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July 10, 2022

Florida’s Capacity Insurance Gets Downgraded, Stops Writing New Business

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AM Greatest has withdrawn its financial power score for Capacity Coverage, a commercial insurance provider with a modest footprint in Florida, and the business has decided to withdraw from the Florida market.

“Due to a assortment of situations, the Florida marketplace has gone through huge adjustments over the last year. As a outcome, we halted binding new small business powerful June 21, 2022,” the Capacity web site reads.

The insurer considering that 1989 has delivered house-casualty coverage for mild mercantile, places of work, lessor’s hazard, gas stations, residences of worship, trade contractors, funeral properties and other smaller-to-mid-sized companies.

In 2009 Capacity was acquired by Staff Concentration Insurance policies Group, which was obtained by Peak6 InsurTech and expense agency one year back. Capacity’s affiliate and taking care of general agency, MacNeill Team, carries on to function with other carriers, the company’s web page famous.

AM Greatest introduced Thursday that it withdrawn Capacity’s financial rankings immediately after the corporation mentioned it no extended wished to take part in the rating process. The score company experienced not too long ago downgraded Capacity’s fiscal toughness rating to “C++ marginal” and explained the outlook for the business is adverse.

The downgrades replicate Capacity’s harmony sheet and “an unfavorable shift” in its capitalization, as effectively as erosion of its surplus.

“Furthermore, the company’s capital construction is dependent on a $7 million surplus take note (due in 2029) that was issued in early 2022,” AM Best wrote in the information launch. “The enterprise has ongoing to report adverse reduction reserve advancement stemming largely from management’s endeavours to appropriate existing reserves and subdue long run deficiencies.”

Recent corrective actions taken by the firm did not fix the issue, AM Greatest noted.

A spokesman for Peak6 stated Friday that the insurance provider has been through substantial adjustments in the last 18 months. “Over the earlier yr, the Florida marketplace has been exceptionally tough, primarily in the reinsurance arena, even further decreasing the profitability of Ability Insurance plan,” a statement from the corporation claimed.

On July 5, Capacity’s board of directors acknowledged the resignation of its chairman and appointed Andy McGuire to the place. It also licensed administration to go forward with the plan to voluntarily withdraw from the state. Two days afterwards, it submitted a withdrawal program to the Florida Business of Insurance policies Regulation and is awaiting evaluate. The carrier is committed to spending all excellent statements from its existing e book of company, the organization reported.

Potential has only about 2,700 policies in pressure. In 2019, it had some $17 million in immediate written quality, or fewer than .1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the Florida marketplace, in accordance to a report from advisor Man Fraker.

“PEAK6 InsurTech continues to look at Capability Insurance as an asset and will retain its license to write in Florida so it might revisit prospects to reenter the Florida market place for all lines of coverage in the long run,” the Peak6 assertion pointed out.

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December 18, 2021

Live Updates: Quebec Limits Businesses to 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Capacity | Business News

TORONTO — Bars, restaurants, stores and entertainment venues across the Canadian province of Quebec will be required to operate at 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} capacity because of the omicron variant of the coronavirus.

Quebec Premier François Legault announced new pandemic restrictions Thursday after new forecasts that hospitals in the province could reach capacity for COVID-19 patients within weeks. The new restrictions take effect Monday.

Churches and other faith venues will also must keep at half capacity and worshippers will have to show proof of vaccination. Parties at work are banned along with dancing and singing karaoke inside bars, clubs and restaurants.

Quebec also reversed a decision to allow larger indoor private gatherings beginning Dec. 23.

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HERE’S WHAT YOU NEED TO KNOW TODAY ABOUT THE CORONAVIRUS PANDEMIC:

— European leaders discussing rise of infections, spread of omicron

— Vaccine skeptics in Eastern Europe having change of heart

— US sports leagues cope with COVID-19 outbreaks amid variants

— New California rules end distinction for vaccinated workers

— Israel to donate 1 million COVID vaccines to African nations

Go to https://APNews.com/coronavirus-pandemic for updates throughout the day.

HERE’S WHAT ELSE IS HAPPENING TODAY:

CHARLESTON, W.Va. — West Virginia health officials say the state’s first case of the omicron variant of the coronavirus has been reported in an unvaccinated resident in Marion County.

The state Department of Health and Human Resources said Thursday it would provide no further information to protect the patient’s confidentiality.

Active cases of the coronavirus statewide have nearly doubled in the past three weeks to more than 8,700. The number of people hospitalized statewide for the virus also has been increasing this month and was at 623 Thursday.

There have been 5,142 virus-related deaths in the state since the start of the pandemic.

CONCORD, N.H. — New Hampshire’s governor has announced another “booster blitz” for Jan. 8, aiming to give out about 10,000 coronavirus vaccine shots. The first one was held Dec. 11.

Gov. Chris Sununu also said Thursday that New Hampshire plans to increase the number of walk-in sites for vaccine shots from four to 10.

Sununu adds that residents will again be allowed to order free, rapid cirus test kits that can be administered at home through the “Say Yes to the Test” campaign.

The state partnered with the federal government to deliver 800,000 tests last month. They ran out of supplies in a day.

KANSAS CITY, Mo. — Kansas has confirmed its first case of the omicron variant, raising fresh concerns as hospitals already were seeing a rise in COVID-19 patients.

The Kansas Department of Health and Environment said in a news release Thursday that the infected person is a vaccinated adult in Franklin County in the northeast part of the state. The person had not received a booster.

The announcement comes as the state’s seven-day rolling average of daily new coronavirus cases has risen over the past two weeks from 1,340.29 on Nov. 30 to 1,594.43 on Tuesday, according to data from Johns Hopkins University. Deaths also rose over that period to 18.4 per day from 5.14.

MADRID — Real Madrid says players Gareth Bale, Marco Asensio, Rodrygo, Andriy Lunin and an assistant coach have joined its group infected by a coronavirus outbreak.

The Spanish soccer club’s announcement Thursday came a day after it said Luka Modric and Marcelo tested positive.

The assistant coach infected was Davide Ancelotti, son of head coach Carlo Ancelotti.

Madrid leads the Spanish league.

OMAHA, Neb.: The current surge in virus cases in Nebraska is putting stress on the state’s health care system.

Health officials said Thursday that they are already concerned about hospital capacity, and the spread of the contagious new omicron variant of the virus could make the situation worse. Nebraska confirmed six cases of the omicron variant earlier this month, and state epidemiologist Dr. Matthew Donahue said one new possible case was being investigated Thursday.

Infectious disease expert Dr. Angela Hewlett said hospitals may soon have to ration care to patients by imposing what doctors call crisis standards of care because doctors and nurses are spread so thin.

JOHANNESBURG – Tourism officials in South Africa have denounced new travel restrictions imposed by France because of the surge in omicron variant infections, saying the country feels discriminated against.

Steve Motale, a spokesman for South Africa’s Department of Tourism, said the French government restrictions appear to be aimed at discouraging people from traveling from France to South Africa, since they will face a long and costly quarantine after their return.

“It is unfortunate that once again South Africa seems to be discriminated against with no scientific basis,” Motale told the AP Thursday. Mandatory quarantine and additional resources for PCR tests make South Africa an unattractive travel destination, he said.

DETROIT — Michigan is in a “crisis” due to COVID-19, according to Bob Riney, chief operating officer at Henry Ford Health System in Detroit.

Henry Ford hospitals in southeastern Michigan had about 500 COVID-19 patients Wednesday, 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of them unvaccinated.

“There’s no way to sugarcoat it,” Riney said. “On any given day, our emergency departments are either at capacity or close to it, and often times serving as inpatient units because we don’t have beds available in our standard inpatient units or ICUs.”

JOHANNESBURG — Amid fast-rising numbers of new COVID-19 infections, South African officials are urging people to get vaccinated before traveling for the holidays and attending festive gatherings.

South Africa’s daily new confirmed cases climbed to more than 26,900 on Wednesday and 24,700 on Thursday, the highest yet in the new wave driven by the omicron variant — and reaching the peak of an earlier surge in June and July caused by delta.

South Africa’s 7-day rolling average of daily new cases has risen steeply over the past two weeks from 6.4 new cases per 100,000 people on Dec. 1 to 38.5 new cases per 100,000 people on Dec. 15, according to Johns Hopkins University.

ORLANDO, Fla. — Wastewater samples show that the new omicron variant is now the dominant strain of the coronavirus in the Florida county that is home to America’s largest theme park resorts, officials said this week.

The omicron variant has quickly surpassed the delta variant in collections taken from wastewater sampling sites in Orange County, officials said.

Even though the county has almost no confirmed cases involving omicron, a sampling this week showed the variant represented almost 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the coronavirus strains in the wastewater facility samples, Orange County Utilities spokesperson Sarah Lux said in an email.

LONDON — Britain’s government has registered another record daily number of COVID-19 cases.

Authorities reported 88,376 new confirmed cases on Thursday, almost 10,000 more than the previous record set a day earlier. Officials said 146 people infected with the coronavirus died between Wednesday and Thursday.

U.K. officials have said the omicron variant of the coronavirus is spreading at an “absolutely phenomenal pace,” with case numbers doubling every two to three days.

The U.K. Health Security Agency said another 1,691 omicron cases have been identified in the country, bringing the total to 11,708, though scientists warn the number is likely to be much higher.

LONDON — England’s chief medical officer says it’s possible that daily hospital admissions from COVID-19 this winter will surpass the previous peak numbers, though he cautioned that “huge uncertainties” remain about the omicron variant.

In testimony before the House of Commons Health and Social Care Committee, Professor Chris Whitty said he expects the highly transmissible omicron variant to drive a rapid increase in infections, which could push hospitalizations above the daily record of 4,583 recorded on Jan. 12.

“We’re talking about huge uncertainties, so I don’t want this to be seen as saying this will happen; I’m just saying there’s a range of possibilities,” Whitty said. “You could have a higher number than that going into hospital on a single day. That is entirely possible. It may be less than that, but it’s certainly possible.”

BERLIN — Germany is scrambling to procure more vaccines to fuel what the new health minister on Thursday called a “very offensive” and fast booster strategy that would leave the country better prepared for the onslaught of the new omicron variant.

Germany on Wednesday administered nearly 1.5 million shots, its highest one-day total so far. As its vaccination campaign has revved back up, an average of some 988,000 people per day have been vaccinated over the past week.

The proportion of Germany’s population of 83 million that has been fully vaccinated now stands at 70{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} — below the official minimum target of 75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. And 27.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} also have received a booster shot, a figure that is rising quickly.

Health Minister Karl Lauterbach said that “we will try with a very offensive, fast booster strategy to keep the omicron variant as small as possible to avoid overloading the health system and possibly society as a whole.”

PARIS — Wealthy countries will have a surplus of nearly 1.4 billion doses of coronavirus vaccine by March 2022, according to predictions by the analysis firm Airfinity.

It wasn’t clear how much of the estimated surplus would be absorbed if all the countries decided to give booster shots to protect their populations against the omicron variant.

Airfinity prepared the forecast for the International Federation of Pharmaceutical Manufacturers & Associations, which denied Thursday that there was a lack of vaccines for the developing world.

The Geneva-based industry group said the problem was a combination of hoarding by wealthy nations and an inability to carry out vaccinations in poorer countries.

The head of vaccine alliance Gavi, which is leading a U.N.-backed push to get COVID-19 vaccines to developing countries, said this week he’s seen early signs of rich countries withholding donations due to fears about omicron. He warned any new hoarding could lead to “Inequity 2.0.”

Of the roughly 10 billion doses that have been delivered worldwide, the vast majority have gone to rich countries. COVAX has delivered just over 720 million.

ST. PAUL, Minn. — A coronavirus pandemic wave caused by the fast-spreading delta variant has quickened the death toll in Minnesota, where more than 10,000 have died of COVID-19.

The state Department of Health on Wednesday reported 54 more COVID-19 deaths confirmed by testing, raising Minnesota’s total to 10,018.

State health data showed that it took 188 days from March to September for Minnesota to go from 7,000 to 8,000 deaths, but then 58 days to reach 9,000 and 35 days to reach 10,000, the Star Tribune reported.

Even as the death toll climbed, Minnesota has the 38th lowest rate of COVID-19 mortality among states since the start of the pandemic.

MADRID — Health workers in Spain’s Balearic Islands will need to show a certificate proving they are vaccinated against the coronavirus or provide three negative COVID-19 tests per week if they don’t want to lose their jobs or salary.

The Balearic Islands’ High Court on Thursday greenlighted the new regulation by the regional government of the Mediterranean archipelago — a popular tourist destination that includes Mallorca and Ibiza.

Forcing the unvaccinated to take periodical tests amounted to limiting their fundamental rights, but the measure was necessary because health workers are legally obliged to prevent illnesses, the judges said in their decision.

Spaniards have displayed strong vaccination acceptance, leading to nearly 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of residents aged 12 or older being double-vaccinated.

This week, the country started rolling out vaccine shots for 3.3 million children aged between 5 and 11.

LONDON — England’s chief medical officer says the U.K. government may have to consider a tougher response to the wave of COVID-19 sweeping the country if vaccines prove less effective than anticipated against the new omicron variant.

In testimony to a parliamentary committee Thursday, Professor Chris Whitty said scientists won’t fully understand how well vaccines work against omicron until they’ve conducted clinical studies on patients infected with the variant. Data from those studies aren’t expected until the last week of December at the earliest.

The government this week rolled out an accelerated vaccine program that aims to offer everyone over the age of 18 a booster shot by the end of the year.

It has also implemented new rules ordering masks to be worn in most indoor settings in England and requiring proof of vaccination or a negative COVID-19 test to enter nightclubs and large events.

BRUSSELS — European Union leaders have agreed that administering booster shots is “urgent” and “crucial” to tackle the surge of coronavirus infections across the continent and the emergence of the new omicron variant.

With the festive season looming, the bloc’s leaders also stressed Thursday the importance of coordinated action to avoid a confusing cacophony of rules in the 27 member states, and ensure that COVID-19 certificates continue to guarantee unrestricted travel.

In their summit’s conclusions, leaders gathered in Brussels insisted on the need for a harmonized approach to avoid limitations to free movement between member countries or hamper travel into the region.

November 8, 2021

Cyber cover costs explode, capacity limited

Driven by ransomware attacks, the cyber legal responsibility insurance policies current market has been hardening at a dizzying pace, with enhanced losses, rising charges, better retentions, the imposition of sublimits and coinsurance requirements, confined potential and insurers’ occasionally onerous info demands that need to be satisfied before protection is delivered.

Even though no important gamers have still left the current market, boundaries have been slashed — normally by 50 {1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} — and prices in some scenarios have as substantially as tripled. Insurtech cyber insurers have created up for some of the contraction, but there has been a net decline of ability for cyber dangers.

The problem has been exacerbated by the pandemic, with workers doing the job from house most likely additional susceptible to ransomware assaults because of their fewer safe laptops, gurus say.

In the meantime, privateness regulation and litigation loom as an problem that will inevitably need a lot more policyholder consideration, observers say (see linked tale).

The cyber market’s hardening started in 2019, accelerated in 2020, ongoing into this year and is now “in the most difficult put it’s at any time been,” reported John Farley, New York-centered handling director of Arthur J. Gallagher & Co.’s cyber liability apply.

Cyberattacks have not slowed, ransomware calls for have grow to be a lot more pricey, and the frequency of assaults has accelerated, he said.

“The cyber sector is a little bit like the Wild West ideal now,” claimed Dan Burke, San Francisco-centered national cyber follow leader for Woodruff Sawyer & Co. “There’s not a ton of rhyme or cause to what is occurring with costs and coverage from one account to the up coming.”

Ransomware’s explosive expansion around the past 18 months is the primary motive for the upheavals in the marketplace, authorities say. Legal gangs in japanese Europe are pursuing a great deal even bigger corporations than they previously qualified, and it is unclear when or if the tempo of attacks will gradual, said Brad Gow, Order, New York-based mostly cyber merchandise leader for Sompo Global Holdings Ltd.

Past month, it was described that 4 ransomware assaults had penetrated drinking water and wastewater amenities in the earlier yr, and federal authorities warned very similar plants to examine for signs of intrusions and consider other safety measures.

It is “kind of the 800-pound gorilla in the home,” reported Tim Zeilman, Simsbury, Connecticut-dependent global cyber product proprietor at Hartford Steam Boiler Inspection and Insurance policy Co., a device of Munich Reinsurance Co.

Cybersecurity enterprise Sophos Ltd., based mostly in Abingdon, England, stated in an April report that the typical price of remediating a ransomware assault, which incorporates enterprise downtime, dropped orders and operational expenses, grew from $761,106 in 2020 to $1.85 million in 2021.

“It has pushed a larger frequency of promises and undoubtedly pushed a greater severity of claims for most carriers,” and danger aggregation has come to be “a large challenge,” notably in the technological innovation sector, the place an attack can influence all of a company’s clientele, Mr. Burke mentioned.

Gurus say examples that illustrate ransomware’s systemic risks involve the December 2020 attack on SolarWinds Corp.

James Burns, London-dependent cyber products leader for CFC Underwriting Ltd., said the July attack on Kaseya Ltd., a big provider of program for modest organization, led to an uptick in statements.

The cyber legal responsibility market is in a interval of transition and evolution and the tough circumstances make the course of action of getting protection additional challenging and dynamic, mentioned Tom Reagan, New York-based mostly U.S. cyber follow leader for Marsh.

Rates are growing 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} or more and in some scenarios doubling, though retentions are also doubling or tripling, and cuts in limitations to $5 million from $10 million have come to be “pretty plan,” explained Kelly Geary, New York-centered nationwide exercise leader for executive possibility and cyber with EPIC Insurance plan Brokers & Consultants. 

With sublimits and coinsurance applied, insurers could fork out only 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of a ransomware assert and may well be sharing in the price of that assert up to the sublimit, reported Mr. Farley of Gallagher.

Though no considerable gamers have still left the sector, some insurers have stopped writing whole lessons of cyber business that they take into account problematic, in addition to capping their limitations, explained Tom Srail, executive vice president, cyber threat workforce, for Willis Towers Watson PLC in Cleveland.

“Many insurers have efficiently made the decision, if not formally, ‘We’re not heading to get new organization,’” he stated.

Insurers are reconsidering coverage they supply, making absolutely sure wordings are crystal clear and steering clear of unwanted systemic exposure, or at least extra consciously underwriting to mirror the systemic exposure, reported Chris Storer, Munich, Germany-dependent head of the cyber centre of excellence for Munich Re. They are also starting off to glance at the product’s for a longer period-phrase sustainability, he explained.

“Insurers now have extra leverage in the marketplace than two, a few years ago,” which has authorized them to be more watchful about their underwriting and has given them the capacity to check with more thoughts, mentioned Mr. Zeilman of Hartford Steam Boiler.

They are demanding significantly additional information prior to agreeing to bind the company and searching for assurances that firms have implemented current cybersecurity measures, this sort of as multifactor authentication and an incident response strategy.

“We’ve been getting a large amount of follow-up issues, which can consist of three or four sets of queries,” said Christopher Keegan, New York-based head of the cyber legal responsibility apply at Beecher Carlson, a unit of Brown & Brown Inc.

Mr. Keegan said Beecher Carlson suggests its policyholders glance at the challenge six months ahead of their renewal day “to comprehend exactly where the issues are going to be.” He added that “a significant majority” of policyholders “still usually stop up renewing with their incumbent.”

“We’re in for a bit of a bumpy ride” for the next 12 months, mentioned Evan Taylor, Charlotte, North Carolina-primarily based senior vice president at NFP Corp. Prices will continue on to boost, potential will contract, and sublimits and increased retentions will be much more typical, he mentioned.

Mr. Farley mentioned, on the other hand, that with underwriters inquiring some critical thoughts and corporations turning into extra cybersecure, “we may possibly see the market place reply in a optimistic way in phrases of decreased rates” and providing complete coverage with extra favorable phrases and situations.

Privateness polices increase to policyholder concerns

Although much of the cyber insurance industry’s target is on ransomware, privacy laws also loom as a potential liability situation for policyholders, but they are not finding the attention they might are entitled to, observers say.

Ransomware has “become a bit of an echo chamber wherever everything’s about it,” claimed Kevin McGowan, Chicago-dependent senior vice president with insurtech Resilience Cyber Insurance coverage Solutions’ cyber underwriting device.

Significant and influential privateness laws features Europe’s Common Data Defense Regulations, the California Consumer Privateness Act of 2018 and the Illinois Biometric Information Privacy Act.

GDPR imposes fines on people who violate the privacy and stability benchmarks the CCPA offers consumers additional regulate above the own facts companies acquire and BIPA involves educated consent before the collection of facial recognition information.

Authorities say particularly problematic for providers is the non-public correct of motion, which allows citizens to sue corporations for their alleged violations, that the guidelines allow.

The non-public right of action “really has not strike the insurance plan industry yet in a significant way, but I do imagine it will, and to me there’s a whole lot of danger that exists for providers in that space,” mentioned Dan Burke, San Francisco-based countrywide cyber observe leader for Woodruff Sawyer & Co.

“If I were being an underwriter,” this would be the aim of “the up coming wave of threat we have to have to be on best of,” he reported.

Pointing to the CCPA and BIPA, Tim Zeilman, Simsbury, Connecticut-based world cyber product or service proprietor at Hartford Steam Boiler Inspection and Coverage Co., a device of Munich Reinsurance Co., claimed, “I think we’re heading to see extra of those people kinds” of laws across the United States, “the way we saw data breach” regulations unfold before. Laws like Europe’s GDPR will also possible be introduced, he explained.

Lawsuits related to statutes are not still important triggers of cyber legal responsibility losses, but that could modify, Mr. Zeilman reported.

“They’re a subject matter that just can’t be disregarded and are not able to be forgotten,” simply because the concentrate has steadily shifted given that GDPR went into impact in 2018, and has moved from info breaches and necessary reporting to privateness, reported Brad Gow, Buy, New York-based mostly cyber product or service leader for Sompo Intercontinental Holdings Ltd.

GDPR and other laws “are beginning to have some tooth, and regulators are starting to enforce them,” reported Christopher Keegan, New York-centered head of the cyber legal responsibility observe at Beecher Carlson, a device of Brown & Brown Inc.

Even so, Anthony Dagostino, New York-primarily based executive vice president, international cyber and engineering apply, at Lockton Cos. Inc., explained ransomware will keep on being the principal problem of cyber legal responsibility insurers.

“I don’t imagine the regulatory entire world will ever be” a issue to the extent ransomware has been, he said.

October 4, 2021

Top Business News of The Day: New auto debit rules of RBI to set in from Friday; Govt exempts COVID-19 vaccine from customs duty till Dec 31; Airtel’s Nxtra to invest Rs 5,000 cr to triple data centre capacity by 2025 and more.

5:10 P.M.

LIC invites application for post of CFO; India 4th largest producer of agrochemicals, huge potential for growth and Sensex tumbles 287 pts, Nifty slips below 17,650.

Govt exempts COVID-19 vaccine from customs duty till Dec 31; Skye Air, DroneeAcharya, Flipkart consortium to start drone-based delivery of vaccines in Telangana and Skye Air, DroneeAcharya, Flipkart consortium to start drone-based delivery of vaccines in Telangana.

PayU creates Zion, a new recurring payments platform amid new auto debit rules of RBI; Govt to make it mandatory for vehicle manufacturers to make flex-fuel engines: Gadkari and Airtel’s Nxtra to invest Rs 5,000 cr to triple data centre capacity by 2025.

4:42 P.M.

LIC invites application for post of CFO

IPO-bound insurance behemoth LIC has invited applications from eligible candidates for the post Chief Financial Officer (CFO). Life Insurance Corporation of India (LIC) in a public notice said that the post of CFO would be contractual in nature and the CFO would get remuneration of about Rs 75 lakh per annum.

The appointment would be for a period of three years or 63 years of age whichever is earlier, it said, adding, performance will be reviewed on a half-yearly basis. The last date for submitting application is October 12, 2021, it said.

The move to hire a CFO follows a decision to redesignate LIC’s top post to chief executive officer from chairman earlier this year following amendment to Life Insurance Corporation Act 1956 through the Finance Bill 2021, PTI reported.

4:38 P.M.

India 4th largest producer of agrochemicals, huge potential for growth: Tomar

India is the fourth-largest producer of agrochemicals in the world, and the sector has a huge potential for growth with the help of research, innovation and a speedy registration system, Agriculture Minister Narendra Singh Tomar has said.

Addressing the 41st AGM of CroplifeIndia, an apex body of 15 Crop science companies, Tomar said the Centre has launched a digital agriculture mission and focusing on the use of drones in the farm sector, PTI reported.

4:36 P.M.

Govt exempts COVID-19 vaccine from customs duty till Dec 31

The government has exempted customs duty on COVID-19 vaccines for three months till December 31, which will boost domestic availability and make them cheaper, PTI reported.

In a notification dated September 29, the Central Board of Indirect Taxes and Customs (CBIC) said the exemption would come into force on October 1, 2021, and remain in force up to December 31, 2021.

4:23 P.M.

Gold declines Rs 154; silver cracks Rs 1,337

Gold in the national capital on Thursday declined by Rs 154 to Rs 44,976 per 10 gram reflecting an overnight decline in international precious metal prices, according to HDFC Securities.

Silver also dipped Rs 1,337 to Rs 57,355 per kilogram from Rs 58,692 per kilogram in the previous trade.

In the international market, gold was trading with marginal gains at USD 1,733 per ounce and silver was flat at USD 21.64 per ounce, PTI reported.

4:17 P.M.

Skye Air, DroneeAcharya, Flipkart consortium to start drone-based delivery of vaccines in Telangana

Skye Air along with DroneAcharya, under Fipkart Air consortium, has commenced drone-based logistics transportation for delivery of vaccines in Telanganan.

Flipkart, the e-commerce giant, has partnered with the Telangana government to enable the drone deployment for the delivery of medical supplies in remote areas of the state amid the pandemic for its ‘Medicines from the Sky’ project, PTI reported.

4:15 P.M.

HDFC Bank, HDFC Securities invest USD 1 mn in Borderless Softtech

HDFC Bank and HDFC Securities invested about Rs 7.4 crore in Borderless Softtech, which runs global investment platform Stockal, as part of Pre-Series A funding.

Borderless Softtech is a subsidiary of US-based Borderless Investing Inc, PTI reported.

4:14 P.M.

Sensex tumbles 287 pts; Nifty slips below 17,650

Sliding for the third straight day, Sensex dropped 287 points on Thursday amid losses in index majors Reliance Industries, Infosys and ICICI Bank as monthly derivatives expired.

BSE index ended 286.91 points or 0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lower at 59,126.36. Similarly, the NSE Nifty declined 93.15 points or 0.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 17,618.15.

PowerGrid was the top loser in the Sensex pack followed by Asian Paints, Axis Bank, Kotak Bank, Bajaj Auto, SBI and M&M. On the other hand, Bajaj Finserv, Bajaj Finance, NTPC, Sun Pharma and HUL were among the gainers, PTI reported.

4:09 P.M.

PayU creates Zion, a new recurring payments platform amid new auto debit rules of RBI

PayU has created a recurring payments platform known as Zion. It provides multiple features with additional factor authentication, notifications to customers and dashboard for subscription management.

It is designed to adhere to all aspects of subscription payments with minimum integration effort required from banks. PayU is currently working with key banking institutions and issuers to enable them to integrate the new platform.

PayU is working towards introducing new innovations and making stakeholders future-ready to ensure technology readiness under RBI’s auto-debit guidelines, effective from Oct 1, 2021, Manas Mishra, Chief Product Officer, PayU said to The Hindu.

3:17 P.M.

Maruti Suzuki launches virtual car assistant ‘S-Assist’ for Nexa customers

India’s largest car maker Maruti Suzuki India Ltd on Thursday launched a virtual car assistant app called ‘S-Assist’ based on artificial intelligence to help in post-purchase experience to customers.

Available at free of cost to customers of the company’s cars sold through its premium outlet NEXA chain, the S-Assist provides multi-media content like do-it-yourself videos, digital literature, and workshop assistance on smartphones, PTI reported.

Besides, the app gives car owners access to over 4,120 Maruti Suzuki workshops across India, which enables customers to call and navigate to their nearest workshop , the company said in a statement.

3:14 P.M.

Govt to make it mandatory for vehicle manufacturers to make flex-fuel engines: Gadkari

Union minister Nitin Gadkari on Thursday said that the government will make it mandatory for all vehicle manufacturers to make flex-fuel engines, after it gets permission from the Supreme Court.

Flex-fuel, or flexible fuel, is an alternative fuel made of a combination of gasoline and methanol or ethanol, PTI reported.

3:13 P.M.

Max Life AUM crosses Rs 1 lakh crore, grows 6 times in over a decade

Max Life Insurance Co Ltd on Thursday said its assets under management (AUM) have now crossed Rs 1 lakh crore, registering a growth of six times in over a decade.

Max Life has scaled a significant business milestone by achieving Rs 1 lakh crore of AUM as of September 23, with an inordinate focus on financial protection, product innovation, and digitisation, PTI reported.

3:11 P.M.

New auto debit rules of RBI to set in from Friday

With the Reserve Bank of India’s (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday.

On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021, PTI reported.

“The recurring payments economy has tremendous potential in a market like India. RBI’s initiatives will fuel sustainable growth and innovation in the subscription economy in the long run,” Manas Mishra, Chief Product Officer, PayU said to The Hindu.

3:10 P.M.

Financial services company FIS to hire 10,000 people in India

Global financial services provider FIS on Thursday announced plans to hire 10,000 people in India in the next one year amid increasing investment and growth prospects.

As part of its 12-month recruitment drive across India, the company plans to onboard more than 10,000 people at all levels and there will be a special focus to hire graduates from tier II and III cities, PTI reported.

3:08 P.M.

Hydro Projects: Govt issues guidelines for budgetary support for flood moderation

The power ministry has issued guidelines for budgetary support for flood moderation and to create enabling infrastructure like roads, bridges with regard to hydro power projects. According to a power ministry statement, the basic objective of the budgetary support for these components is to reduce tariff levels of these projects, thus ensuring that the consumers are charged cost related to power components only.

The financial value of flood moderation will be worked by technical agencies, like CWC, in accordance with the guidelines, PTI reported.

3:05 P.M.

Tata Steel divests 100 pc stake in NatSteel Holdings for 1,275 crore

Tata Steel on Thursday said it has divested its 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} stake in NatSteel Holdings Pte Ltd, Singapore for about Rs 1,275 crore.

NatSteel Holdings is a steel-making unit under T S Global Holdings (TSGH) Singapore, a 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} indirect subsidiary of India-headquartered Tata Steel Limited, PTI reported.

2:06 P.M.

Airtel’s Nxtra to invest Rs 5,000 cr to triple data centre capacity by 2025

Bharti Airtel’s subsidiary Nxtra on Thursday said it will invest Rs 5,000 crore to triple its data centre capacity by 2025.

The company will set up 7 hyperscale campuses and increase the share of green power in running data centres to 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at present, PTI reported.

1:43 P.M.

Medanta brand-owner Global Health files IPO papers with Sebi

Global Health Limited, which operates and manages hospitals under the Medanta brand, has filed preliminary papers with capital market regulator Sebi to raise funds through an initial share-sale.

The initial public offering (IPO) consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an offer for sale of up to 4.84 crore equity shares, according to the draft red herring prospectus (DRHP), PTI reported.

1:42 P.M.

India one of the fastest growing mkts with over 2,100 operational fintechs: Goyal

India is poised to become one of the largest digital markets with rapid expansion of mobile and internet as the country is one of the fastest growing markets with over 2,100 fintechs operational, Commerce and Industry Minister Piyush Goyal said on Thursday.

JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing the fintech sector, he said at the Global Fintech Fest 2021, PTI reported.

1:38 P.M.

NTPC REL signs first green term loan pact of Rs 500 cr with Bank of India

State-run power giant NTPC on Thursday said its arm NTPC Renewable Energy Ltd (NTPC REL) has signed the first green term loan agreement of Rs 500 crore with Bank of India.

NTPC REL will use this for its 470 MW solar project in Rajasthan and 200 MW solar project in Gujarat, a company statement said.

A green loan is a type of loan instrument that enables borrowers to finance projects that have an environmental impact, PTI reported.

1:34 P.M.

BP leads USD 25 mn funding round in EV ride-hailing start-up BluSmart

BP Ventures has made its first direct investment in India by pumping in USD 13 million in integrated EV ride-hailing and charging company BluSmart, PTI reported.

“BluSmart will use the capital to expand its fleet of electric vehicles and charging stations from its home city of Delhi to five additional Indian cities in the next two years,” the firm said.

BluSmart is India’s first and largest integrated EV ride-hailing and charging company, and aims to deliver safer, cleaner and more sustainable mobility.

1:30 P.M.

Facebook launches creator education programme in India to help creators earn, grow communities

Facebook on Thursday launched its largest creator education and enablement programme in India to provide content creators on its platform and Instagram an opportunity to learn, earn and grow their communities, PTI reported.

The programme will provide live master classes with experts, the latest information on trends, product updates and challenges to help creators keep up with what’s unfolding on Instagram. At the end of the course, the participants will receive a course completion letter as well, said Ajit Mohan, Facebook India Vice President and Managing Director.

It will also give creators the opportunity to real monetary opportunities through various programmes, he pointed out.

Asian shares calmed today after this week’s heavy China-driven losses although the dollar sat at a more than one-year high against major peers. India’s Sensex and Nifty opened flat tracking weakness in Asian markets. Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020.

While the oil prices fell after official figures showed an unexpected rise in inventories in the United States, petrol and diesel prices in India neared record levels after rates were hiked by 25 paise and 30 paise a litre respectively.

Social commerce platform Meesho raised $570 million (about Rs 4,235.2 crore) in funding, led by Fidelity Management & Research Company and B Capital Group, taking its valuation to $4.9 billion in less than five months.

1:00 P.M.

HC dismisses Avantha Group promoter Gautam Thapar’s plea challenging arrest

The Delhi High Court Thursday dismissed a plea by Avantha Group promoter Gautam Thapar, arrested by the Enforcement Directorate in connection with a Rs 500-crore money laundering case, PTI reported.

Thapar challenged his arrest on the ground that he was produced before the trial court after the expiry of statutorily mandated 24 hours. He had approached the high court challenging a trial court’s August 5 order by which his plea to declare his arrest as illegal was dismissed without recording reasons.

12:50 P.M.

Diesel at record high, petrol nears all-time high

Petrol and diesel prices neared record levels across the country after rates were hiked by 25 paise and 30 paise a litre respectively, PTI reported.

The price of petrol was hiked to Rs 101.64 a litre in Delhi and to Rs 107.71 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel rates increased to Rs 89.87 a litre in Delhi and Rs 97.52 in Mumbai. Prices differ from state to state depending on the incidence of local taxes.

12:45 P.M.

China’s electric carmakers make their move on Europe

China’s electric carmakers are darting into Europe, hoping to catch traditional auto giants cold and seize a slice of a market supercharged by the continent’s drive towards zero emissions, Reuters reported.

Nio Inc, among a small group of challengers, launches its ES8 electric SUV in Oslo on Thursday – the first foray outside China for a company that is virtually unheard of in Europe even though it’s valued at about $57 billion.

Other brands unfamiliar to many Europeans that have started selling or plan to sell cars on the continent include Aiways, BYD’s Tang, SAIC’s MG, Dongfeng’s VOYAH, and Great Wall’s ORA.

12:30 P.M.

IPOs slow down globally in Q3 after frenetic 2021 start

Initial public offerings (IPO) globally slowed in the third quarter of 2021 from their previous frenetic pace, but the number of listings in the first nine months of the year still was the highest since the dotcom bubble of 2000, Reuters reported.

IPOs in the third quarter raised a total of about $94.6 billion, down 26.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from the second quarter, as activity cooled due to a summer slowdown and U.S. scrutiny of Chinese listings following Beijing’s crackdown on DiDi Global Inc just days after its New York IPO.

More than 2,000 IPOs have raised a combined $421 billion globally year-to-date, a record high, as private companies rushed to attain the soaring valuations of their publicly listed peers. That was more than double the proceeds raised during the same period last year.

11:55 A.M.

ABB launches world’s fastest electric car charger

ABB has launched the world’s fastest electric car charger as it presses ahead with plans to spin off the business which could be valued at around $3 billion, Reuters reported.

The Swiss engineering company said its new Terra 360 modular charger can charge up to four vehicles at once, and can fully charge any electric car within 15 minutes.

The device, which can deliver 100km of range in less than 3 minutes, will be available in Europe and the United States by the end of the year, it added. Latin America and the Asia Pacific regions are due to follow in

2022.

11:35 A.M.

Indian Overseas Bank shares jump 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Shares of Indian Overseas Bank jumped 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after the Reserve Bank removed it from the Prompt Corrective Action Framework (PCAF), PTI reported.

The stock climbed 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 24.60 on the BSE, and gained 19.80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to Rs 24.50 on NSE.

The Reserve Bank on Wednesday removed Indian Overseas Bank from the Prompt Corrective Action Framework (PCAF), following improvement in various parameters and a written commitment that the state-owned lender will comply with the minimum capital norms.

11:15 A.M.

Meesho raises $570 million funding, valuation reaches $4.9 billion

Social commerce platform Meesho has raised $570 million (about Rs 4,235.2 crore) in funding, led by Fidelity Management & Research Company and B Capital Group, PTI reported.

The recent funding has helped the company more than double its valuation to $4.9 billion in less than five months. Existing investors – Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round, a statement said.

In April, Meesho had raised $300 million (about Rs 2,201.7 crore) in a funding round from SoftBank Vision Fund 2 and others, which had pushed its valuation to $2.1 billion. Till date, the company has raised over USD 1 billion.

11:10 A.M.

Rupee falls 22 paise to 74.36 against US dollar

The Indian rupee depreciated 22 paise to 74.36 against the US dollar in opening trade on Thursday, amid a muted trend in domestic equities, PTI reported.

The rupee opened on a weak note at 74.28, and fell further to 74.36 against the dollar, registering a decline of 22 paise from the last close.

In the previous session on Wednesday, the rupee had settled at 74.14 against the US dollar.

11:00 A.M.

Free Trade Agreement is the next frontier in India-US relationship: USIBC president

A Free Trade Agreement is the next frontier in the India-US relationship, the head of a top India-centric business advocacy group has said, PTI reported.

Nisha Desai Biswal, president of US-India Business Council and a former US diplomat, at a dinner hosted by Indiaspora said it is not tenable for the two largest economies of the world to not have a trade architecture in place between them, though its path is riddled with “all kinds of obstacles”.

“The time has come for us to get serious about where the next frontier is in US India ties. And neither for the United States, nor for India, is it tenable for two of the largest economies in the world to be outside of the TPP (Trans-Pacific Partnership) and to not have a trade architecture in place between the two of them,” Nisha Desai Biswal said.

10:45 A.M.

The king of oil bets on batteries

Alex Beard is losing his thirst for oil.

Once one of the world’s most powerful oil traders, the former Glencore executive is now raising money to build a portfolio of strategic battery sites across the United Kingdom to support the renewable energy industry, Reuters reported.

In his first interview since leaving the commodities giant in 2019, billionaire Beard said his Adaptogen Capital investment fund planned to build storage with a capacity of at least 500 megawatts (MW) to power homes when grid supplies fall short.

10:20 A.M.

Decision on Bharat Biotech’s Covaxin in October : WHO

A decision on Bharat Biotech’s submission seeking emergency use listing (EUL) for its Covaxin COVID-19 vaccine will be made in October, PTI reported citing the World Health Organisation.

Bharat Biotech had submitted EOI (Expression of Interest) on April 19 for its vaccine. The latest ‘Status of COVID-19 vaccines within WHO EUL/PQ evaluation process’ guidance document dated September 29 on the WHO website said that the decision date for Bharat Biotech’s Covaxin is “October 2021”.

The WHO said it began rolling data of the vaccine on July 6. Rolling data allows the WHO to start its review right away, as information continues to come in, to accelerate the overall review process.

10:10 A.M.

China factory activity shrinks for first time since February 2020

Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020, AFP reported.

The Purchasing Managers’ Index (PMI) — a key gauge of manufacturing activity in the world’s second-largest economy — slipped to 49.6 from 50.1 in August, the National Bureau of Statistics said. A figure below the 50-point mark represents contraction, while above it indicates growth.

The growing power crisis, exacerbated by local government restrictions on factories to cut energy use, has led some major banks to lower their annual growth forecast for China, while there are also concerns about the impact on supply chains for global firms such as Apple and Tesla.

9:50 A.M.

Government begins Air India bid evaluation

The government has begun evaluation of financial bids received from Tata Group and SpiceJet founder for the acquisition of Air India, PTI reported.

With this, the privatisation process of the national flag carrier has moved to the next phase and the financial bids are being evaluated against an undisclosed reserve price. The bid offering the highest price above that benchmark would be accepted.

If successful, this will mark the return of Air India to Tata fold after 67 years.

9:25 A.M.

Sensex, Nifty open flat

The Indian equity benchmark indices opened on a flat note tracking weakness in Asian markets amid mixed global ciues.

At 9:16 IST, the Sensex was up 0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 59.456.56 and the Nifty was up 0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at 17,719.40.

9:15 A.M.

Oil falls after U.S. inventories post surprise gain

Oil prices fell after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilised following a recent run of gains, Reuters reported.

Brent crude was down 11 cents at $78.53 a barrel while U.S. oil fell 5 cents to $74.78 a barrel.

U.S. oil and fuel stockpiles increased last week, the U.S. Energy Department’s Energy Information Administration (EIA) said on Wednesday.

9:00 A.M.

Asian stocks steady as calm returns

Asian shares found some calm following this week’s heavy China-driven losses although the dollar sat at a more than one-year high against major peers, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the Nikkei lost 0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} a day after Japan’s ruling party chose softly spoken consensus-builder Fumio Kishida as its new leader and the country’s new prime minister.

Hong Kong stocks fell 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} but these were balanced by a 1.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} rise in Australia. Chinese blue chips gained 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after data published showed China’s services sector returned to expansion in September after COVID-19 outbreaks receded.