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Thursday, February 27, 2020

Global Business News Daily Updates

Max Bupa Health Premia platinum plan offers secure international travel

Comprehensive health insurance plan Health Primea not only covers your health within India but also offers international coverage for up to ₹1 crore per member across 190 countries, says Max Bupa. The plan offers annual multi-trip coverage outside India for emergency hospitalisation, emergency medical evacuation, OPD cover, compassionate visit, loss of Passport, care and/or transportation of minor children.
read more at maxbupa.com

Tesla's Elon Musk richer than Alibaba's Jack Ma at $46 bn: Hurun Rich List

Tesla CEO Elon Musk rose up 10 places among the world's billionaires as Tesla share price doubled and is now the world's 20th richest person with $46 billion wealth, Hurun Global Rich List 2020 released on Wednesday said. Musk is richer than Alibaba's Jack Ma, whose wealth stands at $45 billion. However, Jack Ma remains to be China's richest person.
read more at Reuters

India lifts ban on onion exports

The government has lifted the ban on onion exports as prices of the vegetable have stabilised on expectations of a bumper crop, Food Minister Ram Vilas Paswan said on Wednesday. Wholesale prices of onions have more than halved in the last five weeks, according to the National Horticultural Research and Development Foundation. Onion exports were banned in September last year.
read more at Reuters

Loose sweets must carry 'best before' date from June

Food Safety and Standards Authority of India (FSSAI) has ordered sweet shops to display date of manufacturing and 'best before' date for non-packaged/loose sweets from June 1. The dates should be shown on the container or tray holding the sweets. In its order, the food regulator said it has received complaints regarding the sale of stale and expired sweets.
read more at Bloomberg Quint
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India now has most billionaires after China and US: Hurun Global Rich List

India now has the most numbers of billionaires after China (669) and the US (626), according to the 2020 Hurun Global Rich List. India added 34 new billionaires in the year to January 31, taking its total to 138. "Indian billionaires are defying gravity. The structural slowdown doesn't seem to hamper the growth of Indians in the list," Hurun said.
read more at Bloomberg Quint

Indian tariffs probably highest in the world, says Trump before leaving India

US President Donald Trump on Tuesday said India is probably the highest tariff nation in the world. "I said we have to stop that, at least what pertains to the US. So they understand that," he told reporters in Delhi before leaving for the US. India's trade surplus with the US stood at $16.85 billion in 2018-19.
read more at Reuters

Indian stock market looks like a safe haven: Global investor on coronavirus

Fund manager Northcape Capital said the Indian economy is "fairly insulated" from external shocks due to its locally-driven demand and decline in oil prices. "As long as India can remain somewhat disconnected from coronavirus its share market looks like a safe haven relative to the region," it added. Foreign investors poured a net $3.4 billion into Indian stocks in 2020.
read more at Livemint

Sensex falls 392 points amid global selloff due to coronavirus

Sensex extended losses for the fourth straight session on Wednesday amid a selloff in global stocks over fears of a potential coronavirus pandemic. The benchmark equity index ended 392 points lower at 39,889 while the Nifty 50 index fell 119 points to close at 11,679. Sun Pharma, Tata Motors and Maruti Suzuki were the top losers on Sensex.
read more at Bloomberg Quint

Ambani tells Trump Jio doesn't use Chinese components, US Prez reacts

Reliance Industries Chairman Mukesh Ambani on Tuesday told US President Donald Trump that Jio was the only operator in the world that does not use a single Chinese component. Reacting to this, Trump said, "That's good. Good. Put a bid in." The US has been pressurising India and its other allies to boycott Huawei, the world's largest telecom equipment maker.
read more at The News Minute

Airtel has financial capacity to pay ₹35,000 crore govt dues: Moody's

Moody's has said Airtel has the financial capacity to withstand a payout of ₹35,300 crore in past statutory dues. The telecom operator is currently conducting self-assessment to determine the final amount payable to the government. A smaller cash payment of ₹25,200 crore, reflecting only the principal and interest, would position Airtel more comfortably within its current rating, Moody's added.
read more at Deccan Herald

Plea filed against SBI in Telangana HC for seeking NPR letter as proof

A PIL was filed in the Telangana High Court objecting to the State Bank of India (SBI) listing 'Letter issued by the NPR' as one of the documents that could be submitted for Know Your Customer (KYC) updation. The notification issued on January 26 states that if the document isn't submitted before February 28, the bank would freeze their account.
read more at The New Indian Express

Bandhan Bank can open new branches without prior approval: RBI

The Reserve Bank of India has allowed Bandhan Bank to open new branches without prior approval. This is subject to condition that 25% of newly opened banking outlets in a financial year shall be in unbanked rural centres. In September 2018, RBI barred the bank from opening new branches after it failed to reduce promoter stake from 82% to 40%.
read more at Livemint

Indian firms in China could lose 15-20% revenue due to coronavirus: CII

Indian companies operating in China could see their revenues drop by 15-20% in the first and second quarters due to coronavirus outbreak, a survey by Confederation of Indian Industry (CII) said. Businesses are expected to get normalised by the third quarter, it added. The biggest challenge for the 130-odd Indian companies in China would be to retain and recruit workforce.
read more at Hindustan Times

SpiceJet stands by Boeing during tough time but expect reciprocity: MD

SpiceJet chief Ajay Singh said that the airline will stand by Boeing during its "tough time", adding that it expects "reciprocity". SpiceJet has also placed an order worth $22 billion with Boeing. "I think the biggest thing that companies on both sides can do is to look at what the objectives of the two countries are," Singh said.
read more at Deccan Herald

Bob Iger steps down as Disney CEO, parks head Bob Chapek takes over

Bob Iger has stepped down as CEO of the Walt Disney Company, effective immediately. Iger has been replaced by Bob Chapek, who recently served as the Chairman of Disney Parks, Experiences and Products. In a letter to employees, Iger said he will take over as Executive Chairman and direct the company's "creative endeavors" until his contract ends in December 2021.
read more at TechCrunch

Indian economy needs to be opened up for 10% growth: Panagariya

Former NITI Aayog Vice Chairman Arvind Panagariya has said that India's slowdown has bottomed out and in order to achieve 10% growth rate, "we need an economy which is open" and competes in the global marketplace. Panagariya added that India needs to encourage medium and large firms in labour intensive sectors, which define the ecosystem in the domestic market.
read more at The Financial Express

Richard Branson's Virgin Galactic posts $73 million loss in Q4

Richard Branson's space tourism company, Virgin Galactic Holdings, has reported an increase in losses in the fourth quarter to $73 million, compared to $46 million a year ago. The company made $529,000 in revenue while it made $3.8 million in revenue in 2019. Galactic went public in 2019, becoming the first commercial spaceflight company to list on the stock market.
read more at Reuters

Regulators in certain areas should not be govt officials: NITI Aayog CEO

NITI Aayog CEO Amitabh Kant has said that the government officials and IAS officers should not be hired as regulators for some areas. "Have people who have a very free-wheeling mind and can absorb technology," he said. Kant added, "If a regulator is not abreast (of technology), he will never be on the side of innovation."

Global recession likely if coronavirus becomes pandemic: Moody's Analytics

Moody's Analytics said that the world may dive into a recession if coronavirus becomes a pandemic. "Chinese business travel and tourism have all but stopped; global airlines are not going to China," it said. "This is a huge problem for major travel destinations, including in the US, where some 3 million Chinese tourists visit each year," Moody's Analytics added.


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