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GIFT gets major boost as Offshore Insurance Hub
The Indian government has provided competitive tax regime for the IFSC units and thereby units are provided 10 year tax holiday (of which the first 5 years is a complete tax holiday and for next 5 years there’s a tax reduction of 50%), which is applicable for all insurers operating within GIFT IFSC. The move would also help Indian Insurers to set up their offshore office in GIFT SEZ IFSC to undertake dollar business which otherwise was restricted in India.
Indian carriers to induct over 900 planes in coming years
Budget airlines IndiGo, SpiceJet, GoAir and AirAsia are set to significantly expand their respective fleet sizes.Along with other carriers, the total number of aircraft to be inducted by the domestic players would be more than 900.With an existing fleet of 150 planes, IndiGo is readying to add another 448 aircraft — 399 A320s and 49 ATRs — in the next seven to eight years. Competitor SpiceJet too is in the process of expanding its current fleet of 57 aircraft.
EV drive: SIAM for 5% GST, IT deduction for individual buyers
Indian E-commerce market may cross $50 bn mark in 2018: Study
However, it pointed out that the Indian e-commerce sector is heavily dependent on the cash on delivery (CoD) mode of payment as it is the most preferred choice for Indian consumers due to lack of trust in online transactions, limited adoption of credit and debit cards, and security concerns, among others.
Mere 1.7% Indians paid income tax in AY 2015-16: Official data
Santa Claus May Be At Serious Health Risk: Experts
Philippines storm death toll climbs to 182, hundreds still missing
Surging bitcoin price pushes up costs for insurers for ransomware attacks
There’s been “a massive escalation” in both the number of attempts and the size of demands as criminals scramble for the hot cryptocurrency, said Michael Tanenbaum, an executive vice president at Zurich-based Chubb. The rise in price of bitcoin correlates,” he said, , declining to specify total costs. Around midyear, top payouts in corporate ransomware attacks began to exceed $1 million, dwarfing the previous maximum of about $17,000, he said.
2017: Less accidents, more aftershocks for Railways
The ministry adopted a slew of measures to ensure accidents are reduced to a minimum in the coming year – renewal of tracks at a fast pace, use of ultrasonic flaw detection testing of rails, track recording cars and portable oscillation monitoring systems to detect track defects, introduction of train protection and warning system, and development of the Train Collision Avoidance System which is now at the trial stages.
Panel wants body cams on traffic cops, RTO officials
Expect motor bill to be cleared in ongoing session: Nitin Gadkari
The Lok Sabha had cleared the bill in April.It seeks to bring a slew of radical reforms in the transport sector by ensuring 100 per cent e-governance, checking bogus driving licences and vehicle thefts, slapping heavy penalty on traffic violators and protecting the good samaritan, among other things.
Banks lost nearly Rs 17,000 crore to frauds last fiscal, says FinMin
an inter-disciplinary standing committee on cbyer security has been constituted by the RBI comprising academia, information security audit, forensic and cybersecurity experts.The committee reviews, inter alia, threats inherent in the existing or emerging technology, and suggests appropriate policy interventions.
GIC Re receives “In principle” approval for Lloyd’s Syndicate, will start business by Apr 18
Alice Vaidyan, Chairperson and Managing Director,GIC Re said “The Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources. The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.”
Govt to give incentives to boost electric vehicles
Innovation hubs emerge in India, Singapore: Capgemini report
The survey covered five sectors: automotive, banking/insurance, consumer products, retail, and telecommunications.
In terms of newly opened innovation centres(between November 2016– October 2017), the US topped the chart, followed by Singapore and Germany in the second and third place respectively.Others in the top 10 include India at the fourth place, UK (5th), Israel (6th), France (7th), China (8th), Canada (9th)and Saudi Arabia (10th), the report said.
Global insured Cat losses at $136 billion in 2017, third highest:Swiss Re
-Total economic losses from natural and man-made disasters in 2017 are estimated to be USD 306 billion, up from USD 188 billion in 2016
– Global insured losses from catastrophes in 2017 are estimated· to be USD 136 billion, the third highest on sigma records
– US was hardest hit, including by hurricanes Harvey, Irma and· Maria, which have made 2017 the second costliest hurricane season on sigma records after 2005
-Disaster events claimed more than 11 000 victims in 2017·