Discover the top business headlines that are trending across the world today!
Starting today, life insurance policyholders will no longer lose their entire premium if they surrender their policy in the first year. Thanks to new regulations introduced by the Insurance Regulatory and Development Authority of India (IRDAI), policyholders can now receive a surrender value after making just one year of premium payments. Under the previous rules, surrendering a policy before two years of full premium payments resulted in no surrender value.
While this change benefits policyholders, it could lead to higher costs for insurers, potentially reducing returns on both participating (par) and non-participating (non-par) policies. Non-par policies are expected to face immediate effects, while par policies may experience lower bonuses in the future. To manage these rising costs, insurers might also shift from upfront commission payments to a trail commission model.
State-owned oil marketing companies (OMCs) have once again adjusted the prices of 19 kg commercial LPG cylinders, with the latest hike raising the cost by Rs 48.50 per cylinder.
This price increase, which took effect on October 1, 2024, now places the cost of a 19 kg LPG cylinder in Delhi at Rs 1,740, up from the previous Rs 1,691.50. In other major cities, the price stands at Rs 1,850.50 in Kolkata, Rs 1,692.50 in Mumbai, and Rs 1,903 in Chennai.
This marks the third consecutive price rise for 19 kg commercial cylinders, bringing the total increase over the past three months to Rs 94. Additionally, the price of 5 kg free trade LPG cylinders has been raised by Rs 12.
Is the tide turning to ‘Buy China, Sell India’? Over the past two years, investors who embraced the "Buy India, Sell China" strategy in emerging markets enjoyed substantial gains. However, the situation is shifting as Beijing rolls out a major stimulus package to revive its economy and markets.
China's stock market has seen a dramatic recovery, with the CSI300 index jumping 25% in just one week and the Hang Seng index climbing 16%. Meanwhile, India’s Nifty and Sensex indices have faced selling pressure, with foreign institutional investors (FIIs) pulling out over a billion dollars in a single day, leading to a nearly 1,300-point drop in the Sensex.
China’s efforts to boost liquidity include lowering the reserve requirement ratio for banks and reducing mortgage rates for existing homeowners by 50 basis points. Additionally, the People's Bank of China has signaled plans for further policy easing in the near future.
India's manufacturing sector experienced a slowdown in September, hitting an eight-month low as factory production and sales eased slightly, according to a business survey released on Tuesday. The HSBC final India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, dropped to 56.5 from 57.5 in August. While a PMI reading above 50 indicates expansion, anything below suggests contraction.
September saw the slowest growth in factory output and sales since January. However, net employment and purchasing activity increased during the month, and overall business confidence remained consistent with the long-term average. In terms of pricing, there were moderate rises in input costs and selling prices.
Although hiring growth slowed, particularly with fewer part-time and temporary workers, some companies added staff due to upcoming projects. The mix of job creation and slower growth in new orders allowed businesses to keep up with their workloads.
