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India to add 100 more earthquake observatories by 2026: Jitendra Singh
China allows couples third child amid demographic crisis
The shift to the two-child rule led to a temporary bump in the numbers of births but its effects soon wore off and total births continued to fall because many women continued to decide against starting families. Japan, Germany, and some other wealthy countries face the same challenge of having fewer workers to support aging populations. However, they can draw on investments in factories, technology, and foreign assets, while China is a middle-income country with labor-intensive farming and manufacturing.
July non-life insurance premiums shrug off pandemic cloud: Care Ratings
Post LIC IPO, 60 pc of insurance biz to be with listed entities: FinMin official
The insurance sector, over the two decades since the introduction of competition and regulation, has matured with 69 insurers today as against only eight in 2000. ‘A majority of these have crossed their initial breakeven phase. Once the proposed listing of LIC happens, about 60 per cent of the insurance industry business would be with listed entities. The sector as a whole has been growing at a pace significantly higher than that of the overall economy, additional secretary in the finance ministry Amit Agarwal said
Xi’s wealth redistribution push starts with stick
The wealthiest 1% of Chinese people now hold 31% of the country’s wealth, up from 21% two decades ago, per a Credit Suisse report. The pandemic, which hit small businesses and poor workers hardest, has exacerbated the gap, yet the number of newly-minted ultra-rich surged 50% compared to 2019 as financial markets popped.
Increasing disposable incomes for ordinary people, which only grew 1% for urban residents in 2020, will be trickier in a system better at driving growth through investment than consumption. It will require fresh fiscal transfers and increased social spending, and companies and wealthy people will probably be on the hook to help pay.
Real estate contributes 70% to China’s wealth gap, noted Li Shi, an expert on income distribution at Beijing Normal University.
Has global automobile market revived?
By market, India market showed the largest increase of 95.2 per cent year-on-year. It was followed by Russia (38.2 per cent |), the US (29.3 per cent |), China (27.5 per cent |), Europe (27.1 per cent |), Brazil (26.3 per cent |), and Mexico (18.1 per cent |). Compared to the first half of 2019 before COVID-19, India (1.5 per cent |) and Russia (6.0 per cent |) showed positive growth rate. The U.S. (1.3 per cent |) and China (1.1 per cent |) also showed similar level before COVID-19. However, Brazil (24.6 per cent |), Europe (23.0 per cent |), and Mexico (19.6 per cent |) showed relatively slow recovery.
ANALYSIS-Climate science struggles with ‘blind spots’ in developing nations
Only 35% of the authors working on the sixth assessment report – the current series that will culminate in a synthesis due to be finalized in September next year – hail from developing countries, according to a study published in the MDPI journal Climate, up from 31% for the fifth assessment report. Huq said that during his time working on the third and fourth IPCC assessment reports, published in 2001 and 2007, the number of scientists’ nationalities increased – but countries in the Global South were represented by just one or two authors.
Musk says Tesla likely to launch humanoid robot prototype next year
Tesla Inc Chief Executive Elon Musk said Tesla will also introduce new hardware for its self-driving computer for its Cybertruck electric pick-up truck in “about a year or so.” Tesla in July pushed back the launch of its much-anticipated Cybertruck from this year, without giving a timeframe for its arrival on the market.
Japanese crypto exchange hit by estimated $94 mln hack
London-based blockchain analysis firm Elliptic said digital addresses identified by Liquid as belonging to the thief had totalled over $94 million , including $45 million in tokens connected to the Ethereum blockchain.
The hacker or hackers is converting these tokens to the ether cryptocurrency via so-called decentralised – peer-to-peer – exchanges, Elliptic said, adding that it was aiding Liquid in tracking the stolen funds.
J&J seeks nod for COVID-19 vaccine trial in Indian adolescents
Conducting vaccine clinical trials among adolescents is imperative to achieve herd immunity against the coronavirus, J&J said in an emailed statement.
The U.S. pharma giant had received emergency use approval for its single-dose vaccine in India earlier this month, making it the fifth authorised vaccine in the country. read more
China’s planned anti-sanctions law for Hong Kong unsettles financial sector
Under the planned law, if financial institutions in Hong Kong implement U.S. sanctions, they may be exposed to legal risk in Hong Kong for doing so, financial sector executives and lawyers said.
“Many foreign multinational companies are asking about the impact of the anti-foreign sanctions law, especially international banks and financial institutions,” said Shaun Wu, a Hong Kong-based partner at law firm Paul Hastings.
For bank regulators, tech giants are now too big to fail
Japanese general insurance industry to reach $133.1bn in 2025, forecasts GlobalData
Motor insurance is the largest segment in the Japanese general insurance industry with 51.5% of GWP in 2020. It is forecasted to grow by 1.4% in 2021 against the decline of -3.6% in 2020, backed by improved vehicle sales. According to the Japan Auto Manufacture Association (JAMA), new vehicle registrations during January-April 2021 increased by 4.2% as compared to same period in 2020.
The segment is expected to grow at a CAGR of 1.7% during 2020-2025. The launch of fully autonomous vehicles targeting local and global markets as well as expansion of electric car market is expected to drive growth of the motor insurance segment during the forecast period
FDI proposal for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt notification
”Applications for foreign direct investment in private banks having joint venture or subsidiary in insurance sector may be addressed to the Reserve Bank for consideration in consultation with the Insurance Regulatory and Development Authority of India (IRDAI), in order to ensure that the limit of foreign investment applicable for the insurance sector as specified in serial number F. 8.1 and F. 8.2 is not breached,” the notification said.
India approves Zydus Cadila’s ZyCoV-D vaccine for emergency use for adults and children above 12 yrs
Chairperson of the Zydus Group, Pankaj R Patel said, “We are extremely happy that our efforts to put out a safe, well-tolerated and efficacious vaccine to fight COVID-19 has become a reality with ZyCoV-D. To create the world’s first DNA vaccine at such a crucial juncture and despite all the challenges, is a tribute to the Indian research scientists and their spirit of innovation. I’d like to thank the Department of Biotechnology under the Government of India for their support in this mission of Atma Nirbhar Bharat and Indian Vaccine Mission COVID Suraksha.”
WHO seeks ‘best minds’ to probe new pathogens that jump from animals to humans
India smartphone mkt to reach record 173 mn units in 2021: report
In 2020, the Indian market outperformed the North America, Latin America and Africa markets.
”Our outlook for India for the next five years remains positive, keeping in mind its 1.39-billion (and growing) population, upgrade of users from feature phone to smartphone, and future emergence of new use cases. The market is set to cross the 200-million mark in the next couple of years,” Counterpoint said.