Meanwhile, reports suggest that the IRDAI might cap bancassurance business from parent banks to just 50% of an insurer’s total distribution. Separately, in an exclusive with CNBC-TV18, Air India CEO Campbell Wilson admitted the airline’s massive fleet upgrade plan will exceed the budgeted $400 million and take longer than expected. Calling it the “Everest of corporate turnarounds,” he laid out the scale of challenges the iconic airline faces.
In West Asia, tensions are simmering again. Israel accused Hezbollah of breaking a ceasefire, prompting missile strikes on southern Lebanon. In Ukraine, Russia’s missile attacks on energy infrastructure have plunged over a million people into darkness.
Healthcare is reportedly close to a deal with Blackstone-backed CARE Hospitals to expand its Indian network.
In the Parliament, another disrupted session as opposition parties demanded a discussion on the Adani issue. Meanwhile, Congress leader Priyanka Gandhi made headlines, taking her oath as an MP after her Wayanad bypoll win.
The CCI has launched an investigation into Google following allegations from Winzo Games. The gaming company claims Google is limiting access to skill-based gaming apps.
Insurance stocks tank as regulator considers bancassurance cap
ICICI Lombard General Insurance also slipped to ₹1,850.00 against its prior close of ₹1,862.00.
Sources indicate that the IRDAI is considering limiting the share of bancassurance business contributed by parent banks to 50% of an insurer’s total distribution.
This move aims to reduce over-reliance on a single channel, thereby mitigating systemic risks.
Nifty drops below 24,000; Sensex plummets by 1,000 points as banks, IT stocks drag
Headline indices Nifty 50 and Sensex fell sharply after a lacklustre opening on Thursday, pressured by the losses in banking and information technology, as escalating geopolitical tensions resulting from the Russia-Ukraine war dented investor sentiment.
“The downturn was triggered by reports of Russia launching cruise missile attacks on Ukrainian cities, including Odesa, Kropyvnytskyi, and Kharkiv, as reported by Ukrainian news outlets Zerkalo Tyzhnya and Suspilne,” said Vishnu Kant Upadhyay of Master Capital.
Air India CEO: Merger is the Everest of corporate turnarounds, profitability will follow
Tata Group-owned Air India, under the leadership of Campbell Wilson, has made remarkable strides in its turnaround journey, managing to significantly reduce its losses in the fiscal year 2024. The airline reported a loss of ₹4,444 crore for FY24, a substantial 60% reduction compared to ₹11,387 crore in FY23, shortly after its privatisation in 2022. This progress marks an important milestone in the airline’s long-term transformation plan.
Air India CEO: Retrofit exercise delayed, will cost more than the allocated $400 million
Air India’s ambitious retrofit program, aimed at upgrading its legacy fleet, has faced delays and is now expected to cost more than the allocated $400 million, according to the airline’s CEO, Campbell Wilson.
The program, originally scheduled to start in 2023, has been hit by supply chain constraints and issues with seat manufacturers, pushing back the timeline for its completion.
Israel accuses Hezbollah of ceasefire breach, retaliates with strikes in southern Lebanon
Israeli forces fired tank rounds into six locations in southern Lebanon on Thursday, November 28, claiming a breach of the newly brokered ceasefire with Hezbollah. The Israeli military reported the presence of “suspects,” some in vehicles, in multiple areas of the southern zone as the trigger for their response.
The ceasefire, facilitated by the United States and France, had come into effect on Wednesday, November 27, after 14 months of intense fighting between Israel and the Iran-backed militant group Hezbollah. The agreement aimed to allow residents in both countries to begin returning to their homes near the volatile border.
200 missiles, drones leave over 1 million Ukrainians without power in Russia’s latest assault
Russia launched a large-scale overnight attack on Ukraine’s energy infrastructure, President Vladimir Putin confirmed Thursday, November 28, citing it as retaliation for Ukrainian strikes on Russian territory using US-made ATACMS missiles.
Speaking at a security summit in Kazakhstan, Putin stated that Russia had targeted 17 facilities, which included military and defense industry sites, but did not acknowledge the damage to Ukraine’s power infrastructure. “As I have said many times, there will always be a response from our side (to the use of American ATACMS),” Putin remarked.
Donald Trump nominates retired General Keith Kellogg as special envoy to Ukraine and Russia
US President-elect Donald Trump on Wednesday announced the nomination of retired American general Keith Kellogg as special envoy to Russia and Ukraine.
“I am very pleased to nominate General Keith Kellogg to serve as Assistant to the President and Special Envoy for Ukraine and Russia,” Trump said.
Exclusive: Aster DM & Blackstone-owned CARE Hospitals close to finalising deal
Aster DM Healthcare and Blackstone-owned CARE Hospitals are nearing the conclusion of a significant deal that could reshape India’s healthcare landscape, sources told CNBC-TV18 on Thursday. On August 4, we had reported about the discussions between the two companies, aimed at expanding Aster DM’s hospital network.
According to sources, the deal will result in a new entity where Blackstone will hold 34%, TPG, which is also a stakeholder in CARE hospitals, will hold 11%, and the Moopen family, which owns 42% of Aster DM, will hold around 23%. The new entity’s leadership will feature executives from both Blackstone and the Moopen family. Azad Moopen is expected to be at the helm of the new entity, per sources.
Priyanka Gandhi takes oath as Lok Sabha MP from Wayanad — Watch video
Congress leader Priyanka Gandhi Vadra on Thursday (November 28) took oath as a Lok Sabha MP following her thumping victory in the Wayanad bypoll.
In a rare instance, three members of a family will be seen in Parliament. Her brother Rahul Gandhi is Lok Sabha MP from Amethi and her mother Sonia Gandhi is a Rajya Sabha MP.
Winzo antitrust complaint prompts probe into Google
The Competition Commission of India (CCI) has ordered a detailed investigation into Google following a complaint lodged by online gaming company Winzo Games Private Limited. The complaint alleges that Google has engaged in anti-competitive practices and misused its dominant market position to disadvantage and discriminate against gaming companies.
Donald Trump claims a win on immigration after a call with Mexico’s president, she suggests no change
President-elect Donald Trump declared a win on stopping illegal immigration through Mexico on Wednesday after talking with that country’s leader. But Mexican President Claudia Sheinbaum suggested Mexico was already doing its part and had no interest in closing its borders.
The two spoke just days after Trump threatened to impose sweeping new tariffs on Canada and Mexico as part of his effort to crack down on illegal immigration and drugs.
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