BUSINESS
FPIs invest Rs 43,838 crore in India in May
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the FPIs were aggressive buyers in the market in May having invested Rs 43,838 crore through the stock market and primary market put together. A survey among foreign portfolio investors showed that India is now the consensus overweight.
Why Sahara India Life to go to SBI Life, not ICICI Prudential Life? Unanswered questions
The Insurance Regulatory and Development Authority of India (IRDAI) on Friday ordered the transfer of Sahara India Life's insurance business to listed SBI Life Insurance Company Ltd.Interestingly, the IRDAI had issued a similar order on July 28, 2017.However, by that order, it had ordered transfer of Sahara India Life's.
Not a merger, only acquisition of life insurance assets/liabilities of Sahara India Life: SBI Life
In a statement, SBI Life said: "The Insurance Regulatory and Development Authority of India (IRDAI) has, by exercise of its powers under Section 52B (2) of the Insurance Act, 1938, directed that the policyholder related assets and liabilities of Sahara Life Insurance be transferred to SBI Life Insurance Company Ltd."
IRDAI transfers life insurance business of Sahara India Life to SBI Life
Listed on the bourses, SBI Life shall take over the policy liabilities of around two lakh policies of Sahara India Life, backed by the policyholders' assets, with immediate effect, the IRDAI said. According to IRDAI, SBI Life is one of the largest life insurers in the country with satisfactory financials.
Edible oil industry told to cut prices by Rs 8 to 12 as global rates fall
Secretary, Food and Public Distribution Sanjeev Chopra gave this direction to representatives of edible oil associations in a meeting, where they were specifically told to pass on the benefits of lower edible oil prices to consumers, as the industry informed that global prices of different edible oils have fallen by $150-200 per tonne in the last two months.
RBI issues draft directions on digital payment security controls
The draft guidelines cover governance mechanisms for the identification, assessment, monitoring, and management of cybersecurity risks including information security risks and vulnerabilities, and specify baseline security measures for ensuring safe and secure digital payment transactions.
Crypto exchange Binance denies rumours of 20% staff cut
Binance, which employs about 8,000 people, reportedly laid off 20 per cent of its workforce, with speculation pointing to the current general crypto market conditions. The company's CEO Changpeng Zhao, on the other hand, dismissed the ongoing rumours, calling it FUD (fear, uncertainty, doubt), reports crypto.news.
'Attractiveness of gold depends on US Federal Reserve's moves'
Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities Ltd said the Comex Spot gold prices traded up on Friday, with spot gold price trading higher by 0.06 per cent at $1978.80 per ounce. While Gold August futures contract at MCX was trading up by 0.05 per cent at Rs 60,250 per 10 grams by noon.
Monthly crypto exchange volume sees drop in May, reaching 32-month low
According to data from The Block, cryptocurrency monthly exchange volume, which calculates spot market volume across all crypto exchanges, was $439.42 billion in May, down more than 27 per cent from $604.88 billion in April, reports TechCrunch.
Hundreds join Amazon walkout at HQ over return to work policy
According to GeekWire, the walkout by corporate and tech employees at Amazon HQ late on Wednesday may have looked like several thousand participants. "It wasn't an easy crowd to count. It was lunchtime, after all, and despite the free pizza on hand, plenty of people seemed to be milling on the outskirts
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