India’s insurtech sector has delivered 12 times revenue growth over the last 5 years, with cumulative funding surpassing $2.5 billion and ecosystem valuation over $13.6 billion, a report showed on Wednesday.

The country has more than 150 insurtech companies, with 10 unicorns and soonicorns and more than 45 minicorns, with 12 times increase in revenue over the past five years to reach $750 million, according to the report by Boston Consulting Group (BCG) in collaboration with the India InsurTech Association (IIA).

“Most of the insurtechs at scale are present in the aggregation and distribution legs of the value chain, with these accounting for over 80 per cent of the funding. There is a substantial opportunity for insurtechs to leverage data and technology in underwriting and claims, which can play a critical role in the continued growth of the insurance industry,” said Pallavi Malani, Managing Director and Partner, Lead-India Insurance Practice at BCG.

Apple has issued a software update for bugs 'actively exploited' by cyber-criminals in targeting Intel-based Mac systems.

In a security advisory, the tech giant said it was aware of two vulnerabilities that “may have been actively exploited on Intel-based Mac systems.”

These bugs are considered “zero day” vulnerabilities. To fix those, Apple released a software update for macOS (called macOS Sequoia 15.1.1), as well as fixes for iPhones and iPads, including users running the older iOS 17 software.

“Processing maliciously crafted web content may lead to arbitrary code execution. Apple is aware of a report that this issue may have been actively exploited on Intel-based Mac systems,” said the company.

Samsung Biologics said on Wednesday it has won two new contract manufacturing deals with a combined value of 930.4 billion won ($667.7 million) from a Europe-based biopharmaceutical firm.

The deals, set to last until the end of 2031, are valued at 752.4 billion won and 178 billion won, respectively, according to the company's regulatory filing. Other details remained undisclosed under a confidentiality agreement.

Samsung Biologics said it has secured a total of 11 deals with a combined value of 5.29 trillion won so far this year, reports news agency.

It marks the first time the accumulated value of the company's deals surpassed the 5 trillion won mark annually.

Last year, the company sealed deals worth a combined 3.5 trillion won.

The shares of IndiGo’s parent company Interglobe Aviation and troubled low-cost carrier SpiceJet shot up by 3 per cent in Tuesday’s intraday trade after India’s domestic air traffic crossed the historic 5 lakh mark in a single day for the first time ever.

The surge in traffic is being driven by the strong demand for air travel in the country amid the festive and wedding seasons with airlines carrying over 5.0 5 lakh passengers on November 17 while flight departures stood at 3,173.

The Ministry of Civil Aviation lauded the historic high in a post on X, stating: “On November 17, 2024, Indian aviation marked a historic milestone as 5,05,412 domestic passengers flew in a single day, surpassing the remarkable 5-lakh passenger threshold. This reflects the sector’s rapid growth and the increasing trust of Indians in air travel’s accessibility and reliability."

 As the shares of Bhavish Aggarwal-led Ola Electric continue to slide, a massive Rs 38,000 crore worth of investors’ money has been eroded in the company’s stock in just a couple of months.

The EV company's shares have been trading around Rs 70 apiece, down almost 55 per cent or Rs 87.20 per share from its all-time high of Rs 157.40 per share. It is also trading below its public debut price of Rs 76.

Due to the steep decline, the market cap of the company has been reduced by Rs 38,000 crore. The market cap had reached an all-time high of around Rs 69,000 crore, which has come down to around Rs 31,000 crore.

The reason for the decline in the company's shares has been attributed to rising complaints from Ola Electric customers regarding poor service and product quality.

Kunwar Pal from Gurugram told that he bought an Ola electric scooter in the last week of January.

Mall operators are projected to clock a healthy revenue growth of 10-12 per cent during the current financial year (FY25), building on last fiscal year’s 15 per cent spurt, according to a Crisil report released on Tuesday.

The growth will ride on contractual rental escalations, improvement in overall occupancy due to ramp-up of the malls launched in the last two fiscals, the full-year impact of malls launched during last fiscal, and an increase in share of tenant revenues supported by consumption growth, among other factors, the report stated.

According to an analysis of 32 ‘Grade A’ malls rated by Crisil Ratings, steady rental income and comfortable balance sheets will keep credit profiles stable.

Embedded finance can unlock $25 billion revenue opportunity for India’s digital and financial services platforms by 2030, a report showed on Tuesday.

Embedded finance means where financial services can exponentially expand customer reach by directly integrating within everyday consumer platforms, open digital networks and supply chains.

According to the report by Elevation Capital, India’s leading early-stage venture capital firm, large consumer platforms in e-commerce, travel and mobility space are projected to serve 400-450 million users by FY30 and embedding contextual financial services here will unlock a $10-15 billion revenue opportunity.

The second opportunity is through India’s unique open digital networks, such as the government’s Open Network for Digital Commerce (ONDC). It is estimated that, collectively, financial services via these networks could generate a potential annual revenue of more than $5 billion by FY30.

The tyre makers in India are likely to see revenue growth of 7-8 per cent this fiscal (FY25), driven by a 3-4 per cent increase in both realisations and volume, according to a report on Monday.

Revenue will grow in single digit for the second straight year (albeit nearly double that of last fiscal) and after logging a compound annual growth rate of 21 per cent between fiscals 2021 and 2023, said a Crisil Ratings report.

Domestic demand accounts for 75 per cent of the industry’s sales (in tonnage terms), while the rest is exported.

“About two-thirds of the domestic demand is from the replacement segment and the rest is from original equipment manufacturers (OEMs),” said Anuj Sethi, Senior Director, Crisil Ratings.

This fiscal, replacement demand, mainly from commercial and passenger vehicles, will drive volume growth, while OEM demand is expected to rise only 1-2 per cent due to slow growth in commercial vehicle sales, he added.

South Korean tech giant Naver said on Monday it will establish a joint venture with Saudi Arabia's state housing company to collaborate for digital twin platform projects in the Middle East.

Naver and Saudi Arabia's National Housing Company signed a memorandum of understanding for the establishment of the joint venture during Cityscape Global 2024, a Middle Eastern real estate convention, held in Riyadh last week, according to the Korean company.

Digital twin platforms, which provide virtual representations of a real world entity or space, can be used as foundation models in creating smart cities and public digital services, including urban planning, monitoring and predicting natural disasters, reports news agency.

The envisioned joint venture will be in charge of Naver's digital twin platform business and other projects, such as developing a city monitoring platform and map application for public administration, in the Middle East.

India’s insurance sector clocked a robust 11 per cent compound annual growth rate to cross the $130 billion mark during FY2020-23, surpassing Asian peers China and Thailand, which grew at less than 5 per cent, according to a McKinsey report.

The report. titled 'Steering Indian Insurance from Growth to Value in the Upcoming Techade’, said that while the country's life insurance industry grew to $107 billion as of 2023, the general insurance industry touched $35.2 billion.

A growing middle class, greater awareness, rising healthcare costs, and supportive regulations have combined to offer high growth for India’s insurance industry over the last few years, the report added.

 India’s GDP will expand 6.5-7 per cent annually in the next three fiscal years (2025-2027), and the country’s good economic growth prospects will continue to support banks' asset quality, according to a new report.

India's infrastructure spending and private consumption will support robust economic growth, said S&P Global Ratings in its latest global bank outlook report.

“Structural improvements and good economic prospects will support the resilience of India's financial institutions, higher demand coupled with stronger bank capitalisation should boost bank loan growth and the RBI's regulatory clampdown will strengthen the financial system in the medium term,” the report mentioned.

India’s growth story remains intact as its fundamental drivers – consumption and investment demand – are gaining momentum, RBI Governor Shaktikanta Das said last month, adding that the country is likely to see real GDP growth at 7.2 per cent for FY 2024-25.

Drawing on the first comprehensive dataset of more than 2,300 renewable energy start-ups across Africa and South Asia, a team led by the University of Oxford on Friday revealed India and South Africa among solar 'business hotspots'.

The analysis also investigates why some countries, such as Chile and Namibia, produce more solar energy relative to their potential while others fall short -- even when factors such as hours of sunlight, availability of fossil fuels or hydropower, and GDP are accounted for.

"Our report identifies the countries where -- all other things being equal -- proactive policies and simple social affinity have created a better-than-expected environment for solar energy," said lead author Lorenzo Agnelli.

By comparing start-up activity with the cost of electricity, the report further identifies: Business hotspots: such as India and South Africa, which combine vibrant start-up ecosystems with low solar costs.

Hyundai Motor on Friday promoted Jose Munoz, the company's global chief operating officer (COO), as its new CEO, appointing a foreign national to the top post for the first time since its foundation more than five decades ago.

Hyundai Motor promotes global COO Munoz as CEO in major reshuffleMunoz has served as global COO of Hyundai Motor and the president and CEO of Hyundai and Genesis Motor North America. Prior to joining Hyundai, Munoz served as chief performance officer for Nissan Motor and the chairman of Nissan China.

The promotion of Munoz is seen as a strategic move aimed at strengthening Hyundai's response in the United States following the reelection of former US President Donald Trump, reports news agency.

Munoz's work as CEO will begin at the start of next year, according to the company.

US aerospace giant Boeing has announced that it is issuing layoff notices, starting this week, to workers as part of the debt-ridden planemaker’s drastic plan to cut 17,000 jobs which works out to 10 per cent of its staff worldwide.

"As previously announced, we are adjusting our workforce levels to align with our financial reality and a more focused set of priorities," Boeing said in a statement.

"We are committed to ensuring our employees have support during this challenging time."

US staff receiving the notices this week will stay on Boeing's payroll until January to comply with federal requirements that make it mandatory to give workers 60 days' notice before ending their employment. The notices have been issued against the backdrop of the revival plan for Boeing put in place by new CEO Kelly Ortberg to get the production of its 737 MAX going which came to a halt due to the long strike by more than 33,000 US West Coast workers of the aerospace giant.

With the objective of enhancing ease of doing business, the government has accepted the long-standing demand of industry to remove dual compliance of Environmental Clearance (EC) and Consent to Establish (CTE) for setting up of new industries, an official said on Thursday.

Now, non-polluting white category industries will not be required to take CTE or Consent to Operate (CTO) at all. The industries which have taken EC will not be required to take CTE, said a statement.

This will not only reduce compliance burden but also prevent duplication of approvals. Notifications to this effect have been issued by the Ministry of Environment, Forest and Climate Change (MoEFCC) under the Air Act and Water Act.

In mounting trouble for Bhavish Aggarwal-led Ola Electric, the Central Consumer Protection Authority (CCPA) has now ordered a comprehensive probe into the EV company over its consumer complaint redressal practices.

As per sources, the consumer watchdog, led by Nidhi Khare, has asked the Director General (DG) of the Bureau of Indian Standards (BIS) to probe the matter. The BIS chief has been asked to submit the report within 15 days.

Last month, Ola Electric claimed that 99.1 per cent of the 10,644 complaints on the National Consumer Helpline (NCH) were resolved. The company was handed over a show-cause notice by the CCPA over alleged violations of consumer rights.

However, despite Ola Electric claiming that it has resolved 99.1 per cent of the 10,644 complaints regarding its poor after-sales service, the Department of Consumer Affairs critically examined the responses filed by the EV firm, and correlated each consumer complaint with the company’s claims.

About 80 per cent of global banks will keep on a stable ratings course in 2025 as easing inflation will help borrowers and reduce stresses on harder-hit sectors including commercial real estate, a report showed on Thursday.

However, S&P Global Ratings said in its report that “we do not envision macro tailwinds will be sufficient to strengthen the credit standing of banks”.

Positive ratings movements will more likely be driven by “idiosyncratic country and bank bank-specific factors”.

According to credit analyst Gavin Gunning, with the interest rate cycle already turning in numerous banking jurisdictions, “some relief is finally within sight for bank borrowers”.

“Banks' asset quality will eventually benefit although the transmission effect will take time and will vary across geographies,” he mentioned.

Hyundai Motor India (HMI), the country’s second largest carmaker, has drawn up ambitious expansion plans for making India a production hub that will also cater to the rising export demand for its vehicles in the emerging markets.

HMI Managing Director Unsoo Kim said in a conference call that the car major would be expanding production to meet the growing demand in the domestic market as well as the export market in Africa, the Middle East, Latin America and South Asia.

"We are seeing the domestic volume is increasing and the export market is also increasing. And then, we have a very suitable product lineup for emerging markets," Kim said.

Kim said that a healthy mix of domestic and export volumes will enable the company to not only secure profitability but gain a natural hedge against market fluctuations.

In a new record, Apple has reached almost Rs 60,000 crore in iPhone exports from India in the first seven months during the current fiscal (FY25).

In the April-October period, the Cupertino-based tech giant exported iPhones worth almost Rs 60,000 crore (over $7 billion), at almost Rs 8,450 crore (nearly $1 billion) worth export each month in the ongoing financial year, according to industry data.

This time, the company is exporting newly-launched iPhone 16 models from India, apart from the other popular models in its 15 and 14 series.

Last fiscal (FY24), Apple exported iPhones worth over $10 billion and this fiscal, the tech giant has already achieved 70 per cent of that figure with five months to go — set for a new export record riding on the government’s 'Make in India’ and production-linked incentive (PLI) schemes.

Apple manufactured/assembled $14 billion of iPhones in India last fiscal, exported more than $10 billion worth of devices.

Average cost of real estate construction in India is estimated to have risen up to 11 per cent in the last one year, mainly due to a significant surge in labour costs coupled with a moderate price increase in construction materials like sand, brick, glass and wood, a report showed on Thursday.

The cumulative effect of rise in the prices of four key construction materials including cement, steel, copper and aluminum have been relatively low.

In fact, average cement prices have seen a steep decline of 15 per cent, while average steel prices have witnessed a marginal 1 per cent decrease over the last 12 months, according to a Colliers report.

“With labour accounting for more than one-fourth of overall construction cost, a 25 per cent annual rise in labour costs has stretched construction budgets and impacted operational expenses,” said Badal Yagnik, Chief Executive Officer, Colliers India.

 India's smartphone market is expected to exit 2024 with a low single-digit annual growth, as Apple posted its largest-ever quarterly shipment in India with 4 million units in the third quarter (Q3), according to a new report.

In the July-September period (Q3), smartphone shipments in India reached 46 million units, reflecting 5.6 per cent growth YoY (year-over-year).

Upasana Joshi, Senior Research Manager, Devices Research, IDC Asia Pacific, said that growth in the biggest quarter of the year was fuelled by attractive discounts, multiple financing options, extended device warranty and cashback and bank offers across both online/offline channels.

The launch of several new 5G smartphones also drove demand. One of the biggest draws during the eTailer sales was the attractive discounts on last year’s flagship models from Apple and Samsung, she mentioned.

South Korea's car exports rose 5.5 per cent on-year in October to reach a new record, data showed on Thursday, driven by the global popularity of eco-friendly models, including hybrid vehicles.

The combined value of vehicle shipments reached $6.2 billion last month, marking the highest amount for any October, according to data compiled by the Ministry of Trade, Industry and Energy, reports news agency.

The number of cars shipped totalled 243,367, up 8.1 per cent from a year earlier, the report showed. Shipments of hybrid cars alone amounted to $1.1 billion, soaring 80.3 per cent on-year to surpass the previous record of $1.07 billion set in August.

Total two-wheeler sales in the country surged by a robust 14.2 per cent to 21.64 lakh units in October this year, compared to 18.96 lakh units in October 2023, according to figures released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday.

Passenger vehicle sales, including cars and SUVs, also increased to their highest ever monthly level of 3.93 lakh units in October which represents a 0.9 per cent rise over a high base figure of 3.9 lakh units for October 2023.

Rajesh Menon, Director General, SIAM said that “October 2024 saw two major festivals Dussehra and Diwali, both occurring in the same month, which traditionally drive higher consumer demand providing a significant boost to the auto industry’s performance”.

Homegrown ride-sharing platform Rapido registered a net loss of Rs 371 crore last fiscal (FY24) from Rs 675 crore in FY23.

Controlled expenditure helped the company cut losses by about 45 per cent in FY24 from Rs 675 crore in FY23, as return on capital employed (ROCE) and EBITDA margins stood at -90.7 per cent and -52.5 per cent, respectively.

The Swiggy-backed platform spent Rs 1.65 to earn Rs 1 last fiscal, according to its financials.

Its operational revenue went up almost 46 per cent to Rs 648 crore in FY24 against Rs 443 crore in FY23.

Mercedes-Benz India is on course to close the current year with a double-digit jump in sales, fuelled by the rising demand for luxury cars in a fast-growing economy, the company’s managing director Santosh Iyer has said.

Mercedes-Benz India has now launched its new 'AMG C 63 S E PERFORMANCE' model equipped with F1 hybrid technology priced at Rs 1.95 crore. This is the company's 14th product launch this year, aimed at driving up sales volumes of its high-end vehicles which are priced upwards of Rs 1.5 crore.

Speaking to reporters at the launch, Iyer said that the festive season brought the company’s best sales figures, reflecting the strength of the auto major’s performance in a fiercely competitive and fluctuating market.

Chinese electric vehicle (EV) giant BYD on Wednesday officially announced its plan to enter South Korea's passenger car market.

BYD Korea, the company's South Korean sales subsidiary, said in a statement that it has "completed review to release passenger car brands in the domestic market" and officially confirmed its entry with a target date, likely early next year, to be set in the near future.

BYD Korea said it is currently working on establishing regional sales and service networks, recruiting staff, obtaining vehicle certifications, and finalising marketing plans and employee training, reports news agency.

With AI-driven transformation, India is projected to increase its workforce from 423.73 million in 2023 to 457.62 million by 2028, a net gain of 33.89 million workers, according to a report on Wednesday.

Emerging technology will transform talent across India’s key growth sectors, generating 2.73 million new tech jobs by 2028, according to new research by AI platform for business transformation, ServiceNow.

The research, commissioned from the world’s leading learning company, Pearson, showed that the retail sector is set to lead employment growth, requiring an additional 6.96 million workers to fuel its expansion.

This is followed by manufacturing (1.50 million jobs), education (0.84 million jobs) and healthcare (0.80 million jobs) sectors.

The government on Tuesday asked the e-commerce food business operators (FBOs) to adopt practices to ensure minimum shelf life of 30 per cent or 45 days before expiry at the time of delivery to the consumer, to strengthen food safety standards within the e-commerce sector.

The Food Safety and Standards Authority of India (FSSAI) convened a meeting with e-commerce Food Business operators (FBOs) like Zomato and Swiggy in the national capital to reinforce compliance requirements for e-commerce FBOs. The session was attended by over 200 participants.

The FSSAI cautioned FBOs against making unsupported claims online.

“This would prevent misleading information and protect consumers’ right to accurate product details,” said FSSAI CEO G. Kamala Vardhana Rao.

The regulator highlighted the pivotal role of online platforms in protecting consumer health and promoting transparency.

Hyundai Motor India Ltd on Tuesday reported a 16 per cent decline in its consolidated net profit to Rs 1,375 crore for the July-September quarter of the current financial year on the back of lower car sales both in the domestic and export markets.

The country’s second-largest car manufacturer had reported a consolidated net profit of Rs 1,628 crore in the year-ago period.

This is Hyundai Motor’s first earnings report since listing on the Indian stock exchanges this year. The auto major said its consolidated revenue from operations declined 7.5 per cent to Rs 17,260 crore in the second quarter of 2024-25 from Rs 18,660 crore in the same quarter of the previous year.

Japan plans to encourage automakers to make all new passenger cars biofuel-compatible by the early 2030s in an effort to reduce carbon dioxide emissions from gasoline vehicles, local media reported.

The new goal, unveiled by the industry ministry at a subcommittee meeting, aims to urge oil wholesalers to begin supplying gasoline blended with up to 10 per cent bioethanol by fiscal 2030, with plans to increase the share to 20 per cent by fiscal 2040, reports news agency.

The ministry is also considering making this change mandatory through legislation.

In addition, the ministry is preparing an action plan, which is expected to be finalised by next summer and will support the necessary upgrades to gas stations to accommodate bioethanol-blended fuels, according to the report.

India’s IT spending is projected to reach $160 billion in 2025, an increase of 11.2 per cent from 2024, according to a report on Tuesday.

Fuelled by expansion in both application and infrastructure software markets, software spending in India is projected to record the highest annual growth rate, increasing 17 per cent in 2025, according to a Gartner report.

“In 2025, Indian chief information officers (CIOs) will start allocating budgets for generative AI (GenAI) beyond initial proof-of-concept projects,” said Naveen Mishra, VP Analyst at Gartner.

“While spending on GenAI will increase, CIOs’ expectations for its capabilities will diminish. Additionally, Indian CIOs are expected to significantly boost spending on technologies such as cybersecurity, business intelligence, and data analytics in 2025 compared to 2024,” Mishra added.

World’s biggest cryptocurrency Bitcoin is heading towards $100,000 amid President-elect Donald Trump’s pro-crypto stance and promise for clearer cryptocurrency regulations.

On Tuesday, the Bitcoin price was hovering around $87,880 apiece. Bitcoin price has surged about 30 per cent since the US election.

According to Nigel Green of deVere Group, “Bitcoin could hit $100,000 by the end of January 2025 after Donald Trump takes office”.

The bullish prediction from Green comes after the cryptocurrency has experienced a staggering 93 per cent price rise year-to-date.

“We expect that this is just the beginning, with the cryptocurrency set to break more records under an incoming Trump administration. President-elect’s crypto-friendly stance signals a transformative moment for Bitcoin and the broader digital asset market,” said Green.

Even as India aims to become the semiconductor manufacturing hub, the industry is projected to generate a demand for one million jobs spanning across varied sectors by 2026, according to a report.

The demand includes categories, such as chip semiconductor fabrication which aims to create 300,000 jobs, while ATMP (Assembly, Testing, Marking, and Packaging) is expected to create around 200,000 roles.

In addition, chip design, software development, system circuits, and manufacturing supply chain management are also expected to be open.

To build a robust semiconductor talent pipeline by 2026, India needs a skilled workforce spanning roles like engineers, operators, technicians, and specialists in quality control, procurement, and materials engineering, stated the report by NLB Services.

Life Insurance Corporation of India (LIC), the country’s largest insurer, has achieved a 22.52 per cent increase in new business premiums at Rs 1,32,680.98 crore during the first seven months of FY25, compared to the corresponding figure of Rs 1,08,289.78 crore in the same period of the previous fiscal year, data showed on Monday.

In the Individual Premium category, LIC collected Rs 33,204.36 crore in the first seven months of FY25, marking a 13.58 per cent growth from Rs 29,233.73 crore over the same period in FY24. The Group Premium segment expanded by 25.79 per cent, reaching Rs 97,947.05 crore from Rs 77,864.69 crore last year. Additionally, Group Yearly Premiums rose by 28.39 per cent to Rs 1,529.57 crore, up from Rs 1,191.35 crore in the same period the previous year, according to data compiled by the life insurer.

National carrier Air India has announced that flights operated by Vistara will start using the flight code 'AI2' after the merger of the two airlines.

After the merger, Singapore Airlines will have a 25.1 per cent stake in Tata Group-owned Air India. In 2015, Vistara was set up as a JV with Singapore Airlines' 49 per cent stake.

Despite the integration on November 12, the Vistara experience will "remain the same", said the Tata Group-owned airline. The merger involves Vistara, a joint venture between Tata Group and Singapore Airlines, and Air India.

Currently, Air India uses the airline code 'AI' while Vistara uses ‘UK.’ According to the company, both the airlines have been working hard for over a year to ensure that the merger of the legal and regulated entities is seamless for both customers and staff.