The General Insurance Corporation had estimated claims of over $400 million last year from the Air India Ahmedabad crash. Since then, reinsurers have settled some claims. Tata AIG, which was the lead insurer, had a 45% share of the risk. “We fully provided for it in that same quarter itself. Net of reinsurance, our exposure was less than Rs 50 crore,” said Amit Ganorkar, MD & CEO, Tata AIG General.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/qTpvGtn
Elon Musk has achieved a historic milestone by becoming the world’s first trillionaire, driven by the soaring valuation from SpaceX’s IPO. His vision for reusable rockets and interplanetary colonies has captured the imagination of investors, turning space exploration into an enticing financial frontier. This remarkable shift in wealth underscores a new chapter in capitalism, expanding its reach beyond conventional sectors.
India has removed licensing for crucial radio spectrum bands, specifically 77-81 GHz for automotive radar and 5.9 GHz for V2X communications. This move aims to accelerate the adoption of advanced road safety and collision-avoidance systems, aligning India with global standards and potentially reducing vehicle manufacturing costs. The initiative is expected to significantly enhance vehicle safety and reduce road fatalities.
The Indian Rupee experienced a significant surge, climbing 67 paise to close at 95.18 against the US dollar. This robust recovery was primarily fueled by a sharp decline in global crude oil prices, following US President Donald Trump's indication of an imminent deal with Iran. Positive domestic equity market trends and a weaker US dollar further bolstered the rupee's performance.
India navigates global trade challenges by fostering dialogue and partnerships, even as nations increasingly protect domestic industries like steel. Minister Piyush Goyal highlighted that despite a less effective WTO, international trade largely operates under its framework. India is actively pursuing free trade agreements to boost market access and attract significant investments, underscoring a commitment to innovation and long-term global integration.
Global crude benchmarks surged over 2% as Iran declared the Strait of Hormuz closed to all vessels following fresh US military strikes. Brent crude rose to $95.40 and WTI to $92.63 a barrel. Iran's IRGC warned any vessel attempting to transit the strait would be targeted amid escalating regional tensions.