SIRC 26
Indian
Rs 500-cr COVID claims leave ICICI Prudential in the red with Rs 186 cr Q1 net loss
On the massive pandemic claims, Kannan said the company had a gross claim of Rs 1,100 crore from 5,000 insured, which translates into Rs 500 crore net claims (as the remainder of the claims is paid by the reinsurers). This is 2.5X of what it settled in the whole of last year — net paid only Rs 200 crore to 2,000 people. Kannan further said all of the Rs 500-crore net claim is not paid yet but refused to share the exact settled amount, saying as a policy they set aside funds for the entire claims filed for.
Tax reduction, pandemic-driven cost cuts buoys India Inc net by 105% in FY21: Report
The tax cut has contributed 19 per cent to the topline of these companies during the pandemic with cement, tyre and consumer durables gaining in excess of 50 per cent, it added.
More importantly, 15 sectors led by refineries, steel, fertilisers, textiles, pharma, IT, mining, etc reduced their loan funds in the range of 6-64 per cent or to the tune of Rs 2.09 lakh crore in FY21, which again boosted their bottomline.
Over 150 children found COVID-positive as Mizoram reports highest daily cases
Hospitals have become large industries, thrive on human distress: SC
“Hospitals have become a large industry now based on human distress. We cannot allow them to prosper at the cost of human lives. Let such hospitals be closed and allow the state to bolster health care facilities. Let not such hospitals operate in buildings with four rooms etc.,” said Justice Chandrachud while noting that a number of hospitals don’t adhere to fire safety norms.
International
No-Deal EU exit ‘Now a Very Real Prospect’, Says Head of Newly Formed Brexit Cabinet
Chancellor Sajid Javid is ready to release more than 1 billion pounds ($1.2 billion) for planning a no-deal exit, the Financial Times reported on Sunday, noting the new funds add to the 4.2 billion pounds set aside by his predecessor, Philip Hammond.There’s not a clear majority in Parliament for no deal and lawmakers have said they will try to block it. Labour Party leader Jeremy Corbyn said he’s ready for a general election at any time
Chubb innovates in marine insurance with instant shipment insurance
Currently, Chubb offers automated shipment insurance in Australia, Korea and Singapore. This allows traders, logistics service providers, carriers, and even insurance intermediaries to obtain an insurance quotation and bind cover within minutes. The process, previously characterized by endless paperwork and long turnaround time, is now seamless, quick, and available 24/7
SoftBank’s Masayoshi Son forms $108-billion Vision Fund 2 with Apple, Microsoft
Australia to police Facebook, Google with new watchdog office to protect privacy
Australian Treasurer Josh Frydenberg said the $5 billion fine slapped on Facebook in the United States this month for privacy breaches showed regulators were now taking such issues extremely seriously.
“These companies are among the most powerful and valuable in the world,” Frydenberg told reporters in Sydney after the release of a much-anticipated report on future regulation of the dominant digital platforms.
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