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2:18 AM
Canada's Intact Financial and Denmark's Tryg on Wednesday said they had reached an agreement to buy British insurance group RSA for 7.2 billion pounds ($9.6 billion) in cash in one of Europe's biggest financial takeovers this year.
Insurers have become an attractive proposition since the coronavirus crisis despite reputational damage from disputes over business interruption claims, industry sources say. Home-working has led to fewer claims on home and motor insurance while commercial insurance rates have risen sharply.
RSA's directors backed the Intact-Tryg bid unanimously and recommended shareholders vote in favour of the consortium's offer, the company said on Wednesday, having first flagged the approach early this month.
1:55 AM
Sweden's decision to ban China's Huawei from its 5G networks restricts free competition and trade, the head of rival telecoms equipment supplier Ericsson told the Financial Times. Swedish telecoms regulator PTS this month halted 5G spectrum auctions after a court suspended parts of its decision that had excluded Huawei from 5G networks over national security risks.
"I belong in that category that believes competition makes us longer term a better company. It may be painful shorter term but longer term it drives us to be more innovative and make better products for our customers," Ericsson CEO Borje Ekholm told the newspaper. Sweden's Ericsson has won contracts from all three major operators in China to supply radio equipment for 5G networks, while Finnish rival Nokia has not won any 5G radio contracts in the highly competitive market.
Huawei denies being a national security risk and has appealed against Sweden's decision.
1:38 AM
The Delhi government may introduce new tax reforms and enforcement measures in the near future, Deputy Chief Minister Manish Sisodia said on Wednesday after signing of an MoU with the Centre for Effective Governance of Indian States (CEGIS) for a study on measures to augment state revenue.
The study aims to help improve governance and public service delivery in Delhi while making tax compliance easy, Sisodia, who is also the finance minister, said.
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11:05 PM
IndiGo on Wednesday said it has resumed more than 650 weekly flights to and from Uttar Pradesh. The low-cost carrier has resumed operations from four cities in Uttar Pradesh -- Lucknow, Varanasi, Prayagraj and Gorakhpur, it said in a release. "The airline witnessed highest air travel demand from Lucknow which is directly connected to 13 domestic destinations, including new direct flights to Indore and Raipur.
"In addition, IndiGo also operated approximately 300 Vande Bharat and Air Bubble flights connecting UP with Dubai, Doha, Sharjah, Jeddah, Kuwait, Dammam, Riyadh and Abu Dhabi," it said. According to the release, the airline is currently operating over 650 weekly flights, including the regional connectivity scheme routes, to and from the cities of Lucknow, Varanasi, Prayagraj and Gorakhpur.
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Topics :Moratoriumtop news of the dayI-T refundSupreme CourtToday NewsGST CouncilDelhi UniversityBJP
First Published: Nov 18 2020 | 6:29 AM IST