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India’s Mahindra expects car sales to take two years to rebound after COVID shock
Car sales had started to pick up in the January-March period but a second, more deadly wave of infections forced lockdowns again. This time consumer sentiment has taken a hit and discretionary spending is likely to take longer to recover.
The virus is also spreading to rural India, which was relatively protected during the first wave and had offset the low demand automakers saw in urban centres.
Carmakers in ‘India’s Detroit’ allowed to operate as workers protest COVID risk
Tamil Nadu government order issued on Saturday said so-called continuous process industries, which include auto factories, would be allowed to function in accordance with measures such as social distancing to stem the virus’s spread.
It also urged vehicle manufacturers to initiate immediate action to vaccinate all their employees within a month.
Pandemic Or No Pandemic, CEO Salaries See Rise Again
Govt announces scheme to provide pension for dependents of COVID-19 victims
Besides family pensions, insurance benefits under the Employees” Deposit-Linked Insurance (EDLI) scheme have been enhanced and liberalised. Prime Minister Narendra Modi said these steps will help mitigate financial difficulties faced by these families.
To help these families live a life of dignity and maintain a good standard of living, the benefit of the Employee State Insurance Corporation (ESIC) pension scheme for employment-related death cases is being extended to even those who have died due to Covid, the PMO said in a statement.
International
Going to UK to study? Pay double health surcharge of 300 pounds from Dec
London: The UK government is all set to double the...
Hackers stole details of 29 million users in Facebook breach
Stolen Apple IDs Used by Hackers to Steal Cash, Warn Chinese Digital Payments Firms
Digital payments services have become a tempting target for cyber-thieves as their popularity surges around the world. Ant Financial, which is controlled by billionaire Alibaba co-founder Jack Ma, is estimated to handle more than half of China’s $17 trillion in annual online payments. Formally known as Zhejiang Ant Small & Micro Financial Services Group, it leveraged Alipay’s popularity to expand into everything from asset management to insurance, credit scoring and lending. It serves more than 800 million customers. Tencent’s rival payments offering is a key component of the social media service WeChat, which has a billion-plus users.
Insurance M&A deal value expected to increase by 150% in 2018
Tim Zawacki, Senior Insurance Analyst at S&P Global Market Intelligence said, “We are in a period where insurance carriers are reevaluating what is core to their franchise and pushing for greater efficiency in both expenses and capital utilization, which in turn is driving deal volume close to record highs. With a continued push for consolidation even after one of the most active years for P&C and life insurance M&A, a variety of factors will continue to drive transaction deal value beyond 2018.”
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