Sahara Life gets one-week relief from SAT on order to transfer policyholder liabilities

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The Securities Court and Court of Appeals (SAT) has ordered the status quo for a week in the Insurance Regulator Directive to transfer the obligations of the holders of Sahara life insurance policies.

A senior IRDAI official said Sahara life had serious “governance issues” and will give its response in a week. The official added that the company will be transferred after one week. The life of the Sahara did not immediately respond to a letter sent by Moneycontrol.

Friday IRDAI had directed ICICI Prudential Life Insurance to support the life insurance portfolio of the Sahara Life Insurance as of July 31. A sum of Rs 78 million rupees has already been removed from the name of security deposits in Sahara life insurance, according to a report by the director appointed by IRDAI.

RK Sharma, who was appointed director in June to manage the affairs of the insurer, said that the company’s promoters are no longer “suitability”. “The company survives mainly from the release of reserves, but the situation can not last long because the company’s new premium has declined dramatically,” Sharma said in the report.

In a statement released Sunday, Sahara Vida said that, first, IRDAI has not authorized the extension of the branch and now IRDAI claims that companies are not increasing. In addition, the insurer said that the IRDAI appointed an administrator for the most known reasons and that the administrator has secretly submitted a report to the IRDAI to transfer the activity of Sahara life to any other entity.

“Even a copy of the administrator’s report has not been provided to the Sahara life, nor have they had the opportunity to hear a report such as before moving the transfer order of business to a third party.” The company has never acted in a way detrimental to The interests of the insured. The Sahara continue their action against an IRDAI such an approach before the Court of justice, “according to the insurer.

In June, IRDAI had appointed an administrator to look into the affairs of the insurer and, later, had instructed not to write new business. On the basis of certain criteria, some six insurers approached to measure their interest in the purchase of the insured’s liabilities. Among them, ICICI Prudential Life Insurance has given its favorable agreement.

The Sahara group has faced financial problems since its boss Subrata Roy was arrested in 2014 in the case of dupage investors. The Sahara as the investment of an investment fund was canceled by the Stock Exchange Board of India the following year.

On the issue of Rs 78 crore being diverted, Sahara Vida said it was bad concluded. “In fact, this amount was kept as a security deposit with an entity, the Sahara India which provided furnished and computerized premises in about 150 places. Beneficial for the Sahara life.While IRDAI concluded so recklessly.the amount of the deposit is fully refundable from the Sahara life, “he said.

Friday SAT dismissed the Sahara exception against an order from the Indian Stock Exchange Board (SEBI) canceling its investment funds from the license. However, the company had six weeks to go to the Supreme Court. SEBI had said that the mutual fund of the Sahara no longer met the criteria of “appropriate and appropriate” also mentioned by an IRDAI point in its order.

Closing bell: Sensex soars 205 pts, Nifty ends above 10,050; SBI rises 4.5%

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15:30 Market closure: The market has increased sharply sharply, with the Sensex increased by 205.06 points and 514.94 32 Nifty increased by 62.60 points 10,077.10, with shares of banks, oil, breach and technology.

However, market amplitude was negative for approximately 1,442 stocks declined versus 1264 stocks advanced on BSE.

Indian state bank rose 4.5% after the bank has cut the deposit savings rate.

15:27 Infibeam chimney: the stock rose 8 percent after Snapdeal calls Flipkart the merger to continue its independent path.

Modify 15:25 in the market: Equity contacts were opened in the afternoon trading, the Sensex increased by 211.58 points and 521.46 32 Nifty rose 66, 55 points and 10 081.05 despite a weak market .

14:45 buzz: iron ore producer NMDC and Vedanta Shares have gained 4.5 percent intraday after the rally on long-term iron ore contracts.

Iron ore futures in China have continued to move upwards. Stock futures contracts reached a top 8 percent and trade in a new four-month high.

Incorporated in 1958, NMDC State participated in the exploration of a wide range of minerals including iron ore, copper, phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond sands, tin, tungsten, graphite, To the beach, etc.

NMDC is the largest iron ore producer in India, which currently produces iron ore from its three fully mechanized mines in Chhattisgarh and two in Karnataka state.

Vedanta is India’s largest privately owned iron ore producer, including iron ore operations in Goa, Karnataka and Liberia.

14:26 The analyst’s decision to reduce the savings rate by OSE Jimeet Modi, CEO of SAMCO Valores, said that the OSE, unlike its private sector peers, offering simple savings accounts for public sector customers with costs And is highly dependent on the interest income of this floating arrangement.

2:20 pm Market Update: BSE Sensex 30 shares rose 144.83 points 32 454.71 and the NSE Nifty 50 shares rose 38.05 points to 10 052.55.

The market amplitude was negative for approximately 1,314 stocks declined against stocks 1278 advanced on BSE.

14:02 Interview: 60 percent of non-microfinance book institutions (IMF) increased 36 percent in the first quarter, according to PN Vasudevan, MD and CEO, Equitas Small Banking Finance.

He also said gross non-productive book (NPA) assets other than MFIs remained stable at 4.5 to 4.6%.

On the front of the farm loans, he said that MFI loans are not part of the agricultural loan exemption announced in Maharashtra.

Speaking of expansion, he said that the expansion of the industry has led to an increase in operating costs. However, a significant expansion of the branch of approximately 12 to 18 months is not expected, he added.

He said that loan rates on new products are lower.

Better return on assets (ROA) is expected due to a healthy profile of new products. Equitas has made additional provisions in the first quarter of Rs 23 crore.

13:42 buzz: Shriram Transport Finance Q1 rose 20% over last year to Rs 448.7 crore Rs 374.1 crore.

Total revenues increased by 7.9 percent to Rs 2,898.4 crore compared to Rs 2,686.7 crore compared to the previous year.

At 13:42, IST, the quoted value at Rs 999.55, or Rs 29.85, or 3.08% on BSE.

1:22 p.m. Profits: Shree Cement’s first quarter earnings fell 13.3 percent to R440.1 crore compared to Rs 507.7 crore earlier this year, despite a lower tax rate. Weak operating performance has affected profitability, but revenue yield.

HSBC profit rise by 5%, announces $2 billion share buyback

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Said HSBC Holdings PLC Monday that earnings rose 5% during the six months of June and announced its third repurchase for a year, indicating continued progress on the six-year recovery plan of Europe’s largest bank.

HSBC, like many global banks, spent years in the 2008 financial crisis by expanding its empire with a series of acquisitions. Recent years have seen reduced employment and the sale of assets around the world to reduce the group to profitability and keep dividend payments tight.

Bank CEO Stuart Gulliver and President Douglas Flint retire, leaving a legacy of improving revenue and returning more capital to shareholders, focusing on cutting the bank’s empire and targeting Asia.

The latest stock repurchase of up to 2 billion, occurs when HSBC uses the excess capital to offset the dilution effect of dividend paid shares. A previously announced $ 1 billion repurchase was completed in April.

“The return on equity is because the company is very rewarding, very profitable … the dividend is 51 cents for the foreseeable future,” Finance Director HSBC Iain Mackay said Monday.

The takeover, once completed, will amount to the buyback of HSBC shares from the second half of 2016 to 5.5 billion dollars.

Listed shares of Hong Kong Hong Kong Stock Exchange rose to 3 percent after the announcements, which has increased revenues by about 1 percent in morning trading, while the overall market was trading 1 percent.

“Over the past 12 months we have paid more dividends than any other European or American bank and spent $ 3.5 billion on shareholders by repurchasing shares,” Gulliver said.

HSBC has maintained its dividend payout ratio higher than many competitors in recent years, including last year, as a slowdown in banks’ earnings growth has led rivals such as Standard Chartered PLC to remember payments.

HSBC dividends amounted to $ 10.1 billion in 2016, 10 billion in 2015 and 9.6 billion in 2014.

For the half year through June, pre-tax earnings amounted to $ 10.2 billion, compared with $ 9.7 billion for the same period last year, compared with the average estimate of 9.5 billion extracted from analysts Consulted by the bank.

The bank also said its equity capital ratio of 1 to 1 measure of financial strength – was 14.7 percent at the end of June, up 14.3 percent three months earlier and a 12.1 percent early of this year.

The ratio is expected to rise as the bank repatriates about $ 8 billion at its US subsidiary, following last year’s approval by the US Federal Reserve.

China Venture

The bank, which accounts for more than half of its earnings in Asia – most of Hong Kong and China – said pre-tax earnings in Asia rose 7% in the first half to $ 7.6 billion, due Mainly to asset management and Hong Kong insurance income.

HSBC obtained approval last month from China to create a joint investment banking joint venture with a state-backed fund, ending a 20-month wait, making it the first company of its kind in China to be Majority ownership of a foreign bank.

The company will enable HSBC to grow in the second world economy, and is at the heart of its ambition to increase profits from the pearls of the fast-growing river delta region.

Five Quick Tips For beauty services at home in Mumbai

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The beauty services in the Mumbai at home is increases by the great facility of the beauty services. You will get the ultimate beauty by using many of the beauty tips and tricks.

 

There are the 5 quick tips for beauty services at home in Mumbai.

 

  • You can look gorgeous by making the mixture of liquid bronzer with a firming body cream, and then massage it into your arms to get the tan and toned. You can remove pimple from your face by applying a yellow-based cover-up to counteract the redness, use a concealer brush to pat it on precisely, then blend the edges with your ring finger.

 

  • If you want to make your cheeks sweet, then use should use the foxy flush with a deep berry powder blush and use a fluffy brush to swirl it in small, circular motion over the apples of your cheeks and back toward your hairline. A glittery accessory adds instant glamour to any hairstyle. If you forget to bring one to work, use a brooch from your sweater.

 

  • For make the gorgeous glow of your face, use the foundation with one part liquid illuminator, and then use your fingertips to massage it all over your face. Apply the creamy concealer onto your lids and into the inner corners of your eyes before doing makeup on eyes.

 

  • If you want to make perfect leg, so use smooth baby oil onto your legs before you taken the razor to them. Do the manicure of your hands by slick a shiny and clear top coat over.

 

  • You can use sturdy plastic spoon instead to flip up your eye fringe. To make the shiny nose left your powder compact at home.

Research Radar BRANDS SPIKE UP IPL FEVER

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This IPL (Indian Premier League) season saw Indian brands making their way through the noise into the minds of the cricket fans with their disruptive and innovative marketing strategies. Here is an overview to the top three brands for IPL’s Season 8 until Mayl, 2015 

of sub-regions. “It took
15-20 years for digital to
take off in some markets.
But markets today don’t

have to wait. A lot of the
power shifts are already
taking place bringing
decentralisation back.
This will help PHD in
Asia because the focus
now is to sell the strate-
gic part across markets.
Clients who are now ask-
ing agencies to challenge
thinking, which will then
automatically result into
creativity, are looking for
these solutions,” points
out Tsui.

In 2014, PHD APAC’s
focus was to build the
brand. This year it is look-
ing to build new business.
“We are building on our
momentum in sectors
such as luxury, FMCG,
pharma and hitting these
categories harder. We
are new in most of the
mass markets. We have
spent time building in
Australia, New Zealand,
China, Hong Kong. This
year will be all about
Southeast Asia and India,
which are the big op-
portunities. Across the
region, we will also focus
on partnerships, working
closer with creative sister
agencies and bringing-
in a lot more integrated
approach. Where we
have affiliates, we are
aggressively looking to
put a stronger foothold,”
explains Tsui. 33 

AROYALTOUCH

HUAWEI’S smartphone brand Honor launched its first television commercial for Honor 4X in India. The campaign, concep­tualised by L£K Saatchi £ Saatchi, features players from the India Premier League (IPL) team of Royal Challengers Bangalore.

The target consumers of Honor are the digital natives, people who spend more than one third of theirtime online shopping, studying or simply staying connected.

“Our recently launched brand Honor resonates the philosophy of’For the Brave’, for the ones who dare to dream and follow their passion, much like the team and play­ers of Royal Challengers Bangalore. With

this ad campaign, we wantto reach outto theyouth of Indiawho areourrealambas- sadors,”saysAllen Wang, president of Consumer Business Group atHuaweilndia and Honor.

The partnership between Huawei and Royal Challeng­ers Bangalore is a continuation oflast year’s collabora­tion that resulted in creating mass aware­ness for Huawei and achieving excellent sales for Huawei’s devices’ business. This partnership testifies Huawei’s commitment towards India and market localisation.

Russell Adams, vice-president for Com­mercial, Operations and Cricket Academy of Royal Challengers Bangalore, says, “We are excited about our renewed partnership with Huawei forthe next three years.” 33

GLOBESCAN

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IN NEGATIVE ZONE: Britain’s inflation rate unex­pectedly fell below zero for the first time in more than half a century, as the drop in the food and energy prices depressed the cost of living. Consumer prices de­clined 0.1 per cent in April from a year earlier, the Office for National Statistics said. Economists had forecast the rate to be zero, according to the median of 35 estimates in a news survey. Core inflation slowed to 0.8 per cent, the lowest since 2001. With inflation so far below the Bank o: England’s 2 per cent target, policy makers are under pres­sure to raise the key interest rate from a record-low of 0.5 per cent for now. Governor Mark Carney said any period falling prices will be temporary and an expected pickup i: inflation at the end of the year means the next move in bo: rowing costs is likely to be an increase.

Britain in the event
of‘Brexit’

I LEGAL TROUBLE: Alibaba has

been sued by Kering, a luxury brands group that includes Gucci and Yves Saint Laurent, over counterfeits on its popular e-commerce platforms. The lawsuit, filed in New York, alleges that Alibaba and its related companies “know­ingly encourage, assist, and profit from the sale of counterfeits on their online platforms…(and) make it possible for an army of counterfeiters to sell their illegal wares throughout the world”. Counterfeits have long been a headache for Alibaba, which operates China’s most popular e- commerce shopping platforms Taobao and Tmall. Co-founder Jack Ma has even called fakes a “cancer” to the company.

 

vodafone
SMART BATTLE: Apple was handed a mixed === ruling by a US appeals court in the latest twist in a blockbuster intellectual property battle with Samsung Electronics, as a prior patent infringement verdict was upheld but a trademark finding that the iPhone’s appearance could be protected was thrown out. That means up to 40 per cent of a $930-mil- lion verdict, which had been won by Apple, must be reconsidered. In the ruling stemming from the global smartphone wars, the Federal Circuit in Washington upheld patent infringement violations including one which protects the shape and colour of its iPhone as well as the damages awarded for those violations.
QUID PRO QUO: Greece is

near a cash-for-reforms deal with its euro zone partners and the International Monetary Fund that would help it meet debt repayments next month, the country’s finance minister said, as worries persist over a possible bankruptcy. Athens has been defending its “red lines” in talks with lenders, refusing to yield on further pension cuts and more labour maket liberalisation to clinch a deal that would release remaining bailout aid, despite a pressing cash crunch. “I think, we are very close (to a deal)… let’s say in a week,” Greece finance minister Yanis Varoufakis said. “Another currency is not on our radar, not in our thoughts.”

TOTAL RECALL :Takata is nearly doubling the size of its massive recall for faulty airbags, making it the largest auto recall in history. It recalled airbags used in about 18 million vehicles. This move will bring that number up to 34 million autos. That is nearly one out of every seven cars on US roads.

The recall is one of the largest consumer product recalls ever.

At least five deaths have been tied to the faulty airbags. But Takata has previously resisted demands by regulators to get all the affected airbags off the road. The airbags have been known to explode and send shrapnel into the face and body of both the driver and front seat passenger.