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Brazilian judge suspends Musk’s X platform for refusing to name a legal representative
Elon Musk X has clashed with de Moraes over its reluctance to comply with orders to block users.Elon Musk showed his total disrespect for Brazilian sovereignty and, in particular, for the judiciary, setting himself up as a true supranational entity and immune to the...
South African Sanlam’s subsidiary Santam plans Asian expansion
We are looking at Asia and the Middle East from a reinsurance perspective. Our expertise and understanding works well in emerging markets, and we also find that those are also growth markets and so we want to tap into some of that growth,”,” Tavaziva Madzinga,chief...
Climate change intensified Typhoon Shanshan, says study
Shanshan, which made landfall on Thursday morning on the southern island of Kyushu, was called a “rare typhoon” by the Japanese weather agency. But the study’s authors warned that such events may not be so unusual in future, likely occurring nearly six times in a...
Agile launches New Zealand operation to support Lloyd’s syndicate
The establishment of a New Zealand entity solidifies Agile’s position at the forefront of Lloyd’s business in the Pacific region and paves the way for other geographic expansion. Sydney: Agile Underwriting Services has established a presence in New Zealand, the first...
Sunk superyacht likely to cost insurers at least $150 million, experts say
The hull was likely insured for around $40 million, while the P&I cover would be larger, insurance sources said. The P&I policy would likely be “several multiples” of the hull policy, or $200-300 million, Alvarez added, noting it would also likely cover...
Financing Climate Risks: Testing New Approaches
“Emerging market and developing economies face substantial financing gaps in low-carbon, climate-resilient investments. We need to step up climate action and crowd in private investment for countries most in need,” said Axel van Trotsenburg, World Bank Senior Managing...
Govt taking various measures at policy level to help fintech sector: PM Modi
Prime Minister Narendra Modi Addressing the Global Fintech Fest 2024 in Mumbai, the Prime Minister also asked the regulators to take more measures to stop cyber frauds and further increase digital literacy among people.The Prime Minister also said that in the last 10...
UK’s Aviva conspired to dodge India compensation and tax rules, DGCI says
The case is part of broader investigation into over a dozen Indian insurers for alleged evasion of $610 million in unpaid taxes, interest and penalties. The roughly $26 million in fake invoices were used by Aviva incorrectly to claim tax credits and evade $5.2 million...
With Rs 11.6 lakh cr wealth, Adani replaces Ambani as India’s richest
Gautam Adani Reliance Industries chairman and managing director Ambani's overall networth increased by 25 per cent to Rs 10.14 lakh crore, as per the 2024 Hurun India Rich List New Delhi: Recouping the dent caused by the Hindenburg Research report, Gautam Adani's...
Decriminalisation of labour laws, female workforce to drive inclusive growth: official
Sumita Dawra,Secretary, Ministry of Labour & Employment Decriminalization of labour laws, increasing female workforce participation, social security, labour welfare that will drive inclusive growth in India," Sumita Dawra,Secretary for Ministry of Labour &...
Chinese firm Tencent sells 2.1% in PB Fintech for Rs 1,668 crore; SBI MF, SocGen pick up stake
The shares were disposed of at an average price of Rs 1,719.75 apiece, taking the transaction value to Rs 1,668.15 crore. After the share sale, Tencent's sharehdoling in PB Fintech has declined to 2.13 per cent from 4.26 per cent New Delhi: Chinese conglomerate...
Mpox emergency may add to economic, fiscal challenges in some African sovereigns: Fitch
In most of African countries , the number of confirmed mpox cases is very low, often in the single digits. However, there could be underreporting in some countries and the emergency declaration highlights the potential for case numbers to rise sharply, bringing the...
LIC pays Rs 3662 cr dividend cheque to Sitharaman
(L toR) M P Tangirala, additional secretary, Department of of Financial Services, Siddhartha Mohanty, CEO & MD, LIC, Nirmala Sitharaman, Union Minister of Finance, M Jagannath, MD, LIC LIC also paid interim dividend of Rs. 2441.45 crores on 1st March 2024, thus...
India’s FinTech sector has received $6 bn investment in last 2 years: RBI chief
Shaktikanta Das,Governor,RBI RBI Governor Shaktikanta Das said to build a financial system that serves the broader society, it was essential to give priority to digital financial inclusion. While significant strides have been made in expanding financial inclusion, the...
GIC Re emerges as the 10th largest global reinsurer in AM Best’s latest chart
In AM Best's `World’s 50 largest reinsurers in 2023’, Munich Re is the largest IFRS 17 reporting reinsurer followed by Hannover Re and SCOR Re. Swiss Re is the largest non-IFRS 17 reporting reinsurer globally, followed by Berkshire Hathaway and...
Indian lenders lag global peers on cybersecurity spends, BCG Says
Digital payment frauds saw a more than fivefold jump to 14.6 billion rupees ($175 million) in the year ended March 2024 from the previous fiscal year, according to the Reserve Bank of India Mumbai: Rising cases of online thefts and frauds will push Indian banks that...
California lawmakers pass AI safety bill
The bill requires developers of large "frontier" AI models to take precautions such as pre-deployment testing, simulating hacker attacks, installing cyber security safeguards, and providing protection for whistleblowers At least 40 states have introduced bills this...
Japan issues emergency warning as powerful Typhoon Shanshan nears
The meteorological agency issued an emergency warning saying the typhoon could bring flooding, landslides and wind strong enough to knock down some houses Southwestern Japan braced on Wednesday for what officials say could be one of the strongest storms to ever hit...