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Finance

Religare institutional shareholders move court seeking ouster of board

Religare institutional shareholders move court seeking ouster of board

Finance
MUMBAI: A new battlefront has opened for Malvinder and Shivinder Singh involving their listed financial services company Religare Enterprises. Institutional investor India Horizon Fund, supported by IDBI Trusteeship and representing a total shareholding of 11%, moved the Delhi bench of National Company Law Tribunal seeking ouster of the company board on grounds of mismanagement and oppression of minority shareholders. Mauritius-based India Horizon Fund, which holds 5.59% of Religare Enterprises, has named the company, Religare Capital Markets, the Singh brothers and the Religare board among respondents to the suit. IDBI Trusteeship has a 5.53% stake. The plaintiff has sought immediate dissolution of the board and the management. It has asked for appointment of an administrator unti...
Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Finance
Insurance firms are facing increasing competitive pressure on all fronts due to the emergence of a number of insurance technology (insurtech) start-ups, according to a report.With the integration of technologies like artificial intelligence, blockchain and drones entering the insurance mix, the sector is being forced to rethink its model.The World Insurance Report, published Wednesday by consulting giant Capgemini and non-profit industry body Efma, found that nearly one third (31.4%) of customers relied on insurtech solutions - either exclusively or in combination with an established insurance company."Customers are seeking more digital touch points for convenience, as customers experience in their daily lives that degree of personalization," Keith Webb, vice president at Capgemini and co-...
JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

Finance
JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud." "It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year."I'm not saying 'go short bitcoin and sell $ 100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century."It's worse than tulip bulbs. It won't end well. Someone...
More business travellers are booking their own trips

More business travellers are booking their own trips

Finance
A friend of Gulliver’s recently received some devastating news, in the form of a change to company policy. No longer would he and his co-workers be able to book their own flights and file for reimbursements. Instead, the firm would buy all employees’ plane tickets from the start.On the face of it, this is a convenient change. It saves staff time by ensuring that they do not have to fill in tedious expense forms. But many business travellers may not see it that way. A study from Phocuswright, a travel-research firm, finds that more and more employees are booking their own travel and filing for reimbursements. Sometimes doing so allows for a better itinerary: travellers can avoid annoying layovers and airlines for which they reserve particular ire. Sometimes, if they are feeling generous tow
Top strategist Jason Trennert says the Dow may keep Trump on the right track

Top strategist Jason Trennert says the Dow may keep Trump on the right track

Finance
Top Wall Street strategist Jason Trennert said that the equity market may be just the "vigilante" needed to discipline President Donald Trump and policymakers in Washington toward legislative reform.Trennert is the founder and a manager of Strategas Research Partners, a brokerage firm focused on providing macro research to debt and equity investors. CNBC's Mike Santoli spoke with Trennert in an exclusive interview for CNBC PRO. Santoli asked him about what the market needs to keep climbing."The equity market could be the vigilante in terms of getting stuff done. In the 80s, you used to talk about the bond market vigilantes who would actually impose some discipline on policymakers if you started going crazy as far as the deficit were concerned. Now because of QE and all the rest of it, it...