Eco/Invest/Demography

US class action lawsuit against Infosys & top brass dismissed

Indian News       May 22, 2020

  New Delhi: Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US District Court has been dismissed.   The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last...

Maha fixes price cap on pvt hospitals treating COVID-19 cases

Indian News       May 22, 2020

Mumbai: The Maharashtra government has come out with three slabs on per day charges on treatment of COVID-19 patients in private and charitable hospitals and also decided to regulate rates for 80 per cent of the operational bed capacity in these medical facilities.   Non-government health...

UK insurers,banks prepare for return to office of the future

International News       May 22, 2020

  London: Limits on elevators, thermal imaging and temperature checks will greet a first wave of traders and bankers in Britain preparing to return to offices under new norms to tackle the coronavirus.   Britain’s financial sector is working to bring staff back to city-center workplaces, which...

UK’s Aviva expects COVID-19-related claims of nearly $200 Million

International News       May 22, 2020

  London: British insurer Aviva expects 160 million pounds ($195 million) in claims related to the coronavirus pandemic and weaker second quarter sales, it said on Thursday, as government lockdowns aimed at containing the virus hit the global economy.   Insurers globally are likely to face more...

RBI slashes repo rate by 40 bps,says GDP growth in negative territory in 2020-21

Indian News       May 22, 2020

   MUMBAI: The Reserve Bank of India on Friday,in line with the industry expectations, slashed its key policy rate for a second time this year, in a move to counter the economic fallout from an ongoing nationwide lockdown to contain the spread of the novel coronavirus.  ...

Brazil reinsurer IRB eyes acquiring foreign competitors’ portfolios:Report

International News       May 22, 2020

  Brasília: Brazilian reinsurer IRB Brasil Resseguros SA is in advanced negotiations to buy rivals’ portfolios in Brazil and elsewhere in Latin America as foreign competitors scale back in the region, two sources close to the company told Reuters.   Any such acquisition would be a bold...

Australia clamps down on litigation funders following surge in class action lawsuits

Facts       May 22, 2020

  The Australian government is tightening regulatory scrutiny of wealthy litigation funders, clamping down on the industry following a surge in costly class action lawsuits.   Treasurer Josh Frydenberg said on Friday that litigation funders will be required to hold an Australian financial services provider license within...

French court orders AXA to pay restaurant’s COVID-19 Business Interruption Losses;AXA to appeal

International News       May 22, 2020

  Paris: A Paris commercial court ruled that insurer AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the restaurateur’s lawyer said on Friday, possibly opening the door to a wave of similar litigation.   AXA said it would appeal. It said there...

Atul Sahai,CMD, New India Assurance

IRDA to revamp Trade Credit Insurance regulations,to make it more MSME friendly

Indian News       May 21, 2020

  Hyderabad: A panel constituted by the insurance regulator IRDAI under leadership of Atul Sahai,CMD, New India Assurance, to overhaul the existing guidelines on Trade Credit Insurance(TCI),has  proposed several changes in the existing guidelines in order to improve the credit insurance market and at the same...

Corporate revenues drop over 25% during lockdown; normalcy may take over 1 year to return: Survey

Facts       May 21, 2020

  Mumbai: Majority of high-ranking business managers confirm that corporate revenues have already declined by over 25 percent during the lockdown and businesses will take more than a year to return to normalcy, according to a survey.   The survey titled 'COVID-19 and Your Wealth', conducted by...