digital markets, may heighten market concentration and result in the creation of impermeable entry barriers,” Gupta said.
CCI clamps down on cartelisation in beer sales; slaps over Rs 873 cr fine on UBL, Carlsberg, others
The final order has been passed against United Breweries Ltd (UBL), SABMiller India Ltd, now renamed as Anheuser Busch InBev India Ltd (AB InBev), and Carlsberg India Private Ltd (CIPL), among other entities.
An official release said the companies and other entities have been found to be ”indulging in cartelisation in the sale and supply of beer in various States and Union Territories in India, including through the platform of All India Brewers’ Association (AIBA)”.
EU plans 120 billion euro economic boost by easing insurance rules
Olav Jones, deputy director general for Insurance Europe, an industry body, said he welcomed EU acknowledgement of the need to reduce capital requirements, but only a “significant and permanent” cut in capital would allow insurers to increase support for the economy and regain global competitiveness.
Brussels proposed easing the impact of the so-called volatility adjustment, which mitigates the impact of short-term market moves on insurer solvency.
It also wants to make it easier for insurers to benefit from preferential capital treatment worth around 10.5 billion euros from investing in long-term assets to green the economy.
Biden sanctions cryptocurrency exchange over ransomware attacks
The Treasury Department accuses Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, marking its first such move against a virtual currency exchange over ransomware activity.
Hackers use ransomware to take down systems that control everything from hospital billing to manufacturing. They stop only after receiving hefty payments, typically paid in cryptocurrency.
Attacks are increasing in scale, sophistication and scope, the Treasury said. In 2020 ransomware payments reached over $400 million, more than four times the level in 2019, Anne Neuberger, deputy national security adviser for cyber, told reporters on the call.
Airlines can now operate 85 pc of pre-Covid domestic flights: Aviation Ministry
Domestic airlines carried 6.7 million passengers in August,compared with 2.8 million passengers in the year-ago period, the Directorate General of Civil Aviation said on Thursday.
UK COVID-19 business insurance payouts top one billion pounds -watchdog
The Financial Conduct Authority (FCA), which had brought a closely-watched test case on behalf of policyholders against major insurers, said on Wednesday that 27,248 companies out of 42,308, which had had claims accepted, had received at least an interim payment.
Axis Bank gives approval to reclassify Oriental Insurance Co as public category shareholder
The bank said it received a request from OICL dated September 7, 2021, holding a 0.16 per cent stake in the bank, to reclassify it from promoter to public shareholder.
Madras HC withdraws its order on `mandatory bumper-to-bumper cover’ for new vehicles
“it would appear that the order, mandating the coverage of bumper to bumper policy may not be logistically and economically feasible for effective implementation in the present legal dispensation.Considering the overall submissions made by the parties and and taking into account the concern of the IRDAI, this court feels that the direction issued earlier on making bumper to bumper cover for new vehicles may not be conducive and suitable for implementation in the current situation. Therefore the said direction in is hereby withdrawn for the present,” said Justice S Vaidyanathan, who had issue earlier verdict.