Tag: Global

Stellantis to Become a Strategic Shareholder of Leapmotor with €1.5 Billion Investment and Bolster Leapmotor’s Global Electric Vehicle Business

by  on  in Business Investment News

  • Leveraging the strengths of both companies, Stellantis and Leapmotor give birth to a strategic global relationship that aims at creating a highly competitive and highly efficient EV mobility powerhouse in China and around the world
  • Companies intend to establish the Leapmotor International joint venture designed to accelerate and expand global sales of Leapmotor’s high-tech, cost-efficient products by leveraging Stellantis’ extensive assets and commercial know-how around the globe 
  • Leapmotor is among the fastest growing Chinese pure-play new energy vehicles (NEVs) tech leaders with a unique vertical integration model and full-suite of in-house R&D and manufacturing capabilities  
  • Stellantis is one of the largest mobility companies, ranking among the most profitable and efficient automakers worldwide 
  • Stellantis will leverage Leapmotor’s tech-first EV ecosystem in China to help meet core Dare Forward 2030 electrification targets, while remaining open to exploring further synergies with its partner
  • Stellantis’ investment enables it to acquire approximately 20% equity stake, making it a significant shareholder and giving it two Board of Directors seats

AMSTERDAM, HONG KONG – Stellantis N.V. and Leapmotor today announced that Stellantis plans to invest ca. €1.5 billion to acquire approximately 20% of Leapmotor, making Stellantis a significant shareholder. The deal also outlines the formation of Leapmotor International, a 51/49 Stellantis-led joint venture that has exclusive rights for the export and sale, as well as manufacturing, of Leapmotor products outside Greater China. This will be an industry-first global electric vehicle relationship between a leading automaker and a Chinese pure-play NEV OEM.

The partnership aims to further boost Leapmotor’s sales in China, the biggest market in the world, while leveraging Stellantis’ established global commercial presence to significantly accelerate Leapmotor brand sales in other regions, starting with Europe. Stellantis intends to leverage Leapmotor’s highly innovative, cost-efficient EV ecosystem in China to help meet core Dare Forward 2030 electrification targets,

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Unveiling the top 40 global reinsurance companies

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Unveiling the top 40 global reinsurance companies | Insurance Business UK













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Which one received the only positive outlook?

Unveiling the top 40 global reinsurance companies

Insurance News

By
Kenneth Araullo



S&P Global Ratings has revealed the top 40 global reinsurers in the market as of 2023, through the latest edition of its Global Reinsurance Highlights report.

Germany-based Munich Re nabbed the top spot, with a rating of AA- and the only positive outlook across all the 40 ranked. The company recorded $48.747 billion in net reinsurance premiums written as of 2022 and a pretax operating income of $1.623 billion. Its overall results for Q2 2023 also revealed that the group is well on its way to achieving its annual target.

Coming in second is Swiss Re, which followed closely at $43.917 billion in net reinsurance premiums written and a pretax operating income of $654 billion. Hannover Rueck SE, another German firm, took third place with $31.969 billion in net reinsurance premiums written and $2.027 billion in pretax operating income.

Rounding out the top five are Berkshire Hathaway Insurance Group and SCOR, recording $22.147 billion and $17.046 billion in net reinsurance premiums written, respectively.

China Reinsurance Group took sixth place and is notable as the only Asian reinsurer that cracked the top 10. Lloyd’s snagged seventh place, followed by the Reinsurance Group of America at eighth, and Everest Group at ninth. Finally, Partner Re took the last spot in the top 10, although it is worth noting that it has not listed its pretax operating income for 2022.

The top global reinsurers

The rest of the top global reinsurers and their

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Geopolitical risks are a top global threat to businesses, survey finds

by  on  in Business Breaking News

A Chinese and US national flag hang on a fence at an international school in Beijing on December 6, 2018. (Photo by Fred DUFOUR / AFP) (Photo by FRED DUFOUR/AFP via Getty Images)

Fred Dufour | Afp | Getty Images

Businesses see geopolitical tensions as the biggest threat to the global economy right now, according to the latest survey by Oxford Economics.

The finding “confirms” that perceptions of economic risks have shifted significantly for businesses, said Jamie Thompson, head of macro scenarios and author of the survey.

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“Geopolitical tensions are now the main focus of concern, both in the near term and the medium term,” he noted.

Around 36% of businesses polled view geopolitical tensions as top risks currently — such as those related to issues over Taiwan, South Korea, and Russia-NATO.

In contrast, a similar survey in April found that nearly half the respondents viewed either a marked tightening in credit supply or a full-blown financial crisis as the top risk in the near term.

The latest third quarter 2023 Global Risk Survey covered 127 businesses from July 6-27 this year.

Geopolitical trends will lead to consolidation in European finance, tech and defense: Advisory firm

The findings come amid fraught relations between Washington and Beijing, as bilateral ties hit their lowest in years. Tensions escalated after the U.S. shot down a suspected Chinese surveillance balloon which flew over American air space.

Regarding Taiwan, China has insisted the issue was an internal affair and warned the U.S. it’s a red line that must not be crossed. Beijing considers the democratically self-ruled island part of its territory.

Last week, the Biden administration announced a weapons aid package to Taiwan that’s worth up to $345 million, according to Reuters. The move is seen as likely to anger China.

Meanwhile, Russia’s invasion of Ukraine has strained the Kremlin’s relations with the North Atlantic Treaty

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Global tech coalition warns Pakistan’s data bill may deter business and investment

by  on  in Business Investment News

KHAR, Pakistan: The Daesh group claimed responsibility Monday for a suicide bomb blast in Pakistan that killed at least 54 people, including 23 children, at a political party gathering ahead of elections due later this year. 

The blast has raised fears Pakistan could be in for a bloody election period following months of political chaos prompted by the ousting of Imran Khan as prime minister in April last year. 

Around 400 members of the Jamiat Ulema-e-Islam-F (JUI-F) party — a key government coalition partner led by a firebrand cleric — were waiting Sunday for speeches to begin when a bomber detonated a vest packed with explosives and ball bearings near the front stage. 

“I was confronted with a devastating sight — lifeless bodies scattered on the ground while people cried out for help,” Fazal Aman, who was near the tent when the bomb went off, told AFP. 

Shaukat Abbas, a senior official with the counter-terrorism department (CTD) told AFP that 54 people had been killed, including 23 under the age of 18. 

On Monday the Daesh group claimed responsibility. 

“A suicide attacker from the Islamic State… detonated his explosive jacket in the middle of a crowd” in Khar, the group’s news arm Amaq said in a statement Monday. 

The attack occurred in the town of Khar in the northwestern Bajaur district, just 45 kilometers from the Afghan border, in an area where militancy has been rising since the Taliban took control of Kabul in 2021. 

Parliament is likely to be dissolved after it completes its term in the next two weeks, with national elections to be held by mid-November or earlier. 

The local chapter of the Daesh group has in the past targeted JUI-F rallies and leaders. 

On Monday, blood-stained shoes and prayer caps littered the site, along with ball

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Biden won a global tax rate. Now Americans wonder if it was a good deal.

by  on  in American Business News

When President Biden led the way almost two years ago in brokering a worldwide deal to set a minimum corporate tax rate, it looked like a triumph abroad. Now, as the world comes closer to actually collecting the taxes the United States advocated, it’s starting to seem like chaos here at home.

American companies may face dizzyingly complex tax bills from countries around the world, while Republicans in Congress fight against the plan that their own country championed.

“This is a lose-lose deal negotiated by the Biden administration,” Sen. Mike Crapo (Idaho), the top Republican on the tax-focused Finance Committee, said in a recent statement. “The Biden administration handed each foreign country a model vacuum to suck away tens of billions from our tax base.”

The deal, which 130 countries signed on to in 2021, included a pledge to set corporate tax rates at no less than 15 percent, closing loopholes that let multinational companies move their operations to different nations in search of low tax rates.

Biden, world leaders endorse deal for global minimum tax

Japan, South Korea, the European Union and other major economies have followed the pledge, adopting or preparing to adopt legislation that raises their tax rates. But in the United States, Congress hasn’t made any real moves to adjust tax law to make sure no U.S. company pays less than 15 percent as required by the deal.

The U.S. corporate tax rate is 21 percent, well above the 15 percent minimum. But without additional laws, some companies can find ways to reduce their tax burden below what’s allowed under the terms of the agreement.

Congress’s inaction along with the structure of the agreement itself could bring many consequences: The largest American companies might find their already complicated tax returns will

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Urja Global hits upper circuit on new Tesla contract. Just that it’s not Elon Musk’s Tesla; Details here

by  on  in Business Breaking News

Stock market today: Small-cap company Urja Global’s stock price hit upper-circuit after the company said it has signed a deal with Tesla Power USA.

Many investors thought this was Elon Musk’s electric vehicle (EV) maker Tesla and hurriedly bought the stock sending it up by 20%, at ₹12.70 per share.

Just that, the Tesla Power USA has nothing to do with the carmaker Tesla owned by Elon Musk. It is a company that makes four wheeler car batteries, inverter batteries and two wheeler batteries and is based on Delaware, USA. It is present in India through its distribution channels and retail, its website reads.

Reacting to Urja Global shares hitting upper circuit, ace investor Vijay Kedia tweeted, “I am thrilled to read a news about a listed Indian company “tied up” with Tesla USA. I did some homework and found It’s not Elon musk’s tesla, it actually belongs to a Delhi based promoter’s USA subsidiary in the name of Tesla. Stock is in upper circuit. Long live bull market.”

See Vijay Kedia tweet below:

Urja Global’s disclosure sent the stock to hit upper circuit for the last two sessions.

Tesla Power Urja Global deal

Urja Global informed Indian stock market exchanges about the development citing, “We glad to inform that the Urja Global Limited (“UGL”) has entered into Agreement on 07th June, 2023 with Tesla Power India Private Limited for the purpose of Manufacturing and Supply of batteries under the

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US banks could face 20% capital hike under new global rules

by  on  in American Business News

[1/2] A picture illustration shows U.S. 100 dollar bank notes taken in Tokyo August 2, 2011. REUTERS/Yuriko Nakao/File Photo

WASHINGTON, June 5 (Reuters) – U.S. banks could face capital hikes of as much as 20% under new rules being prepared by U.S. regulators as part of a global effort to harmonize capital requirements, a person familiar with the matter said on Monday.

U.S. regulators, led by the Federal Reserve, are expected to unveil the proposed tougher requirements by the end of this month, according to this source, who spoke on condition of anonymity.

The proposal is expected to implement a final batch of global bank capital rules laid out by the Basel Committee of banking regulators that are due to take effect at the beginning of 2025.

The Wall Street Journal first reported the forthcoming proposal.

Michael Barr, the Fed’s top regulatory official, told Congress last month that the central bank would likely unveil its plan to ratchet up capital rules for banks this summer and ensure supervisors more aggressively police lenders following the bank failures. Barr, the Fed vice chair for supervision, added that the central bank was “carefully considering” rule changes for larger regional banks.

Randal Quarles, who led Fed regulations before Barr, cautioned in a 2021 speech that fully implementing the remaining Basel requirements could result in capital requirements increases of as much as 20% for the largest banks.

The Wall Street Journal reported that the precise amount of capital requirements will depend on a bank’s business, with U.S. megabanks with big trading businesses expected to face the largest increases.

Banks such as Morgan Stanley (MS.N) and credit card giant American Express (AXP.N) that are heavily dependent on fee income, such as from investment banking or wealth management, could also face large capital increases, the Journal reported.

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India News: India top destination being explored by MNCs as alternative to China, finds global CEO survey

by  on  in Business Breaking News
India is the top destination being explored by multinational corporations as an alternative to China, according to a survey of 100 CEOs who primarily represent foreign B2B-focused firms.

The CEOs also consider Vietnam, Thailand and their own home countries as potential options.

Amid China’s increasing geopolitical assertiveness, questionable trade and business practices, and rising labour costs, 88% of the CEOs who participated in research firm IMA India’s 2023 Global Operations Benchmarking Survey opted for India as their primary alternative to China. The survey was run among companies with a presence in India.

“In the last five years foreign MNCs have increased their onground presence in India, partly as a result of diversification away from China. In particular, the IT & ITES companies are ramping up the share of their global workforce that is based in India,” said Suraj Saigal, Research Director, IMA India.

graph

According to a report based on the survey, nearly 70% of the firms saw substantial changes to their business strategies and onground operations in China in the past three years. The industrial sector shows a more prominent pull-back compared to the services sector. Among those implementing changes 56% have decreased their sourcing from China and 41% reduced investments.

While a minority completely exited, 6% of the surveyed companies have scaled back their market engagement.

The research also examined how businesses are perceiving and capitalising on the opportunities presented by India, taking into account the recent shifts in commercial and geopolitical strategies.

From FY18 to FY23, India’s estimated global share in workforce has increased from 22.4% to 24.9% in mean percentage terms, while revenue share has risen from 14.8% to 15.8%. These figures demonstrate incremental growth for India on the global stage during this period.

As per the study, a larger proportion of manufacturing companies, in comparison to

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HDI Global announces latest financial results

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HDI Global announces latest financial results | Insurance Business America















Group outlines factors that played a significant part in its performance

HDI Global announces latest financial results

Insurance News

By



HDI Global, an industrial insurer that is part of the Talanx Group, has unveiled its financial results for the first quarter of 2023 (Q1 2023), reflecting a promising start.

In its financial report, HDI Global revealed that its insurance revenue totalled a whopping €2.1 billion for Q1 2023 with a combined ratio of 93.2%, which came in below the stated medium-term target of 95%.

The group said the positive insurance financial results can be attributed to its liability business and the fire and engineering lines. The specialty business also played a part in the positive result, delivering insurance revenue of €681 million.

The group also reported improvements in operating profit (EBIT), totalling €86 million, and the contribution to net income, reaching €69 million.

HDI Global CEO Dr Edgar Puls welcomed a “compelling indicator of the expertise” in the organisation.

“The profitable growth extends to both commercial and specialty business,” he said. “The good numbers demonstrate the quality of our underwriting, but they also underscore how we consider ourselves a partner for our clients: We stand ready to support them over the long term, including in a preventive advisory role with our range of services aimed at ensuring that many losses do not even occur in the first place.”

2023 outlook

For the full financial year of 2022 (FY22), HDI Global grew its premium income by 17.9% to €8.9 billion, with a currency-adjusted increase of 12.9%.

Having enjoyed a promising first quarter, HDI Global is looking to the remainder of 2023 with optimism.

“This success is a testimony to the effectiveness of our optimisation programmes

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